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SOTHEBY’S AUCTION OF 1,109-CARAT ‘LESEDI LA RONA’ UNSUCCESSFUL
30 June 2016
This week's much-anticipated Sotheby's auction in London of Lucara Diamond Corporation's 1,109-carat type IIa rough diamond came to a disappointing end, as the bidding for the stone, which reached US$61 million, failed to reach the company's reserve price.

The stone, named Lesedi La Rona (which means "our light" in the Tswana language of Botswana, where the stone was found), has been lauded as the second largest gem-quality stone ever recovered - second only to the famous Cullinan diamond.

In May this year, Lucara sold the 813-carat type IIa rough gem quality diamond, "The Constellation", for US$63.1 million, reportedly the highest price ever achieved for a rough diamonds, raising the expectations for another record-breaking sale for the much larger Lesedi La Rona.

There is some speculation that the results of the Brexit vote which took place in the interim were to blame for the reluctance of bidders to pay more for the diamond at this time.

Lucara's President and CEO William Lamb issued a press statement confirming that "the Company will be retaining the exceptional 1,109 carat Type IIa Lesedi La Rona diamond as bidding did not meet the reserve price at the auction held this evening at Sotheby's in London."
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