357 Carat Diamond Sells for $19 Million

Gem Diamonds, the U.K.–based diamond producer, sold a 357 ct. white diamond for $19.3 million on tender in Antwerp, Belgium, last week.

The diamond was recovered in July 2015 from the Lesotho’s Letšeng mine, which Gem Diamonds acquired in 2006. It is the second stone of more than 300 carats to come from the mine this year. In May, a 314 ct. diamond was recovered, and it was sold in June.

“Both of these diamonds achieved top prices despite current market conditions, providing further evidence of the price resilience of Letšeng’s large top-quality diamonds,” said CEO Clifford Elphick.

Since Gem Diamonds’ acquisition of the Letšeng mine, the mine has produced four of the 20 largest gem-quality white diamonds ever recorded. The company is currently developing a second mine in Botswana.