FinancialsJan 17, 2025
Richemont’s Jewelry Sales Rise 14% in Holiday QuarterThe company, which owns Cartier and Van Cleef & Arpels, had a record Q3, with sales topping $6 billion.
SourcingSep 26, 2017
Graff Pays $53M for 1,109-Carat Rough Diamond
The sale price works out to nearly $48,000 per carat for the Type IIa “Lesedi La Rona,” which is the second largest rough diamond ever found.
Lucara Diamond Corp. found this 1,109-carat rough diamond, later dubbed “Lesedi La Rona,” at the Karowe Mine in Botswana in November 2015. On Monday, the company announced that it had found a buyer for the stone--Graff Diamonds.
New York--Almost exactly two years after its discovery, Lucara Diamond Corp. has found a buyer for the “Lesedi La Rona,” the 1,109-carat rough diamond unearthed at its mine in Botswana.
The mining company announced late Monday that Graff Diamonds, the London-headquartered company headed by billionaire diamantaire Laurence Graff (no relation to the author), has paid $53 million for the tennis ball-sized stone.
That works out to $47,777 per carat and is $17 million less than what Lucara originally aimed to get for the diamond when it put it up for auction in June 2016, though Lucara President and CEO William Lamb noted that $53 million is more than the highest bid received at the auction.
In the news release issued Monday, Graff called the purchase of Lesedi La Rona a “momentous day” in his career.
“We are thrilled and honored to become the new custodians of this incredible diamond. The stone will tell us its story, it will dictate how it wants to be cut, and we will take the utmost care to respect its exceptional properties. This is a momentous day in my career, and I am privileged to be given the opportunity to honor the magnificent natural beauty of Lesedi La Rona,” he said.
Graff Diamonds already owns a 373.72-carat chunk that broke off the Lesedi La Rona. The company paid $17.5 million for that rough diamond ($46,827 per carat) at Lucara’s exceptional stone tender held in May.
The mining company announced late Monday that Graff Diamonds, the London-headquartered company headed by billionaire diamantaire Laurence Graff (no relation to the author), has paid $53 million for the tennis ball-sized stone.
That works out to $47,777 per carat and is $17 million less than what Lucara originally aimed to get for the diamond when it put it up for auction in June 2016, though Lucara President and CEO William Lamb noted that $53 million is more than the highest bid received at the auction.
In the news release issued Monday, Graff called the purchase of Lesedi La Rona a “momentous day” in his career.
“We are thrilled and honored to become the new custodians of this incredible diamond. The stone will tell us its story, it will dictate how it wants to be cut, and we will take the utmost care to respect its exceptional properties. This is a momentous day in my career, and I am privileged to be given the opportunity to honor the magnificent natural beauty of Lesedi La Rona,” he said.
Graff Diamonds already owns a 373.72-carat chunk that broke off the Lesedi La Rona. The company paid $17.5 million for that rough diamond ($46,827 per carat) at Lucara’s exceptional stone tender held in May.
Another photo gives a better idea of the size of the rough diamond dubbed “Lesedi La Rona,” which is said to be about as big as a tennis ball.
Lucara recovered the Lesedi La Rona, a Type IIa diamond that actually totaled 1,111 carats before cleaning, at its Karowe mine in Botswana in November 2015.
The citizens of Botswana participated in a naming contest after the diamond was found. Its name means “our light” in Setswana.
Lesedi La Rona is the second largest rough diamond ever found, topped only by the 3,106-carat Cullinan Diamond unearthed in South Africa in January 1905.
On Monday, Lamb called the discovery of the stone a “company-defining event” for Lucara and said: “We took our time to find a buyer who would take the diamond through its next stage of evolution. Graff Diamonds is now the owner of the Lesedi La Rona as well as the 373-carat diamond … We are excited to follow these diamonds through the next stage of their journey.”
Editors' Picks
Sponsored by
More on Sourcing
The Latest
CollectionsJan 17, 2025
Piece of the Week: Picchiotti’s Transformable ‘Classic Blue and Green’ NecklaceThe necklace features a sapphire drop weighing more than 9 carats that detaches to transform into a ring.
MajorsJan 17, 2025
Tiffany & Co., CFDA Name First Winner of Jewelry Designer AwardJameel Mohammed, founder of Afrofuturist brand Khiry, will receive a cash prize and a one-year paid fellowship with Tiffany & Co.
Brought to you by
3 New Year’s Resolutions for Jewelry Lovers The new year feels like a clean slate, inspiring reflection, hope, and the motivation to become better versions of ourselves.
