Large diamonds are very rare and very wanted but this 2nd largest uncut diamond was too big to sell. However, it appears that some diamonds are just too big to be sold, such as the second largest rough diamond called the Lesedi La Rona.
The second largest diamond of its kind is an uncut diamond of 1,109 carat and went up for a Sotheby auction but failed, as the minimum bid of 70 million was not reached. Just $9 million under the reserve price was not enough to sell this 2.5-3 million-year-old gem. Raising questions if the diamond is better off being cut into smaller diamonds or first polished before being sold whole? This decision is very difficult, as it will have a financial impact on the parent company Lucara Diamond Corp.
Possible reasons why the diamond did not get sold
Experts in the market are assuming the one reason the rough diamond did not get sold is due to technological limitations. Because analyzing a diamond of this size needs equipment that is hard to come by as most are only able to handle diamonds up to 1,000 carats. The right equipment is needed to check the rough diamond on its flaws and impurities. Without machines that can do this it is hard to know if the quality (cut, clarity, color) and what can become of the rough diamond when it is polished. Coming up with best possible shapes and carat size.
Another reason is that the cutting process for a large diamond like the Lesedi La Rona can go on for months. This requires a company that is experienced and has the financial strength to handle a diamond of this kind. As only one rough diamond of this kind ever found has been larger, the Cullinan Diamond.