In a remarkable find, a 2,492-carat diamond, now recognized as the second largest in the world, has been discovered in Botswana. The Canadian mining company Lucara Diamond, which made the discovery, announced the significant find on Thursday.
The massive diamond was unearthed at the Karowe diamond mine in northeastern Botswana, utilizing advanced X-ray detection technology. Lucara Diamond, in its statement, did not estimate the value of the diamond but confirmed that in terms of carat weight, it is second only to the 3,106-carat Cullinan Diamond, found in South Africa in 1905.
Lucara’s president, William Lamb, expressed immense excitement over the discovery, calling it “one of the largest rough diamonds ever unearthed.” The company credited its Mega Diamond Recovery X-ray technology, installed in 2017, for the successful identification and preservation of the gem.
Later that day, the managing director of Lucara Botswana, Naseem Lahri, presented the translucent stone, which is roughly the size of a palm, to Botswana’s President Mokgweetsi Masisi at his office. Masisi, clearly impressed, remarked, “I’m told this is the largest diamond to be discovered in Botswana to date and the second in the world. This is precious.”
Botswana is one of the world’s leading diamond producers, with the gems serving as the nation’s primary income source. According to the International Monetary Fund (IMF), diamonds contribute to 30 percent of the country’s GDP and 80 percent of its exports. Since gaining independence from Britain in 1966, Botswana’s discovery of diamonds a year later has transformed it into the world’s largest producer by value.
Lucara Diamond contributes to the nation’s economy by paying a 10 percent royalty on the gross sales value of diamonds mined at Karowe, whether sold rough or polished. President Masisi, reflecting on the diamond’s potential impact, noted, “With a diamond of this magnitude, I can see roads being built,” as he posed for photographs with the enormous stone.
Tobias Kormind, managing director of 77 Diamonds, Europe’s largest online diamond jeweler, confirmed that this diamond is the largest rough diamond found since the Cullinan Diamond. He attributed the discovery to advancements in technology that allow larger diamonds to be extracted without breaking. “We will likely see more where this came from,” Kormind predicted.
Before this discovery, the largest diamond found in Botswana was a 1,758-carat stone named Sewelo, also mined by Lucara at the Karowe mine in 2019. Lucara later discovered a 1,174-carat diamond in 2021 using the same X-ray technology. Since production began at the Karowe mine in 2012, Lucara has sold 216 diamonds for over $1 million each, and more than 11 single diamonds have fetched over $10 million.
Despite the diamond industry facing challenges due to lab-grown alternatives and weaker consumer spending, President Masisi remained optimistic. “Diamond prices are going through a difficult time now,” he acknowledged. “But every diamond is precious and valuable. We have to optimize and get the best price for this diamond.”
While Lucara did not publicly estimate the stone’s value, sources close to the company suggested it could be worth over $40 million, according to the Financial Times.
