Lesotho’s Gem Diamonds has unearthed yet another valuable gem- a 442 carat diamond at its Letseng mine.
The comes on the heels of a global diamond industry recession owing to the COVID-19 pandemic.
According to Gem Diamond’s chief executive officer, Clifford Elphick, “The recovery of the 442-carat diamond, one of the world’s largest gem-quality diamonds to be recovered this year, is further confirmation of the caliber of the Letseng mine and its ability to consistently produce large, high-quality diamonds.”
Pricing the stones is usually difficult before cutters can evaluate them .However, the stone could sell for as much as $18 million, according to Edward Sterck, an analyst at BMO Capital.
Demand for the big diamonds has traditionally been resilient given the rarity of such stones.
The Letseng mine is recognized for the size and quality of the diamonds it produces and boasts the highest average selling price in the world.