Economy

Largest diamond in 100 years sells for $53m

Largest diamond in 100 years sells for $53m”

A tennis ball-sized rough diamond unearthed almost two years ago by Canada's Lucara Diamond Corp has been sold for $53 million, the Vancouver-based company said on Monday.

Graff Diamonds founder Laurence Graff said: "The stone will tell us its story, it will dictate how it wants to be cut".

Lucara revealed it had originally hoped to sell the Lesedi La Rona for around $70m, but accepted Graff's bid as it topped any of the offers it received at the Sotheby's auction a year ago.

Graff had purchased a 373.72ct rough diamond earlier this year which was separated from the Lesedi la Rona during the recovery process.

Lucara found the diamond in November 2015 but struggled to find a buyer for the diamond - considered by some to be nearly too large for sale because equipment in the cutting and polishing industry to assess a diamond of that size did not exist.

The Lesedi La Rona, just smaller than a tennis ball, is second in size only to the Cullinan, a 3,106-carat gem found in South Africa in 1905. We took our time to find a buyer who would take the diamond through its next stage of evolution.

The Vancouver-based company, known for producing some of the world's biggest and best stones, unearthed the diamond at its Karowe mine in Botswana.

Lucara has said it agreed with the plans and they would have no impact on the company's financial position.

The 1,109-carat stone, which is said to be 2.5 to 3 billion years old, was bought by British diamond dealer Graff Diamonds for $47,777 per carat on Monday.



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