Letseng continues to surprise gems world

RETHABILE MOHONO

MASERU – The Letšeng Diamond Mine has once again captivated the world with its latest discovery—a stunning 145.55-carat type II white diamond.

This remarkable find is the ninth diamond over 100 carats recovered at the iconic Letšeng Mine this year, further solidifying its legendary status in the diamond industry.

This dazzling find follows closely on the heels of last month’s 123.20-carat type II white diamond, bringing the total number of these extraordinary gems unearthed at Letšeng in 2023 to nine.

Nestled at an altitude of over 3,100 meters, Letšeng Diamond is renowned globally not just for the sheer size and quality of its stones, but also for the unparalleled value they fetch.

It holds the distinction of producing the highest percentage of large (+10.8 carat) diamonds among all kimberlite mines worldwide, making it a crown jewel in the world of diamond mining.

Owned by Gem Diamonds Limited (70 percent) and the Government of the Kingdom of Lesotho (30 percent), Letšeng continues to capture headlines with its impressive finds.

This year alone, the mine has delivered a stunning array of diamonds: a 172.06-carat diamond in June, a 212.49-carat in May, and a 188.74-carat in April. These are just a few of the remarkable stones that have emerged from the mine in recent months.

In fact, the year started with a bang when Letšeng unveiled a magnificent 294.94-carat type II white diamond in January, followed by a 113.31-carat diamond in February. As if this was not enough, the mine capped off 2023 with a series of significant discoveries, including a 117.47-carat diamond in November and a 163.91-carat yellow diamond in June.

Letšeng’s reputation for producing some of the world’s most coveted diamonds is well-deserved. However, the past few years have seen a decline in the frequency of these large finds. Despite this, the mine has managed to match last year’s total with four diamonds exceeding 100 carats, although this is down from six in 2021 and a remarkable 16 in 2020.

This decline has had an impact on Gem Diamonds’ financial performance. The company’s revenue dropped by 28 percent year-on-year to $71.8 million in the first half of 2023, leading to a loss of $1 million compared to a $3.8 million profit during the same period in 2022.

Letšeng Mine is one of four large-scale commercial diamond mines in Lesotho, alongside Kao Mine, Mothae Mine, and Liqhobong Mine. Together, these mines play a vital role in the country’s economy, injecting M5.1 billion into Lesotho in 2022 through procurement, employee earnings, taxes, and levies.

A significant 81 percent of this expenditure was sourced locally, underscoring the industry’s importance to the nation’s economic health.

Diamonds remain a cornerstone of Lesotho’s economy, contributing 31 percent to the country’s total exports in 2011. Letšeng Mine alone employs 1,500 people and is responsible for generating 70 percent of Lesotho’s corporate tax revenue and 60 percent of the country’s foreign exchange earnings.

The diamond industry’s contribution to GDP grew by a remarkable 30.8 percent from M3.9 billion in 2021 to M5.1 billion in 2022. Letšeng’s latest discovery not only adds to its illustrious history but also underscores the enduring allure of Lesotho’s diamonds on the global stage.