diamond
A 72 carat yellow diamond found this weekend in the Liqhobong Mine in Lesotho.
  • A 72-carat yellow diamond was recovered from the Liqhobong mine in the Maluti mountains. 
  • Three other large diamonds were found at the mine recently, following a 910-carat monster from another mine in Lesotho last year.
  • But diamond prices remain under pressure.

Over the weekend, a massive 72-carat yellow diamond was found in a Lesotho mine – the latest in a long line of giant diamonds recently recovered in that country.

Last month, a white 70-carat diamond from the same mine was auctioned for an undisclosed price, following a 46 carat diamond, also from the Liqhobong mine, which was sold for $1 million (R14.3 million) in December. The biggest diamond recovered at the mine was a 326 carat light yellow makeable stone, auctioned last year.

Also in 2018, a 910-carat diamond (which weighed 182 grams) was discovered at Lesotho’s Letšeng mine, which has also yielded a 603-carat diamond dubbed the "Lesotho Promise".

See also: There are over a quadrillion tons of diamonds lurking 160km below the Earth's surface, according to scientists

Last month, a 425 carat diamond was discovered at a mine in Cullinan in South Africa – where the world’s biggest diamond, weighing 3,106.75 carats (621.35 g), was found in in 1905.

Diamonds found at the Liqhobong mine.
Diamonds found at the Liqhobong mine.

"It was a good weekend for us, recovering the 72 carat diamond as well as the two smaller, high quality stones from within the northern, lower grade part of the pit,” said Paul Bosma, CEO of Firestone Diamonds, the UK-listed company which owns the Liqhobong mine.

The Liqhobong diamond mine is located in the Maluti mountains, some 120 kilometres outside the capital Maseru.

The Liqhobong mine in the Maluti mountains.
The Liqhobong mine in the Maluti mountains.

The diamonds will go on sale in May, says Firestone.

Diamond prices have been under pressure as more companies (including diamond giant De Beers) produce synthetic diamonds. Miners also report weak demand, especially for small stones.

Firestone achieved an average price per carat of $71 in the six months to end December, from $74 in the first half of 2018.

See also: A teenage Elon Musk once casually sold his father's emeralds to Tiffany & Co. while his dad was sleeping

For more, go to Business Insider South Africa.

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