Talk about a rock!
Lucara, a Canadian mining firm, just sold a $63M diamond to a Dubai-based company and this gem is seriously no joke.
The 813-karat diamond (which is roughly 407 times the size of the average US engagement ring, for reference) was mined from Lucara's "Karowe" mine in Botswana in late November of last year.
The diamond has been named "The Constellation," which we're guessing has much to do with its astronomical size, in addition to its exorbitant price.
Here's a look at the diamond which was found six months ago:
The gemstone was purchased by Nemesis International DMCC, a rough-diamond trading company that markets itself as having created "one of the most in depth pricing systems ever produced for the diamond industry."
The diamond sold for over $77K per karat.
Vancouver-based Lucara, however, is striking more than a one-time deal on the giant diamond.
The company is retaining a 10 percent interest rate on the diamond, which will allow it to have a share in the net profit that the diamond generates after it's polished and cut into its final products.
BMO Capital Market analyst Edward Sterk shared:
"The $63m price achieved is above our expectations."
But the sale of "The Constellation" is only a warm-up for Lucara—the company is set to auction off a second gem called "Lesedi la Rona" on June 29 which just happens to be the second biggest rough diamond ever discovered.
The 1,109-karat diamond is estimated to sell for close to a whopping $86M, if it goes for the same price-per-karat as "The Constellation" sold for.
Quite the pricey investment, but diamonds are forever, after all.
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