A combination of factors is driving growth in the industry despite the precipitous drop in prices across the board.
1,109-Carat Diamond Expected to Sell for More Than $70M
The tennis ball-sized rough stone, which will be auctioned at Sotheby’s in June, could yield the largest top quality polished diamond in the world.
London--The tennis-ball sized rough diamond unearthed in Botswana in November is going up for auction at Sotheby’s London in June, and it is expected to sell for more than $70 million.
Discovered at Lucara Diamond Corp.’s Karowe Mine, the 1,109.67-carat stone, named “Lesedi la Rona,” or “Our Light,” is the largest rough diamond found since the 3,016.75-carat Cullinan Diamond in 1905. (The diamond was 1,111 carats when first unearthed but lost about 2 carats during the cleaning process, which is normal, a Sotheby’s spokesperson said.)
The Cullinan yielded nine major diamonds, all of which were set in the Crown Jewels of the United Kingdom, including the 530.20-carat pear-shaped Great Star of Africa. The Star is the largest “top quality,” meaning high color and clarity, polished diamond in the world. (The world’s largest cut and polished diamond of any color is the 545.67-carat Golden Jubilee, which is a brown stone.)
But the record held by the Star could soon fall.
Sotheby’s said it commissioned independent reports on the potential yield of Lesedi la Rona from the Gem Certification and Assurance Lab (GCAL), the New York-based grading laboratory run by Don Palmieri, and Diamex Inc./Crodiam Consulting DMCC.
While the reports are not being made public at this time, a few details were released on Wednesday, including the fact that experts believe that the Lesedi la Rona could top the Great Star of Africa in size.
The reports also state that there is a “high probability” that the polished diamonds cut from the 1,109-carat rough will be D color.
The Lesedi la Rona will be on view at Sotheby’s New York this coming Saturday, May 7. It will also be on view at the auction house in London between June 18 and 28.
The diamond will be offered for sale on the evening of June 29 at Sotheby’s London in an auction that’s open to the public, marking something else that’s unusual about this once-in-a-lifetime diamond find: that it’s being sold at an auction that’s open to the public, not limited to the trade.
“Every aspect of this auction is unprecedented,” David Bennett, the worldwide chairman of Sotheby’s jewelry division said. “Not only is the rough superlative in size and quality, but no rough remotely
The Latest
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
The company plans to invest $25 million in marketing initiatives to boost awareness around its namesake and licensed brands.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
Optimism about the current state of the economy was offset by anxiety around inflation and the political environment.
The former WJA executive director is MFM’s new managing director.
DDG encourages retailers to educate customers on the positive impact of purchasing natural diamonds.
Ho Brothers offers scalable solutions for the future of custom jewelry.
Highlighting the most iconic Tiffany collections, it’s inspired by the company’s late window designer, Gene Moore.
Jen Cullen Williams and Duvall O’Steen explore how jewelers can save time and money by using AI to analyze engagement and create content.
The retailer previously turned down an $8.4 billion offer in 2018.
The Florida store’s owner Miguel Gonzalez is retiring.
The lab stresses the importance of accurate identification, as the difference in price is “substantial.”
The brand also plans to expand its retail footprint from 138 to 200 stores over the next three years.
One is reserved for a NAJA member, the other for a non-member.
Longtime employees Carie Lehrke and Megan Mattice have received promotions.
Three guests joined National Jeweler and Jewelers of America to discuss trending time periods, spotting reproductions, and more.
Chris Clipper and Robert Lepere join the company with 50 years of combined experience.
The trendy, metallic earrings wink at classic spring colors.
JSA said a man and woman pulled the safe out of an Oakland jewelry store but couldn’t quite get it into their van.
The miner’s March auction generated $19 million.
Helen McCluskey will succeed H. Todd Stitzer when he meets his 12-year term limit in June.
“Chopard x Julia Roberts” showcases the first gems cut from the 6,000-carat-plus “Insofu Emerald."
The jewelry giant also posted a double-digit drop in same-store sales for the full year.
Elvis gave the watch to actress Dodie Marshall after filming “Easy Come, Easy Go.”
The Gianmaria Buccellati Foundation Award for Excellence in Jewelry Design was presented to a graduate of the GIA school in Taipei.
The man was charged with money laundering in connection with the theft of gold, silver, and platinum over the course of three years.