|Industry insiders say Lucara Diamond Corp will have to cut its tennis ball-sized rough diamond to find a buyer. Bidding for the 1,109 carat stone stalled at $61 million at Sotheby's last year — short of the $70 million reserve. Lucara’s CEO William Lamb thought that ultra-rich collectors, who buy and sell precious art works for record-breaking sums at auction, would do the same with a diamond. That bet failed.|
There is a “very, very small universe” of companies with the skill, money and network to polish and sell the Lesedi said Lamb. A Dubai trading company paid a record US$63 million for Lucara’s 813-carat ‘Constellation’, while British diamond dealer Laurence Graff bought a 374-carat stone for US$17.5 million.