Lucara Diamond Corp sells world’s second largest diamond for $53 million

Lucara Diamond Corp (TSE:LUC) has sold the world’s second largest diamond ever recovered to UK jeweller Graff Diamonds for US$53 million.

The 1,109-carat stone named Lesedi La Rona was found by the Canada-based firm in November 2015 at its Karowe mine in Botswana and is also the second largest gem-quality diamond ever discovered.

William Lamb, Lucara’s president and CEO said: “The discovery of Lesedi La Rona was a company defining event for Lucara. It solidified the amazing potential and rareness of the diamonds recovered at the Karowe mine.

“We took our time to find a buyer who would take the diamond through its next stage of evolution.”

The price received from Graff was above the highest bid received at the Sotheby’s auction in 2016, added Lamb.

Earlier this year, Graff also purchased the 373-carat diamond which was separated from the Lesedi La Rona during the recovery process.

The sale comes as Botswana considers legislative changes within its diamond industry, whereby the government is given first-buy rights for unusual diamonds at market prices.