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The world’s largest rough diamond failed to sell at auction

At Sotheby’s London the biddings did not meet reserved diamond price for the “Lesedi la Rona”

   The whole diamond industry was looking forward to the sale of the largest rough diamond discovery in more than a century, “Lesedi la Rona” that is around 2.5 to more than 3 billion years old. Auction house Sotheby was the auction house that took responsibility for this sale but the stand-alone auction failed to reach the reserved diamond price of $70 million. While before the auction men had tears in their eyes because they didn't believe the rough diamond was real.

world's largest rough diamond sell was a failure

David Bennett, worldwide chairman of Sotheby’s jewelry Division, who led the auction, said, “Sadly it was not sold but it is a magnificent stone, one of the greatest stones ever discovered. While it is the world’s largest gem-quality rough diamond to be discovered in more than a century the bidding that started at $50 million and moved up by $1 million increments yet stalled at $61 million. While the estimated price for this 1.109- carat uncut diamond was more than $70 million. The auction was conducted in US Dollars instead of pounds while the sale was held in London.

The whole rare stand-alone auction of the 1.109-carat diamond was available to follow by the live video stream that only lasted for less than 15 minutes. Normally rough diamonds are not be sold at auctions much less a stand-alone auction. In addition, the three rough diamonds for charity prior to the largest diamond did get sold.

But sources say it will now be sold privately through usual channels.

More information about the “Lesedi la Rona”

The rough diamond that gained the name “Our Light” in Botswana language has the size of a tennis ball and is graded an exceptional quality and transparency. The diamond got unearthed in November 2015. According to Sotheby the Gemological Institute of America (GIA) said the “Lesedi la Rona” has a top color and transparency associated with type IIa diamonds. These IIa type diamonds are with accounts for fewer than 2% of all gem-quality diamonds. They are the most chemically pure according to the GIA.


Published on July 02, 2016 by





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