Monday, October 24, 2011

Gem Diamonds sells Letseng Star for US$16.5 million

Gem Diamonds Ltd has sold the Letseng Star, a 550ct white gem diamond recovered in August from the Letseng mine in Lesotho, for US$16.5 million.

In addition to the rough price sale of the Type-IIa D-colour diamond, Gem Diamonds will further benefit from a significant share of the downstream polished margin uplift from the sale of the polished diamonds cut from the Letseng star.

Clifford Elphick, Gem Diamonds chief executive officer, said: “The Letseng Star has the potential to yield an exceptional polished product and the profit sharing arrangement for the polished margin of the Letseng Star will ensure that its true value is realised and the Letseng Diamonds benefits directly from the exposure to the resulting upside.”

The Letseng Star ranks as the 14th largest white diamond on record and is the fourth diamond of such historical significance to be recovered from the mine.

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