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LUC - Lucara Diamond News Story

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Market Cap £195.3m
Enterprise Value £212.3m
Revenue £102.2m
Position in Universe 517th / 2703

Canada's Lucara sells world's largest uncut diamond for $53 million

Mon 25th September, 2017 11:58pm
VANCOUVER, Sept 25 (Reuters) - A tennis ball-sized rough 
diamond unearthed nearly two years ago by Canada's Lucara 
Diamond Corp  LUC.TO  has been sold for $53 million, the 
Vancouver-based company said on Monday.  
    The 1,109-carat stone, which is the world's largest uncut 
diamond, was bought by high-profile British diamond dealer Graff 
Diamonds for $47,777 per carat, and will now be cut and 
polished, Lucara said in a statement.  
    The price paid was an "improvement" on the highest bid 
received for the diamond at a Sotheby's auction in June 2016, 
Lucara Chief Executive and President William Lamb said. 
    Lamb had gambled that ultra-rich collectors, who buy and 
sell precious art works for record-breaking sums at auction, 
would do the same with a diamond in the raw. The unprecedented 
bet failed when bids did not meet the auction reserve price and 
the diamond was not sold.*:nL1N1K314M 
    Lamb said in July the unsold stone "weighs heavily" on the 
company's stock, which is down more than 40 percent in the past 
    The stone, named "Lesedi La Rona," or "Our Light" in the 
national language of Botswana where it was mined at Lucara's 
Karowe mine in November 2015, is said to be 2.5 to 3 billion 
years old. 
    The rough diamond is second in size only to the 3,106.75 
carat Cullinan, which was cut into 105 diamonds, including 
several British Crown Jewels. 
    The Lesedi will "dictate how it wants to be cut, and we will 
take the utmost care to respect its exceptional properties,"  
Laurence Graff, founder of Graff Diamonds said in the statement. 
 (Reporting by Nicole Mordant in Vancouver; Editing by Cynthia 
 ((; +1-778-374-3854; Reuters 
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