Louis Vuitton Purchased World's Second Largest Diamond

Louis Vuitton has just bought the world's second-largest diamond.

The purchase signals yet another clue to the French brand's ambitions in the luxury jewelry market.

According to CNN, the 1,758-carat rough diamond is dark in color and about the size of an adult's palm.

Louis Vuitton's purchase is just the latest move by parent company, LVMH, in the luxury jewelry market.

The conglomerate also owns Italian jewelry brand Bulgari and watchmakers TAG Heuer and Hublot.