Graff Gets Closer to the Source, Invests in Gem Diamonds

November 13, 08 by IDEX Online Staff Reporter

High-end jeweler Laurence Graff purchased a 4.5% stake in diamond miner Gem Diamonds, the company announced on Wednesday. “Graff intends to be a long-term investor,” Gem Diamonds said in a regulatory statement.

In the past few years, Graff purchased a number of exceptionally large rough diamonds from Gem Diamonds. Among them is the 603 carat Lesotho Promise - the world’s fifteenth-largest diamond ever found - bought for $12.36 million. Graff also bought the 493 carat Letseng Legacy, the eighteenth-largest diamond ever mined, for $10.4 million.

Both diamonds were mined at Gem Diamonds’ Letseng mine in Lesotho and purchased by DTC Sightholder SAFDICO, the manufacturing arm of Graff Jewellers.

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Graff Gets Closer to the Source, Invests in Gem Diamonds

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