MajorsJul 21, 2025
Rio Grande Expands Personalization OfferingsAs demand for custom jewelry grows, the company is expanding its services to support retailers.
SourcingMay 16, 2017
Chunk That Broke Off 1,109-Carat Diamond Sells for $17M
The 374-carat stone is a chip off the biggest block of rough diamond currently known to man, the Lesedi la Rona.
This 373.72-carat rough diamond is a chip off the biggest block of rough diamond currently known to man, the 1,109-carat Lesedi la Rona. It sold for $17.5 million last week.
Vancouver, British Columbia--A 373.72-carat rough diamond that once was part of the second largest piece of rough ever found sold for $17.5 million last week, Lucara Diamond Corp. reported.
The diamond was one of 15 single-stone lots offered at the diamond mining company’s first “exceptional” stone tender of the year.
Graff Diamonds purchased the stone, posting a photo of the rough on its Instagram account over the weekend.
Lucara found the 374-carat diamond in November 2015 at its Karowe mine in Botswana at the same time it discovered the record-setting, 1,111-carat diamond (now 1,109 carats) that would come to be known as Lesedi la Rona.
CEO William Lamb said that had the smaller, 374-carat piece of rough not broken off the main stone, the diamond would have weighed almost 1,500 carats. But the huge rough diamond likely would have been crushed in the company’s recovery plant, which isn’t designed to handle stones of that size.
“If the 374-carat stone was still attached to the Lesedi, the stone would have been larger in two dimensions than the largest screen (sieve) used in the plant to separate material into different sizes,” he explained. “The original stone would have been too large to pass through the screen and the whole stone would have ended up in the crusher, where it would have been broken into a lot more pieces.”
He added that Lucara is currently in the process of upgrading its plant, an upgrade called mega diamond recovery or MDR, which will address this by recovering diamonds up to 5,000 carats right at the front of the process facility.
Also recovered from that fortuitous haul was an 812.77-carat diamond that sold for $63.1 million--more than $77,000 per carat--in May 2016, setting a new world record for a rough diamond.
The 374-carat diamond was the top lot in the Lucara’s tender, which was 100 percent sold by lot.
The sale, which contained rough diamond ranging from 374 to 29.9 carats in size, totaled $54.8 million, or $31,010 per carat.
Lucara said there were seven diamonds that sold for more than $2 million each. Of those, three diamonds topped $4 million.
This includes the 374-carat diamond and the auction’s second highest-grossing lot, a 182.47-carat diamond that sold for $6.3 million.
Since it started mining at Karowe in 2012, Lucara has gotten more than $1 million for each of 145 rough diamonds.
Its biggest find remains unsold, however.
The 1,109-carat Lesedi la Rona went up for public auction at Sotheby’s but nobody met the $70 million reserve price.
At the end of 2016, Lamb told National Jeweler that the rough diamond likely would be put up for sale again in 2017 but through a sealed bid tender, perhaps, and not a public auction.
When asked about the diamond on Monday, Lamb said: “We continue to speak to a number of people within the sector regarding the sale of the stone, as well as looking at options to partner to polish the stone or even polish it without a partner … We are looking at all options and hope to make a decision soon.”
Its biggest find remains unsold, however.
The 1,109-carat Lesedi la Rona went up for public auction at Sotheby’s but nobody met the $70 million reserve price.
At the end of 2016, Lamb told National Jeweler that the rough diamond likely would be put up for sale again in 2017 but through a sealed bid tender, perhaps, and not a public auction.
When asked about the diamond on Monday, Lamb said: “We continue to speak to a number of people within the sector regarding the sale of the stone, as well as looking at options to partner to polish the stone or even polish it without a partner … We are looking at all options and hope to make a decision soon.”
More on Sourcing
The Latest
Events & AwardsJul 21, 2025
NAJA’s 2025 ‘Ace It’ Conference To Go VirtualThe mid-year conference for jewelry and watch appraisers is slated for Aug. 9 to 10 on Zoom.
TrendsJul 21, 2025
Amanda’s Style File: Graduated With Honors Graduated stones make for elevated tennis-style pieces and dramatic statement necklaces.
