A Canadian mining company on August 22 announced the discovery of a massive diamond, the second largest in the world at 2,492 carats, from the Karowe mine in Botswana. This gem, weighing about half a kilogram, is nearly as large as the world’s largest diamond, the Cullinan, which is over 3,100 carats and was found in South Africa in 1905.
The CEO of Lucara, William Lamb expressed excitement over the find, though the press release did not disclose the diamond’s value or quality. However, the Financial Times reports it could be worth more than $40 million. The diamond was presented to Botswana’s President Mokgweetsi Masisi, who noted its significance, saying it could fund substantial infrastructure projects.
Lucara, which operates the Karowe mine, pays Botswana a 10% royalty on the gross sales value of the diamonds it produces.