Uncut diamond sold for $53m

VANCOUVER - A tennis ball-sized rough diamond unearthed nearly two years ago by Canada's Lucara Diamond Corp has been sold for $53 million, the Vancouver-based company said on Monday.

The 1,109-carat stone, which is the world's largest uncut diamond, was bought by British diamond dealer Graff Diamonds for $47,777 per carat, and will now be cut and polished, Lucara said in a statement.

The price paid was an "improvement" on the highest bid received for the diamond at a Sotheby's auction in June 2016, Lucara Chief Executive and President William Lamb said.