In a result that shocked the diamond industry, the world’s second biggest diamond, the 1,109ct Lesedi la Rona, failed to sell at Sotheby’s 29th June London auction.

As the largest diamond found in over 100 years and the largest rough diamond ever to be auctioned, pre-auction whispers around the 2.5 billion year old diamond spoke of records being broken.

Indeed, given that Lucara’s 813ct “The Constellation” diamond, found at the same mine in the same week as Lesedi la Rona, sold in May for $63.1million, one would be forgiven for expecting a 1,109ct diamond to sell for significantly more.

Sadly, that was not the case however, and the highest bid of $61million failed to meet the estimated reserve price of slightly over $70million.

William Lamb, CEO of mining house Lucara Diamond Corp., is quoted as saying that whilst he was disappointed in the “no sale” result, the company now has a better understanding of the value investors have placed in the gem.