The world’s largest diamond, found by Lucara Diamond (TSX:LUC) last year could potentially sell for $70 million at Sotheby’s auction on June 29. The diamond will be on display at Sotheby’s this week in anticipation of the upcoming auction.

The gem, called Lesedi la Rona, was found by Lucara at its Karowe mine in Botswana last November.  Of note, Botswana is the world’s largest producer of diamonds.

At three billion years old, the diamond is 1,109 carats and the size of a tennis ball and is the largest discovered diamond in 100 years.

Upon last year’s discovery, William Lamb, president and CEO of Lucara, made the following statement:

This historic diamond recovery puts Lucara and the Karowe mine amongst a select number of truly exceptional diamond producers. The significance of the recovery of a gem quality stone larger than 1,000 carats, the largest for more than a century and the continued recovery of high quality stones from the south lobe, cannot be overstated. Our focus on mining the south lobe, which is delivering value beyond expectation, has been perfectly timed with the commissioning of our recent plant modifications, enabling the recovery of these large, high quality exceptional diamonds.

Lesedi La Rona is second only in size to the Cullinan diamond in the British Crown jewels.

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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.

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