Russia to continue buying diamonds through state fund in 2025
The Russian budget for 2025-2027 has set aside $1.55 billion for the purchase of precious metals and gems.
In November 2015, Vancouver-based Lucara Diamond Corp. announced that it had recovered a 1,111-carat diamond – the second largest, gem quality stone ever found in the world – from its Karowe mine in Botswana. Following a country-wide contest, the stone was named Lesedi La Rona – meaning “our light”.
Lucara put the Lesedi La Rona up for sale, but initially felt the price offered was too low. The miner hung onto it until September 2017 when it was sold to Graff Diamonds for $53 million or $47,777 per carat.
Graff has now created a 302.37-ct square emerald cut diamond – the world’s largest of that particular cut. The company’s craftsmen used sophisticated software and lasers to make the initial cuts.
The rest of Lesedi La Rona became 66 exquisite satellite stones ranging in size from under a carat to more than 26 carats.
(This article first appeared in the Canadian Mining Journal)
