'Remarkable' 442-carat diamond found in Africa, could be worth $18M
FOX NEWS - One of the world's largest diamonds has been unearthed in Africa -- a 442-carat rock worth as much as $18 million, according to one expert.
Gem Diamonds Ltd. discovered the gem at its Letseng mine in Lesotho, the company announced Friday.
“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," Gem Diamonds CEO Clifford Elphick said in a statement.
According to Bloomberg, which first reported the news, the precious stone could be worth as much as $18 million, citing a research note from BMO Capital Markets analyst Edward Sterck.
"A portion of the proceeds from the sale of this diamond will be used to fund a special community project, as agreed with our partner, the government of Lesotho," Elphick said.
Lesotho is a landlocked country in southern Africa, encircled by South Africa. It has a population of just over 2 million and has been an independent country since 1966, after it gained freedom from Britain.
Although the diamond industry has suffered as a result of the COVID-19 pandemic, demand for larger stones is more stable, given the rarity of these precious stones, Bloomberg reported.
In 2018, Gem Diamonds found a 910-carat diamond known as the "Lesotho Legend" at the Letseng mine that eventually sold for $40 million.
Also in 2018, miners in Canada found a rough 552-carat yellow diamond, the largest diamond ever discovered in North America.