Gem unearths third giant diamond

Gem Diamonds has recovered a 100-carat diamond from its Letseng mine in Lesotho – the third such discovery there since May.

A 164-carat diamond from Lesotho sold for $9m (£6m) last month and Jon Bergtheil, the Citigroup analyst, said: "The three diamonds, each with a likely price tag in the $6m-to-$10m range, should be viewed against total 2012 revenue of $202m. They alone could come to represent more than 13 per cent of 2012 turnover."