478 Carat White Rough Diamond Sold For $18.4 Million

The Light of Letseng, a 478 carat white diamond mined in the Kingdom of Lesotho, was sold on tender in Antwerp to SAFDICO for $18.4 million. The price translates to $ 38,494 per carat paid by the manufacturing arm of Graff Diamonds.

The seller, Gem Diamonds Limited, attributed the high price to the diamond’s top color and outstanding clarity. The diamond was recovered at Letseng le Terai Mine in Lesotho on September 8.

Another six diamantaires had “strong bids,” according to Gem Diamonds. Graff, a leading high-end diamond jewelry seller, also bought the 603 carat Lesotho Promise in 2006 and the 493 carat Letseng Legacy in 2007 through SAFDICO, a Diamond Trading Company (DTC) Sightholder.

In a series of purchases made in November, Laurence Graff bought an 8.5 percent holding in Gem Diamonds.

The Light of Letseng is the 20th largest rough diamond ever recovered. The Letseng mine in Lesotho is renowned for its production of remarkable diamonds, The Light of Letseng is the third significant recovery from the Letseng mine in as many years, following the Lesotho Promise and the Letseng Legacy recovered in 2006 and 2007 respectively.

Including the 601 carat Lesotho Brown, recovered in 1967, the Letseng mine has now produced four of the world’s 20 largest rough diamonds and the three largest diamonds recovered this century.

The sale brought fourth quarter prices for Letseng’s diamonds to a $2,139 per carat average. Year to date, the average price per carat on all Letseng diamonds sold is $2,123.

“To the best of our knowledge this is the most valuable rough diamond ever to be sold,” Graff Diamonds Chairman Laurence Graff said. “With our significant expertise in large diamonds we expect to produce an exceptionally beautiful polished diamond of at least 200 carats. This investment is indicative of our commitment to the diamond industry and our faith in the long term value of diamonds.”