Gem sells rough for $16.5 million and negotiates

for cut of polished profit

Frik Els | October 25, 2011

close-up of man cutting diamond facets on spinning wheel

London-listed Gem Diamonds announced last Tuesday that it has sold the world’s 14th largest white diamond discovered at its Letšeng Mine in Lesotho two months ago for $16.5 million in cash. Gem will also share in the profit of any polished diamond/s cut from the 550 carat Letšeng Star.

Letšeng is fast-becoming the richest source of large diamonds in the world and without the occasional large diamond find, the Letšeng pipe would probably be a marginal deposit, but the mine, 30% owned by the King of Lesotho, has also yielded  the 478 carat Light of Letšeng that went for $18.4 million in 2008 and two other big diamond rocks.

Sourced & published by Henry Sapiecha

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