The foreign investment proposal by Italian jewellery brand Damiani to set up a 51:49 joint venture with Mehta's Pvt Ltd has bagged the government's approval.
The 478-carat Light of Letseng diamond, an asset of Gem Diamonds, was bought over by Graff Diamonds for $18.4 million, recently, in a competitive bidding wining over six other entities. The gem as the Gem Diamonds explains has a selling price of $38,400 per carat, compared with a current global average diamond price of $90 per carat. %% The stone is an exceptional one, being the twentieth-largest rough diamond to ever be mined and was recovered at Lesotho’s Letseng mine in September 2008. It is likely to yield a 150 ct, D-colour flawless round brilliant polished diamond, which would be the largest in its category. Also, there is a possibility of the rough to be cut and polished to yield a D flawless diamond of up to 300 carats. %% Beyond the diamond purchase, Laurence Graff – Chairman of Graff Diamonds picked up 8.2 percent stake in Gem Diamonds over the months of September and October 2008. %% The Light of Letseng was bought by him through SAFDICO, the manufacturing arm of Graff Diamonds.
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