Economy

Louis Vuitton snaps up second-largest diamond ever found worth £38m

Louis Vuitton snaps up second-largest diamond ever found worth £38m”

Louis Vuitton has bought the world's second-largest diamond - 1, 758-carat gem - known as the Sewelo diamond. However, it is unclear how valuable the polished diamonds will be, as Lucara previously said that the Sewelo is not a type of diamond that produces top jewelry standard gemstones.

Under the deal, Louis Vuitton and HB Company, a diamond manufacturer in Antwerp, will cut and polish the 1,758-carat Sewelo diamond.

The purchase follows the 16 billion United States dollars acquisition of Tiffany by LVMH, the French parent company of Louis Vuitton-hinting at plans to lead the jewelry industry.

Louis Vuitton has been pushing into fine jewellery since opening a flagship store on Paris's Place Vendôme - the famed district home to Cartier and Boucheron - and since tapping a new head jewellery designer, Francesca Amfitheatrof, it said.

Game of Thrones actress Sophie Turner and brokeback mountain star Michelle Williams recently posed for campaigns for necklaces and earrings, which are often the recognizable flowers from the LV monogram. An 813-carat stone that sold for a record $63 million was also found in the same mine. Those two gems were both much more valuable Type-IIa stones.

Michael Burke, the chief executive of Louis Vuitton, told The New York Times that the purchase price was in the "millions" and acknowledged that "some of my competitors, I believe, will be surprised" by the news. The stone was famously cut into several gems - the largest of which (one of 530.4 carats and one 317.4 carats) are now part of the British crown jewels.

The largest diamond discovered is the 3,106 carat Cullinan, which was found in 1905 near Pretoria in South Africa. We hope that we have succeeded by giving you the full details and information.



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