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Second-Largest Diamond Found in Botswana a Staggering 1,111 Carats

Image: Second-Largest Diamond Found in Botswana a Staggering 1,111 Carats
(Lucara Diamond)

By    |   Thursday, 19 Nov 2015 11:55 AM

The second-largest diamond ever found was recently discovered in Botswana, a 1,111-carat rock that marks the biggest stone seen in more than a century.

The diamond was dug up in Botswana's Karowe mine, about 300 miles from the capital of Gaborone, and marks the largest gem ever discovered in the country, according to BBC News.

"This historic diamond recovery puts Lucara and the Karowe mine amongst a select number of truly exceptional diamond producers," William Lamb, president and chief executive officer of Lucara, which owns the Karowe mine, said in a statement Wednesday.

"The significance of the recovery of a gem quality stone larger than 1,000 carats, the largest for more than a century and the continued recovery of high quality stones from the south lobe, cannot be overstated," he added.

Lucara, based in Vancouver, stated that the gem was recovered via the newly installed Large Diamond Recovery machines.

"Our focus on mining the south lobe, which is delivering value beyond expectation, has been perfectly timed with the commissioning of our recent plant modifications, enabling the recovery of these large, high quality exceptional diamonds," Lamb said in his statement.

The Wall Street Journal reported that Lucara's shares in Stockholm jumped more than 30 percent Thursday with the news of the diamond discovery. Africa also produced the largest diamond every found, the 3,106-carat Cullinan gem found in South Africa in 1905.

That diamond was cut into several large polished gems, two of which are part of Britain's crown jewels — the Great Star of Africa and the Lesser Star of Africa, The Journal noted.

Numis Securities analyst Phil Swinfen, a former diamond-mining geologist, said that the new Lucara diamond could net $40 to $60 million based on recent purchases of large gems.

"Given this stone is likely to be historically significant, the value could take on a life of its own and achieve significantly more — all flowing straight to Lucara's bottom line," he told The Journal. "This is immensely good news for Lucara, perhaps the best week in the company's history."

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The second-largest diamond ever found was recently discovered in Botswana, a 1,111-carat rock that marks the biggest stone seen in more than a century.
second, largest, diamond, found, carat
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2015-55-19
Thursday, 19 Nov 2015 11:55 AM
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