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Louis Vuitton buys world’s second-biggest diamond

In a move signalling its shift towards the jewelry business, the luxury fashion brand Louis Vuitton bought the world’s second largest diamond famously called the Sewelo diamond.

The diamond was recovered by the Lucara Diamond Corporation in Botswana, one of the richest source of rough diamonds in the world. The 1758-carat rough diamond is dark and covers the size of an adult palm.

It was called the ‘Sewelo’ diamond by the mining company as Sewelo means ‘rare find’ in the southern African Tswana language.

Louis Vuitton is now collaborating with Lucara and the HB Company, a Belgian diamond manufacturer to manufacture smaller jewels from this diamond.

This diamond is only next to the 3,106-carat Cullinan diamond discovered in South Africa in 1905. This biggest diamond ever was also cut into smaller ones, many of which were used to create the jewelry of the royal family of England.

According to a press release, “The purpose of this unprecedented collaboration between a miner, a cutting-edge manufacturer and a large luxury brand will be the planning, cutting and polishing of a collection of diamonds from Sewelô.”

This move marks a definitive shift for the parent company of Louis Vuitton, LVHM into the luxury jewelry business. A few months ago, LVHM acquired Tiffany’s for a whopping $16.2 billion.

LVHM is a French multinational luxury goods conglomerate headquartered in Paris that controls around 60 subsidiaries that each manage a number of prestigious and luxury brands. Its subsidiaries are associated with fashion and leather goods, perfumes and watches, wines, cosmetics, and jewelry. Fendi, TAG Heuer, Bvlgari, Sephora, Hennessy, and Christian Dior are just some of its best-known brands.

Courtesy - Newsum

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