Canada’s Lucara Diamond Corporation announced Monday that a luxury jeweler, Graff bought the worlds largest diamond for $53 million.
The diamond was named Lesedi La Rona, which means “Our Light” in Botswana’s Tswana language.
Lucara announced the sale of the Lesedi La Rona after the market closed Monday, a day when its Toronto-listed shares slumped 1.7%.
The diamond, weighing more than 1,000 carats, was discovered two years ago in the African country of Botswana.
Experts say it is the biggest gem quality diamond found in more than 100 years
Lucara had originally hoped to get at least $70 million for the stone, describing it as the biggest gem quality diamond found in more than a century.
Lucara CEO William Lamb said the price paid by Graff topped the highest bid received in the Sotheby’s auction last year. But it falls short of the $63 million Lucara received last year for The Constellation, a smaller 813-carat uncut diamond.
The stock soared in the months following the Lesedi La Rona’s discovery, but it has plummeted more than 40% since last year’s failed auction.
The only larger diamond previously unearthed was the 3,106-carat Cullinan Diamond, which was discovered in South Africa in 1905. The Cullinan was eventually cut into smaller stones, some of which are now part of British royal family’s crown jewels.