Sep 26, 2017

Lucara Sells 1,109 ct Lesedi La Rona to Graff Diamonds for US$ 53 Million

Lucara Diamond Corp has sold its historic 1,109 carat diamond recovered from the Karowe mine in Botswana in November 2015, and later named Lesedi La Rona, to Graff Diamonds for US$ 53 million. The stone was the largest rough diamond mined in over a century, and the second biggest ever mined, smaller only than the 3,106 ct Cullinan Diamond discovered in 1905.

The price paid by Graff exceeds the highest bid at the Sotheby’s auction in June 2016 when the price offered by the bidder was not found acceptable by the Company.

Graff Diamonds, which has purchased a number of large diamonds over the years, also bought a 373 ct stone which was originally a part of the same diamond, from Lucara earlier this year. Graff also purchased The Constellation, a smaller 813-carat uncut diamond for US$ 63 million last year, and had bought the 603-carat uncut Lesotho Promise at an auction in Belgium in 2006 for US$ 12.4 million.

Laurence Graff said, "We are thrilled and honoured to become the new custodians of this incredible diamond. The stone will tell us its story, it will dictate how it wants to be cut, and we will take the utmost care to respect its exceptional properties. This is a momentous day in my career, and I am privileged to be given the opportunity to honour the magnificent natural beauty of the Lesedi La Rona."

William Lamb, President and CEO, Lucara said, "The discovery of the Lesedi La Rona was a company defining event for Lucara. It solidified the amazing potential and rareness of the diamonds recovered at the Karowe mine. We took our time to find a buyer who would take the diamond through its next stage of evolution. The price paid is also an improvement on the highest bid received at the Sotheby's auction in June 2016. Graff Diamonds is now the owner of the Lesedi La Rona as well as the 373 carat diamond, purchased earlier this year, which formed part of the original stone. We are excited to follow these diamonds through the next stage of their journey."