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Lesedi La Rona Diamond Fails to Sell at Auction

Jun 30, 2016 3:25 AM   By Rapaport News
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The 1,109-carat Lesedi La Rona failed to sell in London Wednesday as bidding for the second-largest rough diamond ever discovered shocked the industry by falling below its reserve price.

Lucara will retain the type-IIa stone, which was expected to fetch more than $70 million at the Sotheby’s auction. The diamond, the size of a tennis ball, failed to draw a higher bid than $61 million.

Toronto-listed Lucara’s share price dived on news of the failed sale, ending the day 15 percent lower. The miner’s stock is still more than double the level before it discovered the diamond in November.

“Every aspect of tonight’s auction was unprecedented,” Sotheby’s said in a statement cited by CNN Money. “No one alive today has ever seen a gem-quality rough diamond of this incredible scale. No rough diamond of importance has ever before been offered before at public auction. And no diamond – polished or rough – has ever been estimated at this price level.”
Tags: lucara, Lucara Diamond Corp., Rapaport News, Rough Diamonds, Sotheby's
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