Editor’s Note
This article reports on the recent auction of the world’s largest diamond rough, which was withdrawn after failing to meet its $70 million reserve price. The outcome highlights the complexities of valuing unique, high-end assets in the current market.
[E-Daily Jang Soon-won] The world’s largest diamond rough has failed to find a buyer.
A 1,109-carat diamond rough offered at a Sotheby’s auction failed to meet its minimum reserve price and was withdrawn, according to a report by The New York Times (NYT) on the 29th (local time).
Sotheby’s minimum asking price was $70 million, approximately 83 billion Korean won. However, the highest actual bid was only $61 million.
It is also believed that the unexpected Brexit (UK’s exit from the European Union) last weekend may have affected the auction atmosphere.
This diamond, named ‘Lesedi La Rona’, was mined last November from a mine in Botswana owned by Canadian company Lucara Diamond. It is about the size of a tennis ball and is estimated to have taken around 3 billion years to form.
The previous record price for a diamond rough was set just last May when Lucara sold an 813-carat stone for $63 million. That diamond rough fetched $77,500 per carat.
