Largest ever diamond found at Letšeng!

The Letseng mine diamond is a D colour Type IIa diamond which means it has very few or no nitrogen atoms and is one of the most expensive stones

The Letseng mine diamond is a D colour Type IIa diamond which means it has very few or no nitrogen atoms and is one of the most expensive stones

"The pricing of diamonds is hugely variable and driven by a multitude of factors, but assuming that there are no large inclusions running through the diamond, we initially estimate a sale of US$40mln", said the broker.

Gem Diamonds (gmdmf) found the 910-carat stone, about the size of two golf balls, at its Letseng mine in the country.

The Aim-listed firm announced the discovery of an "exceptional quality" 910 carat diamond from its Letseng mine in Lesotho - a mine in southern Africa renowned for producing large diamonds.

The company said that the colourless diamond, which is the largest ever found at Letseng, is believed to be the fifth-largest gem-quality diamond ever recovered. "This is a landmark recovery for all of Gem Diamonds' stakeholders, including our employees, shareholders and the Government of Lesotho, our partner in the Letšeng mine", Gem Chief Executive Clifford Elphick said.

Broker Liberum upgraded its view on Gem on the back of the discovery and also the potential for more massive diamonds to be unearthed in Letseng. It will be another boost for the company that dropped to a record low previous year after prices for its stones fell and it was forced to close a new mine in Botswana.

Gem Diamonds has not yet commented on its plans to sell the diamond.

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