Industry News by Nemesis

Lucara Mulls Best Way to Sell 1,758-ct Diamond Recovered at Karowe

June 17, 2019



Lucara Diamond Corporation, which recently recovered a 1,758-carat diamond at its Karowe mine in Botswana, is considering the best way to sell the world’s second largest diamond in modern history. 

BusinessWeek cited company managing director, Naseem Lahri as saying that understanding the market was essential before they auction the giant stone. 

“There is a market out there, but we need to understand it and find the best ways of selling our precious stones,” she said. 

“We still have to analyse the stone, try to understand what is needed to sell it or maybe even keep the stone because at the moment we are not even sure of what model we are going to use.   

“It is a very unique stone and very exciting.”  

Lucara insiders were said to have blamed the poor performance of the 1,109 carat Lesedi La Rona diamond on “industry villains” who “conspired to undercut” the diamond’s price to their benefit. 

The diamond was later bought by Graff Diamonds for $53 million compared to a reversed price of $70 million set when it was initially placed under the hammer in London. 

Unnamed analysts cited by the weekly said the 1,758-carat diamond will not yield much valuable polished stones as it is a “near gem of variable quality”. 

However, Lahri said there was no estimate of the diamond’s value for now. 

“We have absolutely no idea how much the stone is going to cost because it is so unique and has a coating. It is a complex stone and we need to know the best value we can get from it,” she said.  

Lucara had since launched a competition for Batswana (locals as they are called) to name the stone. 


Image credit: Lucara


Source: Rough&Polished

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