Diamonds are a show-stopping gem that seems only to be better the bigger they are. That is why so many people are drawn to the Lucara diamond history that tells the story of the second-largest diamond in the world. The origin of the Lesedi La Rona diamond started in the thriving mine of Botswana where it was discovered in late 2015.
While the stones come from a pipeline that has produced over one million carats of diamonds, the Lucara diamond weighs in at 1111 carats, making it the largest excavated diamond in over 100 years! It was later discovered that another 314 carat stone found in the mine was actually a breakage from the original diamond. This means, had the stone remained intact, it would have been closer to 1500 carats. According to gem experts, the transparency of the stone is on par with a type IIa-gems which is an elite classification of stone that makes up only 2% of all diamonds in the world. This classification is due to its meeting criteria for “D” color—the highest color classification for white diamonds.
The discovery of such an exceptional stone inspired many people to become involved with the process in some way. Even the naming of the gem was a special event. A contest was posted in Botswana where all citizens could cast their ideas for the naming of this prized diamond. Even the miners were encouraged to participate. With over 11,000 entries, the winner of the competition was, Thembani Moitlhobogi with the name “Lesedi La Rona”. Thembani won 25,000 pula which is equivalent to almost $2,200, plus bragging rights for naming this remarkable piece of history.
With a name meaning “The Light” in Setswana, the mother language of Botswana, the stone has captured the attention of many interested buyers. There were people interested in purchasing even before the diamond had received proper cleaning and a thorough examination. In fact, there were almost immediate offers to buy the stone for $40 million.
The Canadian-based company that owns the mine in Botswana has taken necessary steps to determine the actual worth of this approximately 3-billion-year old gem before even discussing a fair price. However, the size of the stone proved to be somewhat of a problem, it was too big to weigh! Because of its tennis ball size, the stone could not be weighed by conventional scanners accustomed to evaluating much smaller diamonds.
Lucara Diamond Corp has a scheduled auction for June 29. It will not be surprising to see the Lucara diamond sold for over $70 million. The process for the auction will include viewings at the Sotheby’s New York and London locations for interested buyers to have a more personal look at the stone. The interest is there. We’ll see who walks away with this superior diamond.
This sale will mean massive changes for the Lucara diamond share prices. As of now, the Lucara Diamond Corp has already seen substantial revenues increase by 71% in the first quarter of the year. Revenues are already forecasted to reach $200-220 million without the sale of this history-making stone. The raise in revenues will impact the overall sale for diamonds around the globe which means that this discovery will single-handedly impact the entire world of diamond.
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