Lesotho is considering whether to start a diamond bourse, a matter on which it is receiving advice from Ernest Blom, president of the World Federation of Diamond Bourses and chairman of the South African Diamond Council, reports PolishedPrices.com.

Lesotho is considering whether to start a diamond bourse, a matter on which it is receiving advice from Ernest Blom, president of the World Federation of Diamond Bourses and chairman of the South African Diamond Council, reports PolishedPrices.com.

Blom said he is not sure whether the small southern African kingdom, which is completely surrounded by South Africa, produces enough diamonds to make a bourse worthwhile. The country has two producing diamond mines: Letseng, which is a 70-30 joint venture bwteen Gem Diamonds and the country’s government, and which produces approximately 70,000 carats a year of primarily large (10.8 carats and up), high-quality diamonds (valued at more than $2,000 per carat), and the smaller Liquabong mine.

The country has studied the “beneficiation” efforts of nearby South Africa and Botswana, but given the fact that the country’s diamonds are so high value, it would not make sense to insist that they be polished within the country, Minister of Natural Resources Monyane Moleleki told PolishedPrices.com last year. He said the government does not wish to be coercive.

[AFNS] LESOTHO, MASERU 24-03-2008 – service of the Antwerp Facets News Service