Connect with us

Headlines

Valuing the World’s Largest Diamond Is Trickier Than You Realize

mm

Published

on

Final auction price will be determined by what the buyer wants to do with it.

As Sotheby’s preps the world’s largest diamond – the 1,111-carat Lesedi La Rona discovered by Lucara Mining Corp. in Botswana – for auction, The New Yorker explores the challenges that make it difficult to determine its value.

One issue, the article says, is that rough diamonds like Lesedi La Rona aren’t usually put up for auction like polished gems are. David Bennett, the chairman of Sotheby’s jewelry division, spoke with the publication and recalled the time when he put a piece of rough pink diamond up for sale 15 years ago, but it didn’t sell. “The prevailing assumption is that no one outside the industry would know what to do with a huge rough diamond – or how to properly value it.”

The article adds that an 813-carat stone of similar quality was recently sold for $63 million, which is being used as a benchmark for this auction. Sotheby’s estimates that Lesedi La Rona is worth at least $70 million, “but this could prove low, given the appeal (and challenge) of owning the world’s largest diamond, combined with the decision to sell it at auction, which has expanded the pool of potential buyers to include fine-art collectors as well as diamantaires. … The final price the diamond draws at auction will be determined, in part, by what the buyer wants to do with it.” The auction is scheduled for June 29 in London.

Read more at the New Yorker

Advertisement

Advertisement

SPONSORED VIDEO

This Third-Generation Jeweler Was Ready for Retirement. He Called Wilkerson

Retirement is never easy, especially when it means the end to a business that was founded in 1884. But for Laura and Sam Sipe, it was time to put their own needs first. They decided to close J.C. Sipe Jewelers, one of Indianapolis’ most trusted names in fine jewelry, and call Wilkerson. “Laura and I decided the conditions were right,” says Sam. Wilkerson handled every detail in their going-out-of-business sale, from marketing to manning the sales floor. “The main goal was to sell our existing inventory that’s all paid for and turn that into cash for our retirement,” says Sam. “It’s been very, very productive.” Would they recommend Wilkerson to other jewelers who want to enjoy their golden years? Absolutely! “Call Wilkerson,” says Laura. “They can help you achieve your goals so you’ll be able to move into retirement comfortably.”

Promoted Headlines

Most Popular