Botswana has unearthed the second-largest diamond ever found—a remarkable 2,492-carat stone that made headlines when President Mokgweetsi Masisi held it up for inspection, its size momentarily obscuring his face. Lucara, a Vancouver-based mining company, discovered this diamond, making it the largest found in over a century.
This extraordinary find could rejuvenate the natural diamond mining industry, according to experts and mining companies. The diamond emerged from a small mine in northeastern Botswana, known for producing some of the largest diamonds in recent history. These gems typically form through volcanic activity.
Watch the Botswana president’s reaction to the world’s second largest diamond ever found which is 2,492 carat. To put it in perspective, a 1,109 carat diamond, unearthed at the same mine in 2016, was bought for $53m by London jeweler Laurence Graff. pic.twitter.com/jFPfoEKNd6
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“All the conditions were just right during that volcanic eruption,” noted independent diamond industry analyst Paul Zimnisky.
Weighing over a pound and large enough to fill an adult’s palm, the diamond’s exact value remains undetermined, with the valuation process expected to take several months. However, Zimnisky predicts it could fetch tens of millions of dollars, providing a significant boost not only to the diamond industry but also to Botswana’s economy, which heavily depends on diamond exports.
“The big diamonds help sell the smaller ones,” Zimnisky added.
Advancements in technology have made such colossal diamond discoveries less rare. Lucara’s CEO, William Lamb, explained that the company has shifted its focus toward finding larger gems, prioritizing higher revenues over volume. This approach has led Lucara to set and break multiple records for unearthing large diamonds.
In 2015, Lucara uncovered a 1,109-carat diamond, followed by a 1,758-carat black diamond in 2019. The latest find, the company’s largest to date, is second only to the Cullinan diamond—the world’s largest—discovered in South Africa in 1905. The Cullinan was famously gifted to the British royal family and cut into several stones, some of which are now part of the crown jewels.
The newly discovered diamond will likely be sold, cut into smaller gems, and incorporated into a luxury brand’s collection, following the path of Lucara’s previous large finds. However, the diamond industry faces challenges, particularly from the growing popularity of lab-produced diamonds. For Botswana, where diamonds account for 80% of exports, competition from synthetic gems presents a significant concern.
Despite these challenges, Lucara remains determined to continue its quest for the world’s largest diamond. “We believe that we can surpass the Cullinan,” Lamb stated confidently.
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