Since buying the mine in 2006, Gem Diamonds has discovered 5 of the 20 largest white gem high quality diamonds ever recovered, which makes Letšeng the world’s highest greenback per carat diamond mine.
At a median elevation of three,100 metres (10,000 ft) above sea degree, the operation can also be one of many world’s highest diamond mines.
The corporate not too long ago determined to focus manufacturing efforts completely on Letšeng by selling its Botswana subsidiary to Okwa Diamond for less than $4 million.
The diamond market got here to a standstill on the top of the covid-19 pandemic, growing worries that oversupply may harm the sector for years. However surging purchases by intermediaries who reduce, polish and commerce stones has all however wiped-out miners’ stockpiles, at the same time as Russia’s Alrosa and its closest competitor, Anglo American’s De Beers, have hiked costs.
“Tough diamonds shares at miners are at minimal ranges as provide structurally dropped, however jeweller demand is powerful in all the important thing markets,” Alrosa warned last week.
The funding arm of VTB Group, one among Russia’s largest banks, estimates that world tough diamond output was down 19% in 2020 to 112 million carats. It expects 2021 manufacturing to be little modified because the depletion of Rio Tinto’s Argyle mine has offset to date manufacturing pick-up on the two world’s largest diamond producers.