Lucara Diamond Corp.’s 1,109-carat diamond has been insured for $120 million,Global Mining Observer reported, citing unnamed sources in London.
The Lesedi La Rona is expected to fetch more than $70 million at a Sotheby’s auction in the U.K. capital on Wednesday. Lucara believes it can sell the world’s second largest rough diamond in history for “more than $80 million,” chief operating officer Paul Day was cited by Botswanan newspaper Mmegi as saying earlier this month.
While the $120 million figure may indicate how much the diamond could fetch at the upper end, these numbers tend to err on the side of caution, the report said. The 3,107-carat Cullinan diamond discovered in 1905 was insured for ten times its value, it reported.