World's second largest diamond found in botswana could fetch over $40 million

World's second largest diamond found in botswana could fetch over $40 million

A 2,492-carat raw diamond discovered in Botswana is believed to be the world’s second-largest, behind only the famed Cullinan diamond.

A 2,492-carat raw diamond discovered in Botswana is believed to be the world’s second-largest gem-quality sample ever unearthed, behind only the famed Cullinan diamond.

The gigantic gemstone was found in Botswana’s Karowe diamond mine, which is wholly owned by Canadian mining company Lucara Diamond Corp.

‘We are ecstatic about the recovery of this extraordinary 2,492-carat diamond,’ Lucara’s president, William Lamb, said in a statement.

Lucara did not disclose details of the diamond's quality or its value. However, the Financial Times quoted unnamed sources close to Lucara estimating that it could fetch upwards of $40 million.

The diamond was detected and recovered by the company's Mega Diamond Recovery (MDR) X-ray Transmission (XRT) technology, installed in 2017 to identify and preserve large, high-value diamonds. Lamb said the discovery upheld Lucara’s investment in XRT technology as well as the potential of its Karowe mine, which has yielded some massive finds over the last few years.

In 2019, a 1,758-carat diamond found in the mine was purchased by luxury fashion brand Louis Vuitton. Before that, in 2010, Graff Diamonds had bought the 1,109-carat diamond found in Karowe in 2016 for a staggering $53 million.

‘This discovery reinforces Karowe's position as a truly world-class diamond mine and highlights the continued success of our operational and underground development strategy,’ said William Lamb.

The Cullinan diamond remains the largest gem-quality diamond ever discovered at 3,106 carats. It was mined in South Africa in 1905 and cut up into several smaller stones.