Sewelô Diamond Found in Botswana Has Been Bought By Fashion Giant Louis Vuitton

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Last year April, the second-largest rough diamond was found in Botswana by the Canadian mining company Lucara, the diamond is a 1,758-carat rough diamond. French luxury fashion house Louis Vuitton has emerged as the buyer.

The fashion giant has plans to grow it’s high-end jewelry market. The 166-year-old €215bn luxury goods empire is typically known for it’s leather crafted bags but aims to grow its jewelry devision in the coming years.

“It’s the biggest potential we have right now,” he tells the Financial Times, noting that jewellery is presently “one of the highest-growth categories we have, if not the highest” – Michael Burke, chairman and chief executive of Louis Vuitton said.

This purchase comes fresh off their recent acquisition of jewellery giant Tiffany & Co for €14.7bn in cash — set to be the highest price paid for a luxury company.

Lucara will receive an up front non-material payment for the Sewelô diamond and retain a 50 per cent interest in the individual polished diamonds that result. In addition, five per cent of all of the retail sales proceeds generated from this historic collection will be invested directly back into Botswana on community-based initiatives undertaken by Lucara.

Lucara’s chief executive Eira Thomas said:  “We are delighted to be partnering with Louis Vuitton, the famous luxury House, to transform the historic Sewelô, Botswana’s largest diamond, into a collection of fine jewellery that will commemorate this extraordinary discovery and contribute direct benefits to our local communities of interest in Botswana.


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