NEW YORK: “Lesedi la Rona,” the largest gem-quality rough diamond discovered in more than 100 years, will be auctioned in London next month and is expected to sell for $70 million, international auction house Sotheby’s said on Wednesday.
Ahead of the auction on June 29, the 1,190-carat diamond, its name in Botswana’s Tswana language translates as “Our Light,” was on display at Sotheby’s New York headquarters.
David Bennett, worldwide chairman of Sotheby’s jewelry division, said the size of the Lesedi la Rona amazed experts.
“It really just soared off the scale of rare into something just, one off, it’s just unique,” he said.
Unearthed in Botswana in November 2015 by Canadian mining company Lucara Diamond Corp., the gigantic gem is about the size of a tennis ball and is believed to be between 2.5 billion to more than three billion years old.
The Lesedi La Rona’s color and transparency are typical of a rare and coveted subgroup called Type IIa diamonds, according to a study by the Gemological Institute of America.
Bennett said it was second only in size to the Cullinan Diamond, which was discovered in 1905 in South Africa and weighed more than 3,000 carats. The Cullinan Diamond was later cut into several smaller stones.
The reputation of diamonds mined in Africa has been tarnished in recent decades by rebels in strife-torn countries who forced people to mine them and then sold the so-called “blood diamonds” to raise money to buy arms.
But the Kimberley Process Certification System, a United Nations-backed program that was set up in 2002 following devastating civil wars in Angola, Sierra Leone and Liberia, has made trafficking in conflict diamonds much more difficult.
Sotheby’s said independent reports by experts showed the Lesedi la Rona could have the potential to yield the largest, top-quality diamond ever seen once it has been cut and polished.
“It’s worthwhile for people to come and look at it because you probably won’t be seeing it again in two or three year’s time,” Bennett said. “It may very well be cut up into all these wonderful famous stones.”
World’s biggest diamond to be auctioned in London
World’s biggest diamond to be auctioned in London
Runners-up Yokohama thrashed 7-3 in goal fest
- Shanghai Shenhua drub South Korea’s Pohang Steelers 4-1, while Buriram United of Thailand and Vissel Kobe of Japan play out a 0-0 draw
SOUL: Asian Champions League debutants Gwangju FC scored after just 90 seconds on the way to a 7-3 home hammering of last year’s runners-up Yokohama F-Marinos on Tuesday.
Also on the second day of action in Asia’s top club competition, which has been rebranded as the Asian Champions League Elite, Shandong Taishan won 3-1 at home to Central Coast Mariners of Australia.
On a good night for Chinese teams, Shanghai Shenhua thrashed South Korea’s Pohang Steelers 4-1, while Buriram United of Thailand and Vissel Kobe of Japan played out a 0-0 stalemate.
In South Korea, Gwangju grabbed an early lead over Japan’s Yokohama when Jasir Asani’s tame effort from outside the box squirmed under the grasp of visiting goalkeeper Riku Terakado.
The hosts extended their lead at a sparsely attended Gwangju World Cup Stadium on the quarter-hour mark when Oh Hu-seong headed in unmarked at the back post.
Yokohama hit back on 34 minutes when the Brazilian Elber slammed home as the rain came down.
The game turned goal crazy in a madcap second half, with Albanian international Asani netting twice more for his hat trick and the hosts adding three more.
Elber, with his second, and Takuma Nishimura pulled goals back for the bedraggled away team, who were reduced to 10 men late on.
The J. League’s Yokohama are coached by the Australian John Hutchinson following the sacking of compatriot Harry Kewell after just six months in the job.
The former Liverpool and Leeds star Kewell took Yokohama to the two-legged Champions League final in May, where they lost to Al Ain of the UAE 6-3 on aggregate.
Kewell was axed two months later after a torrid run of form and Hutchinson was promoted from the backroom staff on a caretaker basis.
The Asian Champions League Elite begins with two leagues containing 12 teams each and split between East and West Zones.
The competition kicked off on Monday and concludes in May next year.
X drops out of global media brands ranking
- Twitter’s brand value dropped from $5.7bn in 2022 to $673.3m in 2024
- Instagram is the fastest-growing media brand
DUBAI: Social media platform X, formerly Twitter, has dropped out of a ranking of global media brands by UK-based brand valuation and strategy consultancy Brand Finance.
