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On August 21, Canadian mining company Lucara announced the discovery of an exceptionally large rough diamond in Botswana’s Karowe mine. The diamond, weighing 2,492 carats, is described as largely translucent.<\/p>\n
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It is now the second largest diamond ever found, just behind the 3,106-carat Cullinan<\/strong>, which emerged from the ground in South Africa in 1905, according to experts such as Tobias Kormind of 77 Diamonds, <\/strong>a British online jewellery retailer.<\/p>\n <\/p>\n The announcement marks an important milestone for the global diamond industry and reinforces Botswana’s role as a leader in the sector. The Botswana government has hailed the discovery as a major achievement, while considering measures to strengthen local participation in the mining industry.<\/p>\n <\/p>\n <\/p>\n The diamond was discovered in the Karowe mine,<\/strong> located in northeastern Botswana, a region renowned for its diamond wealth. This feat was made possible by X-ray detection technology.<\/strong> Developed by Lucara,<\/strong> it has been used since 2017 to identify and extract large gemstones without damaging them.<\/p>\n <\/p>\n This has enabled the integrity of the diamond to be preserved throughout the extraction process, a crucial advance over traditional methods that can break precious gems during ore extraction.<\/strong><\/p>\n <\/p>\n This cutting-edge technology paves the way for future discoveries of large gems, and diamonds in particular.<\/p>\n <\/p>\n The 2,492-carat diamond stands out for its imposing size<\/strong>, although paradoxically it is relatively modest in relation to its weight, almost fitting in the palm of one hand.<\/p>\n <\/p>\n The discovery has generated a great deal of excitement in the mining community and among gemology experts.<\/strong> Although the exact value of the stone has not been disclosed, estimates suggest it could exceed $40 million, according to sources close to Lucara.<\/p>\n <\/p>\n The stone was presented to the President of Botswana, Mokgweetsi Masisi, who expressed his pride in Lucara’s contribution to the industry. Botswana has seen diamond revenues support many aspects of its socio-economic development, including education and health.<\/p>\n <\/p>\n The diamond is the largest found in the country to date, surpassing the previous record of 1,758 carats,<\/strong> also found by Lucara in 2019 and sold to Louis Vuitton.<\/p>\n <\/p>\n <\/p>\n The Botswana government plays an active role in the management of the country’s diamond resources.<\/strong><\/b> To increase local participation in the industry, it has proposed a law requiring mining companies to sell a 24% share either to the state, or to local companies if it chooses not to exercise its purchase option.<\/strong><\/b> This measure aims to strengthen the involvement of local players and ensure that the benefits of mining operations accrue more to the Botswana population.<\/p>\n <\/p>\n While Botswana accounts for around 20% of the world’s diamond production,<\/strong><\/b> the country has transformed its diamond resources into a major economic pillar, contributing around 30% of its GDP and 80% of its exports, according to the World Diamond Council and the IMF.<\/p>\n <\/p>\n The revenues generated by diamonds have enabled investment in essential infrastructure and social programs, reinforcing the country’s economic and social stability.<\/p>\n <\/p>\n The discovery of this new diamond is not only a mining feat, but also a defining moment for the industry, marking a new stage in the exploitation and valorization of precious stones.<\/p>\n <\/p>\n \n<\/p>\n <\/p>\n \nDiscovery in the Karowe mine<\/b><\/h2>\n
Bostwana: the active economic role of diamonds<\/b><\/h2>\n<\/p>\n