New Lesotho diamond mine could be a gem

(bdlive.co.za) - A new diamond mine will come into production in Lesotho before the end of 2016, with expectations it too may deliver exceptional gems like its neighbour Letseng, a source of large, gem-quality diamonds. Firestone Diamonds, traded on London’s Alternative Investment Market, will add 1-million carats of diamonds to the global market every year after starting production in October. The R2.1bn Liqhobong mine is high in the Maluti mountains, and has the potential to become a source of large, gem-quality diamonds, but not as prolific as its neighbour, Letseng. Firestone CEO Stuart Brown, the former chief financial officer at De Beers, estimated about 80% of the value realised from Liqhobong would come from 20% of the mine’s production. Test work showed the mine to be a source of fancy yellow diamonds, he said. Firestone expects to earn an average $130 per carat from its tenders planned for Antwerp in early 2017.