HomeDiamonds & Gemstones196-carat Lesotho diamond may fetch US$12 million

196-carat Lesotho diamond may fetch US$12 million

The Letseng diamond
mine in Lesotho
London, England — MININGREVIEW.COM — 08 September 2010 – A 196-carat diamond unearthed by leading global diamond producer Gem Diamonds Limited at its Letseng mine in Lesotho may fetch as much as US$11.8 million (R88 million), according to Panmure Gordon and Company.

“Offers for the stone, sold as a rough diamond, could come in at between US$7.8 million (R58 million) and US$11.8 million (R88 million),” London-based Panmure analyst Alison Turnerat wrote in a report to investors.

The diamond is the latest large stone to be discovered at Letseng by the company.

“This remarkable rough diamond is expected to achieve a substantial price per carat, as preliminary examinations indicate that it is expected to produce top colour and top clarity polished diamonds,” Gem said in a statement released here.

Since Gem Diamonds acquired the LetÅ¡eng mine in mid 2006, it has produced three of the world’s twenty largest recorded diamonds: the 603-carat Lesotho Promise, recovered in August 2006 and sold for US$12.4 million (R93 million); the 493-carat LetÅ¡eng Legacy, recovered in September 2007 and sold for US$10.4 million (R78 million); and the 478-carat Light of LetÅ¡eng, recovered in September 2008 and sold for US$18.4 million (R144 million).

Gem Diamonds CEO, Clifford Elphick commented: “LetÅ¡eng continues to live up to its reputation as a unique producer of exceptional diamonds, and the recovery of this remarkable 196 carat white diamond reinforces its position as one of the great mines in the diamond industry.”