Second Largest Diamond in the World is Discovered in Botswana

A rough diamond weighing 2,492 carats was unearthed in Botswana at a mine owned by the Canadian company Lucara Diamond, making it one of the largest diamonds ever discovered.

On Thursday, when the president of Botswana held the diamond up for closer inspection, the diamond’s size made it difficult to see his face.

The world’s second-largest diamond, worth 2,492 carats, was discovered more than a century after a 3,106-carat gem was discovered in South Africa in 1905. The stone, which was cut into nine large pieces and is known as the Cullinan Diamond, was included in the British Crown Jewels in large numbers.

Lucara said on Wednesday that the gem was found using X-ray technology at the Karowe Diamond Mine in the northeast of Botswana. The mining organization didn’t offer a benefit for the “high-quality” stone.

William Lamb, president and CEO of Lucara, said in a statement, “We are ecstatic about the recovery of this extraordinary 2,492-carat diamond.”

He continued, “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.”

Photos published on Getty Images on Thursday showed President Mokgweetsi Masisi of Botswana holding the 2,492-carat diamond at his office in Gaborone, the country’s capital.

President Mokgweetsi Masisi smiled as he lifted the diamond, a 2,492-carat stone that is the greatest diamond uncovered in over a century and the second-largest ever found, as per the Vancouver-based mining operator Lucara, which owns the mine where it was found.

According to mining companies and experts, this remarkable discovery may restore the natural diamond mining industry’s luster.

In northeastern Botswana, the diamond was found in the same relatively small mine that has produced several of the largest diamonds ever discovered. Volcanic activity is typically the cause of the formation of these gemstones.

According to independent diamond industry analyst Paul Zimnisky, “All of the stars aligned with that volcanic eruption, and the conditions were just perfect.”

The rough diamond is sufficiently enormous to fill an adult holder’s palm and weighs more than a pound and a half, however, its worth is as yet unclear. Mr. Zimnisky stated that the valuation procedure could take months.

In any case, the diamond will probably sell in the range of a huge number of dollars, he added. The diamond industry and Botswana’s economy, which is heavily reliant on diamond exports, are likely to benefit from the discovery.

Mr. Zimnisky stated, “The big diamonds sell the small diamonds.”

Due to advancements in technology, such staggering stones are no longer once-in-a-lifetime finds. Lucara detected an opportunity in Botswana when it uncovered huge amounts of little yet coarse stones that seemed to be “chewed glass,” said William Lamb, the organization’s CEO. It pointed to the possibility that larger diamonds were being crushed during the retrieval procedure.

Mr. Lamb stated, “A diamond is hard and you can’t scratch it, but it’s actually very easy to break.”

Holding up a resin copy of one of his earlier trophies, Mr. Lamb said, “The company has made finding larger gems its objective, pushing for higher revenues over volume.” a stone about the same weight as a quarter of his business card.

Lucara has set and broken numerous records for finding large gems thanks to advanced X-ray technology and a more refined grinding method for separating precious gems from rock slabs. The company found a 1,109-carat diamond in 2015 and a 1,758-carat black diamond in 2019. The latest discovery is its biggest yet, and second just to the Cullinan diamond, the largest diamond in the world find, which was found in South Africa in 1905.

The Cullinan was given to the British royal family and cut into nine separate stones, some of which form part of the crown jewels.

The latest discovery will probably be sold and cut into smaller gems and become part of the collection of a luxury brand, as Lucara’s past two enormous finds were.

Due to technological threats such as lab-produced diamonds, the diamond industry has recently been through a volatile few years. Since diamonds make up 80% of Botswana’s exports, these threats are especially severe for the country.

According to a recent report that was released by the consulting group BCG, the quantity of diamonds that are produced in laboratories has increased by 10 times since 2018. Retailers have been attracted to the profit margins produced by manufactured as opposed to mined gems, while customers are attracted by bigger, more clear reduces that come at lower costs, the report said.

However, the Lucara mining company is unperturbed and persists in its search for the largest diamond yet.

Mr. Lamb stated, “We believe that we can eclipse the Cullinan.”

According to GlobalData, Botswana is one of the world’s largest diamond producers, producing 20% of all diamonds produced worldwide in 2012.

According to Lucara, the discovery came after other notable ones from the same Karowe Diamond Mine, such as the 1,109-carat Lesedi La Rona diamond in 2015 and the 1,758-carat Sewelô diamond in 2019.

In 2020, the Sewelô diamond was purchased by the French fashion brand Louis Vuitton for an undisclosed sum. In 2017, the Lesedi La Rona diamond was sold to the British multinational jeweler Graff Diamonds for $53 million.