World’s Second-Largest Diamond Believed To Value Above $63 Million Found in Botswana

Botswana, the world’s second-largest producer of natural diamonds, has made an extraordinary discovery that has captivated the global diamond industry. On August 22nd, 2024, the Botswana government announced the unearthing of a massive 2,492-carat diamond, the second-largest diamond ever found in a mine.

The colossal gemstone, which weighs approximately half a kilogram (1.1 pounds), was discovered at the Karowe Mine, operated by the Canadian mining company Lucara Diamond Corp. This remarkable find comes more than a century after the discovery of the Cullinan Diamond, the largest diamond ever found, which weighed 3,106 carats and was unearthed in South Africa in 1905.

“It is overwhelming,” said Botswana’s President Mokgweetsi Masisi, who was among the first to witness the diamond at a viewing ceremony held in the capital city of Gaborone. “I am lucky to have seen it in my time,” he added, visibly awestruck by the sheer size and significance of the discovery.

The as-yet-unnamed diamond is the second-biggest diamond to be discovered in a mine, surpassing the Sewelo diamond, which was found at the same Karowe Mine in 2019 and weighed 1,758 carats. The Karowe Mine has proven to be a prolific source of large, high-quality diamonds, having produced four other diamonds over 1,000 carats in the last decade.

“This is history in the making,” said Naseem Lahri, the Botswana managing director for Lucara Diamond Corp. “I am very proud. It is a product of Botswana.”

Botswana, a country with a population of just 2.6 million, has emerged as a global powerhouse in the diamond industry, accounting for the discovery of some of the world’s largest and most valuable diamonds in recent years. The country is the second-largest producer of natural diamonds, behind only Russia, and the diamond trade plays a crucial role in its economy, contributing to 30% of its GDP and 80% of its exports.

The discovery of the 2,492-carat diamond is a testament to Botswana’s geological wealth and the country’s commitment to responsible and sustainable diamond mining practices. Lucara Diamond Corp. has been at the forefront of this effort, utilizing advanced X-ray technology to locate and recover large, high-value diamonds like the one found at the Karowe Mine.

While it is still too early to determine the exact value of the diamond, officials have indicated that it could potentially surpass the $63 million record set by a smaller diamond from the same mine in 2016. The decision on how to sell and market this extraordinary gemstone will be a closely watched process, as it has the potential to redefine the global diamond market.

The discovery of the 2,492-carat diamond is not only a significant milestone for Botswana but also a testament to the enduring allure and value of natural diamonds. As the world’s second-largest diamond continues to captivate the global diamond industry, it serves as a reminder of the geological wonders that still lie beneath the earth’s surface, waiting to be discovered.