Giant diamond doesn't find buyer at Sotheby's sale

MoneyWatch headlines for June 30, 2016

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LONDON - Turns out the largest diamond discovered in over a century may not be worth all that much.

The tennis ball-sized Lesedi la Rona failed to find a buyer Tuesday, a disappointing result for a stone which had described as "the find of a lifetime" by David Bennett, chairman of Sotheby's jewelry division.

NEW YORK, NY - MAY 04: The 1109-carat rough Lesedi La Rona diamond, the biggest rough diamond discovered in more than a century, sits in a display case at Sotheby's on May 4, 2016 in New York City. The stone was found by Lucara Diamond Corp. last year at its Karowe mine in Botswana. The diamond, which is nearly the size of a tennis ball at 66.4 x 55 x 42mm and is believed to be about 2.5 billion to 3 billion years old, was named "Our Light" in the local Tswana language. Lesedi La Rona will be offered at auction in London on June 29 and be on display at Sotheby's New York. The diamond could sell for $70 million or more. (Photo by Spencer Platt/Getty Images) Spencer Platt/Getty Images

The diamond was unearthed in November in Botswana at a mine owned by Canada's Lucara Diamond Corporation. It measures 1,109 carats, the second-largest gem-quality rough diamond ever discovered. Its name means "our light" in the Tswana language.

A spokeswoman said bidding reached $61 million - below the more than $70 million Sotheby's had hoped for.

No rough diamond of this size had ever been auctioned, and after Wednesday's sale it's unclear if one will for a while.

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