Gem Diamonds Ltd. found the 910-carat stone, about the size of two golf balls, at its Letseng mine in the country. It’s a D color Type IIa diamond, which means it has very few or no nitrogen atoms and is one of the most expensive stones. The diamond is the fifth-biggest ever found.
The big boy himself
The Letseng mine is famous for the size and quality of the diamonds it produces and has the highest average selling price in the world. Gem sold a 357-carat stone for $19.3 million in 2015 and in 2006 found the 603-carat Lesotho Promise.
Its value will be determined by the size and quality of the polished stones that can be cut from it. Lucara Diamond Corp. sold a 1,109-carat diamond for $53 million last year, but got a record $63 million for a smaller 813-carat stone it found at the same time in 2015.
“The pricing of diamonds is hugely variable and driven by a multitude of factors,” said Ben Davis, an analyst at Liberum Capital Markets. “But assuming that there are no large inclusions running through the diamond, we initially estimate a sale of $40 million.”
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