In June the rough diamond named Lesedi La Rona of 1,109-carat went up for auction after being on a roadshow through Dubai, Hong Kong, and Singapore. Surprisingly this large diamond did not sell as the bidding never reached the reserved diamond price of 70 million USD. The industry was shocked after the failed attempt but what is the future of the unsold rough diamond?
William Lamb, a chief executive officer of the Vancouver-based miner shared with Bloomberg TV Canada that they are not discounting to go back to the auction process in some form in the future. Thus, in fact, the doors for another attempt for selling the Lesedi “Our Light” with an auction are still open. Lucara chose to work with an auction the first time to see if there was “an alternative source of money” instead of the typical diamond buyer who values rough stones only for the kind of polished gem or gems could produce, Bloomberg shares. Because of this reason, it is more logical to understand why William Lamb hates the word fail for the Lesedi La Rona. Including the fact that this kind of large rough diamond at an auction is a totally new attempt into a market, which nobody ever tried before.
If another auction in the future with this extremely rare diamond will work is unknown. Yet Lamb shares in the interview with Bloomberg that the biggest problem for a rough diamond at an auction is that most people want it for its intrinsic value, what you can polish out of it and sell it for. While the industry is opening up and starting to be innovative this new approach of rough diamonds at an auction did not turn out as hoped.
Thus, what the future brings for the Lesedi La Rona is still unsure, yet we know the doors of putting it again under the hammer is open. Who knows if sooner or later an investor wants to own it for its historical significance, as it is still the largest rough diamond unearthed from nature in more than a century!