Botswana has found a huge diamond. It is the second-biggest in the world and it weighs 2,492 carats. A company from Canada called Lucara Diamond found it.
The Financial Times says this is the biggest gem found since the Cullinan diamond. The Cullinan diamond was found over 100 years ago and is part of the British Crown Jewels now.
This big diamond is good news for Botswana because mining is very important for their money. It can help the country since many diamonds are now made in labs and not mined.
A Rare Find
Clifford Elphick, who used to work for De Beers and now heads mining companies in southern Africa, said finding this diamond is very rare. He called it “the most important find of this century.”
Lucara thinks the diamond could be worth more than $40 million. Because of this, the company’s shares went up by 40% on Thursday.
William Lamb, Lucara’s CEO, told the Financial Times that this diamond brings hope to a tough market and aims to boost the diamond sector and Botswana’s image.
The diamond industry has had problems because of fake diamonds and less spending on luxury items. This led to Anglo American selling De Beers.
But big finds like this are still very important for making money and getting attention.
Lamb said they need to use this diamond to get people excited about diamonds again.
The President of Botswana, Mokgweetsi Masisi, was shown the diamond on Thursday.
Important Information
Lucara’s Karowe mine has found other big diamonds too, like the 1,758-carat Sewelô and the 1,109-carat Lesedi La Rona. The new diamond was found using special X-ray technology since the Lesedi La Rona was damaged before.
Lucara sold the Lesedi La Rona in 2017 for $53 million. The value of this new diamond will depend on its quality and color. Luxury brands like Louis Vuitton, Bulgari, and Tiffany may want to buy it. But Raj Ray from BMO warned that marketing needs to be done well to get the best price.
This big diamond shows that there are still amazing discoveries to be made in the diamond world. Even though the industry has problems with fake diamonds and how people buy, big finds like this can make people excited and bring in money.