Graff Diamonds buys Light of Letšeng

Safdico, the manufacturing arm of Graff Diamonds, has bought the Light of Letšeng 478ct diamond in Antwerp for $18.4m (£12m). The diamond was discovered by Gem Diamonds at the Letšeng le Terai Mine in Lesotho in September, making it the most valuable rough diamond ever 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 cts. This investment is indicative of our commitment to the diamond industry and our faith in the long-term value of diamonds.”

In addition to the top bid by Safdico, there were strong bids from six other diamantaires. Graff Diamonds also bought the 603ct Lesotho Promise diamond in 2006 and the 493ct Letšeng Legacy diamond last year.  

The Light of Letšeng ranks as the 20th largest rough diamond ever to be recovered. The Letšeng mine in Lesotho is renowned for its production of remarkable diamonds and the Light of Letšeng is the third significant recovery from the Letšeng mine after Lesotho Promise and Letšeng Legacy.

Gem Diamonds chief executive Clifford Elphick said: “It remains exceptionally pleasing that despite these difficult financial times that this diamond has been recognised for its outstanding quality and in turn has achieved significant value. This is testament to the enduring value of the historic diamonds that Letšeng continues to produce.”

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