World's second-largest diamond found in Botswana

A remarkable discovery has taken place in Botswana, where the second-largest diamond ever found has been unearthed. This impressive rough diamond weighs 2,492 carats and was discovered at a mine owned by the Canadian company Lucara Diamond. This find is particularly significant as it is the largest diamond discovered since the Cullinan diamond, which weighed 3,106 carats and was found in South Africa back in 1905. The Cullinan diamond was later cut into nine separate stones, many of which are now part of the British Crown Jewels. The new diamond was located at the Karowe mine, situated approximately 500 kilometers north of Botswana's capital, Gaborone. The government of Botswana has declared this diamond as the largest ever found within its borders. Prior to this discovery, the largest diamond found in Botswana was a 1,758-carat stone that was also discovered at the Karowe mine in 2019. Botswana is recognized as one of the leading diamond producers in the world, contributing significantly to the global diamond market. Lucara Diamond has stated that this newly found stone is 'one of the largest rough diamonds ever unearthed. ' William Lamb, the CEO of Lucara, expressed his excitement about the recovery of this extraordinary diamond, emphasizing its significance. The diamond was detected using advanced technology known as Mega Diamond Recovery X-ray technology, which has been in use since 2017. This technology is designed to identify and preserve high-value diamonds, ensuring they do not break during the ore-crushing process. While the company has not disclosed the gem quality or the estimated value of the diamond, the UK-based Financial Times reported that sources close to Lucara believe the stone could be worth over $40 million. The previous 1,758-carat diamond found in 2019 was sold to the French luxury brand Louis Vuitton for an undisclosed amount. Additionally, a 1,109-carat diamond discovered at the same mine in 2016 was purchased for $53 million by Laurence Graff, the chairman of Graff Diamonds, in 2017. Lucara holds 100% ownership of the Karowe mine, which is a significant asset for the company. In a related development, the government of Botswana has proposed a new law that would require mining companies, once granted a license, to sell a 24% stake to local firms if the government does not choose to become a shareholder. This proposal highlights the government's commitment to ensuring that local businesses benefit from the country's rich natural resources. The discovery of this diamond not only showcases Botswana's wealth in natural resources but also emphasizes the importance of the diamond industry to the nation's economy.