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Gem Raises Values at Mine Where Big Diamond Found

Gem Diamonds Ltd. rose the most in more than 18 months in London trading after it raised the value of the precious stones buried at its Letseng mine in Lesotho and said the operation contains more than previously thought.

Gem increased the average price of its so-called probable reserves of the stones 19 percent to $2,045 a carat, the London-based company said in a statement today. It also boosted the probable reserves at the mine by 64 percent to 2.26 million carats.