Auction Draws Attention to the Value of Diamonds
How much would you be willing to pay for a rare, rough diamond? A recent auction in London raised this question when the Lucara Diamond Corp. put a 1,109-carat Lesedi la Rona rough diamond on the block at Sotheby’s for an estimated asking price of $70 million.
The record-setting stone, about the size of a tennis ball, is the largest rough diamond found since the 3,016.75-carat Cullinan Diamond in 1905. While the stone failed to sell on June 30, 2016, it definitely created a buzz in the world for diamond cutters and sellers.
Diamonds and diamond jewelry are among the high-end assets that Pawngo, an online pawn shop, can accept for personal collateral loans when customers work with us. We’ve been following this exciting story of the Lucara Diamond auction.
In the end, the highest bid for this rare diamond reached was $61 million, $68.3 million with buyer’s premium. For now, Lucara has decided to retain the stone since it didn’t sell for the higher price tag. Time will tell if the stone is sold and/or cut and polished in the future, or even placed in a
museum for public display because of its exceptional artistic qualities. News reports on the stone also speculate that there is a “high probability” that the polished diamonds cut from the 1,109-carat rough will be D color. According to the reports, aside from its size, the fact that the Lesedi la Rona
was a rough diamond offered up at a public auction — one open to more than just the trade — was another notable aspect of this diamond find. Pawngo will continue to monitor this story and how it will affect the world of diamonds and their values.
Pawngo accepts loose diamonds and diamond jewelry as assets for collateral loans. Our in-house team of GIA gemologists have decades of experience and can answer your questions about the estimated value of your diamonds and other jewelry. To learn more about Pawngo and online pawn loans, contact us at 1-866-499-2363 or visit us at //pawngodev.engagesimply.com/.