The recently discovered diamond is said to be the second biggest gem to be found since the re-opening of Lets'eng Diamond Mining and, at 494 carats it ranks 18th in the whole world.

Addressing media at a press briefing on Thursday, the Minister of Natural Resources, Mr. Monyane Moleleki, said the stone, which is an exceptional quality white diamond, has been sent to Antwerp, Belgium.

He said, the exact particulars of the diamond, yet to be named, are expected to be known next week.

'Diamonds recovered from Lets'eng are sold on tender in Antwerp,' he added.

Mr. Moleleki, said Lets'eng diamonds boast the highest average price per carat in the world, adding that for six months to June this year, the average price per carat achieved on diamonds from the Lets'eng was estimated at around M12, 432.00, equivalent to (US $ 1776) in comparison with the world average price per carat of M560.00.

The Lets'eng Mine is owned by Lets'eng Diamonds Company with 70 percent owned by Gem Diamonds, while 30 percent is owned by the government.

Located high in the Maluti Mountains of Mokhotlong at 3,100 metres above sea level, Lets'eng is the highest diamond mine in the world. It employs more than 450 Basotho.

Over its long history, Lets'eng has consistently produced exceptionally large diamonds. The 494 carat diamond is the third largest stone to be discovered from Lets'eng, since the mine first opened in the 1960's.

It is eclipsed by the 15th largest diamond in the world, the 603 carat “Lesotho Promise”, which was unearthed in August 2006, and the 16th largest diamond the 'Lesotho Brown', a 601 carat diamond, which was discovered in the early 1960's.

The “Lesotho Promise” was sold on tender for an estimated M84 million, while a 215 carat D-colour flawless diamond discovered in January 2007, was sold for about M56 million. The sale price of the Lesotho Brown was never disclosed.

Meanwhile, The minister revealed that in the last financial year 2006/7, Lets'eng Diamonds produced 59809 carats, which sold for M750 million. While royalty payment to government was M57 million.

According to information released at a press conference, dividends on “Lesotho Promise” was M18 million and the government has paid out M28.1 million towards its loan from its partner Gem Diamonds for the 3 percent shares of its 30 percent share of the company.

Present at the press briefing included government officials from the Ministry of Natural Resources and Lets'eng Diamond Mine representatives.

There are currently five diamond mines in Lesotho thus: Kao, Liqhobong, Lemphane, Kolo and Lets'eng.

Source: LENA 13/09/2007