Letseng Diamonds (Pty) Ltd and DMCC to organise first public appearance
Dubai, November 3rd , 2008: Letseng Diamonds, the owner of the world renowned Letšeng Mine in Lesotho, and Dubai Multi Commodities Centre (DMCC), a Dubai Government initiative to set up a commodities market place in Dubai, are pleased to announce that the 478 carat white diamond recovered at the Letšeng Mine in September of this year, will make its first public appearance on 8 November 2008 at the Atlantis Hotel, Palm Jumeirah.
The diamond which weighs 478 carats, ranks as the 20th largest rough diamond ever to be recovered, and the third largest rough diamond this century. It is the largest diamond in recorded history to be received in the Middle East.
The unveiling of the diamond, which has never before been viewed by the public, will be the highlight of the first Middle East China Diamond and Jewellery Summit (MECDJS) being held at the Atlantis Hotel on the 8th and 9th of November. The event will be hosted by Ahmed Bin Sulayem, Executive Chairman, DMCC and Minister Monyane Moleleki of Lesotho, who will also make use of this occasion to name the diamond.
The diamond has been determined to be a type II D colour diamond, the highest colour grading available for a white diamond. Furthermore the diamond is of outstanding clarity with no inclusions visible in its rough form. It has the potential to yield one of the largest flawless D colour round polished diamonds in history.
Commenting on the announcement, Ahmed Bin Sulayem, said: "Dubai is well known both in the region and beyond, for its continuous drive in leading from the front and setting new benchmarks in excellence. It is significant and truly appropriate that a diamond of this stature should make its first public appearance in Dubai - the fastest growing hub for diamond trade. We are honoured to be afforded the opportunity to host this stone and welcome the Lesotho delegation to Dubai."
Clifford Elphick Chairman of Letšeng Diamonds, commented: "This is a truly historic diamond and as such I am exceptionally pleased that a fitting opportunity to unveil the diamond such as this Summit has presented itself. The Summit will provide the diamond, the Letšeng Mine and the Kingdom of Lesotho excellent exposure and we look forward to working with the DMCC to maximise this."
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About Letšeng Diamonds
Letšeng Diamonds (Pty) Ltd was incorporated in Lesotho in 1995 with the intention of seeking a mining lease from the Government of Lesotho to re-open the Letšeng Diamond Mine on the high plateau of the Maluti Mountains. The Letšeng Mine is situated at 3400m altitude making it the highest diamond mine in the world.
The mine was previously operated by De Beers from 1977 to 1982 and was closed with less than 10% of the open pit mineable ore having been treated. Mining operations recommenced in April 2004 and in 2006 Gem Diamonds acquired 70% of Letšeng Diamonds. The remaining 30% of Letšeng Diamonds is owned by the Government of the Kingdom of Lesotho in partnership with Gem Diamonds.
Letšeng is renowned for its production of large high quality white diamonds including many historic diamonds. Ninety percent of the diamonds recovered are gem quality and a significant number graded as D colour, the average diamond size is in excess of one carat.
The 478 carat diamond ranks as the 20th largest rough diamond ever to be recovered. It is the third significant recovery from the Letšeng Mine in as many years, following the 603 carat Lesotho Promise and the 493 carat Letšeng Legacy recovered in 2006 and 2007 respectively. Including the 601 carat Lesotho Brown, recovered in 1960, the Letšeng Mine has now produced four of the world's 20 largest rough diamonds and the three largest diamonds recovered this century.
About the DMCC
DMCC was created in 2002 as a strategic initiative of the Dubai Government to establish a commodity marketplace in Dubai. Rated 'A' by Standard & Poor's, it provides the market infrastructure that brings together a wide range of commodities activities, and is committed to serve the needs of participants in the gold, diamonds and commodities markets. Resident companies of DMCC are offered highly attractive benefits under a free zone status, including a 50-year guaranteed tax holiday, 100 per cent business ownership, full ownership of business premises, and a secure regulated environment.
For further information:
Letšeng Diamonds
Mazvi Maharasoa
Tel: +266 628 63029
Gem Diamonds Limited
Richard Chetwode
Tel: +44 759 006 4883
Dubai Multi Commodities Centre
Sudha Chandran
Tel: +971 4 367 8382
© Press Release 2008
