Could this Botswana Diamond be worth INR 1341 crore?

A discovery in Botswana has left everyone stunned—a massive 2,492-carat diamond has been found, making it the biggest discovery in over 100 years. This raw gem might just be the second-largest of its kind ever discovered.

Lucara Diamond Corp, a Canadian mining company, announced the discovery of this “extraordinary” diamond at its Karowe mine in Botswana have estimated the diamond may be worth over Rs 335 crore ($40 million), but it is too early to confirm the actual value. The photo they released shows the massive rough stone, comfortably cradled in the palm of a hand.

However, renowned diamond expert Fred Cuellar estimated that the diamond’s potential value ranged from INR 838.48 crore ($100 million) to INR 1341.57 crore ($160 million).

The biggest gem-quality diamond ever found was the 3,106-carat Cullinan diamond, unearthed in 1905 in South Africa, back when the country was still under British rule. This stone was gifted to King Edward VII and eventually cut into several smaller gems, many of which are now part of the Crown Jewels.

“We are ecstatic about the recovery of this extraordinary 2,4,92-carat diamond…The ability to recover such a massive, high-quality stone intact demonstrated the effectiveness of our approach to diamond recovery and our commitment to maximising the value for our shareholders and stakeholders,” said William Lamb, President and CEO of Lucara, in the official statement. Lucara hasn’t revealed the value of this diamond yet or whether it can be cut into smaller gems.

Lucara’s Karowe mine has a reputation for unearthing increasingly larger diamonds. Back in 2019, the mine produced the 1,758-carat Sewelo diamond, which at the time was the second-largest diamond ever found. Despite its dark, almost black appearance and uncertainty about how many gems it could yield, Louis Vuitton purchased the Sewelo for a price that was kept under wraps. In 2017, Graff paid INR 444.56 crore ($53 million) for the 1,111-carat Lesedi La Rona diamond, another find from the Karowe mine. 

The Botswanan government hosted a special viewing ceremony for the diamond on Thursday, and the president had the honor of being the first to lay eyes on this yet-to-be-named gem. 

While Russia may hold the title of the world’s largest diamond producer, Botswana has become the go-to place for discovering some of the biggest and most valuable diamonds in recent years. The southern African nation is keen to strengthen its influence in the diamond industry and recently surged a larger share of the stones mined by De Beers, owned by Anglo-American, under a new 10-year deal.