Luxury Jeweler De Grisogono Buys Rights to 404-Carat Rough Diamond

Swiss jeweler De Grisogono SA has acquired the rights to market a 404-carat rough diamond which it bought from Dubai trader Nemesis International DMCC.

The giant diamond was discovered by Lucapa Diamond Co at its Lulo mine in Angola. Nickolas Polak, a director of Nemesis International, declined to disclose a price, but in February Lucapa said it sold the 404-carat diamond for $22.5 million, Bloomberg reported.

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 luxury jewelry maker De Grisogono.