French luxury brand Louis Vuitton announced on Thursday that it had bought the world’s second-largest rough diamond, the 1,758-carat Sewelo, which will be cut, polished and turned into Louis Vuitton’s jewelry collection. The 1,758-carat original diamond was discovered in Botswana last April by Canada’s Lucara Diamond. The company said it had struck deals with Louis Vuitton and Dutch diamond maker HB Company.
It’s not clear what the value of the polished diamond is, and as Lukala has previously said, Sewelo is not a diamond that produces top-of-the-line jewelry standard seqs.
Michael Burke, Louis Vuitton’s chief executive, declined to say how much the company had spent on the rough, but said some competitors were surprised that “LV bought the rough” and that the company would try to bring the stone to market in a different way.
In 2015, Lukara discovered the 1109-carat Lesedi La Rona diamond, then the world’s second-largest rough diamond, which eventually sold for $53 million. The mine also produced an 813-carat diamond that fetched a record $63 million. Both gems are more valuable IIa diamonds.