Economy

Fifth-largest diamond in history sells for $40 million

Gem Diamonds has sold its so-called Lesotho Legend, the fifth largest gem-quality diamond in history, for $40m (£29m).

According to Bloomberg, the diamond is about the size of two golf balls and was discovered in a mine that is well-known for producing diamonds of size and quality that achieve some of the highest average selling prices in the world.

Previous to "The Lesotho Legend", the biggest precious rock found at Letšeng was the 603-carat Lesotho Promise, dug up in 2006.

The company owns 70 percent of the Letseng mine, which is a location known for its production of white diamonds.

While it's the most Gem has yet received for a diamond, other companies have sold for more.

The diamond was recovered from the Letšeng mine in Africa this past January.

Gem Diamonds is a global diamond producer of high value diamonds.

A rough diamond from Botswana, believed to be the biggest uncut diamond found in a century, sold for 53 million dollars in September.

Following the sale, Gem Diamonds CEO Clifford Elphick said in a statement that it's purchase has reasserted "the unique quality of the Letšeng diamond production".

So far this year, Gem Diamonds has found six rocks bigger than 100 carats each.



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