Jewellery

CUTTING CORNERS: FROM ROUGH TO POLISHED

By Katherine Arteche

Recently, reports emerged on the failure of the Lesedi La Rona diamond at London’s annual summer art auction. Sure, it sold at a whopping USD 61 million, a price that is no small feat. But for a 1,109ct rough diamond? Surely a raw diamond that size is worth so much more?

 

 

It was a reason for controversy because of reports of a USD 70 million reserve price, and anything below would be considered a loss to its owner, Lucara Diamond Corp.

 

 

On the other end of the spectrum, Christie’s broke the record on the most expensive diamond ever sold, with a recent USD 57.5 million sale on the Oppenheimer Blue diamond. Just shy of the USD 60 million mark, one would overlook the figures that weighed against the dramatic turn out of the Lesedi diamond. Until this, that the polished Oppenheimer Blue was a mere 14.6ct in comparison. But at 14.6cts, it is anything but “mere”. Larger blue diamonds are coveted, as only 10 per cent of them weigh more than a carat.

 

Against this backdrop, the tale of the Lesedi La Rona once again fails to impress. Clearly, this tells us that size isn’t always everything.

 

Rough diamonds hold value, of course, just like polished ones. Hidden beneath the uneven surface, the stone could either produce one large flawless creation, or multiples of the same kind. Before that can be determined, each uncut piece is examined and analysed for colour, size and clarity. They are then digitally measured to calculate the optimum cut, deriving at the most suitable diamond shape. When it comes to polishing, faceted machines are affixed with a varying range of hardness in order to grind the diamond’s surface.

 

A brilliant-cut diamond can have anywhere from 58 facets upwards. Once completed, the now-polished diamond is handed over to a grading company, such as the Gemological Institute of America (GIA) to receive a certification and report. Taking in factors such as colour, cut, clarity and carat weight, the ideal diamond would need to be a colourless, flawless solitaire with an excellent cut. The greater the carat weight, the better.

 

So why do we bother with featuring rough diamonds at an auction? Assuming that the only interested parties willing to raise their paddles are traders, the underwhelming response shouldn’t come as a surprise. Lamb explained in an interview, “Ignore what the stone will produce, this is an absolute unique piece. If history repeats itself, there is not a soul alive who will see another 1,000-carat stone.” Here, he makes a substantial point — it’s a rock that is set to dazzle when it does its ultimate reveal.

 

One can only visualise the sparkling grandeur beneath a rugged exterior. And if someone out there can appreciate the beauty in the rough, adding an unrefined mineral to their glittering collection pits both just as beautiful as the other.

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