A diamond thought to be the fifth largest of gem quality ever found has been discovered in Lesotho. Photo: AFP

 

MASERU: A diamond thought to be the fifth largest of gem quality ever found has been discovered in Lesotho, miner Gem Diamonds said Monday, and could be worth as much as $40 million.

The company unearthed the D-colour stone at the Letseng mine in the landlocked southern African country and described the 910-carat find as of "exceptional quality".

"Since Gem Diamonds acquired Letseng in 2006, the mine has produced some of the world´s most remarkable diamonds, including the 603 carat Lesotho Promise," Gem Diamonds chief executive Clifford Elphick said in a statement.

"However, this exceptional top quality diamond is the largest to be mined to date... This is a landmark discovery."

Ben Davis, a mining analyst at Liberum Capital, speculated in a research note to investors that the diamond could be worth as much as $40 million (33 million euros).

Gem Diamonds shares in London were up 14 percent from the market open to £0.92 a piece.