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Second-Largest Diamond Discovered in Botswana

Published

3 months ago

Aug 22, 2024.

Second-Largest Diamond Discovered in Botswana

A massive 2,492-carat diamond, the second-largest ever discovered, has been unearthed in Botswana by Canadian mining company Lucara Diamond.

The remarkable find occurred at the Karowe mine, located approximately 500 kilometres (300 miles) north of Gaborone, Botswana’s capital.

This discovery is the largest since the 3,106-carat Cullinan diamond was found in South Africa in 1905. The Cullinan was eventually cut into nine major stones, many of which are now part of the British Crown Jewels.

Botswana’s government hailed the find as the largest diamond ever discovered in the country, which is one of the world’s top diamond producers, contributing around 20% of global supply.

Lucara Diamond’s CEO, William Lamb, who expressed his excitement, said, “We are ecstatic about the recovery of this extraordinary 2,492-carat diamond.”

The stone was detected using Lucara’s Mega Diamond Recovery X-ray technology, a system in place since 2017 to prevent valuable diamonds from breaking during ore processing.

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While the company did not disclose the gem quality or potential value of the diamond, sources close to Lucara, cited by the Financial Times, estimated the stone could be worth more than $40 million (£30.6 million).

This is not the first significant discovery at the Karowe mine. In 2019, a 1,758-carat diamond was found at the same location, later purchased by French fashion house Louis Vuitton for an undisclosed sum.

Also, a 1,109-carat diamond unearthed in 2016 was sold for $53 million to Laurence Graff, chairman of Graff Diamonds.

Lucara Diamond fully owns the Karowe mine. Recently, Botswana’s government proposed a law requiring mining companies to offer a 24% stake to local firms if the government does not choose to become a shareholder.

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