World’s Second-Largest Diamond Discovered in Botswana, Expected to Fetch Over $40 Million

A 2,492-carat raw diamond discovered in Botswana is now believed to be the world’s second-largest gem-quality diamond ever found, surpassed only by the renowned Cullinan diamond.

The colossal gemstone was unearthed at Botswana’s Karowe diamond mine, owned entirely by the Canadian mining company Lucara Diamond Corp.

“We are ecstatic about the recovery of this extraordinary 2,492-carat diamond,” stated Lucara’s president, William Lamb.

While Lucara has not revealed specific details about the diamond’s quality or its precise value, sources quoted by the Financial Times estimate it could exceed $40 million.

The diamond was detected and recovered using Lucara’s Mega Diamond Recovery (MDR) X-ray Transmission (XRT) technology, which was installed in 2017 to identify and preserve large, high-value diamonds. Lamb noted that this discovery underscores the value of their investment in XRT technology and the potential of their Karowe mine, known for its significant finds in recent years.

Previously, a 1,758-carat diamond found in the same mine in 2019 was acquired by luxury fashion brand Louis Vuitton. Additionally, in 2010, Graff Diamonds purchased a 1,109-carat diamond from Karowe, discovered in 2016, for a remarkable $53 million.

“This discovery reinforces Karowe’s position as a truly world-class diamond mine and highlights the continued success of our operational and underground development strategy,” said William Lamb.

The Cullinan diamond, weighing 3,106 carats, remains the largest gem-quality diamond ever discovered. Mined in South Africa in 1905, it was subsequently cut into several smaller stones.