Botswana, one of the world's largest diamond producers, celebrated an impressive discovery that once again puts it in the spotlight on the global mining scene. The enormous 2.492-carat diamond, the second largest in the world, was found at the Karowe mine in the northeast of the country.

This discovery was made possible by X-ray technology developed by Lucara Diamond Corp, a Canadian company that has invested in advanced techniques for detecting precious stones, especially high-value diamonds.

This diamond is only surpassed by the famous 3.016-carat Cullinan, discovered in South Africa in 1905. The value of this new stone has not yet been revealed, but it is estimated that it could reach astronomical values, given its size and purity.

The Sewelo, a 1.758-carat stone also discovered by Lucara, had previously been the second-largest diamond in the world. The Lesedi La Rona, another giant 1.109-carat diamond found in 2015, sold for $53 million in 2017 to British jeweler Laurence Graff.

The company did not provide an estimate of the value of this discovery, which, in terms of carats, is second only to the famous 3.016-carat Cullinan diamond, discovered in South Africa in 1905 and cut to make the crown of England.

“We are ecstatic about the recovery of this extraordinary 2.492-carat diamond.”

“It is one of the largest rough diamonds ever discovered.”

Lucara President William Lamb explained that the diamond was detected using the company's Mega Diamond Recovery X-ray technology, installed in 2017 to identify and preserve large, high-value diamonds.

Lucara Botswana's CEO, Naseem Lahri, presented the translucent stone, which barely fits in the palm of a hand, to the African country's president, Mokgweetsi Masisi, on Thursday.

"I'm told this is the largest diamond discovered in Botswana to date and the second largest in the world. This is precious."

Masisi congratulated the company on the discovery. Botswana is one of the world's largest producers of diamonds, which constitute its main source of income, accounting for 30 percent of its GDP and 80 percent of its exports, according to data from the International Monetary Fund.

The arid, sparsely populated country, home to about 2,5 million people, was poor at the time of its independence from Britain in 1966. Diamonds were discovered a year later, and today the country is the world's largest producer by value, the IMF says.

Lucara pays a 10 percent royalty on the gross sales value of diamonds produced in Karowe to the government, regardless of whether the diamond is sold rough or polished.

“With a diamond of this magnitude, I can see roads being built.”

President Masisi said as he posed for photographs with the huge stone.

More than 36 Million Euros

“This discovery is largely due to the latest technology that allows larger diamonds to be extracted from the ground without breaking into pieces.”

“So we’ll probably see more of where these diamonds came from,” he said.

Before the discovery was announced on Thursday, the largest diamond discovered in Botswana was a 1.758-carat stone mined by Lucara at the Karowe mine in 2019, called Sewelo.

Lucara also found a 1.174-carat diamond in Botswana in 2021 using the same X-ray technology.

The mine began production in 2012 and has since sold 216 diamonds for more than $1 million each and more than 11 individual diamonds for more than $10 million each, the company says.

The diamond mining industry has been hurt by lab-grown versions and weaker values.

“Diamond prices are going through a tough time right now”

“But every diamond is precious and valuable.”

“We have to optimize and get the best price for this diamond,” dsaid the head of state of Botswana. 

The Financial Times reported that unidentified sources at Lucara estimated the gemstone could be worth more than $40 million (about €36 million at the current exchange rate).

Other Famous Diamonds

– The Greatest of All Time: The Cullinan –

The largest gem-quality diamond ever found is believed to be the Cullinan, discovered in 1905 in South Africa and weighing 3.106 carats. Among the stones cut was the Star of Africa which is part of the British Crown Jewels displayed in the Tower of London.

– Dethroned: Sewelo –

The 1.758-carat Sewelo diamond was, until this Thursday, the second-largest diamond in history. It was also mined in Botswana by the Lucara company in 2019.

Luxury group LVMH, owned by Bernard Arnault, who was recently listed as the world's richest man, purchased the tennis ball-sized diamond in January 2020.

– Lesedi La Rona –

The 1.109-carat Lesedi La Rona, a diamond also the size of a tennis ball like the Sewelo, was discovered in Karowe, northeastern Botswana, also by the Lucara company, in November 2015. It was purchased by British jeweler Laurence Graff for $53 million in September 2017.

– The Excelsior –

The Excelsior diamond, found in 1893 in South Africa, weighed 995 carats uncut. The largest cut stone weighs 69 carats and was purchased in 1996 by jeweler Robert Mouawad.

– The Star of Sierra Leone –

The diamond was found in Sierra Leone in 1972 and weighed just under 969 carats and yielded 17 stones, the largest of which is 53,96 carats.

– Lesotho –

British mining company Gem Diamonds said in January 2018 that it had discovered the 910-carat stone at the Letseng mine in Lesotho, a landlocked country in southern Africa.

– The Incomparable –

The 890-carat stone was found in the 1980s in what was then Zaire, now the Democratic Republic of the Congo, by a young girl playing outside her home, near mine tailings. The largest cut stone weighs 407 carats.

Conclusion