SA diamond company buys diamond worth millions

by Richard Newton
The South African Diamond Corporation has bought a 493 carat diamond, the Letseng Legacy, for $10.4 million in Antwerp, Belgium today.

The Legacy is the 18th largest rough diamond in the world and was mined at the Letseng Mine in Lesotho two months ago. Last year, SAFDICO paid over $12 million for the 603 carat diamond the "Lesotho Promise" also mined at Letseng.

Lesotho's minister of mineral affairs, Ralechate Mokose, told bidders that they plan to keep adding to the list of the world’s largest diamonds.

The Legacy will stay in Antwerp to be cut and polished and early estimates are that the cut diamonds are likely to sell for a combined price of around $18 million.

Despite diamond mining being a relatively young industry in the mountain kingdom, the Letseng mine is certainly catching the attention of the world.