French-Israeli billionaire Patrick Drahi is set to auction a rare high-value diamond sourced from Botswana, spotlighting Africa’s continued dominance in the global luxury gemstone market.
The stone, a 28.88-carat diamond known as the “Jwaneng 28.88,” will be sold by Sotheby’s during its luxury sales event in Hong Kong, with an estimated price of $2.8 million, as reported by Business Insider Africa.
Originating from the Jwaneng Mine, widely regarded as Africa’s richest diamond mine by value, the gem is classified as D-colour and internally flawless, placing it among the rarest categories of polished diamonds globally.
The auction comes at a time when Botswana’s diamond sector is facing pressure from weaker global demand and rising competition from lab-grown stones, even as the country remains one of the world’s leading producers of high-value natural diamonds.
