Swiss jeweler De Grisogono SA bought the rights to market a 404-carat rough diamond from Dubai trader Nemesis International DMCC.
The stone was discovered at Lucapa Diamond Co.’s Lulo mine in Angola, Nickolas Polak, a director of Nemesis International, said in Dubai at a news conference to announce the sale. He declined to disclose a price, but in February Lucapa said it sold a 404-carat diamond for $22.5 million. The stone is the world’s 27th-biggest and should take six months to cut, said Omar Chaoui, managing director of the Middle East & India region for Geneva-based De Grisogono.
The rough diamond trade in Dubai was valued at $13.1 billion last year, down from $14.2 billion a year earlier, according to the Dubai Multi Commodities Centre.