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
Saudi, Japanese FMs discuss crude oil supply, cooperation in Riyadh
- Prince Faisal highlighted the Kingdom’s commitment to stable supply of crude oil to Japan
- Countries are marking 70th anniversary of diplomatic relations
RIYADH: Saudi Foreign Minister Prince Faisal bin Farhan met his Japanese counterpart, Takeshi Iwaya, in Riyadh on Thursday to discuss bilateral ties.
The ministers reviewed strategic and economic relations between Riyadh and Tokyo, and highlighted the need for continued cooperation, the Saudi Press Agency reported.
Japan’s Ministry of Foreign Affairs said that Iwaya “expressed his gratitude for the stable supply of crude oil from Saudi Arabia over the years” and expects the Kingdom to continue its leading role in stabilizing the global crude oil market.
The ministry said that Prince Faisal “reaffirmed Saudi Arabia’s commitment to the stable supply of crude oil to Japan” and called for improved cooperation in the crude oil sector, as well as in clean energy.
The ministers discussed enhancing bilateral cooperation in space and defense. They agreed to arrange for the implementation of the Strategic Partnership Council, for which the two countries signed a memorandum in February.
Saudi Arabia and Japan are marking the 70th anniversary of their diplomatic relations. Tokyo is passing the baton to the Kingdom from Expo 2025 in Osaka, which concludes in October, to the Riyadh Expo 2030, the ministry added.
Prince Faisal and Takeshi discussed regional issues, including the necessity of a ceasefire in the Gaza Strip, US-Iran nuclear negotiations, the war in Ukraine and efforts to achieve a two-state solution to end the Israeli-Palestinian conflict.
Ghazi Faisal Binzagr, Saudi ambassador to Japan, and Saud Al-Sati, deputy minister for political affairs, attended the meeting.
On Thursday, Takeshi also held talks with Gulf Cooperation Council Secretary-General Jasem Al-Budaiwi to discuss the Gulf’s partnership with Japan in energy security.
The two officials agreed to cooperate in various areas, including politics, security, trade and investment. They also exchanged views on Gaza, Syria, Iran, the Red Sea and East Asia.
Damascus sectarian killings ‘unacceptable,’ says UN envoy
- Geir Pedersen appeals for calm after clashes involving Druze minority
- Israel threatens further attacks after series of strikes on Syrian capital
NEW YORK CITY: The UN’s special envoy for Syria condemned a spate of sectarian violence in Damascus as well as Israeli strikes on the capital as “unacceptable.”
It follows a week of killings and tensions in the predominantly Druze towns of Ashrafiyat Sahnaya and Jaramana, on the outskirts of Damascus.
Fighting broke out earlier this week in Ashrafiyat Sahnaya when gunmen attacked a security checkpoint.
A second clash occurred a day earlier in Jaramana, with at least 30 people, including civilians, being killed in the two attacks.
“The reports of civilian casualties, and casualties among security personnel, are deeply alarming,” Special Envoy Geir Pedersen said in a statement. “Immediate steps must be taken to protect civilians, de-escalate tensions and prevent any further incitement of communal conflict,” he added.
Syrian security forces intervened in an attempt to quell tensions, closing off roads and sending armed personnel, the interior ministry said.
Tensions were compounded by Israel’s intervention with a series of strikes on the outskirts of Damascus.
Prime Minister Benjamin Netanyahu said Israeli forces had launched attacks on an “extremist group that was preparing to attack the Druze population south of Damascus.”
A second Israeli strike in the Damascus countryside killed a Syrian security officer.
Maj. Gen Eyal Zamir, Israel’s chief of staff, threatened to carry out strikes on Syrian government sites “if the violence against the Druze does not stop.”
Pedersen condemned the Israeli attacks and said that “Syria’s sovereignty must be fully respected.”
He called on Syrian parties to engage in “genuine inclusion, trust-building and meaningful dialogue” in a bid to reduce tensions.
The condemnation came a week after Pedersen’s appearance before the UN Security Council alongside Asaad Al-Shaibani, Syria’s foreign minister.
