Gem Diamonds sells stone for $9m

British miner Gem Diamonds Ltd. (LON: GEMD) sold a rough diamond from its Letseng mine in Lesotho in southern Africa for $9 million.

The 164 carat precious stone is considered to be of exceptional quality with D colour and Type IIa purity. It is expected to produce top colour and clarity polished stones.

Gem sold the diamond in a profit-sharing arrangement — at $54,911 per carat — where it received the rough price up front and will also share in the sale price of the finished stones.

The company also extracted a 103 carat diamond of lesser quality which will be sold sometime this month.

Letseng mine the world's highest diamond mine, located at an elecation of 10,000 feet (3,100 metres). Gem owns a 70% stake in the mine.

Image courtesy Gem Diamonds