Last checked at 31 Aug 2011 13:53
News Release 31st August 2011
GEM DIAMONDS LIMITED
"Gem Diamonds" or "the Company"
And
THE GOVERNMENT OF THE KINGDOM OF LESOTHO
"The Government of Lesotho"
RECOVERY OF HISTORIC 553 CARAT WHITE DIAMOND
Gem Diamonds, the FTSE 250 listed diamond company, in partnership with the Government of the Kingdom of Lesotho, is delighted to announce the recovery of an historic 553 carat Type II D colour diamond from the Letšeng Mine in Lesotho, which is currently undergoing analysis in Antwerp.
This exceptional diamond, which is yet to be named, ranks as the 15th largest white diamond ever to be recovered. It is the fourth historic diamond recovered from the Letšeng Mine in recent years, following the recovery of the 603 carat Lesotho Promise, the 493 carat Letšeng Legacy and the 478 carat Light of Letšeng. Further details will be provided in due course.
For further information:
Gem Diamonds Limited
Clifford Elphick, Chief Executive Officer
Glenn Turner, Chief Commercial and Legal Officer
Tel: +44 (0) 203 043 0280
Richard Chetwode, Investor Relations
Tel: +44 (0) 203 043 0280
Mob: +44 (0) 759 0064 883
Gem Diamond Technical Services (Pty) Ltd
Sherryn Tedder, Corporate Affairs
Tel: +27 (0) 11 560 9600
Mob: +27 (0) 83 943 4505
Pelham Bell Pottinger
James Henderson / James MacFarlane
Tel: +44 (0) 207 337 1500861 3232
About Gem Diamonds:
Gem Diamonds Limited (LSE: GEMD) is a global diamond company that has been pursuing a long term growth strategy through targeted acquisitions and the development of existing assets. Under current market conditions, the Company is focused on the development of its cash generating assets and has curtailed all non-essential capital expenditure.
The Company's portfolio comprises producing kimberlite and lamproite mines, development projects and exploration assets, as well as diamond beneficiation centers. Operations and projects are situated in Angola, Australia, Belgium, Botswana, Lesotho and Indonesia.
With Letšeng's production of the world's most remarkable white diamonds and Ellendale's production of rare fancy yellow diamonds, Gem Diamonds is focused towards higher value diamonds. This segment of the market is expected to deliver attractive returns.