Lucara Diamond Corp. has sold a 549 carat diamond to Louis Vuitton through a partnership that will see the luxury retailer craft bespoke pieces to match client requests.
“In line with their long tradition of personalization, Louis Vuitton envisages. the ultimate personalized high jewelry experience, and the opportunity to create a truly unique gem, a storied family heirloom,” Lucara said Wednesday. “In this way, the client will be involved in the creative process of plotting, cutting, polishing and becoming part of the story that the stone will carry with it into history.”
HB Antwerp will manufacture the stone, which is the fourth largest in the history of Botswana. Lucara will receive a purchase price based on the estimated polished outcome, which HB will determine using scanning and planning technologies. Louis Vuitton will pay the miner more at a later stage if the final polished price exceeds this estimate, while subtracting manufacturing costs, Lucara noted.
Lucara recovered the 549 carat, unbroken diamond, which is of “exceptional purity,” from the high value EM/PK(S) unit of the south lobe of its Karowe mine in February. It has named the stone Sethunya, which means flower in Setswana.
The miner sold the 1,758 carat Sewelô rough, Botswana’s largest diamond, into the partnership with Louis Vuitton and HB in January.
“We are extremely pleased to be building on the groundbreaking partnership established for the manufacturing of the Sewelô earlier this year,” said Lucara CEO Eira Thomas. “[Louis Vuitton and HB Antwerp will] transform Sethunya. into an extraordinary, bespoke, polished diamond collection, catering exclusively to the desires of Louis Vuitton’s global customer base.”
Source: Diamonds.net
LVMH Moët Hennessy Louis Vuitton is set to acquire Tiffany & Co. for $16.2 billion, strengthening the Paris-based luxury group’s position in the global jewelry market and increasing its US presence.
“Tiffany is a company with an unparalleled heritage and unique position in the global jewelry world,” LVMH CEO Bernard Arnault said Monday. The deal will transform LVMH’s watches and jewelry division, the company added.
LVMH first made an unsolicited offer to purchase Tiffany for $14.5 billion, or $120 per share, last month. However, Tiffany felt the offer undervalued it, and asked LVMH to raise its bid. The new deal values the US jeweler at $135 per share.
“Following a strategic review that included a thoughtful internal process and expert external advice, the board has concluded that this transaction with LVMH provides an exciting path forward with a group that appreciates and will invest in Tiffany’s unique assets and strong human capital, while delivering a compelling price with value certainty to our shareholders,” explained Roger Farah, chairman of Tiffany’s board of directors.
Acquiring Tiffany will help LVMH compete against rivals Kering and Richemont in the luxury jewelry sector, RBC analyst Rogerio Fujimori was quoted in media reports as saying.
LVMH is also home to jewelry and watch brands Bulgari, Chaumet and TAG Heuer. The move would mark a return to LVMH for Tiffany CEO Alessandro Bogliolo, who previously held senior positions at Bulgari and Sephora, another LVMH label.
“Tiffany has been focused on executing on our key strategic priorities to drive sustainable long term growth,” said Bogliolo. “This transaction…will provide further support, resources and momentum for those priorities as we evolve towards becoming the next-generation luxury jeweler.”
Source: Diamonds.net
