The Second-Largest Diamond In The World Was Discovered In Botswana, And May Be Worth At Least $40 Million
The second-largest diamond in the world has been discovered in Botswana by a Canadian mining company named Lucara Diamond. It was found in the Karowe diamond mine located in northeastern Botswana using X-ray technology.
The diamond is 2,492 carats and comes more than a century after the discovery of the world’s largest diamond, a 3,106-carat gem found in South Africa in 1905. It was known as the Cullinan Diamond and was cut into nine large pieces. Many of the pieces were incorporated into the British Crown Jewels.
Lucara did not provide an estimation of the value of the precious stone. However, people close to the company estimated that it could be worth at least $40 million.
“We are ecstatic about the recovery of this extraordinary 2,492-carat diamond,” said William Lamb, president and CEO of Lucara. “This find not only showcases the remarkable potential of our Karowe Mine but also upholds our strategic investment in cutting-edge [X-ray Transmission] technology.”
In 2017, the company installed the Mega Diamond Recovery X-ray Technology to detect and preserve high-value diamonds.
The translucent stone was presented to Botswana President Mokgweetsi Masisi at his office in the capital of Gaborone. It is about the size of a palm. The president also congratulated Lucara on the find and noted that a diamond of this magnitude could help fund the construction of new roads.
According to International Monetary Fund figures, Botswana is one of the biggest diamond producers in the world, accounting for 30 percent of GDP and 80 percent of its exports. The country has arid conditions and is sparsely populated, housing around 2.5 million people.
It was poor at the time of its independence from Britain in 1966. A year later, diamonds were discovered, and they are now the country’s main source of income.
Lucara says it pays the government 10 percent of the gross sales value of diamonds produced from the Karowe mine, regardless of whether the diamond is sold polished or rough.
LIGHTFIELD STUDIOS – stock.adobe.com – illustrative purposes only
“This discovery is largely thanks to newer technology that allows larger diamonds to be extracted from the ground without breaking into pieces. So we will likely see more where this came from,” said Tobias Kormind, managing director of 77 Diamonds, the largest online diamond jeweler in Europe.
Before the world’s second-largest diamond was announced, the biggest gem from the Karowe mine in Botswana was a 1,758-carat stone.
It was extracted in 2019 and was also mined by Lucara. The diamond was named Sewelô and was purchased in 2020 by the French fashion brand Louis Vuitton for an undisclosed sum.
Another significant find from the Karowe mine was the 1,109-carat Lesedi La Rona diamond in 2015. That stone was sold in 2017 for $53 million to British multinational jeweler Graff Diamonds.
The Karowe diamond mine began production in 2012. Since then, it has sold a total of 216 diamonds for more than $1 million each, as well as about 11 single diamonds for over $10 million each.
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