Diamond jackpot in Botswana as 2,492 carat gem uncovered

August 23, 2024

By Adedoja Adesoji

A massive diamond weighing 2,492 carats—making it the second-largest in the world—has been uncovered in Botswana, according to an announcement by the Canadian mining firm responsible for the find.

The diamond was unearthed at the Karowe mine in northeastern Botswana with the help of X-ray detection technology, as stated by Lucara Diamond.

Lucara has not yet estimated the diamond’s value. By carat weight, it ranks just behind the 3,106-carat Cullinan Diamond, discovered in South Africa in 1905.

Lucara President William Lamb expressed great excitement about the discovery of this exceptional 2,492-carat gem in a statement.

The diamond is described as “one of the largest rough diamonds ever discovered,” and was identified using the company’s Mega Diamond Recovery X-ray technology, which was installed in 2017 to help locate and preserve significant diamonds.

Later on Thursday, Lucara Botswana’s Managing Director, Naseem Lahri, presented the transparent gem—approximately the size of a palm—to President Mokgweetsi Masisi at his office.

Masisi expressed his enthusiasm about the find, noting, “I’m told this is the largest diamond ever found in Botswana and the second largest globally. This is indeed precious.”

Diamonds are crucial to Botswana’s economy, contributing 30 percent to its GDP and 80 percent of its exports, according to the International Monetary Fund.

Once a poor nation at the time of its independence from Britain in 1966, Botswana’s fortunes changed a year later with diamond discoveries, positioning it as the world’s leading producer by value.

Lucara reports that it pays the government a 10 percent royalty on the gross sales value of diamonds from Karowe, irrespective of whether the diamond is sold in its rough or polished state.

“With a diamond of this size, I foresee infrastructure improvements,” Masisi remarked while posing with the enormous gem.

‘More to Come’

Tobias Kormind, managing director of Europe’s largest online diamond retailer, 77 Diamonds, confirmed that this diamond is the largest rough one discovered since the Cullinan Diamond, parts of which are part of Britain’s crown jewels.

“This find is largely due to advanced technology that enables the extraction of large diamonds without breaking them,” he said. “So, we can expect to see more discoveries like this.”

Prior to this announcement, the largest diamond found in Botswana was a 1,758-carat gem discovered by Lucara at Karowe in 2019, named Sewelo.

In 2021, Lucara also uncovered a 1,174-carat diamond in Botswana using the same X-ray technology.

Since its opening in 2012, the mine has sold 216 diamonds for over $1 million each and more than 11 diamonds for over $10 million each.

The diamond industry has faced challenges from lab-grown diamonds and reduced consumer spending.

“Diamond prices are currently facing difficulties,” Masisi noted. “However, every diamond is valuable, and we need to maximize its value.”

The Financial Times reported that sources close to Lucara, though unnamed, estimated the diamond’s worth could exceed $40 million.