Second-Largest Diamond Ever Found Unearthed in Botswana
A remarkable discovery has captured the attention of the diamond world and beyond, as the second-largest diamond ever found has been unearthed in Botswana. This dazzling 2,492-carat gem, discovered by the Canadian mining company Lucara Diamond, stands as the biggest find since the legendary Cullinan diamond, which now adorns the British Crown Jewels. The discovery is being hailed as a geological marvel, with industry insiders noting that such a find is incredibly rare and significant.
Clifford Elphick, a former De Beers executive who now helms his own mining ventures in southern Africa, expressed the gravity of the discovery, calling it “a once-in-hundreds-of-years event, and an absolute geological phenomenon.” The diamond, which is still to be assessed for its exact value, is already stirring excitement within the industry, with estimates suggesting it could fetch upwards of $40 million. Lucara’s share price reflected this optimism, with a surge of approximately 40% following the announcement.
The discovery comes at a pivotal moment for the diamond industry, particularly in Botswana, where diamonds play a crucial role in the nation’s economy. Mining of these precious gems accounts for about a quarter of the country’s GDP, according to the International Monetary Fund. Botswana’s President Mokgweetsi Masisi was presented with the gem, highlighting its national significance and the pride it brings to the country.
Lucara’s Karowe mine, where the diamond was found, has a history of producing large and valuable stones, including the 1,758-carat Sewelô and the 1,109-carat Lesedi La Rona. The company utilised advanced X-ray transmission technology, installed eight years ago, to uncover this latest treasure. Interestingly, this technology was implemented after the Lesedi La Rona was partially damaged during its discovery, underscoring the importance of innovation in modern mining operations.
William Lamb, Lucara’s CEO, expressed the company’s commitment to using this extraordinary find to shine a spotlight on the diamond industry, which has faced challenges in recent years due to the rise of lab-grown diamonds and a decline in luxury spending. Lamb described the discovery as “a sparkle in a gloomy market,” underscoring the potential it holds to rejuvenate interest in natural diamonds.
The global diamond market has been navigating rough waters, with traditional players like De Beers being affected by the influx of factory-made diamonds. However, Lamb emphasised that such giant natural discoveries are vital for sustaining the industry’s appeal and driving market interest. He noted that the challenge now lies in marketing the stone effectively to maximise its value, a sentiment echoed by analysts who recognise the uniqueness and potential difficulty in selling such an extraordinary gem.
As for the potential buyers, private collectors, jewellery houses, and luxury brands such as Louis Vuitton, Bulgari, Tiffany, Chopard, and Andre Messika are among the likely candidates. These names represent the elite of the luxury world, capable of appreciating and acquiring such a rare piece. The most expensive diamond ever sold at auction, the Pink Star, fetched $71 million in 2017, and while this new find might not reach those heights, it is expected to generate considerable interest.
Large stones like this one present unique challenges in the market due to their rarity, the limited number of potential buyers, and the complexities involved in accurately valuing them. Raj Ray, an analyst at BMO, stressed that careful marketing would be key to realising the stone’s full potential.
Natural Diamond Council for insights on natural diamonds and their significance in the global market.
