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Biggest Diamond In The world: 442-Carat Diamond Found In Lesotho

A MINER in Africa has found one of the biggest diamond in the world 442-carat diamond that could be worth up to $18million (£13.7million).

A small diamond miner that has dug some of the biggest diamond in the world  from a mountainous African kingdom has found another huge stone.

Gem Diamonds Ltd. said Friday it had an unearthed a 442-carat diamond at its Letseng mine in Lesotho. While it’s hard to establish a price for such stones before cutters can evaluate them, it could sell for as much as $18 million, Edward Sterck, analyst at BMO Capital Markets, wrote in a note.

It will be shipped to Antwerp, Belgium, where it’s expected to be sold next month.

Read Also: Apparel Industry Is Lesotho’s Top Export Product In The Country

Given the rarity of such large stones, demand for big diamonds has traditionally been resilient, even at times when the wider industry has struggled.

The Letseng mine is famous for the size and quality of the diamonds it produces and has the highest average selling price in the world. Two years ago Gem Diamonds also found one of the biggest diamond in the world a 910-carat stone, the size of two golf balls, that sold for $40 million.

Also Read: Diamond Mining – How Diamonds Are Mined And Processed

“The recovery of this remarkable 442 carat diamond, one of the world’s largest gem quality diamonds to be recovered this year, is further confirmation of the caliber of the Letseng mine and its ability to consistently produce large, high quality diamonds,” Clifford Elphick, Gem’s chief executive officer, said in the statement.

The biggest diamond in the world found this year was a 549-carat monster unearthed by Canadian firm Lucara Diamond from its Karowe mine in Botswana.

Although the diamond industry has suffered as a result of the Covid-19 pandemic, demand for the precious stones remains high.

The Queen is the proud owner of the biggest diamond in the world, the Cullinan Diamond, which weighed a whopping 3,106 metric carats before it was cut.

Source
Bloomberg
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