A huge 2,492-carat diamond, one of the largest ever discovered, has been unearthed from a mine in Botswana.
The diamond, discovered at the Karowe mine operated by Canada’s Lucara Diamond Corp., has yet to undergo a thorough evaluation, leaving the quality of the gem uncertain, Bloomberg reported.
However, its size ranks it the second-largest rough diamond found to date, following the 3,106-carat Cullinan Diamond, discovered in South Africa in 1905 and later incorporated into the British crown jewels after being cut and polished.
Botswana ranks among the top diamond producers globally. In 2023, its mines generated an impressive $3.28 billion worth of diamonds.
Lucara Diamond Corp. revealed that the discovery was made using advanced X-ray technology at the Karowe mine, designed to detect high-value stones within the primary ore body.
This major find follows two other significant diamonds unearthed at the same mine: the 1,758-carat Sewelo and the 1,109-carat Lesedi La Rona.
“The ability to recover such a massive, high-quality stone intact demonstrates the effectiveness of our approach to diamond recovery,” Lucara Chief Executive Officer William Lamb said.
The discovery coincides with a challenging period for the diamond industry, as prices have dropped to a four-year low. Botswana’s diamond market has been particularly hard-hit, facing a 49% drop in sales.
While the market experienced a boom during the pandemic, with consumers directing their spending toward luxury goods instead of travel and entertainment, demand has since waned.
This downturn has been exacerbated by a slowdown in China and an oversupply of synthetic diamonds, further straining the market.
Last month, the southern African country introduced a proposed law requiring mining companies to sell a 24% stake in their operations to local investors after receiving a license, unless the government opts to acquire the stake itself.
