Press Release

Leseli la Letseng

Gem Diamonds Limited (Gem Diamonds) and the Government of the Kingdom of Lesotho are pleased to announce the sale of the Light of Letšeng, a remarkable 478 carat white diamond, in Antwerp for US$18.4 million. The Light of Letšeng, or the Leseli la Letšeng in Lesotho’s native language Sesotho, was named to reflect its outstanding colour and clarity which are of the highest possible standard for a rough diamond.

The world’s leading diamantaires participated in the tender and the winning bid was made by SAFDICO, the manufacturing arm of Graff Diamonds. Graff Diamonds is one of the world’s leading diamond jewellery purveyors and was also the winning bidder for the Lesotho Promise in 2006 and the Letšeng Legacy in 2007. There were strong bids from a further six diamantaires.

The diamond ranks as the 20th largest rough diamond ever to be recovered. The Letšeng mine in Lesotho is renowned for its production of remarkable diamonds and the Light of Letšeng is the third significant recovery from the Letšeng mine in as many years, following the 603 carat Lesotho Promise and the 493 carat Letšeng Legacy recovered in 2006 and 2007 respectively. Including the 601 carat Lesotho Brown, recovered in 1967, the Letšeng mine has now produced four of the world’s 20 largest rough diamonds and the three largest diamonds recovered this century.

Clifford Elphick, CEO of Gem Diamonds said:
“The Light of Letšeng is one of the most significant diamonds to have been recovered in living memory. Nevertheless it remains exceptionally pleasing that despite these difficult financial times that this diamond has been recognized for its outstanding quality and in turn has achieved significant value. This is testament to the enduring value of the historic diamonds that Letšeng continues to produce.”

Laurence Graff, the Chairman of Graff Diamonds commented:
“To the best of our knowledge this is the most valuable rough diamond ever to be sold. We are delighted to be the successful bidder for such an historic stone, following our acquisition of the 603ct Lesotho Promise and 493ct Letšeng Legacy both from the Letšeng mine. With our significant expertise in large diamonds we expect to produce an exceptionally beautiful polished diamond of at least 200 carats. This investment is indicative of our commitment to the diamond industry and our faith in the long term value of diamonds.”