A small diamond miner has dug out a huge diamond that could be very valuable.
Gem Diamonds Ltd. unearthed a 442-carat diamond at its Letseng mine in Lesotho. According to analyst at BMO Capital Markets, Edward Sterk, the diamond could sell for as much as $18 million (Rs 135 crore, approximately).
According to the Gulf News 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. Around two years ago, Gem Diamonds found a 910-carat stone, the size of two golf balls. It sold for $40 million.
Such large stones are rare and even though the industry is struggling, their demands are high.
The global diamond industry like many others has struggled tremendously because of the pandemic slowdown. Many jewellery stores have shut and the cutting industry in India that handles almost all of the world’s stones, has come to a halt. The miners that dominate the industry, De Beers and Russian rival Alrosa PJSC, have seen their rough diamond sales collapse as well.
“The recovery of this remarkable 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,” Clifford Elphick, Gem’s chief executive officer, said in a statement.
Let us wait to find out just for how much this diamond sells.