Louis Vuitton has bought the world’s second-largest diamond – 1, 758-carat gem – known as the Sewelo diamond.
The name of the gem means “rare find” in Tswana – one of the languages spoken in Botswana.
The diamond, discovered in 2019 by Lucara Diamond Corp was purchased for an undisclosed sum as the luxury brand turns its attention from leather handbags to high-end jewellery.
Speaking after the acquisition, CEO of Louis Vuitton Michael Burke told The New York Times the price was in the “millions” and that “some of my competitors, I believe, will be surprised,” by the purchase of the baseball-sized gem.
“Nobody expects us to put such an emphasis on high jewellery,” he added. “I think it will spice things up a bit. Wake up the industry.”
According to reports, this move is part of a renewed interest from the France-based brand in the jewellery market. They are also set to work with a diamond manufacturer from Antwerp who will cut and polish the diamond into smaller stones for jewellery collection.
This baseball-sized stone is the second largest-ever rough diamond. The first, a 3, 106-carat Cullinan diamond was found in South Africa in 1905.
Louis Vuitton Malletier commonly referred to as Louis Vuitton was founded in 1894. The international fashion house deals in products ranging from shoes, watches, accessories, sunglasses and books.