A massive 2,492-carat diamond, the second-largest ever discovered, has been unearthed at the Karowe Mine in Botswana, owned by Lucara Diamond Corp.
This extraordinary find, weighing approximately 500 grams, is only surpassed by the famous 3,106-carat Cullinan diamond, discovered in South Africa in 1905, which was later cut into several pieces, many of which are part of the British Crown Jewels.
The Karowe Mine, located about 500 kilometers north of Botswana’s capital, Gaborone, has once again proven to be one of the world’s richest sources of large diamonds, with this gem being the largest ever found within the country.
Botswana’s government has announced that this diamond is the largest ever found within its borders, surpassing a 1,758-carat stone, also discovered at the Karowe Mine in 2019.
This discovery further cements Botswana’s status as one of the world’s top diamond producers, contributing approximately 20% of the global supply.
President Mokgweetsi Masisi of Botswana, who personally inspected the diamond, emphasized its significance to the nation and its economy, where diamonds account for more than half of the country’s total exports.
Lucara’s CEO, William Lamb, expressed immense excitement over the recovery of this remarkable diamond, describing it as “one of the largest rough diamonds ever discovered.”
The diamond was identified using Lucara’s Mega Diamond Recovery X-ray technology, a cutting-edge system that has been in use since 2017.
This technology ensures that high-value diamonds are not damaged during the ore-crushing process, allowing the safe extraction of large stones.
This is not the first time the Karowe Mine has produced significant finds; it is renowned for previously unearthing a 1,109-carat diamond in 2016, which was sold to Laurence Graff, chairman of Graff Diamonds, for $53 million in 2017.
While Lucara has not disclosed details about the diamond’s quality, the UK-based Financial Times reported that sources close to the company estimate the stone’s value to be upwards of $40 million.
This estimate, however, remains speculative until the diamond is thoroughly analyzed. The diamond’s eventual value will depend on factors such as its color, clarity, and the yield from cutting and polishing.
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In light of this discovery, there is growing attention on the legislative environment in Botswana, where the government has recently proposed legislation that would require mining companies to sell a 24% stake to local businesses if the government opts not to become a shareholder. This proposal has yet to be passed into law but could have significant implications for the diamond mining industry in Botswana.
Additionally, this latest discovery is a testament to the continued significance of the Karowe Mine, which is wholly owned by Lucara Diamond Corp. The mine has consistently produced some of the largest and most valuable diamonds in the world, contributing to Botswana’s standing in the global diamond market.