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
Events & AwardsJul 21, 2025
Gem Awards Now Accepting Nominations for 2026Nominations in the categories of Jewelry Design, Media Excellence, and Retail Innovation will be accepted through July 30.
Weekly QuizJul 17, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsJul 18, 2025
Lewis Heyman on Sourcing Gemstones, Post-Retirement PlansHe retired last month after 28 years traveling the world to source the very best gemstones for his family’s jewelry business, Oscar Heyman.
TrendsJul 18, 2025
Piece of the Week: CCWW Designs’ Shell Charm NecklaceThe charm necklace features six nautical charms of shells and coral that founder Christina Puchi collected on Florida’s beaches.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
MajorsJul 18, 2025
Plumb Club Elects New Board MembersThe organization elected its youngest vice president as it looks to draw in fresh talent.
TechnologyJul 18, 2025
Brad Campbell, John Liebler Join Clientbook’s Executive Team Campbell joins the company as vice president of business development while Liebler is the new vice president of operations.
CollectionsJul 17, 2025
2026 Winter Olympic Medal Design Symbolizes UnityThe medals feature a split-texture design highlighting the Games’ first time being hosted by two cities and the athletes’ journeys.
Supplier BulletinJul 17, 2025
The INSTORE Jewelry Show 2025: Your Holiday Preparations, All Wrapped Up! Sponsored by The INSTORE Jewelry Show 2025
SurveysJul 17, 2025
The Most Recommended Brands in the World, According to YouGovGlobally, travel and transportation brands reigned, while in the U.S., alcoholic beverage companies and a lingerie brand took the top spots.
IndependentsJul 17, 2025
Gina Ferranti of GiGi Ferranti Jewelry Dies at 59The Brooklyn-based jewelry designer is remembered as a true artist and a rare talent.
Events & AwardsJul 17, 2025
JA to Hold Learning Workshops This FallA new slate of Learning Workshops will take place in Oklahoma, Mississippi, and Georgia.
SurveysJul 16, 2025
Signet Jewelers Falls Lower on NRF’s ‘Top 100’ Retailers ListThe middle class is changing its approach to buying jewelry and affordable luxury goods, the NRF said.
FinancialsJul 16, 2025
Richemont’s Jewelry Sales Up 7% in Q1It marks the third consecutive quarter of growth for Cartier, Van Cleef & Arpels, Buccellati, and Vhernier.
WatchesJul 16, 2025
The Top-Selling Rolex Models of the Last 15 Years, According to Bob’s Watches The reseller’s market trends report, based on its sales data, also shows exactly how much Rolex prices have jumped since 2010.
AuctionsJul 16, 2025
Christie’s To Honor Dinh Van With ExhibitionThe auction house will be hosting a retrospective paying tribute to jeweler Jean Dinh Van and his company’s 60th anniversary.
IndependentsJul 16, 2025
Clyde Duneier Ushers In Fourth GenerationJake Duneier and Danielle Duneier-Goldberg have stepped into the roles of CEO and president, respectively.
CollectionsJul 15, 2025
Boucheron’s New High Jewelry Calls Attention to Nature’s ImpermanenceThe “Impermanence” collection contemplates nature through the Japanese art of Ikebana (flower arranging) and philosophy of wabi-sabi.
MajorsJul 15, 2025
James Avery Expands to 2 More StatesThe Texas-based jewelry retailer has set up shop in Tennessee and Arizona.
Events & AwardsJul 15, 2025
Neiman Marcus Vet Joins Couture as Brand Director Eric Ford will step into the role, bringing with him decades of experience.
MajorsJul 15, 2025
Ben Bridge Jeweler Acquires Olympic ManufacturingIn addition to improved capabilities, the acquisition will allow the jeweler to offer support to other independent jewelers.
CollectionsJul 15, 2025
Guzema Debuts First Colored Gemstone JewelryThe “Celestial Blue” capsule collection campaign features Olympian Kateryna Sadurska.
MajorsJul 14, 2025
Nanis Opens First StoreThe seasonal store, located in Mykonos, Greece, offers exclusive events, personal styling, and curated experiences.
IndependentsJul 14, 2025
It’s the Summer of Love at Long’s JewelersThe New England jeweler is hosting a bridal event for the month of August.
