Owners of largest rough diamond ever found, Lesedi la Rona, find it hard attract buyers
Inability to certify rough diamonds, such as uncut 1,109ct Lesedi la Rona stone unearthed in Botswana last year, restricts ability to sell through public auctions
Rough diamonds have their own raw appeal, although they have not fared well in public auctions.
The largest diamond to have been discovered in the past century, the Lesedi la Rona, was unearthed in November last year at Lucara Diamond Corporation’s Karowe mine in Botswana. The uncut 1,109ct stone is the largest rough crystal to have surfaced since 1905, when the 3,106ct Cullinan Diamond was mined in neighbouring South Africa.
Independent reports, including the Gemological Institute of America (GIA) have commented on the
stone’s exceptional quality and transparency. Sotheby’s jewellery division chairman David Bennett called it “the find of a lifetime”, adding that “no rough even remotely of this scale has ever been offered before at public auction”.
Despite all the fanfare, the Lesedi la Rona failed to find a buyer at Sotheby’s London auction in June,when bidding peaked at US$61 million, below the US$70 million reserve price.
Roughs are commonly sold through established channels, including through De Beers or the use of tenders, and rarely through public auctions. David Johnson, midstream communications manager
of The De Beers Group of Companies, says
De Beers sells 90 per cent of its rough diamonds through term contract sales to Sightholder customers, and 10 per cent through online auctions to registered auction customers.
“We are satisfied that we have a very effective sales approach for rough diamonds,” Johnson says.