The 1,109-carat Lesedi La Rona, described as the largest gem-quality rough diamond in existence, was discovered by mining company Lucara Diamond at its Karowe site in Botswana in November 2015.
After the diamond failed to sell at a Sotheby’s London auction for the reserved price of US$70 million (AU$88.9 m) in June 2016, it was retained by Lucara before being purchased by Graff last month.
Lucara president and CEO William Lamb said the deal was favourable for the mining company, despite selling for a figure below the Sotheby’s asking price.
“We took our time to find a buyer who would take the diamond through its next stage of evolution,” Lamb said.
“The price paid is also an improvement on the highest bid received at the Sotheby's auction in June 2016.”
Future plans
According to a Graff company statement, the Lesedi La Rona – which translates to ‘our light’ in the local Tswana language of Botswana – is the largest stone of its kind to be discovered in more 100 years.
“We are thrilled and honoured to become the new custodians of this incredible diamond,” Graff CEO Laurence Graff said.
“Our highly skilled team of master craftsmen will draw on many years of experience of crafting the most important diamonds, working night and day to ensure that we do justice to this remarkable gift from Mother Nature.”
The acquisition follows Graff’s purchase of a 373-carat rough diamond, which was originally part of the Lesedi La Rona stone, earlier this year.
“[This is a] poignant reunion for the two stones: both now owned by Graff, home to the most fabulous jewels in the world,” Graff added.
As previously reported by Jeweller, the Lesedi La Rona is a type IIa diamond. It is believed to be second in size only to the 3,106-carat Cullinan diamond, which was discovered in South Africa in 1905. Cuts of the Cullinan stone formed part of the British crown jewels.
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