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1,111 carat diamond worth

1,111 carat diamond is hard to value

It has been twelve days from mining the biggest diamond in a century. Yet, Lucara, a Canadian mining company, still cannot estimate the value of the larger than a tangerine sized diamond they found.

The 1,111 carat diamond measuring 65mm x 56mm x 40mm was discovered in the southern African nation of Botswana.

So why is it so difficult to value the 1,111 carat diamond?

Estimation of the value of a rough diamond, a diamond as it was unearthed and before it was cut and polished, is done with a special scanning machine. The scanner can evaluate the diamond’s colour and clarity. It can also tell if there are any internal fractions and ultimately will be able to assess which is the best way to cut the rough diamiond to get the most value of it.

The problem Lucara is facing is that this 1,111 carat diamond is too large to fit into one of the conventional scanners used in the trade to evaluate diamonds.

William Lamb, Lucara CEO, estimate to value of the diamond to be “north of $60 million” but said it is still early days to know.

So how can you estimate the value of a diamond as large as this 1,111 carat diamond?

It seems that prospective buyers will have to turn to the old fashion way using their eyes and their knowledge to value the price of the diamond.

Lucara will not be able to dictate the price of the diamond as the price is not set purely by the carat weight but also according to the demand and interest there is in the diamond.

We know that Lamb rejected an offer of $40 million and that with London’s Natural History Museum interested in displaying the stone, and the Discovery Channel interested in making a documentary about it.

The 1,111 carat diamond will be evaluated by prospective buyers by appointment probably in Antwerp, the diamond center where most of diamond experts are based and work closely with finnaciers who will ditermin if, and how much will be the bidding price.

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