JP Morgan Asset Management has turned out the single largest shareholder of DiamonEx after it acquired a 9.9% stake of 13 million shares in the company. JP Morgan�s deal is worth around A$4 million (around US$3.3 million). The shares were part of a placement approved by DiamonEx shareholders at a general meeting on August 20.

This purchase comes at a time when DiamonEx�s Botswana Lerala diamond mine is expected to churn out the first production by early 2008. Lerala is scheduled to produce an average of 330,000 carats per year for 10 years.