Mining company finds stunning 442-carat diamond worth $18 million in Africa

A small diamond miner company that has previously dug some of world’s most valuable gems from a mountainous African kingdom, has yet again found anor huge stone. Gem Diamond Ltd. informed that it h uneard a 442-carat diamond at its Letseng mine on Lesotho. Edward Sterck, who is an analyst at BMO Capital Market, reportedly said that diamond could sell for as much as $18 million. 

Letseng mine is famous for size and quality of diamonds it produces. It reportedly has highest average selling price in world. According to reports, a few years back, Gem Diamonds also found a 910-carat stone, size of two gold balls, that sold for $40 million. 

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Clifford Elphick, who is Gem Diamond’s chief executive officer, in a statement, said that recovery of ‘remarkable’ 442-carat diamond, which is one of world’s largest gem-quality diamonds to be recovered this year, is furr confirmation of calibre of Letseng mine and its ability to consistently produce large, high-quality diamonds. 

Elphick ded, “It is also a fitting testament to dedication of employees in Group to have recovered such an extraordinary diamond, whilst at same time maintaining strict herence to health and safety precautions during global COVID pandemic”. 

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Proceeds from sale to be used to fund community project 

recently discovered diamond will now be shipped to Antwerp, Belgium, where it is expected to be sold next month. Gem Diamond’s CEO also informed that a portion of funds generated from its sale will go towards a local community project. company is partnered with government of Lesotho, which is a landlocked country in sourn Africa, encircles by South Africa. 

find comes as global diamond industry has been brought to its knees by unprecedented coronavirus pandemic. While several jewellery stores around globe have shut, it was noted that India’s cutting industry, which handles almost all world’s stones, has come to a halt.

miners that dominate diamond industry, De Beers and Russian rival Alrosa PJSC, have reportedly seen ir rough diamond sales collapse. However, it is believed that given rarity of recently discovered stone, demand for big diamond has been resilient, even at times when wider industry has struggled. 

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