Investing.com - Financial Markets Worldwide
Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

World's second-largest diamond named before road show to find buyer

Published 2016-02-09, 10:34 a/m
© Reuters. World's second-largest diamond named before road show to find buyer
LUC
-

CAPE TOWN, Feb 9 (Reuters) - The largest diamond uncovered
in over a century was officially named on Tuesday ahead of a
secretive road show to find a buyer for the rare stone.
Named "Lesedi La Rona" - which means "Our Light" in the
Setswana language - the 1,100 carat diamond is about the size of
a tennis ball and will soon embark on the road show.
The gem was pulled from the ground in November by Lucara
Diamond Corp LUC.TO at its Karowe mine in Botswana.
"The road show is to showcase the stone to any potential
buyer," Lucara's chief executive William Lamb told Reuters after
the naming ceremony on the sidelines of an African mining
conference in Cape Town.
Lamb said this could include "ultra-high-net-worth
individuals" who might be interested in the stone for its value
as a collector's item.
But don't expect an invite.
"The biggest challenge on the road show is that the weight
to value ratio of the stone makes it potentially the
highest-value item on the planet," Lamb said.
"So because of the security around the stone, there will be
no telling people where we are going to be taking it, we are not
going to be putting any of that information out because we want
to protect our asset."
The diamond was named after the winning entry was picked
from a competition that was open to citizens of Botswana, an
arid and sparsely-populated Southern African nation that relies
heavily on diamond mining.
Exports of diamonds mined in Botswana fell 38 percent to
$2.4 billion last year from $3.9 billion in 2014, the lowest
shipment of gems in six years.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.