Brace yourselves, folks. The bar has just been raised. A Canadian company announced Wednesday that it has unearthed one of the largest diamonds ever found at Botswana’s Karowe diamond mine.
Lucara Diamonds claims the “spectacular” find is “one of the largest rough diamonds ever unearthed” and a “remarkable discovery.” At 2,492 carats, the spectacular rough is said to be the second-largest diamond ever found.
The unnamed diamond could be worth more than $40 million.
This incredible discovery was made possible by cutting edge mega diamond recovery X-ray transmission technology.
“The technology works by recognising and separating gemstones by their atomic density, allowing miners to capture valuable gemstones before they become endangered,” according to the UK-based company. Financial Times newspaper.
Lucara President and CEO William Lamb said“We are overjoyed at the recovery of this incredible 2,492 carat diamond. This discovery not only demonstrates the incredible potential of our Karowe mine, but also supports our strategic investment in cutting-edge XRT technology.”
“The successful recovery of such a large, high-quality rough stone intact demonstrates the effectiveness of our diamond recovery efforts and our commitment to maximizing value for our shareholders and stakeholders,” Lam added.
Financial Times The company reported that people close to Lucara, who it did not name, estimated that the unnamed diamonds could be worth more than $40 million.
Lucara’s market capitalization surged by more than $40 million on Thursday, reaching nearly $150 million. Business Insider.
Lucara Botswana has been sold 216 diamonds over $1 million each, and 11 or more diamonds over $10 million each.
The Karowe Diamond Mine is 100% owned by Lucara Diamonds and has produced four diamonds over 1,000 carats in the past decade.
The world’s second largest mined diamond to date is a whopping 1,758 carats, and was discovered in the same mine in 2019. Known as the Sewero Diamond, the gem was purchased by French fashion house Louis Vuitton for an undisclosed amount in 2020. ABC News Reported.
In 2015, Lucara Diamond Company discovered the 1,111 carat Lesedi La Rona diamond at the Karowe Diamond Site. The mega diamond was sold to British jeweller Graff for $53 million in 2017.
Lucara Diamonds 812 carats A colorless diamond recovered from the Karowe mine in November 2015. Named “The Constellation,” it was the sixth largest gem-quality diamond ever found at the time. It sold for $63.1 million in May 2016.
The world’s largest diamond is the 3,106 carat Cullinan Diamond, discovered in neighbouring South Africa in 1905. In 1907, it was presented to the then British monarch, King Edward VII. This enormous diamond was cut into nine smaller diamonds, one of which was set into the tip of a scepter with a cross and one in the Imperial State Crown.
Botswana is the world’s largest diamond producer by value and the second largest producer of natural diamonds after Russia. Botswana reportedly accounted for 20% of global diamond production in 2023. Global Data.
Botswana’s diamond industry is about 80% It accounts for one-third of exports, one-third of fiscal revenues and one-quarter of the country’s GDP.
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