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Gem Diamonds, a London listed company, just unearthed a 442 carat diamond from their Letšeng mine in Lesotho worth $18m (R310m)
Company has now unearthed over 100 diamonds larger than 100 carats from Letšeng alone
Two years ago Letšeng produced a 910 carat diamond (worth $40m)
Company has now unearthed over 100 diamonds larger than 100 carats from Letšeng alone
Two years ago Letšeng produced a 910 carat diamond (worth $40m)
Founder & CEO of Gem Diamonds is Clifford Elphick.
He was Harry Oppenheimer's Personal Assistant in 1988. Two years later he was promoted to Managing Director of Oppenheimer & Sons.
He was 29 years old at the time.
Career trajectory works differently in different institutions.
He was Harry Oppenheimer's Personal Assistant in 1988. Two years later he was promoted to Managing Director of Oppenheimer & Sons.
He was 29 years old at the time.
Career trajectory works differently in different institutions.
Government own 30% of Letšeng, with Gem Diamonds holding the remaining 70%.
..but do the people of Lesotho benefit?
Well, Gem Diamonds built a foot-bridge for the people of Lesotho & there's an egg distribution project. Not making this up.
This is their investor presentation:
..but do the people of Lesotho benefit?
Well, Gem Diamonds built a foot-bridge for the people of Lesotho & there's an egg distribution project. Not making this up.
This is their investor presentation:
Will the people of Lesotho EVER get a greater share of the Letšeng mine?
No.
Gem Diamonds have a number of extension clauses to maintain their ownership.
No.
Gem Diamonds have a number of extension clauses to maintain their ownership.
75% of Lesotho's population are either poor or vulnerable to poverty.
