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Learning the lessons from the Lesedi la Rona sabotage

New pathways: Lahri says the experience of the Lesedi la Rona auction impressed upon Lucara the need to engage partners such as HB Antwerp
New pathways: Lahri says the experience of the Lesedi la Rona auction impressed upon Lucara the need to engage partners such as HB Antwerp

Government’s desire for greater participation in the diamond industry’s downstream, traces its origins, in part, to the little known sabotage of the Lesedi la Rona auction in 2016, where the iconic stone fetched far below its potential. A silent vow of “never again,” was made, reports Staff Writer, MBONGENI MGUNI

In June 2016, Lucara Diamond Corp’s 1,109-carat Lesedi la Rona, the largest diamond recovered in a century and the pride of the country, failed to sell at widely livestreamed auction.

The story around the stone began when the giant stone was pulled out of the sands of the Boteti sub-district In November 2015. Approximately the size of a tennis ball, the 1,109-carat stone triggered global astonishment and awe for its sheer mass, clarity and rarity, being the largest since the 3,106-carat Cullinan Diamond discovered near Pretoria in 1905.

Editor's Comment
Botswana at a critical juncture

While the political shift brings hope for change, it also places immense pressure on the new administration to deliver on its election promises in the face of serious economic challenges.On another level, newly appointed Finance Minister Ndaba Gaolathe’s grim assessment of the country’s finances adds urgency to the moment. The budget deficit, expected to be P8.7 billion, is now anticipated to be even higher due to underperforming diamond...

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