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SourcingSep 30, 2014
198-carat rough diamond sells for $10.6M
Mining company Gem Diamonds Ltd. announced Wednesday that it sold the 198-carat white diamond discovered in July for $10.6 million, a price that works out to more than $53,000 per carat.
This Type II, D color, 198-carat rough diamond sold for $10.6 million, or $53,746 per carat, at the September tender for the Letšeng mine.
London--Mining company Gem Diamonds Ltd. announced Wednesday that it sold the 198-carat white diamond discovered in July for $10.6 million, a price that works out to more than $53,000 per carat.
The 198-carat stone, which is roughly the size of a large strawberry, is a Type II, D color diamond. Gem sold it at the September tender for its Letšeng mine in Lesotho, a small kingdom located entirely within South Africa.
London-based Gem Diamonds announced the discovery of the diamond in August. At the time the stone was found, mining analyst Martin Potts with finnCap estimated it would sell for $12 to $15 million.
The 198-carat white diamond is one of a number of large, high-quality rough diamonds unearthed this year.
Among them were a 162.06-carat Type IIa diamond and a 161.74-carat Type I stone, also found by Gem Diamonds at Letšeng.
In late spring, Petra Diamonds Ltd. discovered a 122.52-carat blue diamond at its Cullinan mine in South Africa. While it was estimated this stone could break the world record price for a rough diamond, it sold for $27.6 million, or $225,269 per carat, falling short of the world record price for a rough diamond, which stands at $35.5 million.
Gem Diamonds operates Letšeng in a 70-30 partnership with the Lesotho government. It also owns the Ghaghoo mine in Botswana.
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