‘September 16, 2007 6:00 AM

Lesotho Promise
The Lesotho Promise

MASERU, Lesotho — A 494-carat diamond, believed to be the 18th largest in the world, has been found at a mine in Lesotho, a government official said. The stone was a white diamond of exceptional quality, said Natural Resources Minister Monyane Moleleki. It has been sent to Antwerp, Belgium, for auction.

The diamond was found at the Lets’eng Diamond Mine, situated high in Lesotho’s mountains. The Lesotho Promise, a 603-carat stone, was uncovered last year at the same mine and sold for $12.3 million. A 215-carat flawless diamond found in January 2007 brought $8.3 million.

The largest diamond ever found, the Cullinan, was the size of a bowling ball at 3,106 carats in the rough. That finished stone is set in Britain’s Imperial Sceptre as part of the Crown Jewels. Lesotho is a mountainous country in southern Africa ravaged by high unemployment, poverty and AIDS.’
[source]

Is it just me, or the first line of this article and the last one do not go together? We know that “Letseng, in the high plateau of the Maluti Mountains, was owned by De Beers between 1977 and 1982 and closed after a tax dispute with the Lesotho government. JCI reopened it in 2004 [source].” Gem Diamonds took over in July 2006.

Here’s a question: what, or how much, does the Mosotho in the street gain from the discovery of the 18th largest diamond in the world? How much does the average Mosotho gain from the discovery of the 15th largest diamond in the world, when that diamond is found in that Mosotho’s land? Remember that “the Letseng mine is 70 percent owned by Gem Diamond Mining Company of Africa Ltd and 30 percent by the Lesotho government [source].”

NB: More to come on this subject…