There, Pedersen hailed the “opening of a new chapter in Syria’s history” and praised the Syrian people, “who, amidst continued suffering, and many uncertainties and dangers, show overwhelmingly that they want this political transition to succeed.”
The events in Damascus follow months of sectarian violence around Latakia and the Syrian coast, involving clashes between members of the Alawite minority and other groups.
“The people of Syria have suffered too much for too long,” Pedersen said. “They deserve peace, dignity, and a future built on dialogue, not destruction.”
Qassim region sees 25% growth in business sector over 7 years: Ministry of Commerce
JEDDAH: Saudi Arabia’s Qassim region has experienced 25 percent growth in its business sector over the past seven years, reflecting increased economic activity and contributing to the Kingdom’s goal of balanced development.
The number of commercial records in the central region rose from 68,000 in 2018 to 85,000 by the end of the first quarter of this year, the Ministry of Commerce reported in a post on its official X account.
The latest figures showed that the Qassim region saw 1,342 e-commerce registrations, contributing to the overall 6 percent year-on-year increase in the sector.
The increase comes as the Kingdom pushes ahead with its economic diversification strategy, aiming to increase the private sector’s share of the gross domestic product from 40 percent to 65 percent by 2030.
This effort is reflected in a 60 percent increase in commercial registrations in 2024 across the Kingdom, with a total of 521,969 records issued, according to the Ministry of Commerce.
Business registrations continued to rise in early 2025, with 154,638 commercial records issued in the first quarter alone, representing a 48 percent year-on-year increase.
The ministry report highlighted “critical sectors” for the Kingdom include technology, tourism, and entertainment, as well as research and development.
The report added: “These sectors offer businesses significant opportunities to grow and expand partnerships.”
According to the Ministry of Commerce, a commercial registration certificate verifies a business’s official status within Saudi Arabia. These records are essential for operating in the Kingdom, as they are required to open a bank account, hire employees, sign contracts, and conduct other business activities.
The data also showed that 71 percent of the total commercial records issued were concentrated in three key regions: Riyadh, Makkah, and the Eastern Province.
This surge in registrations aligns with recent reforms to Saudi Arabia’s business registration system, including the introduction of the new Commercial Register Law and Trade Names Law.
Subsidiary registers have also been abolished, meaning that one commercial register now covers all businesses, and companies no longer need to specify the city of registration, as a single enrollment is now valid nationwide.
The bulletin also revealed that 45 percent of the total commercial records issued to institutions are owned by women.
In an interview with Arab News in April on the sidelines of the Human Capability Initiative held in the capital, Zeger Degraeve, dean of Prince Mohammed Bin Salman College of Business & Entrepreneurship, emphasized that ensuring balanced regional development is crucial as Saudi Arabia accelerates its economic diversification efforts under Vision 2030.
The rise in business registrations in Qassim is aligning with its growing industrial sector, supported by its rich mineral resources, which are a key focus of Saudi Arabia’s Vision 2030 diversification plan.
The region’s SR122 billion ($32.5 billion) in untapped mineral wealth, including significant deposits of gold, copper, zinc, and phosphate, contributes to the area’s industrial development, which has seen substantial growth.
Closing Bell: Saudi main index closes in red at 11,543
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 127.90 points, or 1.10 percent, to close at 11,543.67.
The total trading turnover of the benchmark index was SR5.09 billion ($1.35 billion), as 52 stocks advanced, while 193 retreated.
The MSCI Tadawul Index decreased by 16.97 points, or 1.14 percent, to close at 1,471.91.
The Kingdom’s parallel market Nomu also dipped, losing 147.4 points, or 0.52 percent, to close at 28,129.77. This came as 32 stocks rose, while 41 fell.
The best-performing stock on the main index was Saudi Printing and Packaging Co., with its share price surging by 6.18 percent to SR13.06.
Saudi Cement Co. saw the steepest decline on the main index in Thursday’s session, with its share price slipping 5.75 percent to SR43.40.
