The largest diamond discovered in over a century has been unearthed in Botswana. Weighing in at an astonishing 2,492 carats, this colossal gem is the second-largest diamond ever mined, only surpassed by the legendary Cullinan Diamond found in 1905.

The diamond, currently unnamed, was revealed to the world at a ceremony led by President Mokgweetsi Masisi of Botswana. The event saw the nation’s leader marvel at the fist-sized stone, exclaiming “wow” as he called his senior officials to inspect the gem.

“It is overwhelming,” Masisi said during a press conference. “I am lucky to have seen it in my time.”

A Historic Discovery

Lucara Diamond Corp., the Canadian mining company behind the discovery, announced the recovery of this “exceptional” stone from its Karowe Mine in central Botswana. They used advanced X-ray technology designed to locate large, high-value diamonds. Once they identified this target, the company ensured the 1.5-pound (0.68 kg) gem remained intact during extraction.

These gems, some of which are over a billion years old, develop deep underground where carbon atoms are under extreme pressure. Large gems like the ones recovered from Karowe are usually brought close to the surface by volcanic eruptions.

This find continues a streak of notable discoveries from the Karowe Mine. In the last decade, this mine which has produced multiple diamonds over 1,000 carats. The mine has previously yielded significant stones such as the 1,758-carat Sewelo diamond and the 1,111-carat Lesedi La Rona diamond. The discovery of this 2,492-carat diamond underscores Botswana’s position as a leading source of the world’s largest diamonds, whose economy is heavily reliant on the export of these gems.

How much is it worth?

As of now, the diamond’s value has not been determined, and it remains unclear how it will be sold. Historical precedent, however, suggests a high market value. For instance, a 1,109-carat diamond from the same mine fetched $63 million in 2016, setting a record for rough gems. Given large inflation since this sale, it is reasonable to assume this massive diamond could sell for upwards of $150 million.

Unless a buyer is keen on keeping the stone intact, it is likely to be cut into smaller gems and become part of a luxury brand. This was the case with the previous two large diamonds Lucara recovered. The Sewelo diamond, once recognized as the second-largest mined diamond in the word, was found at the Karowe Mine in 2019. The 1,758-carat find was sold to Louis Vuitton for an undisclosed amount.

“This is history in the making,” said Naseem Lahri, Botswana managing director for Lucara Diamond Corp. “I am very proud. It is a product of Botswana.”