The Fifth Largest Diamond In The World Discovered In Lesotho

Africa continues to show how it is abundantly endowed with some of the finest natural resources on planet Earth. The resplendence of the continent's natural resources also shows the vast potential it has in terms of development. 

In Lesotho, a diamond thought to the the fifth largest in the world in terms of quality has been discovered. The diamond, discovered by miner Gem Diamonds, is believed to be worth as much as $40 million. 

The diamond has ostensibly been described by the miner as "exceptional quality". The company unearthed the D-colour stone at the Letseng mine in the landlocked southern African country. The 910-carat diamond has placed Gem Diamonds at a better position in terms of the shares. 

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

"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."