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World’s Second-Largest Diamond To Sell For $70 Million At Auction

By Andrew Galbreath
Published on: 14:07 PST, May 4, 2016

The world’s second-biggest diamond is up for sale, and its expected price at auction is $70 million.

Lesedi la Rona is a 1109-carat uncut diamond the size of a tennis ball, originally discovered in the southern African country of Botswana in November. The diamond, believed to be between 2.5 and 3 billion years old, is the largest discovered in over a century. Reportedly, it took months to determine an estimated price due to the sheer size of the gemstone, which does not fit conventional scanner machines used to determine the worth of a stone. The diamond is currently scheduled to be auctioned by Sotheby’s in London next month, on June 29.

“Not only is the rough superlative in size and quality, but no rough even remotely of this scale has ever been offered before at public auction,” David Bennett, chairman of Sotheby’s Jewellery Division, said to CNN Money.

Lesedi la Rona, whose name means “Our Light” in Setswana, the national language of Botswana, was unearthed at a mine owned by Canada’s Lucara Diamond Corporation. Sotheby’s said that the gemstone is the largest rough-cut diamond existing today. The Cullinan Diamond, discovered in South Africa in 1905, still holds the record for the largest gem-quality diamond ever, but despite being over three times as large at 3,106 carats, it was cut into nine pieces. It now forms part of the British Crown Jewels on display at the Tower of London, including the 530-carat “Star of Africa,” which adorns the royal scepter.

However, ABC News reported that the Lesedi la Rona may be posed to smash the old records for diamond prices.

“The Lesedi la Rona could smash the record price for a diamond of $48.5 million, paid at a Geneva sale last year for the 12.03-carat polished ‘Blue Moon’ diamond. Hong Kong billionaire Joseph Lau picked it up as a gift for his 7-year-old daughter. The Lesedi la Rona diamond will be on public display at Sotheby’s in New York on Saturday, and at the auctioneer’s London showrooms June 18-28.”

The diamond was chosen in a public competition from more than 11,000 entries. The diamond is owned by Lucara Diamond Corp., a Canadian diamond exploration and mining company that operates mainly in Africa. Its discovery has been a boon to the company’s shares, soaring 32 percent after the news broke.

“I am truly at a loss for words,” William Lamb, the CEO of Lucara, said to a newspaper at the time, according to BuzzFeed. “We are truly blessed by this amazing asset.”

“We put an estimate on it in excess of $70 million, so that is the sort of area we are expecting to go for, but frankly it is difficult to tell — what is the largest diamond in the world worth?” David Bennett said to CNN.

Potential buyers will be able to view the stone before the sale while it remains on display in New York. The auctioneers say the rough diamond is “colossal” and “of exceptional transparency,” and will probably net the largest quality diamond ever once it is cut and polished.

Bennett called the diamond “the find of a lifetime,” and said the auction was unprecedented, as no rough diamond of this size has ever been auctioned, according to Fox News.

“The Lesedi la Rona is simply outstanding and its discovery is the find of a lifetime. Not only is the rough superlative in size and quality, but no rough even remotely of this scale has ever been offered before at public auction.”

If the stone sells for the estimated price of $70 million, it would easily make it the most expensive diamond ever sold.

While it is unclear who will purchase the diamond or what will become of it, the Lesedi la Rona is expected to be cut up into gems after its purchase.

[Photo by Spencer Platt/Getty Images]

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