2,492-Carat Diamond Discovery Marked as Historic Find in Botswana

The world has just witnessed a monumental discovery with the unearthing of a rough 2,492-carat diamond in Botswana, at a mine operated by Lucara Diamond, a Canadian company. This diamond is now recognized as the largest find since the legendary 3,106-carat Cullinan diamond, which was found in South Africa in 1905 and later cut into nine separate gems, several of which are part of the British Crown Jewels.

Location and Significance of the Mega Diamond Recovery

This remarkable diamond was discovered at the Karowe mine, located approximately 500 kilometers (300 miles) north of Gaborone, the capital of Botswana. According to the Botswana government, this is the largest diamond ever found within the country. The record for the largest diamond discovered in Botswana was a 1,758-carat stone unearthed  in 2019 and has been broken following the discovery of 2,492-carat diamonds . All these gems were found in the same mine.  Botswana stands as one of the leading producers of diamonds globally, contributing about 20% of the world’s diamond supply.

Technological Innovations in Diamond Recovery

Lucara Diamond expressed excitement over this extraordinary find, with CEO William Lamb declaring, “We are ecstatic about the recovery of this extraordinary 2,492-carat diamond.” The diamond was detected using the company’s advanced Mega Diamond Recovery X-ray technology, which has been in use since 2017 to help identify and preserve high-value diamonds during the ore-crushing process, preventing damage.

Previous Record Sales and Market Impact

While Lucara has yet to disclose the 2,492-carat diamond’s gem quality or its estimated value, it is worth noting that the 1,758-carat diamond found in 2019 was purchased by the luxury brand Louis Vuitton for an undisclosed amount. Similarly, a 1,109-carat diamond found in 2016 at the same mine fetched a staggering $53 million (£39.5 million) in 2017 from renowned London jeweler Laurence Graff, chairman of Graff Diamonds.

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Regulatory Changes in Botswana’s Diamond Market

In line with the mining industry’s evolution, Botswana’s government has proposed a new law mandating that companies, upon obtaining a mining license, must sell a 24% stake to local firms unless the government opts to become a shareholder.