Lesedi la Rona: Largest Diamond Fails to Sell
The uncut diamond now has an uncertain future but still retains its title.
Some say bigger is better but in the case of the Lesedi la Rona, that may not be the case. Said to be biggest uncut diamond that has been found in more than a century and the second largest ever mined, the gem failed to sell in London earlier this week.
The public auction saw bidders wiling to part with a maximum of $61 million but alas it fell short of the minimum sum reserve price that had not been disclosed. Sotheby’s, the auction house that helped to handle the sale of the diamond even predicted that it would fetch $70 million. One reason cited for the failure to create a successful sale, is that Lucara Diamond Corp went with an auction method that is less conventional.
While most diamonds of this size and quality are usually sold in a private auction, the company chose to go down an alternative path with a public auction. The failure to sell the diamond also saw the company’s stocks drop 14.5% after the end of the auction. There is speculation that the result may be attributed to the Brexit kerfuffle (pretty much everything is related to it at this point) where many a wealthy diamond lover may have seen a significant dip in net worth.
Still, it is more likely that suitors for his kind of stone prefer to play their hands in private. Private buyers may still have a chance to bid for the diamond because Lucara of course retains possession. The company is said to be considering distinctly non-commercial avenues for the diamond, such as loaning it to museums for educational purposes.