Canadian mining company Lucara Diamond has announced the discovery of a colossal 2,492-carat diamond in Botswana, making it the second largest diamond ever found.
This monumental gem was unearthed at the Karowe diamond mine in northeastern Botswana using advanced X-ray detection technology.
The diamond, which ranks just behind the 3,106-carat Cullinan Diamond discovered in South Africa in 1905, has not yet been valued by Lucara.
Lucara President William Lamb described the 2,492-carat diamond as 'extraordinary', highlighting that it is one of the largest rough diamonds ever discovered. The company's Mega Diamond Recovery X-ray technology, implemented in 2017, was instrumental in identifying and preserving this significant find.
On Thursday, Lucara Botswana's Managing Director, Naseem Lahri, presented the diamond to President Mokgweetsi Masisi. The diamond, approximately the size of a palm, was showcased at the President's office. President Masisi praised the discovery, noting that it is the largest diamond ever found in Botswana and the second largest globally.
"This is precious," he remarked, acknowledging the importance of the find.
Botswana, a country with a population of around 2.5 million, has become a leading global producer of diamonds since their discovery in 1967, just a year after the country gained independence from Britain.
Diamonds now account for 30 percent of Botswana’s GDP and 80 percent of its exports, according to the International Monetary Fund (IMF).
Lucara Diamond has a royalty agreement with the Botswana government, paying 10 percent of the gross sales value of diamonds produced at Karowe, whether they are sold in their rough state or polished.
President Masisi envisaged significant developments resulting from this find, suggesting that the proceeds could be used to build infrastructure, such as roads. He posed for photos with the diamond, reflecting on its potential impact.
Tobias Kormind, Managing Director of 77 Diamonds, Europe's largest online diamond jeweler, confirmed that this is the largest rough diamond discovered since the Cullinan. He attributed the discovery to advanced technology that allows for the extraction of large diamonds without breaking them into smaller pieces, suggesting that more significant finds could be on the horizon.
Prior to this discovery, the largest diamond found in Botswana was a 1,758-carat stone named Sewelo, also from the Karowe mine, and another notable find was a 1,174-carat diamond in 2021, both of which were identified using the same X-ray technology.
Since its inception in 2012, the Karowe mine has sold 216 diamonds for over $1 million each and more than 11 diamonds for over $10 million each.
Despite challenges faced by the diamond industry due to the rise of lab-grown diamonds and fluctuating demand, President Masisi remains optimistic.
"Diamond prices are going through a difficult time now," he said, "but every diamond is precious and valuable. We have to optimize and get the best price for this diamond."
According to the Financial Times, sources close to Lucara estimate that the newly discovered diamond could be worth upwards of $40 million.
AFP
Published: 23 Aug 2024, 10:08 am IST
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