SURELY it can’t be? But the prime mover at Wealth 4 U – a much hyped West Coast diamond project that burnt a hole in investors’ wallets – appears to be back in the gem business.

CBN is in possession of a document offering the sale of a 29 carat diamond that is signed off by LP Liebenberg.

A few years ago LP – or Louis – Liebenberg packaged an investment scheme premised on raising over R50 million to rope together a fleet of small diamond mining vessels to create a diamond powerhouse in the form of Wealth 4 U.

The business never really got off the ground, and despite some grandiose promises from Liebenberg about huge production figures and listings the business floundered.

Reports would suggest that when the liquidators surveyed the Wealth 4 U empire, there was not much more than a few rusted vessels in terms of hard assets.

In any event Liebenberg – seemingly working under the guise of African-Dunes – was or is offering a ‘rare’ 29 carat diamond for sale.

How African-Dunes got hold of this gem is not clear.

But Liebenberg notes: “Normally, considering such a fine piece would be beyond our normal range of business, by a quirk of coincidence we have a unique opportunity to make quick, super profits.”

He continues: “As events unfold in the Middle East there is a groundswell of opinion that cash (particularly US dollars and euros) is the least desirable asset. There are many who consider it only a matter of time before banknotes (as a store of value) will crash! As a result there is a rush for hard assets.”

Liebenberg goes on to explain that “we (presumably African Dune) are being visited by a group of businessmen from Europe which is in the process of forming a public company with the sole purpose of founding a merchant bank in the Arabian Gulf region.”

Fascinating stuff – especially the part where Liebenberg explains that this bank (no names mentioned) is going to be a store of wealth in diamonds and gold (not cash).

Liebenberg reckons African Dune will be considered a potential supplier given “our contacts in Zimbabwe and the future prospects of Concession 10”.

CBN managed to track down the company on www.african-dune.com – but the website appears not to be functioning.

We did notice a click-through tab for ‘investors’. Now that would have been an interesting segment to peruse…

In any event Liebenberg suggests African Dune is offering “this particular diamond” for sale as evidence of the company’s ability to source good quality stock.

He adds: “As the owner needs to sell urgently, this will not go to a sighting or auction. Anything above 10 carats of this quality has no fixed price…it is the ability of the buyer to pay that will determine the actual selling price.”

Now here’s the interesting bit: Liebenberg claims the owners asking price is R32 million. But somehow (and this is truly amazing folks!) African Dune “can take possession of the stone (to travel and show) for just R2 million (refundable)”.

Liebenberg says African Dune is very confident that it will get an offer for at least R40 million.

And the rub: “As you well know our policy is to share net profits on a 50/50 basis. If there was a way to double your investment in a few weeks I am sure you would want to be a participant! Particularly on a no-risk basis.”

Yeah, right…