LVMH Moet Hennessy Louis Vuitton SE has entered a deal to sell jewelry made from the world’s second-largest diamond, known as the Sewelo diamond.
It’s a 1,758 carat gem that’s the size of a tennis ball.
Lucara Diamond Corp. announced a deal with LVMH and the HB Co., a diamond manufacturer from Antwerp, that will see the diamond cut into pieces and made into Louis Vuitton jewelry.
Bloomberg reports that LVMH “will likely create several extremely high-end pieces to establish a sense of exclusivity.”
A price tag for the Sewelo has not been revealed. Yahoo Finance notes that it sold for $53 million in 2017.
The acquisition is further evidence of LVMH’s plans to grow its jewelry business, according to Bloomberg. It follows the company’s nearly $16 billion acquisition of Tiffany & Co.
The diamond was recovered from Lucara’s Karowe Diamond Mine in Botswana in April 2019.
According to a press release from Lucara:
Lucara will receive an up front non-material payment for the Sewelô and retain a 50% interest in the individual polished diamonds that result.
Further, 5% of all of the retail sales proceeds generated from this historic collection will be invested directly back into Botswana on community-based initiatives undertaken by Lucara.
Lucara CEO Eira Thomas said, “We are delighted to be partnering with Louis Vuitton, the famous luxury House, to transform the historic, 1,758 carat Sewelô, Botswana’s largest diamond, into a collection of fine jewellery that will commemorate this extraordinary discovery and contribute direct benefits to our local communities of interest in Botswana.”