• Subscribe to Jewelove
  • Subscribe via email
  • Jewelove on Facebook
  • Jewelove on Twitter
  • RSS

Biggest Diamond Rough in a Century Does Not Sell at Auction

1,109 carats rough diamond failed to achieve Reserve Price at the Sotheby's Auction

Lucara mined a humongous 1,109 carat diamond roughly the size of a tennis ball. Normally rough diamonds do not show up at B2C auctions, because a consumer would not know how to value it!

The diamond rough had a reserve price of $70 Million! However the bidding only reached till $68.3 million (including Buyer's Premium). Hence, Lucara will retain the diamond.

Lucara CEO and President William Lamb told 
National Jeweler
“It needs to be understood that this is the first time anyone has attempted to sell a rough diamond via the auction process. Lucara wanted to understand whether there was a market for truly exceptional diamonds where they would be purchased as collectables the same as high-value art."
When asked what role he thought Brexit or other global economic situations might have had on the outcome, he said, “We cannot say. In today’s volatile times, there is always some level of economic uncertainty. Saying this is the reason the auction did not conclude with the sale of the stone would be incorrect, although it may have in some way played a small part.”

The rough diamond is expected to yield D color polished diamonds.






0 comments:

Post a Comment

We value your feedback

Note: Only a member of this blog may post a comment.

 

Trending Now

Search This Blog

Like Us

Pinterest Gallery

featured Slider

Instagram Shots

Like us

Popular Posts

Jewelove on facebook

Blog Archive

About Me

Followers

Copyright 2011 Jewelove - All Rights Reserved.
All data, information, images & any other & all content is subject to copyright. Do not copy, modify, reuse or change & use the content in any way. Share & Enjoy!
All content on the blog is the author's personal opinion. Pt is a registered trademark of Platinum Guild India & Platinum Guild International & has been used with their permission. Jewelove is a Platinum retailer authorized by the Platinum Guild International.
Designed by Web2feel.com | Bloggerized by Lasantha - Premiumbloggertemplates.com | Affordable HTML Templates from Herotemplates.com.