'Epic' 2,492-carat diamond unearthed

Brace yourselves, gentlemen: the bar has been raised. A Canadian firm announced on Wednesday that it had excavated one of the largest diamonds ever from Botswana's Karowe Diamond Mine

Lucara Diamond Corp. said the "epic" discovery — which it claims is one of the "largest rough diamonds ever unearthed" — is a "remarkable find." The 2,492-carat stunner is said to be the second-largest diamond ever discovered.

The unnamed diamond could be worth upward of $40 million.

The fabulous find was enabled by cutting edge Mega Diamond Recovery X-ray Transmission technology.

"The technology works by recognizing and separating the precious stones by their atomic density, enabling miners to catch bumper gemstones before they are put in harm's way," according to the U.K.-based Financial Times newspaper.

Lucara president and CEO William Lamb said, "We are ecstatic about the recovery of this extraordinary 2,492-carat diamond. This find not only showcases the remarkable potential of our Karowe Mine, but also upholds our strategic investment in cutting-edge XRT technology."

Lamb added, "The ability to recover such a massive, high-quality stone intact demonstrates the effectiveness of our approach to diamond recovery and our commitment to maximizing value for our shareholders and stakeholders."

The Financial Times reported that people close to Lucara, whom it did not name, estimated that the unnamed diamond could be worth upward of $40 million.

Lucara's market valuation spiked by over $40 million on Thursday to nearly $150 million, according to Business Insider.

Lucara Botswana has sold 216 diamonds for over $1 million each and over eleven diamonds for more than $10 million each.

The Karowe Diamond Mine is 100% owned by Lucara Diamond and has produced four other diamonds over 1,000 carats in the last decade.

The previous second-biggest mined diamond in the world was a whopping 1,758 carats and was discovered at the same mine in 2019. The precious stone — known as the Sewelo diamond — was purchased by French fashion house Louis Vuitton in 2020 for an undisclosed amount, ABC News reported.

In 2015, Lucara Diamond discovered the 1,111-carat Lesedi La Rona diamond at the Karowe Diamond. The giant diamond was sold to British jeweler Graff for $53 million in 2017.

Lucara Diamond extracted an 812-carat colorless diamond from the Karowe mine in November 2015. The precious stone — named "The Constellation" — was the sixth-largest gem-quality diamond at the time. The diamond was sold for $63.1 million in May 2016.

The world's largest diamond is the 3,106-carat Cullinan Diamond — discovered in 1905 in neighboring South Africa. In 1907, the Cullinan Diamond was presented to the reigning British monarch, King Edward VII. The huge diamond was cut into nine smaller diamonds. One of the diamonds was mounted in the head of the Sovereign's Sceptre with Cross and another one was mounted in the Imperial State Crown.

Botswana is the world’s largest diamond producer by value and the second-biggest producer of natural diamonds behind Russia. Botswana accounted for 20% of global diamond production in 2023, according to GlobalData.

Botswana's diamond industry accounts for approximately 80% of exports, one-third of fiscal revenues, and one-quarter of the country's GDP.

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