French-Israeli billionaire Patrick Drahi to auction rare diamond from Africa’s richest mine with $2.8 mn price tag

Sotheby’s will auction a rare 28.88-carat diamond from Botswana’s Jwaneng mine, estimated at $2.8 million, during luxury week in Hong Kong. The ‘Jwaneng 28.88’ diamond, produced by De Beers, is D-colour and internally flawless, among the rarest polished stones.

Botswana faces pressures from falling global diamond demand and competition from lab-grown gems, impacting its economy and credit rating. Despite market challenges, Botswana remains a leading source for premium diamonds, highlighted by recent discoveries and high-profile sales events.

The stone, recovered from Botswana’s Jwaneng Mine and produced by De Beers, Africa’s largest diamond producer by value, carries an estimated top price of $2.8 million ahead of its scheduled sale on April 23 during Sotheby’s luxury week in Hong Kong. Named the “Jwaneng 28.88,” the diamond is round, D-colour, and internally flawless, placing it among the rarest categories of polished stones.It will be offered as part of Sotheby’s Hong Kong luxury sales, the auction house said.