Letseng Legacy - the 493 carat white diamond
Diamond mining company Gem Diamonds and the government of the Kingdom of Lesotho have named the 493-carat white diamond recovered in early September the “Letseng Legacy,” after its place of discovery.
The diamond, ranked as the world’s 18th largest rough diamond, was discovered in Lesotho’s Letseng le Terai mine. Letseng Diamonds, which is 70 percent owned by Gem Diamonds and 30 percent owned by the government of the Kingdom of Lesotho, has now produced three of the world’s top 20 diamonds – The Letseng Legacy, the Lesotho Promise, and the Lesotho Brown.
The Letseng Legacy will be sold on tender in Antwerp by WWW International Diamond Consultuants on the 14th of November at a ceremony attended by the Lesotho Minister of Natural Resources, the Honourable Minister Monyane Moleleki, and the Gem Diamonds directors.
In addition to the Letseng Legacy, Gem Diamonds also recovered the 603-carat Lesotho Promise in August 2006. The Lesotho Promise, considered to be the world’s 15th largest rough diamond, was sold on tender in October 2006 for US$12.4 million to Graff Jewelers. The collection of polished diamonds from the Lesotho Promise is expected to sell for between US$25-30 million.
The Lesotho Brown diamond, which was recovered in 1961 and ranks as the world’s 16th largest diamond, yielded 18 polished diamonds, the largest of which was recently re-acquired by the original buyer, jewelers Harry Winston.
The Letseng mine hosts two kimberlites, the Main and Satellite Pipes, which have a combined diamond resource value of US$4.7 billion. Gem Diamonds’ Interim Result ending June 2007 reported that the average price per carat achieved from the Letseng Staellite Pipe was US$1894 and US$1128 from the Main Pipe. The world average price is approximately US$81 per carat.
In January 2007, Letseng Diamonds also produced a 215 carat D-color flawless diamond, which sold on tender for US$8.3 million.
World’s 18th Largest Diamond named ‘Letseng Legacy’
Gem Diamonds and the Lesotho Government have named the 493 carat diamond recovered at their Letseng Mine in September, the “Letseng Legacy”.
The diamond ranks as the 18th largest rough diamond ever found and is set to be sold on November 14, 2007 by tender in Antwerp by WWW International Diamond Consultants. Lesotho’s Minister of Natural Resources, Monyane Moleleki, and Gem Diamonds’ directors are scheduled to attend the ceremony.
“The name reflects the growing legacy the Letseng Mine is creating as a producer of remarkable diamonds,” Gem Diamonds said in a statement.
The mine, which is 70 percent owned by Gem diamonds and 30 percent by the Lesotho Government has produced three of the world’s top 20 diamonds.
The Letseng Legacy joins the ranks of the 603 carat Lesotho Promise, which, found in August 2006, lists as the 15th largest diamond ever mined and was sold for $12.4 million to Graff Jewelers, and the Lesotho Brown diamond, which was recovered in 1961 and is the16th largest.