AuctionsNov 20, 2025
Vanderbilt Jewels Shine at Phillips Sale, Pink Diamond WithdrawnA 43-carat sapphire brooch from the Vanderbilt collection was the top lot of the Geneva sale.
SourcingJun 30, 2016
Why the Biggest Rough Diamond in a Century Failed to Sell
The CEO of the company that found the 1,109-carat Lesedi la Rona said, “the historical significance of the stone seems to have been missed based on the bids offered.”
Bidding for the 1,109-carat Lesedi la Rona rough diamond failed to reach the reserve price at Sotheby’s London, so Lucara will “retain” the stone.
London--Even after a lot of publicity and excitement around Lucara’s 1,109-carat Lesedi la Rona rough diamond, the tennis-ball sized stone failed to sell at auction Wednesday.
Discovered at Lucara Diamond Corp.’s Karowe Mine, the stone is the largest rough diamond found since the 3,016.75-carat Cullinan Diamond in 1905.
Lucara said that bidding at the auction at Sotheby’s London did not meet the reserve price--Sotheby’s pre-sale estimate on the stone was $70 million--so it will “retain” the stone for now. The highest bid reached was $61 million, $68.3 million with buyer’s premium.
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.
“We understand that it is not easy to see the true value in a diamond when the only mechanism is to value the polished. The historical significance of the stone seems to have been missed based on the bids offered.”
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.”
When the news first broke that the stone would be put up for auction, Sotheby’s said it commissioned independent reports on the potential yield of Lesedi la Rona from the Gem Certification and Assurance Lab (GCAL) and Diamex Inc./Crodiam Consulting DMCC.
The reports weren’t made public, though a few details were released, including the fact that experts believe that the Lesedi la Rona could yield a polished white diamond that tops the “Great Star of Africa” (530.20 carats) in size.
The reports also stated that there is a “high probability” that the polished diamonds cut from the 1,109-carat rough will be D color.
Aside from its size, the fact that
the Lesedi la Rona was a rough diamond offered up at a public auction--one open to more than just the trade--was another notable aspect of this diamond find.
With the auction having failed, Lamb said there are a number of options available to Lucara, ranging from partnering on the stone to holding a regular tender within the diamond market or putting the stone on display at a museum.
He said with no pressing need to sell the stone, Lucara has time to decide what might be the best route to take.
Aside from Lesedi la Rona, Wednesday’s auction also featured three other pieces of rough, proceeds from the sale of which will go to the Lady Khama Charitable Trust. The trust supports existing charitable organizations working on community development and projects that benefit vulnerable women and children.
All three lots' pre-sale estimates were between $10,000 and $15,000 but came in well above that.
A rough diamond weighing 5.44 carats and octahedron in form garnered $57,500. A 5.62-carat rough diamond of octahedron form went for $42,500, and a third piece of rough weighing 5.78 carats of rhombic dodecahedron form sold for $40,000.
With the auction having failed, Lamb said there are a number of options available to Lucara, ranging from partnering on the stone to holding a regular tender within the diamond market or putting the stone on display at a museum.
He said with no pressing need to sell the stone, Lucara has time to decide what might be the best route to take.
Aside from Lesedi la Rona, Wednesday’s auction also featured three other pieces of rough, proceeds from the sale of which will go to the Lady Khama Charitable Trust. The trust supports existing charitable organizations working on community development and projects that benefit vulnerable women and children.
All three lots' pre-sale estimates were between $10,000 and $15,000 but came in well above that.
A rough diamond weighing 5.44 carats and octahedron in form garnered $57,500. A 5.62-carat rough diamond of octahedron form went for $42,500, and a third piece of rough weighing 5.78 carats of rhombic dodecahedron form sold for $40,000.
More on Sourcing
The Latest
CollectionsNov 20, 2025
Rebecca Rau Jewels Debuts With ‘Then & Now’ CollectionRau is a fourth-generation art and antique dealer from M.S. Rau gallery whose first jewelry collection merges artifacts with modern design.
Policies & IssuesNov 20, 2025
RJC Names New Executive DirectorFormer De Beers sustainability leader Purvi Shah will take over the role in February 2026.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
WatchesNov 20, 2025
LVMH Takes Minority Stake in Citizen Group-Owned Movement Maker La Joux-Perret is based in La Chaux-de-Fonds, Switzerland, and makes solar quartz as well as mechanical watch movements.
