French-Israeli billionaire Patrick Drahi is set to auction a rare high-grade diamond sourced from Africa’s richest mine, with an estimated price of $2.8 million, underscoring continued global demand for exceptional natural gemstones despite broader market softness.
The stone, known as the “Jwaneng 28.88,” weighs 28.88 carats and was recovered from the Jwaneng Mine in Botswana, widely regarded as the richest diamond mine in the world by value.
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It was produced by De Beers and later cut from a much larger 114.83-carat rough stone through a precision process lasting several months.
The diamond is classified as D-colour and internally flawless placing it among the rarest categories of polished diamonds, which command premium pricing in global luxury markets.
It is scheduled to be sold during a high-profile luxury auction event in Hong Kong hosted by Sotheby’s, the global auction house acquired by Drahi in 2019.
The sale comes at a complex moment for the global diamond industry. While Botswana remains a dominant supplier of high-value stones, the sector is facing declining demand for natural diamonds and increasing competition from lab-grown alternatives, putting pressure on revenues and economic stability in diamond-dependent economies.
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Despite these headwinds, rare stones such as the Jwaneng 28.88 continue to attract strong interest from elite collectors, with high-profile auctions serving not only as commercial transactions but also as strategic showcases of Africa’s mineral wealth in global luxury markets.
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Source: Business Insider Africa
