Thursday, July 7, 2016

Lesedi La Rona 3rd Biggest diamond to be found

Lesedi La Rona, formerly known as Karowe AK6, is the third-largest diamond ever found, and the second-largest of gem quality. Only the non-gem black Sergio and the gem-quality Cullinan are larger. It was found in the Karowe mine in Botswana on 16 November 2015.It was found on 16 November 2015, in the South Lobe of the Karowe mine about 200 m (660 ft) below the surface, and the find was announced on 18 November A day after the discovery, two more diamonds weighing 813 and 374 carats (162.6 and 74.8 g) were found in the mine.Since the AK6 pipe was opened 18 months earlier, it has yielded over 1,000,000 carats (200 kg) of diamonds.

The exact value of the stone cannot be determined until it is decided how it will be cut and more details about its colour are known. Former diamond-mining geologist Phil Swinfen estimates, based on other similar sales, that the stone could be sold for $40–60 million.The process of selling and cutting the diamond "will likely take years to complete".In May 2016, Sotheby's in London announced that the Lesedi La Rona diamond would be offered in a stand-alone auction on 29 June 2016.It was expected to sell for around $70 million. After closer examination, the diamond was presented at the auction as weighing 1,109 carats.

At a public auction at Sotheby's on 29 June 2016, the highest bid for the diamond was $61 million. However, this bid fell short of the undisclosed reserve price and the stone was not sold.The bidding opened at $50 million and the sell lasted for less than 15 minutes. According to David Bennett of Sotheby's, is was the first time the company held an exclusive auction for one single object. It was preceded by the sale of three smaller rough diamonds. The stones were also from Lucara and the proceeds, $140,000,were donated to charity. The bid was even lower than the $63.3 million that was paid for a 813 carat rough diamond in May 2016.The stone had been found the day after the Lesedi La Rona in the same section of the mine. After the failed sale, the Lucara stock fell on the Toronto Stock Exchange. The diamond will probably be sold privately.In June 2016, Lesedi La Rona was insured for $120 million.