The consultancy valued Twitter at $5.7 billion in 2022, falling to almost $3.9 billion in 2023 and further declining to $673.3 million in 2024.
Richard Haigh, managing director of Brand Finance, said the rebrand from Twitter to X was a “gamble” that had the potential to provide a “rebirth and propel it (the company) to new heights,” but now “the strategy seems to have been misguided.”
He told Arab News: “It is now evident that Elon Musk’s rebranding of Twitter, and abandonment of a globally recognized name, has resulted in a dramatic and abrupt decline in brand value and strength.”
Moreover, he added, Musk’s strategy to open up a free speech mandate lacked guardrails that would give advertisers confidence that their content would not appear alongside other content that did not match their brand values.
Haigh said: “These two decisions, intended to accelerate growth, ultimately resulted in a substantial loss of advertisers with ad revenue decreasing from over $1 billion per quarter in 2022 to around $600 million per quarter in 2023 — a steep decline for a brand where ad sales represent about three-quarters of total revenue.”
The report also found that X’s Brand Strength Index score, which measures the relative strength of brands based on factors such as marketing investment, stakeholder equity, and business performance, fell by 12.7 points from last year.
This drop is a reflection of the brand’s “weaker performance in familiarity, reputation, and recommendation metrics, underscoring a major reputational crisis,” Haigh said.
Although he is not optimistic about X’s rebound as a brand, he added: “X continues to be a relevant platform relied upon by millions, thanks to the long-term benefits of a user base and the critical mass it already has.”
He believes that “with careful management and a clear strategy, there remains potential for the X brand to recover and regain its strength.”
One such strategy could be rethinking the name because Twitter had a “distinctiveness that a single letter will struggle to match,” he said.
Secondly, he advised: “X is a business that requires consumers to use it, but also requires businesses to fund it. Trust is a key issue that needs to be addressed.”
Haigh explained that if brands are not confident that bullying, harassment and abuse will not be attached to their messaging, they will not have enough trust in the site to want to advertise.
The ranking saw Google maintain its No. 1 spot as the most valuable media brand for the fourth consecutive year, followed by TikTok in second place, Facebook and Instagram in third and fourth, and Disney in fifth place.
Instagram was the fastest-growing media brand, with an increase of nearly 50 percent in brand value, while Disney’s brand value dropped by 6 percent, compared to 2023.
Hollywood actors and screenwriters went on strike last year to protest about pay and working conditions which resulted in delays of several productions and loss of revenues for production companies.
Haigh said the strike “significantly impacted Disney’s revenue streams, contributing to its decline in brand value, but Disney+ (its streaming platform) has helped sustain its brand amid a rapidly evolving media landscape.”
The transformation of this landscape is evident in the ranking with Disney being the only traditional media company in the top 10.
The first Brand Finance ranking, which was published in 2015, was dominated by American broadcast media networks with Walt Disney ranking first, ahead of Fox, NBC, TimeWarner and CBS.
However, this year, “there has been a significant shift, with nine of the top 10 brands focusing on platforms other than traditional broadcasting, reflecting a growing trend toward media consumption through social media,” Haigh said.
He added that the media industry had evolved “from a broadcasting model to one centered around narrowcasting, where content is tailored to individual preferences.”
This has been accelerated by the rise of social media platforms that allow users to create and share content on a global scale, as well as technological advancements that enable platforms to provide “highly personalized and targeted media experiences,” he added.
Content that was once the domain of traditional TV channels — such as major sporting events and news — is now easily available online through social media or streaming.
Haigh said: “Despite widespread misinformation, more people are turning to social media for news as it provides diverse perspectives, short-form content, and allows for independent evaluation, unlike traditional media, which often offers a single, agenda-driven narrative.”
The 2023 Hollywood strike further accelerated the shift in the industry, causing a sharp decline in brand values for major US TV networks like CBS (28 percent) and Fox (26 percent), as well as UK networks Sky and ITV, he added.
Netflix, however, remained among the top 10 brands, ranking ninth, despite its brand value declining by 6 percent.
Haigh said: “To stay relevant, traditional media outlets must adapt to this new landscape, where engagement is driven by interactive and algorithm-driven content rather than broad, one-size-fits-all programming.”
