Gem sells the Letšeng Star
Diamond miner Gem Diamonds is to pocket around $16.5m through the sale of the Letšeng Star, the 14th largest white diamond on record.
In keeping with its new sales and marketing strategy, the Letšeng Star has been sold into a profit sharing arrangement, which will enable the company to benefit from a significant share of the sale proceeds from the polished diamonds cut from the Letšeng Star.
"The Letšeng Star has the potential to yield an exceptional polished product and the profit sharing arrangement for the polished margin of the Letšeng Star will ensure that its true value is realised and that Letšeng Diamonds benefits directly from the exposure to the resulting upside," said Gem's chief executive officer, Clifford Elphick.
The diamond was extracted from the company's Letšeng mine in Lesotho on 19 August, 2011, and is the fourth diamond yielded by the mine to cause a stir in the precious gems world.