Published: Sun, January 19, 2020
Markets | By Otis Pena

The second-biggest diamond ever found will become Louis Vuitton jewelry

The second-biggest diamond ever found will become Louis Vuitton jewelry

The Sewelo diamond is roughly the size of a tennis ball.

Louis Vuitton, the 166-year-old French luxury label, is expanding its stake in the high-end jewelry market with the purchase of the second-largest rough diamond in human history. It was cut into several polished gemstones, the two largest of which - the African Big Star and the African Little Star - are set in the ring crown jewels of Great Britain.

The only larger diamond ever found was the 3,106-carat Cullinan Diamond, unearthed in 1905 in South Africa. It was sold to Graff, a British jeweler, for $53 million.

After the stone is cut and polished by HB Co., a diamond manufacturer in Antwerp, Belgium, it will be transformed into a collection of jewelry, further broadening parent company LVMH's expansion in the jewelry market with its $16.2 billion acquisition of Tiffany & Co. These two gems were both much more valuable Type IIa stones.

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Bernard Arnault, chairman and chief executive of Louis Vuitton's owner LVMH, bagged iconic United States jeweller Tiffany in a £12billion deal past year.

Michael Burke, the chief executive of Louis Vuitton, told The New York Times that the purchase price was in the "millions" and acknowledged that "some of my competitors, I believe, will be surprised" by the news.

Louis Vuitton Malletier commonly referred to as Louis Vuitton was founded in 1894. It's unclear how valuable the polished diamonds will be though, as Lucara previously said the Sewelo wasn't a type of diamond that yields top jewelry standard gems.

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