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Letšeng Star sold for 16.5 million

Letsung Star DiamondGem Diamonds, the FTSE 250 listed diamond company (LSE: GEMD), has just announced the sale of the of the Letšeng Star, a 550 carat, Type IIa, D colour, white gem diamond recovered on 19 August 2011 at the Company’s Letšeng mine in the Kingdom of Lesotho.

The Letšeng Star is currently ranked as the 14th largest white diamond on record and is the fourth diamond of such historical significance to be recovered at Letšeng since 2006.

Gem Diamonds CEO, Clifford Elphick commented:

“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. Gem Diamonds’ strategy of maximising revenue generation from our rough diamonds by seeking value-added initiatives further up the diamond value chain is gaining importance for the Group, and we are becoming increasingly successful in selling rough and polished diamonds with good margins being realised.”


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