A now famous 3-billion-year-old diamond the size of a tennis ball found by Canada’s Lucara Diamond (TSX:LUC) last year failed to sell a Sotheby’s (NYSE:BID) Wednesday in London. The highest bid of $61-M did not meet the reserve selling price.
The giant 1,109-carat diamond, known as “Lesedi La Rona” or “our light” in the Tswana language spoken in Botswana, was discovered in November at Lucara’s Karowe mine.
In its present form, the precious stone has “untold possibilities,” he said Tuesday.
The diamond is the biggest of 112 gems larger than 100 carats that Lucara’s Karowe mine in Botswana has delivered over the past 3 years.
Last year, Lucara recovered 47 stones larger than 100 carats at its only producing mine.
By contrast, the world’s largest diamond producer by output, Russia’s Alrosa Co., recovered 46 stones larger than 100 carats over the past 3 years at separate mines.
Lesedi La Rona is a type IIa diamond, the largest discovered in 100 years, and 2nd in size only to the Cullinan diamond in the British Crown jewels.
Botswana is the world’s largest producer of diamonds and the trade has transformed it into a middle-income nation.