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White diamond weighing 185 carats has been uncovered in Letseng mine.

A 185-carat rough diamond has been discovered in the enclave country of Lesotho.

Gem Diamonds found the precious stone in the Letseng mine towards the end of October 2010.

The rock in its current state weighs more in carats than the famous Pink Panther diamond ring and Hope diamond necklace combined.

It is the firm's second significant finding at the site since August 2010, when miners uncovered one weighing 196 carats.

Clifford Elphick of Gem Diamonds stated: "Letseng is one of the world's truly extraordinary diamond mines and its reputation is well deserved given the frequency with which it produces remarkable diamonds."

He added that the mine has been the source of three of the world's largest diamonds since the company acquired it in 2006.

The organisation, which has assets in eight countries, has more than 150 years of experience in diamond mining

According to the firm, first inspections have revealed that the mineral will present top quality colour and clarity and is expected to bring in a generous price per carat. 

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Gem Diamonds, which operates in Australia, claimed the cost per carat increased by 44 per cent to $2,422 (£1,513) in the last month, compared with overall costs in the third quarter.

Newspaper the Australian reported yellow diamonds produced by the company will also see a 25 per cent rise in cost as their popularity grows.

Clifford Elphick, chief executive of Gem, said: "Diamond prices have continued to strengthen, driven by continued demand mainly from the East."

Diamond producers have also began to recover from the recession, which saw demand for the gemstones drop in the last few years, the newspaper said.

Sales of diamonds in European countries and the US are likely to be strong this Christmas, Paresh Sanghvi, chief executive of Diambel NV, recently suggested to Daily News and Analysis.
 

Sales at Gem Diamonds edged higher in the third quarter, thanks largely to operations at Letseng mine in Lesotho.

Gem Diamonds has posted a slight increase in sales for the third quarter of 2010, with precious stones valued at $51.9 million (£32.8 million) changing hands in the three months to September 30th.

The diamond production firm said performance at its Letseng mine in Lesotho helped boost results, with sales from the site climbing 18 per cent to $37.8 million.

A total of 21 rough diamonds sourced from Letseng sold for in excess of $20,000 per carat, including a 17.34-carat pink diamond that fetched $67,474 per carat.

The facility also yielded a 196-carat white diamond at the end of August, which was not included in a tender of precious stones that took place in October and will instead be sold as an exceptional diamond.

Commenting, Clifford Elphick, chief executive of the firm – which is based in London and has assets in eight countries – said prices of the precious stones "have continued to strengthen", thanks largely to demand from eastern nations.