Gem Diamond, who owns 70% of Letseng along with the Government of the Kingdom of Lesotho, reported an 81% increase in annual diamond sale in 2007 with $152 million compared to $83.9 million in 2006. Because of the productive operations last year, Gem Diamonds is doubling production this year when it starts its second plant in June. The new plant will process ore when it begins mining the main kimberlite pipe adjacent to the satellite pipe, which has been the source of some of the largest diamonds discovered in the world.
Letseng is renowned for its large white diamond finds and the large diamonds provide about 80% of mine revenues. With approximately 85% of Letseng production being gem quality diamonds, an exceptional 14-20% of those stones are over 10.8 carats. No other diamond mine can match the large-stone production of Letseng. As a result, Gem Diamonds is investing in facilities to take advantage of the unquenchable world thirst for large diamonds and enable them to exploit the 25-30 years of mine life provided by development of the main pipe.
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