In a bourse filing, Banque Saudi Fransi announced that it has completed its $650 million offering of US dollar-denominated Additional Tier 1 capital notes.
The issuance, conducted under the bank’s Additional Tier 1 Capital Note Programme, was offered to eligible investors in Saudi Arabia and internationally, with settlement set for May 7.
The notes were issued at a return of 6.375 percent per annum and are perpetual in nature, with a call option exercisable after six years. A total of 3,250 notes were issued, each with a par value of $200,000.
According to the bank, the instruments may be redeemed prior to the scheduled call date under certain conditions outlined in the base offering circular.
The notes will be listed on the International Securities Market of the London Stock Exchange and were offered in reliance on Regulation S under the US Securities Act of 1933, as amended.
The bank’s share price traded 0.54 percent lower on the main market to reach SR18.30.
Halwani Bros. Co. also announced its interim financial results for the first three months of the year, with net profit amounting to SR11.51 million, a 4.58 percent decline compared to the previous quarter last year.
The company attributed the decrease to higher general and administrative expenses, as well as increased selling and distribution costs. It also said that this was due to an increase in other income as a result of the reversal of provisions that are no longer needed.
Halwani Bros. Co’s share price traded 0.52 percent lower on the main market to reach SR47.95.
In the first quarter of 2025, Fourth Milling Co’s net profit rose 25.154 percent quarter on quarter to SR52.6 million, according to a filing on the stock exchange.
The group attributed the increase to sales growing by 2 percent, amounting to an increase of SR3.4 million, and zakat and tax payments decreasing by SR1.4 million.
The company’s share price traded 0.25 percent lower on the main market to reach SR3.97.
Saudi Steel Pipe Co. also announced its interim financial results for the first three months of the year, with net profit amounting to SR69 million, an 81.57 percent surge compared to the previous quarter.
The company attributed the increase to higher volume, improved efficiency and product mix of products sold, and administrative expenses decreased to SR14 million in the first quarter 2025 from SR19 million in the fourth 2024.
The company’s share price traded 0.18 percent higher on the main market to reach SR56.10.
PKK claims Iraq attacks on Kurdish security forces
- The post would close a road between two regions “in an attempt to destroy and besiege our forces,” the PKK said
- It is one of many posts that the peshmerga have started building in an area considered “strategic” to the group
SULAIMANIYAH, Iraq: The outlawed Kurdistan Workers’ Party (PKK) claimed on Thursday two attacks in northern Iraq that wounded five Kurdish security personnel earlier this week.
The attacks occurred on Monday and Tuesday, targeting peshmerga bases in Dohuk province in the northern autonomous Kurdistan region, which has seen repeated clashes between Turkish forces and the PKK.
The regional authorities, who have close ties with Ankara, said on Tuesday that two separate drone attacks targeted its security forces, blaming them on a “terrorist group.”
The PKK said in a statement that it launched “minor” attacks to avoid casualties in response to the Kurdistan security forces — the peshmerga — building a new post in the area.
The post would close a road between two regions “in an attempt to destroy and besiege our forces,” the PKK said.
It is one of many posts that the peshmerga have started building in an area considered “strategic” to the group, the PKK added.
Kamran Othman of the US-based Community Peacemakers Teams, which monitors Turkish operations in Iraqi Kurdistan, told AFP Tuesday that the peshmerga were establishing a new post in a “sensitive area” long marked by tensions between the PKK and Turkish forces.
Blacklisted as a “terrorist group” by Ankara, the European Union and the United States, the PKK has fought the Turkish state for most of the past four decades.
The group maintains rear bases in the mountains of northern Iraq, where Turkish forces have also long operated bases.
The drone attacks came weeks after the PKK announced a ceasefire with Turkiye in response to their jailed leader Abdullah Ocalan’s historic call to the group to dissolve and disarm.
Despite the ceasefire, skirmishes between the foes continue in several areas of northern Iraq.
The regional authorities said the attacks aimed to “obstruct the peace process and the stability of the region.”
The PKK said in their statement that they “don’t want to enter a war with any side.”
