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Business News: Louis Vuitton Buys World’s Largest Uncut Diamond
Just as the inaugural LVMH Watch Week closed its doors – after Hublot, Bulgari and Zenith had presented their new timepieces – Louis Vuitton has something even bigger to boast about. The Parisian luxury brand, which is the biggest component of LVMH, has just acquired a stake in the world’s largest uncut diamond, which is also the second-biggest diamond ever. Discovered last April at the Karowe mine in Botswana, the Sewelô weighs 1,758 carats, or quite a bit larger than a tennis ball. Sewelo means “rare find” in Setswana, a language spoken in Southern Africa. It was the name chosen from some 22,000 entries that were submitted to a contest run by the mining firm that discovered the stone, Canadian outfit Lucara. Despite the moniker, the Sewelo is not unique – it is the second diamond over 1,000 carats mined by Karowe, after the 1,109 carat Lesedi de Rona found in 2015 and then sold for US$53 million to Graff, which cut it into in several smaller stones. Currently stored on the top floor of Louis Vuitton’s jewellery store on the Place Vendome in Paris, the Sewelô is covered in carbon, and its quality is unknown, although it was described as “near gem quality”, and containing “domains of high-quality white gem”, by Lucara. According to Louis Vuitton chief executive Michael Burke, quoted in The New York Times, the luxury house will only cut and set the stone after it has found a buyer, instead of keeping it as an object for exhibitions. Though Louis V...
