Huge diamond worth an estimated R309 million found in Lesotho

Huge diamond worth an estimated R309 million found in Lesotho

- A local miner has managed to find another large diamond at a mine in Lesotho

- The giant diamond is said to be worth an estimated R309 million

- The diamond was unearthed at Gem Diamonds' Letseng mine in Lesotho

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A Lesotho miner well-known for unearthing valuable precious stones has managed to discover another monster diamond in Letseng, Lesotho last week. The diamond may be worth an estimated $18 million.

That is worth roughly R309 million. The company that owns the mine, Gem Diamonds, said last week that they unearthed the 442-carat diamond.

Edward Sterck, an analyst at BMO Capital Markets, said it could be worth a whopping $18 million. Despite the global economy and the diamond industry falling upon hard times during the global coronavirus pandemic, diamonds of that standard and size are still in high demand.

READ ALSO: Frustrated SA youth convince their parents to stop voting for ANC

"The recovery of this remarkable 442-carat diamond, one of the world's largest gem quality diamonds to be found this year, is further confirmation of the calibre of the Letseng mine and its ability to consistently produce large, high-quality diamonds," Clifford Elphick, Gem Diamonds chief executive officer said in a statement.

This after the company unearthed two diamonds the size of golf balls and worth $40 million two years ago.

Meanwhile, locals shared their thoughts on the find in this tweet by Lesotho's deputy prime minister, Mathibeli Mokotho, urging Lesotho to start working on its natural resources policies in a way that such big diamond finds benefit the country as opposed to those of foreigners who're taking advantage of the rich soil.

@MefoloSeleke said:

"My brother, let me tell you something. Every country should own 60% of every foreign company or there's no business, and labour should be from that country unless there's a specialised skill that is needed, and in five years that skill should be transferred to people of the country."

While @DigitalLesotho said:

"Admitting that we have a problematic policies on our natural resources brings hope there will be change that bring solution. Please do not waste time to intervene. If investors threaten to leave, let them go, we're getting nothing already!"

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In other news, the ANC has come up with a bold new strategy to combat the new wave of corruption which that plagued the Covid-19 procurement scheme. After the last NEC meeting, it was decided that Ace Magashule would review all reports on corruption and decide which ones the ANC would pursue.

He would receive guidance from legal experts in making his decisions. However, Magashule has been linked to alleged corruption in the past and his sons secured lucrative contracts to supply PPE to the government. City Press reported on Sunday that the ANC had developed a new anti-corruption reporting system.

The party has asked all provincial branches to create a list of people accused of corruption. The list would be examined, audited and all other criminal information would be included. A decision would then be made on how to proceed.

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