Canada-Based Diamond Mining Company Unearths World’s Second-Largest Diamond In Botswana

Lucara Diamond Corp., a diamond exploration and mining company in southern Africa, recently found the world's second-largest diamond at 1,111 carat, which the company's CEO believes is worth more than $60 million, reported Bloomberg on Nov. 26.

"I haven't even told my wife," said Lucara Diamond CEO William Lamb.

The recently found diamond, which is a bit smaller than a tennis ball, is a type-IIa stone and is the biggest diamond to ever be discovered in Botswana.

The Cullinan diamond was the world's first-largest diamond and was found in South Africa in 1905 at 3,106 carat. The gem was cut into multiple pieces and was placed in the Crown Jewels of Britain.

"A lot of people will use $60,000 a carat as the basis," said Lamb. "On top of that, you have to look at the size of the final polished diamond as well as the historical context. That's going to play into it too."

According to BBC on Nov. 19, the 1,111-carat gem was found in Karowe mine, just 500 kilometers north of Botswana's capital Gaborone.

"The significance of the recovery of a gem quality stone larger than 1,000 carats, the largest for more than a century ... cannot be overstated," noted Lamb.

Two other "exceptional" diamonds were reportedly found in the Karowe mine, including an 813 and a 374-carat stone.

"This has been an amazing week for Lucara with the recovery of the second-largest and also the sixth largest gem quality diamonds ever mined," said Lamb.

Experts are yet to evaluate the 65mm x 56mm x 40mm diamond, but a commodities and mining analyst said that the gem had the potential to be "one very expensive diamond," noted The Guardian on Nov. 19.

"Valuation will depend on potential inclusions, how it would behave in cutting, optimal shape as well as final color," said Kieron Hodgson. "All these things will need to be evaluated prior to bidding."