The largest uncut diamond in the world, the size of tennis balls was not sold yesterday at auction in London, since no one has offered the starting price, which was $70 million. Diamond Lesedi La Rona, a 1,109-carat, was found 2015 in Botswana by the Lucara Diamond Corp. At an auction in London, however, the highest bid price was $61 million, but the Sotheby’s auctioneer failed to persuade bidders to go above that amount.
Tobias Kormind of online retailer 77 Diamonds the bullish gem market may have reached a tipping point and demand for large rare stones might just be saturated, but that it is also possible that the instability of the market after Brexit impact on the outcome of unsuccessful auction.