Business
493 Carat Diamond Named
493 Carat Diamond Named.
About this update from Gem Diamonds Limited
[{"type":"text","content":"\n Gem Diamonds Limited\n05 November 2007\n\n\n\n5th November, 2007\n\n\n GEM DIAMONDS LIMITED\n\n\n 493 CARAT WHITE DIAMOND NAMED THE 'LETSENG LEGACY'\n\n\nGem Diamonds Limited (LSE: GEMD) ('Gem Diamonds') and the Government of the\nKingdom of Lesotho are delighted to announce the 493 carat white diamond\nrecovered from the Letseng mine has been named 'Letseng Legacy'.\n\n\nThe Letseng Legacy ranks as the world's 18th largest rough diamond and was\nrecovered from the Letseng le Terai Mine in Lesotho on the 7th of September.\n\n\nThe name reflects growing legacy that the Letseng le Terai Mine is creating as a\nproducer of remarkable diamonds. Letseng Diamonds, which is 70% owned by Gem\nDiamonds and 30% owned by the Government of the Kingdom of Lesotho, has now\nproduced three of the world's top 20 diamonds. Two of these were recovered by\nGem Diamonds in the last 13 months - the 603 carat Lesotho Promise recovered in\nAugust 2006 and this 493 carat diamond.\n\n\nThe 493 carat Letseng Legacy will be sold on tender in Antwerp by WWW\nInternational Diamond Consultants on Wednesday the 14th of November at a\nceremony attended by the Lesotho Minister of Natural Resources, the Honourable\nMinister Monyane Moleleki, and the Gem Diamonds directors.\n\n\n\nThe Lesotho Promise, which was the 15th largest rough diamond, was sold on\ntender in October 2006 for US$12.4 million to Graff Jewellers. The collection\nof polished diamonds from the Lesotho Promise is expected to sell for between\nUS$25-30 million. The Lesotho Brown diamond was recovered in 1961 and ranks as\nthe world's 16th largest diamond. It yielded 18 polished diamonds, the largest\nof which was recently re-acquired by the original buyer, jewellers Harry\nWinston.\n\n\n\nIn January 2007, Letseng Diamonds also produced a 215 carat D-colour flawless\ndiamond which subsequently sold on tender for US$8.3 million.\n\n\n\nThe Letseng Mine hosts two kimberlites, the Main and Satellite Pipes, that have\na combined diamond resource value of US$4.7 billion. It is renowned for\nproducing some of the world's largest diamonds which attract the highest average\nprice per carat of any kimberlite mine. As reported in Gem Diamonds' Interim\nResults to end June 2007 released on the 13th September, the average price per\ncarat achieved from the Letseng Satellite Pipe was US$1894 and US$1128 from...