World's second biggest diamond sells for $53 million

The world's second-biggest diamond has finally found a buyer and the 1,109-carat uncut stone has now fetched $53 million in a private sale to luxury jeweler Graff Diamonds.

The seller, Canada's Lucara, recovered the huge diamond from Botswana's Karowe mine nearly two years ago. It named it Lesedi La Rona, which means "Our Light" in Botswana's Tswana language.

Lucara had originally hoped to get at least $70 million for the stone, describing it as the biggest gem quality diamond found in more than a century.

Lucara CEO, William Lamb said the price paid by Graff topped the highest bid received in the Sotheby's auction last year. But it falls short of the $63 million Lucara received last year for The Constellation, a smaller 813-carat uncut diamond.

The only larger diamond previously unearthed was the 3,106-carat Cullinan Diamond, which was discovered in South Africa in 1905. The Cullinan was eventually cut into smaller stones, some of which are now part of British royal family's crown jewels.