Gem Diamonds Letšeng Mine Yields 185-ct. White Diamond

Photo from Daily Mail

Gem Diamonds Ltd. said it uncovered an “exceptional” 185-ct. rough white diamond from the Letšeng mine in Lesotho at the end of October.

Early examinations indicate that this rough diamond will yield top color and top clarity polished diamonds and is thus expected to achieve a substantial price per carat, the mining company said in a statement.

It is the second of two large, top quality white diamonds to be recovered from the Letšeng mine in the last two months following the 196 carat white diamond which was recovered from Letšeng in August 2010. Unlike Letšeng’s other noteworthy diamonds which were recovered from the Satellite pipe, this diamond was recovered from Letšeng’s larger Main pipe, “demonstrating that the Main pipe is not to be underestimated for its ability to produce very large top quality diamonds,” the company said. The mine has yielded three of the world’s 20 largest recorded diamonds since it acquired the mine in 2006.

The London Daily Mail reports that the diamond may be worth up to £7million ($11.2 million).

Gem Diamonds owns 70 percent of Letšeng Diamonds in partnership with the government of the Kingdom of Lesotho, located in Southern Africa, which owns the remaining 30 percent. Operated by De Beers between 1977 and 1982, Letšeng reopened operations in 2004 and was acquired by Gem Diamonds in late 2006 for $118.5 million.

"Letšeng is one of the world’s truly extraordinary diamond mines and its reputation is well deserved given the frequency with which it produces remarkable diamonds,” said Clifford Elphic, Gem Diamonds CEO. “Management remains focused on its strategy to substantially expand production at Letšeng in order to maximize value and increase the returns from this world class asset.”

Ractliffe Charged with Possessing Rough Diamonds

The man who allegedly concealed a diamond gift to supermodel Naomi Campbell has been formally charged by South African authorities, according to media reports.

The National Prosecuting Authority of South Africa has charged Jeremy Ractliffe (pictured left), the former chief executive of the Nelson Mandela Children’s Fund, with violating the Diamonds Act of 1956, under which it is illegal to possess uncut diamonds, according to the report.

During the Charles Taylor war crimes tribunal in The Hague, Netherlands, Campbell testified in August that after dinner at Nelson Mandela’s house in 1997, which Taylor, who was the Liberian president at the time, also attended, she later received a mysterious package with uncut diamonds from people she didn’t know. Taylor gave the diamonds to Ractliffe who kept it in a personal safe without anyone’s knowledge. After Campbell’s testimony, Ractliffe, a South African resident, gave the diamonds to country's authorizes.

Since the testimony, Ractliffe’s life has been turned upside down. He was forced to resign from the Mandela charitable organization and he is now being prosecuted by South African authorities.

Taylor is charged with 17 counts of war crimes and crimes against humanity while president of Liberia. Specifically, he is accused of backing the rebel Revolutionary United Front in the Sierra Leone Civil War and assisting them through weapon sales, which were smuggled illegally, in exchange for blood diamonds. These weapons were used to commit atrocities against civilians that left many thousands dead or mutilated, with unknown numbers of people abducted and tortured.

$1M Rough Diamond Necklace Dazzles at Toronto Film Festival

Allie MacDonald, star of SCORE: A Hockey Musical, walked the red carpet Thursday night wearing a $1 million rough Ontario diamond necklace during opening night at the Toronto International Film Festival.

The 75-ct. rough diamond necklace, contained 27 uncut, unpolished Ontario diamonds valued at $1 million. It was created by Toronto-based jewelry designer Reena Ahluwalia. Its inspiration was the historic Mace of Ontario (Ontario Legislature), also designed by Ahluwalia.

“I wanted to design a statement necklace with an understated natural elegance. Rough diamonds were the perfect choice—understated, pure and just the way nature intended them to be,” Ahluwalia said. “The spiraling form secures the rough diamond gently and is intended to portray social responsibility, signifying the diamond mine and the natural riches of Ontario. The raw brilliance of these rough diamonds is unmatchable. They are organic, inherently one-of-a-kind and make a strong statement about one’s identity, desire to return to nature and of course, diamonds conflict-free origin.”

The event itself was the result of a partnership among luxury jewelry retailer, Birks, diamond company Crossworks Manufacturing and De Beers Canada to promote Ontario diamonds.

Crossworks produced the rough diamonds used for the necklace. It has an exclusive agreement to polish an allocation from the Victor Mine in Ontario and is the only company in the world to provide diamonds that are mined, cut and polished in Ontario. In April 2010, Birks unveiled the first 131 diamonds certified by the Government of Ontario and has been offering a selection of Canadian diamonds in Birks stores ever since. Following the celebrations at the Toronto International Film Festival, the necklace worn by MacDonald will be available for purchase at the Birks store on Bloor Street in Toronto.

Below is a video of MacDonald wearing and talking about the necklace:



 

Alrosa Expects Strong Growth in Diamond Sales for 2010

Russian state diamond monopoly Alrosa said Monday its rough and polished diamond sales should show a year-over-year increase by 50 percent to $3.3 billion by the end of 2010, according to a published report.

In 2009, the company reportedly sold nearly $2.2 billion in diamonds. In the first eight months of 2010, the company sold $2.6 billion, and September sales are expected at $200 million.

Alrosa is one of the world's largest diamond companies, accounting for 25 percent of global production.