It was an event much looked forward to, the excitement built up to fever pitch over the last few months.

However, when the largest extant uncut diamond – and the second largest  to be ever found in the world -- Lucara Diamond Corp.’s Lesedi La Rona finally came up for auction in London, it failed to find a buyer.

It was the first time that such a large rough diamond was sought to be sold through auction when Lucara appointed Sotheby’s to do the job. The message went out that this gem was expected to fetch about US$ 70 million, though Sotheby’s had not publicly declared the reserve price. It said only on its website announcing the auction - “Estimate upon request”.

It is understood that while bidding started at US$ 50 million, it went up to only US$ 61 million, with, it is reported, “strained pauses” in between.

When no buyer was found for this gem, Lucara put out a terse statement yesterday saying: “..the Company will be retaining the exceptional 1,109 carat Type IIa Lesedi La Rona diamond as bidding did not meet the reserve price at the auction held this evening at Sotheby's in London.”

Sotheby’s, on its part, is reported to have said in a statement: "Sadly, Lesedi La Rona was not sold but it is a magnificent stone and it will go down in history as one of the greatest stones ever discovered." 

A media report  quoted William Lamb, Lucara’s CEO as saying “I was just stunned,” when he received the news; and further, “Nobody saw the historical significance that this may be the only 1,000 carat stone to be recovered in their lifetime.”

The same report also said that RBC Capital Markets mining analyst Des Kilalea had conveyed that he had expected the diamond could be sold for anywhere up to US$ 110 million.

For now, the chapter on the Lesedi la Rona auction is closed. No doubt interested parties are waiting for Lucara to announce its next steps with regards to this historic gem.