From lighter color palettes to the integration of AR, experts offer inspiration for jewelers in need of an aesthetic refresh.
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.”
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
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.
The Latest
Sotheby’s will auction jewelry belonging to the “Diamonds Are Forever” singer in Paris this October.
Sherry Smith shares tips for fostering successful vendor-retailer partnerships, from marketing investment to fast-seller replenishment.
GIA®’s most advanced microscope has new features to optimize greater precision and comfort.
Herold has been with the organization for 22 years and will continue in her current role of conference director.
“Fancy Studs” will feature revamped branding and a new lab-grown diamond fine jewelry collection.
The 2024-2025 edition features new colors and styles, as well as storytelling elements.
Despite the rising prices, consumers continue to seek out the precious metal.
The mining giant also wants to offload its platinum business as part of an overhaul designed to “unlock significant value.”
The announcement coincided with its full-year results, with growth driven by its jewelry brands.
Looking ahead, the retailer said it sees “enormous potential” in Roberto Coin’s ability to boost its branded jewelry business.
Jewelry trade show veterans share strategies for engaging buyers, managing your time effectively, and packing the right shoes.
This little guy’s name is Ricky and he just sold for more than $200,000 at Sotheby’s Geneva jewelry auction.
Though its website has been down for a week, Christie’s proceeded with its jewelry and watch auctions on May 13-14, bringing in nearly $80 million.
Despite the absence of “The Allnatt,” Sotheby’s Geneva jewelry auction totaled $34 million, with 90 percent of lots sold.
Lilian Raji gives advice to designers on how to make the most of great publicity opportunities.
The mining company wants to divest its 70 percent holding in the Mothae Diamond Mine in an effort to streamline its portfolio.
Why do so many jewelers keep lines that are not selling? Peter Smith thinks the answer lies in these two behavioral principles.
The “Argyle Phoenix” sold for more than $4 million at the auction house’s second jewels sale.
The annual list recognizes young professionals making an impact in jewelry retail.
Owner David Mann is heading into retirement.
While overall sales were sluggish, the retailer said its non-bridal fine jewelry was a popular choice for Valentine’s Day.
Christie's is selling one of the diamonds, moving forward with its Geneva jewelry auction despite the cyberattack that took down its website.
The ad aims to position platinum jewelry as ideal for everyday wear.
Retailers can customize and print the appraisal brochures from their store.
The move follows a price-drop test run in Q4 and comes with the addition of a “quality assurance card” from GIA for some loose diamonds.
The site has been down since Thursday evening, just ahead of its spring auctions.