Lucara Diamond Corp. announced the discovery of an exceptionally large 2,492-carat diamond at their Karowe Diamond Mine in northeastern Botswana.

The company used advanced X-ray detection technology installed in 2017 to identify and preserve high-value diamonds.

This new diamond is the second-largest rough diamond ever discovered, surpassed only by the 3,016-carat Cullinan Diamond found in South Africa in 1905. Lucara’s president, William Lamb, described the find as “extraordinary.”

Botswana’s President Mokgweetsi Masisi was presented the translucent, palm-sized diamond, which he stated is the largest ever discovered in Botswana.

“I’m told this is the largest diamond to be discovered in Botswana to date and the second in the world,” Masisi said, congratulating the company on the find. “This is precious.”

Diamonds are a critical economic driver for the country, accounting for 30% of its GDP and 80% of exports.

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Lucara has a history of large diamond discoveries at the Karowe mine, including a 1,758-carat stone found in 2019 and a 1,174-carat stone in 2021, both using the same X-ray technology. The mine has produced over 200 diamonds worth more than $1 million each.

While the diamond industry has faced challenges from lab-grown diamonds and weaker consumer spending, experts estimate this new 2,492-carat stone could be worth upwards of $40 million.

“Diamond prices are going through a difficult time now,” Masisi said. “But every diamond is precious and valuable. We have to optimise and get the best price for this diamond.”

Botswana is positioning to maximize the value of this remarkable discovery.