World's second largest diamond, valued at over $40 million, unearthed in Botswana

The diamond placed on a table inside the office of Botswana's President Mokgweetsi Masisi in Gaborone.

A colossal 2,492-carat rough diamond has been unearthed in Botswana, making it the second-largest diamond ever found in history. This astonishing find was made at the Karowe mine, located approximately 500 km north of Botswana’s capital, Gaborone, and is owned by Canadian mining company Lucara Diamond.

This discovery surpasses all other finds in Botswana and is only dwarfed by the legendary 3,106-carat Cullinan diamond, which was discovered in South Africa in 1905. The Cullinan diamond, famously cut into nine separate stones, is a central feature of the British Crown Jewels, including the Great Star of Africa, the largest clear-cut diamond in the world.

The diamond, described by the company as "one of the largest rough diamonds ever unearthed," was detected using the firm’s advanced Mega Diamond Recovery X-ray technology, BBC reported. This technology, implemented in 2017, ensures the preservation of high-value diamonds by preventing them from breaking during ore-crushing processes.

Botswana is one of the world's largest producers of diamonds, which constitute its main source of income, representing 30% of GDP and 80% of its exports. The previous largest diamond found in the country was a 1,758-carat stone discovered at the same Karowe mine in 2019. That stone was eventually acquired by French luxury brand Louis Vuitton, though the purchase price was not disclosed.

The newly discovered diamond’s quality and value are still under evaluation, but sources close to Lucara, quoted by the UK-based Financial Times, suggest that the stone could be valued at over $40 million. For context, a 1,109-carat diamond found at Karowe in 2016 was sold for $53 million to Laurence Graff, the renowned London jeweller and chairman of Graff Diamonds.

This latest find is likely to bolster Botswana’s standing in the global diamond market, but it also comes amid evolving regulatory landscapes. Recently, Botswana’s government proposed legislation that would require mining companies to sell a 24% stake to local firms if the government opts not to become a shareholder itself, according to a Reuters report.