Just when I thought I’d seen it all, Fortune.com goes ahead with this story that just blew my mind!
Up North in Toronto, Canada, the Lucara Diamond Corp is going to have to cut the massive rough diamond that failed to sell at a recent Sotheby’s auction because it was simply too big!
The stone is 1,109 carats and is called “Lesedi La Rona,” (which means “our light” where it was mined in Botswana.) William Lamb, of Lucara, stated that it was only the “second stone recovered in the history of humanity over 1,000 carats.”
The incredible stone was looking to be sold to the ultra rich and extravagant collectors who are into the collecting stones and art that break world records. The failed attempt had a bid of $61 million, falling nine million dollars short of the $70 million reserve price. The stone is estimated to be up to 3 billion years old!
The Lesedi La Rona Diamond Fails to Sell
At the end of the day, selling rare diamonds, especially of this size and caliber, is something that’s a risky business. It requires an astute taste and ability to properly invest in diamonds like the Lesedi La Rona. The problem is that there isn’t a spot trading market like there is in gold, silver, and other precious metals like palladium. There simply aren’t any guarantees on what the future returns could bring in to an investor of any nature.
I appreciate diamonds and really enjoy following stories like this to see what the market yields. Naturally, as a diamond concierge of sort, I like to follow the entire industry and see what types of prices rare stones are fetching. However, when it gets to multi million dollar deals and auctions, I’m simply out of my league.
For this reason, I’ll remain a diamond enthusiast and continue to admire the happenings in the industry while helping people from all walks of life navigate the waters as they engagement rings like white sapphires, or even chocolate styles.
Make sure to check back soon as I’ll be keeping an eye on this rare stone and letting you know when they find a buyer. It’s always exciting when a $70 million auction goes live!