Gem gets $16m for its diamond

GEM Diamonds has sold the Letseng Star, a 550ct white gem diamond recovered from a mine in Lesotho, for $16.5m (£10.3m).

The Type-IIa D-colour diamond was discovered in August.

The Letseng Star ranks as the 14th largest white diamond on record and is the fourth diamond of such historical significance to be recovered from the mine.

Clifford Elphick, Gem Diamonds chief executive, said the sale reflected the firm’s “increasing success”.