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World's fifth largest diamond discovered in Lesotho

News Desk

Agence France-Presse

Maseru, Lesotho  /  Tue, January 16, 2018  /  09:08 am
World's fifth largest diamond discovered in Lesotho

This handout image received from Gem Diamonds via the Celicourt PR agency on January 15, 2018 shows a 910 carat diamond discovered at the Letseng mine in Lesotho. (Gem Diamonds/AFP/File)

A diamond thought to be the fifth largest of gem quality ever found has been discovered in Lesotho, miner Gem Diamonds said Monday, and could be worth as much as $40 million.

The company unearthed the D-colour stone at the Letseng mine in the landlocked southern African country and described the 910-carat find as of "exceptional quality".

"Since Gem Diamonds acquired Letseng in 2006, the mine has produced some of the world's most remarkable diamonds, including the 603 carat Lesotho Promise," Gem Diamonds chief executive Clifford Elphick said in a statement.

Read also: Why diamonds are not an investor's best friend

"However, this exceptional top quality diamond is the largest to be mined to date... This is a landmark discovery."

Ben Davis, a mining analyst at Liberum Capital, speculated in a research note to investors that the diamond could be worth as much as $40 million (33 million euros).

Gem Diamonds shares in London were up 14 percent from the market open to £0.92 a piece.

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