IndependentsJan 16, 2025
Lux Bond & Green to Open Sixth LocationThe 127-year-old jeweler is planning to open a new store in Mystic, Connecticut.
Weekly QuizJan 16, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
WatchesJan 16, 2025
Timex Launches Collection of National Park WatchesThe watches’ dials feature artwork celebrating the vibrant energy and unique landscapes of six of America’s national parks.
AuctionsJan 16, 2025
Elizabeth Taylor’s Diamond Line Bracelet Going up for Auction Offered by U.K. auction house Woolley & Wallis, the yellow diamond bracelet was a gift from Taylor’s good friend Michael Jackson.
Brought to you by
A Diamond Is Forever Celebrates "Forever Present" Holiday CampaignA Diamond is Forever hosted a holiday celebration in honor of their new marketing campaign, ‘Forever Present.’
Events & AwardsJan 16, 2025
JCK Las Vegas 2025 Open for RegistrationThe jewelry trade show returns to The Venetian Expo and The Venetian Resort in Las Vegas from June 6 to 9.
EditorsJan 15, 2025
The Jewelry I’d Bid On in Christie’s Iris Apfel AuctionAssociate Editor Natalie Francisco highlights her favorite fashion jewelry pieces from the upcoming “Unapologetically Iris” auction.
MajorsJan 15, 2025
Macy’s to Close 66 Stores as Part of Turnaround StrategyThe closures are part of the retailer’s plan to close 150 locations over a three-year period.
Policies & IssuesJan 15, 2025
JVC Debuts Guide to Americans with Disabilities Act ComplianceThe online guide is available for free and written with the jewelry industry in mind.
Events & AwardsJan 15, 2025
Jose Hess Design Awards Open for SubmissionsThe awards honor the late Jose Hess, a founding member of AJDC and an award-winning jewelry designer.
GradingJan 14, 2025
GIA CEO, President Susan Jacques to Retire at the End of 2025The grading lab said the search for her successor is underway.
ColumnistsJan 14, 2025
Jules Kim: Building Bridges Between Creators and IndustryIn this special op-ed, designer Jules Kim calls on big brands to collaborate with independent creators instead of copying their designs.
Policies & IssuesJan 14, 2025
These Designers and Retailers Are Raising Money for LA Wildfire Relief From raffles to auctions to donations, the industry is working to aid charities in Los Angeles amid the raging wildfires.
GradingJan 14, 2025
Former SSEF Director Henry A. Hänni DiesA pioneering figure in gemology, he is remembered for his spirit of generosity, curiosity, and joy.
FinancialsJan 14, 2025
Signet Jewelers Lowers Q4 Guidance After Holiday Sales Fall ShortThe peak selling days leading up to Christmas did not meet the jewelry retailer’s expectations.
MajorsJan 14, 2025
Edouard Schneider Joins Messika as Chief Brand OfficerSchneider brings over 20 years of luxury and fashion industry experience to his role as a key member of the brand’s global leadership team.
TechnologyJan 13, 2025
Ultrahuman Unveils Luxury Smart RingWith versions in 18-karat gold and platinum, the wearables company is blending health technology and fine jewelry.
Policies & IssuesJan 13, 2025
Brandee Dallow Elected President of Ethical MetalsmithsThe executive brings more than two decades of industry experience to the role.
IndependentsJan 13, 2025
The Seven Pops Up in Palm BeachThe New York City-based retailer is bringing its curation of jewels to a pop-up shop at Love Binetti in Palm Beach, Florida.
Policies & IssuesJan 10, 2025
Jewelers Relief Fund Reopened to Aid Victims of LA Fires Created by JA and DCA, the fund is collecting money for jewelry businesses damaged by the wildfires in Los Angeles County.
TrendsJan 10, 2025
Piece of the Week: Elsa Jin’s ‘Mozi’ BroochAdrien Brody received his first Golden Globe while wearing the “Mozi” brooch, which depicts a spill of traditional Chinese calligraphy ink.
CrimeJan 09, 2025
US Customs Seizes Counterfeit Tiffany & Co. JewelsOfficers in Champlain, New York valued the jewels, if genuine, at nearly $30,000.
CollectionsJan 09, 2025
Karma El Khalil’s New Collection is an Ode to the MoonThe “Moonlight Rhapsody” collection is overflowing with gemstones, from raw opal to morganite and spessartite.
Events & AwardsJan 09, 2025
Here Is the 2025 AGTA GemFair Tucson Educational LineupThe seminar series covers topics from market trends and colored stone terminology to working with museums and growing an Instagram profile.
