In a groundbreaking discovery, Botswana has unveiled the world’s second-largest diamond, a staggering 2,492-carat stone unearthed from the Karowe mine. The Canadian company, Lucara Diamond, made the announcement on Thursday, August 22, 2024, after the remarkable find was confirmed using cutting-edge X-ray detection technology. This monumental discovery has not only caught the attention of the global diamond industry but has also sparked excitement within the nation.
The colossal diamond, which is roughly the size of a human palm, was presented to Botswana’s President Mokgweetsi Masisi in his office in Gaborone. Holding the massive gem, President Masisi expressed his awe and pride, referring to the diamond as “precious” and emphasizing its significance to Botswana’s economy and global standing.
“This is the largest diamond to be discovered in Botswana to date and the second largest in the world,” President Masisi stated. He congratulated Lucara Diamond and its team for their extraordinary achievement and envisioned the immense potential that this discovery holds for the country’s development. “With a diamond of this magnitude, I can see roads being built,” he added, hinting at the infrastructure improvements that could arise from the gem’s eventual sale.
Lucara Diamond, the company responsible for this historic find, has been operating the Karowe mine since 2012. The mine, located in northeastern Botswana, has a history of producing large, high-value diamonds, and this latest discovery continues to solidify its reputation. According to Lucara’s president, William Lamb, the diamond is “one of the largest rough diamonds ever unearthed” and a testament to the effectiveness of the Mega Diamond Recovery X-ray technology installed at the mine in 2017. This technology plays a crucial role in identifying and preserving large stones, preventing them from being broken into smaller pieces during the extraction process.
Botswana, known for being one of the world’s largest diamond producers, relies heavily on diamonds as a primary source of income. The diamond industry represents about 30% of the country’s GDP and accounts for 80% of its exports. The country’s journey from poverty at the time of its independence from Britain in 1966 to becoming the world’s largest diamond producer by value is largely attributed to the discovery of diamonds a year after gaining independence.
The 2,492-carat diamond is now officially the largest ever found in Botswana, surpassing the previous record-holder—a 1,758-carat diamond named Sewelo, discovered in 2019 at the same Karowe mine. The latest find also ranks second globally, following only the 3,106-carat Cullinan Diamond discovered in South Africa in 1905, which remains the largest diamond ever found. Parts of the Cullinan Diamond now adorn the British Crown Jewels, making this new discovery a significant addition to the legacy of monumental diamonds.
Despite the excitement surrounding the find, Lucara has not yet provided an official estimate of the diamond’s value. However, experts in the diamond industry, such as Tobias Kormind, managing director of Europe’s largest online diamond jeweler, 77 Diamonds, believe that the stone could be worth upwards of $40 million. Kormind attributes the successful recovery of such a large diamond to advancements in technology, which have made it possible to extract bigger stones without damaging them. He suggests that with this technology, “we will likely see more where this came from.”
The discovery comes at a challenging time for the diamond market, which has been affected by the growing popularity of lab-grown diamonds and weaker consumer spending. Acknowledging these difficulties, President Masisi emphasized the importance of optimizing the value of each diamond. “But every diamond is precious and valuable. We have to optimize and get the best price for this diamond,” he said, underscoring Botswana’s commitment to ensuring the best possible return on this extraordinary find.
As the diamond awaits valuation and eventual sale, its discovery marks another milestone in Botswana’s diamond-rich history, promising to further elevate the nation’s status as a global leader in diamond production.
Discussion about this post