478-carat diamond lights up Dubai conference

The stone, a massive 478-carat rock from the Letseng Mine in the African kingdom of Lesotho, is now known as "Leseli la Letseng," which means, "she is the light of Letseng."

When polished, Leseli la Letseng has the potential to produce a round diamond of about 150 carats, making it the largest polished round diamond in the world, dwarfing the current largest, which weighs in at about 100 carats, according to Clifford Elphick, chairman of Letseng Diamonds.

The stone is the 20th largest rough diamond ever recovered and is flawless, Elphick said, as far as they can tell at this point.

Just last month, a buyer from Dubai, Amer Radwan of Radwan Diamond and Jewelry Trading, shelled out $4.11 million for the 102.11-carat and 70.87-carat Ponahalo Diamonds at a Christie's auction held in New York City.

National Jeweler