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.
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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.
— Lucara Diamond Corp (@LucaraDiamond) May 4, 2016
“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.”