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.