813-carat rough diamond sells for $63 million

Lucara diamond sale

A massive 813-carat rough diamond has been sold for $63 million by Canadian mining firm Lucara. It’s a new record for a rough gem.

The diamond is called “The Constellation” and it was pulled out of a mine in Botswana in November 2015.

The rough diamond was purchased by Dubai-based Nemesis International DMCC. Lucara said that it has retained a 10% interest in the gem, allowing it to profit from further transactions after “The Constellation” is polished and cut.

A second Lucara diamond named the “Lesedi la Rona” will go up for auction next month. That gem, sourced from the same mine, is the second biggest ever discovered at 1,109-carats.

The “Lesedi la Rona” is roughly the size of a tennis ball and analysts say it could fetch $70 million. The gem is so big that it couldn’t fit in standard scanners that are used to determine the value of a gem.

“Not only is the rough superlative in size and quality, but no rough even remotely of this scale has ever been offered before at public auction,” said David Bennett of Sotheby’s, which will conduct the sale.

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Lucara shares are up 70% over the last 3 months.

Written by John Howard

John Howard

John Howard is the Business Editor at BusinessPundit.com. He is an avid watcher of markets, a wallflower of retail, and a fan of disruptive businesses that utilize technology and unique ideas to form brilliant new ways of doing business. He can be reached at Student Loan Ninja