TORONTO – A Canadian diamond-mining company may be forced to cut its prize diamond after failing to find a buyer at Sotheby’s last summer, but the firm’s executives are biding their time before making a decision.

Lucara Diamond Corp had hoped the 1,109-carat stone, only the second of its size ever discovered, would be snapped up by ultra-rich collectors but the bidding failed to surpass the $70 million reserve price, the minimum price the seller will accept.

“The stone in rough form contains untold potential,” said Lucara’s chief executive William Lamb. “As soon as you polish it into one solution, everything is gone.”