A rough white diamond weighing 196 carats has been recovered at Gem Diamonds' Letseng mine in Lesotho, the company announced this week.

Preliminary examinations indicated that the rough diamond, mined on August 24, appears to be of top-quality color and clarity, features which – in addition to the stone's size – are expected to set a high per-carat price.

Gem Diamonds acquired the Letseng mine in 2006. Since then, the site has produced three of the 20 largest diamonds on record: the Lesotho Promise, a 603-carat diamond recovered in August 2006 that sold for $12.4 million; the Letseng Legacy, a 493-carat diamond mined in September 2007 that sold for $10.4 million; and the Light of Letseng, a 478-carat stone recovered in September 2008 that fetched $18.4 million when sold.

Gem Diamonds CEO Clifford Elphick said following the recovery of the latest large diamond that "Letseng continues to live up to its reputation as a unique producer of exceptional diamonds... and one of the great mines in the diamond industry."

The diamond company's management, Elphick continued, was focusing on expanding production and increasing value at the "world class" Letseng mine.