The world's second-biggest diamond just bought by Louis Vuitton

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Ambitious French luxury brand Louis Vuitton purchased the 1,758-carat Sewelo diamond found by Lucara Diamond Corporation in April 2019 from Botswana's Karowe mine.

When the Sewelô diamond was discovered last year, it took the title of second-largest diamond in history, ousting the previous holder of the title -- a 1,111-carat diamond, called Lesedi La Rona, that was unearthed from the same mine in Botswana.

Cullinan diamond was the only larger diamond ever found of 3,106-carat, discovered in South Africa in 1905 and eventually yielded into smaller stones, some of which are now part of British royal family's crown jewels. The final value of the Sewelô diamond will be dictated by several factors -- not just the size, but also the color, clarity and how it can be cut.

On asking Chief executive of Louis Vuitton, Michael Burke about the price, without revealing the exact price of the rock he told New York Times that the price was in millions and further added that their move will surprise some of their key competitors as nobody expects us to put such an emphasis on high jewelry. He asks the industry to wake up.

The parent company of Louis Vuitton, LVMH also recently acquired the American luxury jewelry company Tiffany & Co. for USD 16.2 billion.

Belgian diamond manufacturer HB Company and Lucara Diamond Corporation have entered into a collaboration with Louis Vuitton now to polish and manufacture a number of smaller jewels from the Sewelô diamond.

The release didn't disclose the value of the agreement, the company has confirmed that it will receive an up-front payment and keep a 50% stake in the diamonds produced from the uncut stone. A further 5% of the resulting sales will be invested back into Lucara's community initiatives in Botswana.