478-carat Diamond Sold

Published on 04/12/08

A 478-carat diamond has been sold for $18.4 million (£12.5 million).

The gemstone, which is traditionally used in items such as gold diamond rings and diamond drop earrings, was sold to a UK-based firm and represents a value of $38,400 per carat.

Mining company Gem Diamonds, which found the jewel at the Lesotho complex, revealed the stone is the 20th largest of its kind ever discovered.

The Light of Letseng item was in part sold by the government of the southern African Kingdom of Lesotho.

After the announcement of the sale, Gem Diamonds reported a rise its in share price, from 24.5p climbing to 274.5p.

In other industry news, it has been revealed preparations for the Salon Prive Haute Joaillerie Dubai exhibition are underway.

The event, which will be held at Madinat Jumeirah from October 18th until the 22nd, is a joint-scheme between the Nancy Robey Partnership and Turret Middle East.