Identity and Physical Characteristics of the 2nd Largest Diamond
The second largest gem-quality diamond ever found is the Lesedi La Rona, a 1,109-carat rough stone discovered in November 2015 at the Karowe Mine in Botswana, operated by Lucara Diamond Corp. It is a Type IIa diamond, the purest and most valuable chemical classification, and it ranks directly behind the 3,106-carat Cullinan I, also known as the Great Star of Africa, which remains the largest clear diamond cut from the original Cullinan rough stone found in South Africa in 1905. The Lesedi La Rona rough stone was sold at a Sotheby's auction in London in June 2016 for $53 million, a record price per carat for a rough diamond at the time, and it was acquired by Graff Diamonds, which later cut and polished the stone into multiple gems, including an extraordinary 302.37-carat emerald-cut diamond now known as the Graff Lesedi La Rona.
Origin and Discovery Details
Discovered in the Karowe Mine in Botswana, the Lesedi La Rona was recovered using X-ray transmission technology developed by technology partner TMT Detection, a subsidiary of the Swiss-based technology group TMT. The stone was unearthed at a depth of roughly 600 meters in the mine's south pit, and its discovery was confirmed by Lucara Diamond Corp, which operates the mine under a joint venture with the Government of Botswana through Debswana Diamond Company. The find immediately propelled Botswana into the global spotlight for high-value diamond production, reinforcing the country's role as a leading source of large, gem-quality stones in the finance and investment markets.
Ownership, Cutting Process, and Market Impact
After the 2016 Sotheby's auction, Graff Diamonds, led by founder Laurence Graff, took possession of the Lesedi La Rona rough stone. Graff's cutting and polishing process, which took over two years and involved a team of master cutters, resulted in the 302.37-carat emerald-cut main stone and several smaller stones, with the largest polished gem graded as a D color, internally flawless by the Gemological Institute of America, the world's foremost authority on diamond grading. The finished Graff Lesedi La Rona was subsequently sold in 2017, and its exact sale price remains undisclosed, though industry sources estimate the transaction was valued in excess of $50 million, reflecting the extreme rarity and demand for top-color, top-clarity diamonds among ultra-high-net-worth collectors and institutional investors.
Comparison to Other Large Diamonds
In the global ranking of largest diamonds, the Lesedi La Rona sits firmly in second place among gem-quality stones, behind the Cullinan I and ahead of the 1,758-carat Sewelô, another rough diamond recovered from the Karowe Mine by Lucara in 2019 and purchased by Louis Vuitton's parent company LVMH for an undisclosed sum. The third largest gem-quality diamond is the 1,109-carat Constellation, also a product of the Karowe Mine, which sold at a Christie's auction in 2017 for $63.1 million, demonstrating that the second largest diamond in the world anchors a narrow but extremely high-value segment of the rough diamond market that is closely watched by analysts in the finance and luxury investment sectors.
Current Market Value and Investment Relevance
The market value of the second largest diamond in the world is shaped by its rarity, provenance, and the sustained demand for exceptional large diamonds among collectors and institutional buyers. The Graff Lesedi La Rona, as the principal polished product of the original rough stone, is considered