Weekly QuizNov 20, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
GradingNov 20, 2025
Julia Griffith Joins SSEF as Head of EducationShe previously taught at Gem-A and is the founder of The Gem Academy.
CollectionsNov 19, 2025
Larkspur & Hawk Celebrates 25 Years With Helena Bonham Carter CampaignThe British actress and her daughter modeled pieces from the brand’s new “Palette” capsule for its “Once Upon a Time” holiday campaign.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
TechnologyNov 19, 2025
Google Has a New Form for Reporting ‘Review Bombing’ Attacks Plus, the tech giant shares the steps retailers should take if they believe they’re a victim of a review extortion scam.
IndependentsNov 19, 2025
Houston Jeweler Keith Shaftel Retires, Next Generation Steps In Danny and Gaby Shaftel are now Shaftel Diamonds’ CEO and chief operating officer, respectively.
TrendsNov 19, 2025
Midas Chain Releases 2025 Holiday Style GuideThe jewelry manufacturer’s seasonal offering features its new “Melodie” bangles, as well as mini stud earrings and layering pieces.
Events & AwardsNov 18, 2025
NYC Jewelry Week 2025: 12 Must-See EventsWith more than 140 activations taking place in New York City now through Nov. 23, these 12 events are can’t-miss moments.
MajorsNov 18, 2025
Lugano Diamonds Files for Bankruptcy, Looking for BuyerThe Chapter 11 filing follows the resignation of CEO Moti Ferder, who stepped down after an investigation into the company’s finances.
Events & AwardsNov 18, 2025
A Giant, Bejeweled Moldy Berry Is on Display in LAThe artwork is part of an exhibition featuring works by Kathleen Ryan, an artist known for her gemstone-studded rotting fruit sculptures.
CrimeNov 17, 2025
Police Searching for 2 Suspects in Murder of Father, Son Jewelers Faustino Alamo Dominguez and his son, 25-year-old Luis Angel Alamo, were gunned down following an armed robbery at their jewelry store.
GradingNov 17, 2025
IGI Announces New President of North AmericaTiffany & Co. veteran Jeffrey Bennett has stepped into the role.
MajorsNov 17, 2025
Look Inside Robbins Brothers Fine Jewelers’ New Pasadena FlagshipThe showroom is located in a historic 1920s building in the Playhouse District.
Policies & IssuesNov 14, 2025
U.S., Switzerland Reach Deal That Drops Tariff to 15%The Swiss government announced the deal, which cuts the tax on Swiss imports by more than half, on social media Friday morning.
AuctionsNov 14, 2025
Napoleon’s Diamond Brooch Blows Away Auction Estimates A buyer paid $4.4 million for the piece, which Napoleon wore on his hat for special occasions and left behind when he fled Waterloo.
FinancialsNov 14, 2025
Richemont’s Q2 Jewelry Sales Up 12%Plus, how tariffs and the rising price of gold are affecting its watch and jewelry brands.
CollectionsNov 14, 2025
Piece of the Week: Silvia Furmanovich’s ‘Butterflies in Flight’ Jewelry BoxFurmanovich designed the box to hold Mellerio’s “Color Queen,” a high jewelry collection consisting of 10 rings.
Events & AwardsNov 14, 2025
JCK Names New Event DirectorJennifer Hopf, who has been with JCK since 2022, will lead the execution of the long-running jewelry trade show.
IndependentsNov 13, 2025
127-Year-Old New Orleans Jeweler to CloseAdler’s Jewelry is set to close its two stores as 82-year-old owner Coleman E. Adler II retires.
IndependentsNov 13, 2025
Green Lake Jewelry Works to Move to New Seattle StudioFounder Jim Tuttle shared how a dedication to craftsmanship and meaningful custom jewelry fueled the retailer’s double-digit growth.
MajorsNov 13, 2025
Vahan Jewelry Founder Leon ‘Sacha’ Der Calousdian Dies at 85The third-generation jeweler is remembered as a passionate creative with a love of art, traveling and sailboat racing.
CrimeNov 12, 2025
Father, Son Jewelers in Chicago Victims in Double Homicide JSA and Cook County Crime Stoppers are both offering rewards for information leading to the arrest of the suspect or suspects involved.
AuctionsNov 12, 2025
‘Mellon Blue’ Diamond Sells for $7M Less Than It Did a Decade AgoA buyer paid $25.6 million for the diamond at Christie’s on Tuesday. In 2014, Sotheby’s sold the same stone for $32.6 million.
