Giant Diamond Finds No Buyer at Sotheby’s

LONDON (AP) — Turns out the largest diamond discovered in over a century may not be worth all that much.

The tennis ball-sized Lesedi la Rona failed to find a buyer Tuesday, a disappointing result for a stone which had described as "the find of a lifetime" by David Bennett, chairman of Sotheby's jewelry division.

The diamond was unearthed in November in Botswana at a mine owned by Canada's Lucara Diamond Corporation. It measured 1,109 carats, the second-largest gem-quality rough diamond ever discovered. Its name means "our light" in the Tswana language.

A spokeswoman said bidding reached $61 million — below the more than $70 million Sotheby's had hoped for.

No rough diamond of this size had ever been auctioned, and after Wednesday's sale it's unclear if one will for a while.

Photo caption:

FILE - In this Tuesday, June 14, 2016 file photo, a model poses for photographs holding up the largest gem-quality rough cut diamond discovered in over 100 years, the 1109-Carat "Lesedi La Rona" at premises of the Sotheby's auction house in London. (AP Photo/Matt Dunham, File)

Copyright 2016 The Associated Press. All rights reserved.

Subscribe to Closing Arguments

Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.

Email *

Submit