Industry News by Nemesis

910ct. Lesotho Diamond Sells for $40M

March 13, 2018


Gem Diamonds has sold the Lesotho Legend, the 910-carat stone it unearthed at its Letšeng mine in January, for $40 million, the company said Tuesday.

The miner claims the D color, type IIa stone — which it sold at tender in Antwerp to Samir Gems — is the fifth-largest gem-quality diamond ever recovered. 

“We are delighted with the outcome of the sale of this iconic diamond, which demonstrates the exceptional quality of the Lesotho Legend itself, as well as reaffirming the unique quality of the Letšeng diamond production,” said Clifford Elphick, CEO of Gem Diamonds. 

A rise in Gem Diamonds’ recovery of large stones in 2017 drove a 12% sales increase and a 14% jump in the average price per carat for the year. So far this year, the miner has found six stones above 100 carats at the asset in Lesotho.

Gem Diamonds owns a 70% stake in the Letšeng mine, with the Lesotho government owning the remaining 30%.


Source: Rapaport

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