The Lesedi La Rona, as it was named, is the third biggest diamond ever found, and the second largest of gem quality.
Diamond miner Lucara announced it had sold the Lesedi La Rona to Graff Diamonds on Monday for $53million, or $47,777 per carat.
“The discovery of the Lesedi La Rona was a company defining event for Lucara. It solidified the amazing potential and rareness of the diamond recovered at the Karowe mine,” William Lamb, president and CEO of Lucara, said in a press release.
Laurence Graff, chairman of Graff Diamonds, bought the diamond privately after it failed to meet its reserve price at an auction last year.
The 1,111-carat stone was recovered by Canadian firm Lucara Diamond Corp in Botswana two years ago.
Lucara said the price was an improvement on the highest bid received at Sotheby’s in June 2016.
The diamond is named “Lesedi La Rona”, which means “our light” in Botswana’s Tswana language.
The stone was first formed between 2.5 to three billion years ago and is roughly the size of a tennis ball.
Laurence Graff said his company was “thrilled and honored” to own the diamond.
“The stone will tell us its story, it will dictate how it wants to be cut, and we will take the utmost care to respect its exceptional properties,” he said in a press release.
“I am privileged to be given the opportunity to honor the magnificent natural beauty of the Lesedi La Rona.”