Graff Diamonds Buys The 478-Carat Diamond for $18.4 Million

A 478-carat diamond was sold for $18.4 million to a unit of the UK-based Graff Diamonds on Tuesday by the government of the southern African Kingdom of Lesotho.

The diamond, which is the 20th largest rough diamond ever discovered, was the named the Light of Letseng, said Gem Diamonds.

The company stated that the diamond was sold in Antwerp for $38,400 per carat, which was beyond the global average diamond price of $90 per carat.

The diamond was originally discovered from a mine in Lesotho controlled by Letseng Diamonds, a 30-70 affiliation between the government of Lesotho and Gem Diamonds.

The Letseng mine is known for producing four of the world’s 20 largest rough diamonds. Of these four diamonds, three have been bought by Graff Diamonds.

Laurence Graff, Chairman of Graff Diamonds, holds an 8.2 percent stake in Gem Diamonds.