WORLDPOST

World's Largest Uncut Diamond Fails To Sell At London Auction

The Lesedi la Rona could be yours, if the price is right.

01/07/2016 12:50 AM AEST | Updated July 1, 2016 00:51

The largest uncut diamond in the world failed to sell at an auction in London on Wednesday.

The Lesedi la Rona was expected to fetch $70 million at Sotheby's, but the highest offer came in at a mere $60 million, falling short of the minimum acceptable bid, the BBC reports.

The diamond, which is roughly the size of a tennis ball, is 1,109 carats and estimated to be more than 2.5 billion years old.

The Lucara Diamond Corporation discovered the Lesedi la Rona in Botswana.

Lucas Jackson / Reuters
The 1,109-carat "Lesedi La Rona" diamond is displayed in a case at Sotheby's on May 4.

Diamond analyst Paul Zimnisky told the CBC that the recent Brexit vote likely affected the market for the stone.

"I think it was definitely the referendum that passed in the U.K.," said Zimnisky. "When you look at the potential bidders of a stone that's close to a hundred million dollars, you know these are wealthy individuals and investors that have a lot of exposure to financial assets that sold off last week with that news."

The Lesedi la Rona means "our light" in the Tswana language of Botswana, according to Reuters.

Also on HuffPost
More On This Topic
Advertisement

FOLLOW HUFFPOST

Advertisement