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LVMH Buys Botswana’s Largest Gem

This past April at the Karowe mine in Botswana, in an open pit sliced hundreds of metres into the earth’s crust, the mining company Lucara recovered a 1,758-carat rough diamond — the second-largest found in a century. Louis Vuitton, the 166-year-old French luxury house known for its leather handbags and the jewel of Bernard Arnault’s €215bn luxury goods empire, has emerged as the surprise buyer. Its purchase by Louis Vuitton signals the house’s growing ambitions in high-end jewellery — a thoroughly fragmented category where, even today, recognisable brands comprise only 20-23 per cent of the market, according to analysts