Yahoo News Louis Vuitton jewellery purchases second largest uncut diamond in the world
The second largest uncut diamond in the world, discovered last year in an open mine in Botswana, has found a buyer.
While Louis Vuitton is best known for its monogrammed bags and clothing, the LVMH brand has bought the 1,758 carat Sewelo diamond - a clear investment in its fine jewellery arm.
The diamond was discovered by Lucara Diamond Corp. last year and it was named Sewelo, which means ‘rare find’ in Tswana, a language spoken in Botswana.
According to Bloomberg, Lucara inked a deal with Louis Vuitton and Antwerp diamond manufacturer HB Company which comprises of a “non material” upfront fee and that they will own 50% of any polished diamonds cut from the Sewelo.
The outlet also reported the Sewelo is ‘roughly the size of a tennis ball’. It is the second largest uncut diamond discovered in a century, following on from the Cullinan Diamond which weighed 3,016 carats after being discovered in South Africa in 1905.
The Cullinan was later cut and its diamonds were incorporated into the Royal Family’s crown jewels.
In recent months, Louis Vuitton has expanded its jewellery arm by turning to stars such as Sophie Turner, Chloe Grace Moretz and Michelle Williams to star in its campaigns.
A post shared by Louis Vuitton Official (@louisvuitton) on Nov 23, 2019 at 2:00am PST
Turner and Moore both wore pieces from Louis Vuitton’s fine jewellery collection to the Emmy Awards last year.
On top of that, Vuitton opened a flagship store in the Place Vendome nearby Cartier and Boucheron as well as hiring new talent such as designer Francesca Amfitheatrof - previously design director at Tiffany & Co (LVMH also purchased Tiffany & Co. to the tune of £12 billion last year, representing a major expansion into jewellery across the board.)
Speaking to This is Money, former president of the Antwerp Diamond Exchange Marcel Pruwer said, “There are less than ten people in the world who would know what to do with a stone like that or how to cut it, and be able to put the money on the table to buy it.”
He estimated that the Sewelo diamond is worth £38 million.
