Madagascar leader finds huge emerald weighing 300 kgs hidden in presidential palace

(AI generated image)

Madagascar’s authorities have seized an emerald rock weighting 300 kilograms (661 pounds) that they said had been hidden inside the presidential palace.

The gem will be auctioned off to replenish depleted state coffers, the nation’s new ruler said. Emeralds can fetch about €70 ($80) a gram on international markets, according to Mines Minister Carl Andriamparany.

“We discovered this national treasure” upon entering the palace, President Michael Randrianirina told the national broadcaster. “We don’t know why it was hidden here, but we are simply glad to show that we are ready to live with transparency,” and will sell it, he said.

Randrianirina, who came to power in a coup last month, has said the government’s coffers are “virtually exhausted,” and that his new administration is working to restore international recognition to unlock foreign financing.

The emerald had been at the presidency since 2009 and was part of the national heritage, according to Soalihy Mosa, a senior adviser in the previous administration led by President Andry Rajoelina.

Rajoelina was overthrown following three weeks of mass protests sparked by a shortage of necessities, allegations of corruption and public anger over the wealth of the country’s elites.