Rare Pictures Of 357 Carat Letsĕng White Diamond That Was Sold For $19.3 Million
September 21, 2015, Senior Editior
Image Courtesy: jewelerblog
The Letseng mine which is the highest diamond mine in the world located in Lesotho, South Africa recently produced an exceptional 357 carat Letsĕng white loose diamond. The white diamond which was discovered in July went on tender last week and was sold recently for US$ 19.3 million in Antwerp. The announcement of the sale was made by owners of the mine, British global diamond mining business- Gem Diamonds.
Talking about the sale, Gem Diamonds CEO Cliffor Elphick said “Since we acquired the Letseng mine in 2006, we have produced four of the largest white diamonds ever recorded.” He further added that in this year alone, they have seen two remarkable 300 plus carat diamonds produced at the mine. In May, they recovered a 314 carat diamond which was sold in a partnership agreement, and now with the 357 carat diamond, they broke their own records. Elphick also added that despite current market conditions, both diamonds were able to achieve top rates. This he says provided further evidence of the price resilience of Letseng’s large top quality diamonds.
The Letseng mine is prized for being one of the largest producers of large, top color, and exceptional white diamonds, making it the highest dollar-per-carat kimberlite diamond in the world. The mine which is situated at 3,100 meters above sea level is the highest mine in the world. While the world average is roughly US $81 per carat, diamonds from Letseng averaged over US $ 1,894 per carat in 2007 which has steadily grown ever since.
Looking ahead, Gem Diamonds’ growth strategy is based on expanding the Letseng mine and starting production at the Ghaghoo mine in Botswana, all while still maintaining a steady balance sheet. The Company is also looking at expansion to maximize its revenues and margins. Their plans, say sources are to tap into their rough diamond production by offering services like cutting, polishing, sales and marketing initiatives further along the diamond value chain. With favorable supply and demand dynamics expected to benefit the industry over a long term, particularly at the high end of the market supplied by Gem Diamonds, this strategy positions the Company well to generate attractive returns for shareholders in the coming years. They are also currently developing a second mine in Botswana, a country whose main exports are diamonds.