Business
Sale of 493 Carat Diamond
Sale of 493 Carat Diamond.
About this update from Gem Diamonds Limited
[{"type":"text","content":"\n Gem Diamonds Limited\n14 November 2007\n\n\n\n14 November, 2007\n\n GEM DIAMONDS LIMITED\n\n REMARKABLE 493 CARAT LETSENG LEGACY DIAMOND SOLD FOR US$10.4 MILLION\n\n- The Letseng Legacy is the world's 18th largest diamond ever recovered\n\n- The diamond was recovered at Letseng le Terai Mine in Lesotho on the\n 7th of September 2007\n\n- The sale of the Letseng Legacy was by way of tender in Antwerp, where\n eleven diamantaires bid for the stone\n\n- The price represents an extraordinary price per carat of US$21 000, against \n a global average diamond price of US$81 per carat\n\n- The Letseng Legacy is expected to yield an historic polished stone of over \n 100 carats\n\n\n\nGem Diamonds Limited (Gem Diamonds) and the Government of the Kingdom of Lesotho\nare pleased to announce the sale of the Letseng Legacy, a remarkable 493 carat\ndiamond, in Antwerp for US$10.4 million.\n\n\n\nThe world's leading diamantaires participated in the tender and the winning bid\nwas made by SAFDICO, the manufacturing arm of Graff Jewellers. Graff Jewellers\nare one of the world's leading diamond jewellery purveyors and were the winning\nbidder for the Lesotho Promise diamond in 2006. There were also strong bids\nfrom Rosy Blue and Premier Diamonds.\n\n\n\nThe Letseng Legacy ranks as the 18th largest diamond ever found and was named to\nreflect the growing legacy that the Letseng le Terai Mine is creating as a\nproducer of significant 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 in\nthe last 13 months - the 603 carat Lesotho Promise in August 2006 and this 493\ncarat diamond in September 2007.\n\n\n\nFollowing the opening of the tender offers, the winning bid of US$10.4 million\nwas announced by Lesotho's Minister of Forestry and Land Reclamation Ralechate\nLincon Mokose at the Antwerp World Diamond Centre at an event attended by Gem\nDiamonds management and directors, the Lesotho Ambassadors to Belgium and\nGermany MaMoruti Tiheli and Makase Nyaphisi, Johnny Kneller of the winning\nbidder SAFDICO and leading figures from the Antwerp diamond community including\nFreddy Hanard of the Antwerp World Diamond Council.\n\n\n\nClifford Elphick, CEO of Gem Diamonds said:\n\n'The sale of the Le...