Updated Saturday, September 15, 2007 0:00 am TWN, Reuters

Gem Diamonds insures big new gem for US$15 million

JOHANNESBURG -- London-listed mining company Gem Diamonds Ltd has insured the world’s 18th biggest diamond it discovered recently for US$15 million, Chief Executive Clifford Elphick said on Thursday. “We’ve insured it for around US$15 million, that’s just our own internal view... it’s too soon to say (how much it will sell for),” he told Reuters in an interview. The company earlier said it found the 494-carat diamond at its Letseng mine in Lesotho, but did not say how much it was worth. The diamond was discovered on Friday and was currently in Antwerp being cleaned and evaluated, Elphick said.
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