The 1,109-carat Lesedi La Rona diamond, the second largest rough diamond ever discovered, failed to sell at auction as bids did not reach the reserve price expected to be over $70 million. Lucara Diamond, who discovered the tennis ball sized diamond, will retain ownership as the high bid of $61 million was not enough. Lucara's stock price dropped 15% on the news of the failed sale, though it remains double what it was before discovering the diamond in November. The unprecedented auction was the first time a diamond of such size and importance was offered at public sale.

1. Lesedi La Rona Diamond Fails to Sell at Auction
Jun 30, 2016 3:25 AM By Rapaport News
RAPAPORT... The 1,109-carat Lesedi La Rona failed to sell in London Wednesday as bidding
for the second-largest rough diamond ever discovered shocked the industry by falling below
its reserve price.
Lucara will retain the type-IIa stone, which was expected to fetch more than $70 million at the
Sotheby’s auction. The diamond, the size of a tennis ball, failed to draw a higher bid than $61
million.
Toronto-listed Lucara’s share price dived on news of the failed sale, ending the day 15
percent lower. The miner’s stock is still more than double the level before it discovered the
diamond in November.
“Every aspect of tonight’s auction was unprecedented,” Sotheby’s said in a statement cited by
CNN Money. “No one alive today has ever seen a gem-quality rough diamond of this
incredible scale. No rough diamond of importance has ever before been offered before at
public auction. And no diamond – polished or rough – has ever been estimated at this price
level.”