Hindustan Times (Lucknow)

World’s largest uncut diamond flops at auction

- Geraldine Fabrikant letters@hindustant­imes.com

NEWYORK:A 1,109-carat uncut diamond offered in an unusual public auction is still waiting for a buyer.

Offered at a public auction Wednesday at Sotheby’s in London, the stone — believed to be the largest still-uncut diamond in the world — failed to sell when it did not meet the minimum reserve price, which was not specified.

The bidding stopped at $61 million. A fee of 12%, known as the buyer’s premium, would have been added to that price, which would have brought the total cost to about $68 million. “If you divide it by 1,109 carats, it is about $62,000 (₹41.5 lakh) a carat,” said Henri Barguirdji­an, president and chief executive of Graff Diamonds. “That is a very high price for a rough diamond, so obviously the reserve was too high.”

The stone was discovered last fall in the Lucara mine in Botswana. Selling it at auction was an uncommon move; such stones are normally offered to a handful of dealers.

The auction was a gamble for both Lucara and Sotheby’s, on the desire among ultrawealt­hy for such a totem of luxury. Britain’s vote last week to leave the EU may have affected bidding.

Potential bidders had a chance to examine the stone in advance. Evidently they did not think that the diamond, which would probably have been cut into smaller stones, justified a highe price.

The record price for a rough stone was set in May, when Lucara sold an 813-carat diamond at a private auction for $63 million, or $77,500 (₹51.9 lakh) a carat.

 ?? REUTERS ?? The 1109Carat "Lesedi La Rona"
REUTERS The 1109Carat "Lesedi La Rona"

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