Mining company finds stunning 442-carat diamond worth $18 million in Africa

A small diamond miner company that has previously dug some of the world’s most valuable gems from a mountainous African kingdom, has yet again found another huge stone. Gem Diamond Ltd. informed that it had unearthed a 442-carat diamond at its Letseng mine on Lesotho. Edward Sterck, who is an analyst at BMO Capital Market, reportedly said that the diamond could sell for as much as $18 million. 

The Letseng mine is famous for the size and quality of the diamonds it produces. It reportedly has the highest average selling price in the world. According to reports, a few years back, Gem Diamonds also found a 910-carat stone, the size of two gold balls, that sold for $40 million. 

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Clifford Elphick, who is Gem Diamond’s chief executive officer, in a statement, said that the recovery of the ‘remarkable’ 442-carat diamond, which is one of the world’s largest gem-quality diamonds to be recovered this year, is further confirmation of the calibre of the Letseng mine and its ability to consistently produce large, high-quality diamonds. 

Elphick added, “It is also a fitting testament to the dedication of the employees in the Group to have recovered such an extraordinary diamond, whilst at the same time maintaining strict adherence to health and safety precautions during the global COVID pandemic”. 

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Proceeds from sale to be used to fund community project 

The recently discovered diamond will now be shipped to Antwerp, Belgium, where it is expected to be sold next month. Gem Diamond’s CEO also informed that a portion of the funds generated from its sale will go towards a local community project. The company is partnered with the government of Lesotho, which is a landlocked country in southern Africa, encircles by South Africa. 

The find comes as the global diamond industry has been brought to its knees by the unprecedented coronavirus pandemic. While several jewellery stores around the globe have shut, it was noted that India’s cutting industry, which handles almost all the world’s stones, has come to a halt.

The miners that dominate the diamond industry, De Beers and Russian rival Alrosa PJSC, have reportedly seen their rough diamond sales collapse. However, it is believed that given the rarity of the recently discovered stone, demand for big diamond has been resilient, even at times when the wider industry has struggled. 

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