Mbappe bolstering holders Madrid’s Champions League ambitions
MADRID: The format may be new, but few would bet against the winner staying the same.
As if record 15-time winners Real Madrid’s Champions League prospects were not great enough already, superstar striker Kylian Mbappe’s arrival makes Los Blancos the most daunting team in the competition.
German side Stuttgart have the honors of facing the reigning kings of Europe in the opening week of the competition, traveling to the Santiago Bernabeu on Tuesday.
Madrid defeated Borussia Dortmund in last season’s Wembley final to claim the trophy for the sixth time in the last 11 years.
Coach Carlo Ancelotti, the most decorated manager in the history of the tournament with five triumphs, has not yet found the perfect set-up to get Mbappe firing from open play, but few doubt he will.
The 25-year-old had arguably his best game for the club in the 2-0 win over Real Sociedad on Saturday in La Liga, threatening the Basque side with his pace and connecting well with Vinicius Junior in attack.
Mbappe scored, albeit from the penalty spot, and he is looking forward to his Champions League debut in Madrid’s resplendent white.
“It will be very important for me — as I said on the first day, I came to Madrid to live these type of nights,” explained the striker.
“I am very focused on what we have to do, the Champions League has changed a lot, it’s a new competition, and we have to win to start well.”
The new-look structure has thrown up ties for Madrid at home against Dortmund, in a rematch of last season’s showpiece, and away at Liverpool, whom they defeated in the 2022 final.
First come Stuttgart, continuing a streak of German opponents for Los Blancos, after they faced Bayern Munich in the semis before Dortmund in London.
Los Blancos have played one European game already this season, defeating Atalanta to win the UEFA Super Cup in August, with Mbappe scoring on his debut.
Madrid defender Antonio Rudiger came through Stuttgart’s youth system and played in the first team for four seasons.
Ancelotti has problems in midfield with Eduardo Camavinga, Dani Ceballos, Jude Bellingham and Aurelien Tchouameni out injured, although the Italian was hopeful the latter two could take part against the Germans.
While Madrid’s shiny new toy Mbappe is drawing much of the attention, Ancelotti has plenty of stars at his disposal with the talent to turn defeats into draws and draws into victories, something of a penchant for the club, particularly under the lights in Europe.
Bellingham was Madrid’s key player for the first half of last season, making an immediate impact on his arrival from Dortmund.
Brazilian forward Vinicius was vital in the home straight, netting a brace in the semis against Bayern and scoring again in the final.
The forward has struggled to find his best level at the start of the season but his coach will show plenty of patience.
“We love him here because although right now he’s not at his best, nobody can forget that with Vini we have won two Champions Leagues,” pointed out Ancelotti last week.
Mbappe says he is working on his on-pitch relationship with Vinicius, with both netting penalties in the win over La Real.
“We try to find each other in training to create the connection and help the team,” continued Mbappe.
“He’s a great player and I’m happy to play with him in Real Madrid — what’s important is goals, not who takes the penalties.”
Mbappe has three La Liga goals from four games this season, including two penalties, while Vinicius has two, both from the spot.
Once the two forward are firing on all cylinders in open play Madrid’s already sizeable chance of winning the Champions League yet again will grow further still.
What We Are Reading Today: ‘Britain’s Birds’
Authors: Rob Hume, Robert Still, Andy Swash, Hugh Harrop, & David Tipling
A bestselling guide since it was first published, Britain’s Birds has quickly established itself as the go-to photographic identification guide to the birds of Great Britain and Ireland—the most comprehensive, up-to-date, practical and user-friendly book of its kind.
Acclaimed by birdwatchers of all kinds, from the beginner to the most experienced, the guide has now been thoroughly revised and updated to make it even better than before.
Egypt affirms keenness on Lebanon’s security, preventing violation of its sovereignty, statement says
- Hezbollah calls it biggest security breach in war with Israel
- Iranian ambassador to Lebanon reportedly injured
CAIRO: Egypt affirmed its keenness on Lebanon’s security and stability and preventing the violation of its sovereignty from ‘any outside party’, the foreign ministry said in a statement on Tuesday, shortly after deadly pager blasts in Lebanon that killed at least eight people.
