See photos of world’s second-largest diamond discovered in Bostwana

• The Canadian company has discovered the world’s second-largest diamond ever in history in Botswana
• Botswana government said this is the largest diamond gem-quality find since over a century ago
• It is expected that the discovery will be a big boost to Botswana’s economy as mining contributes about a quarter of its GDP

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Botswana has unveiled the world’s second-largest diamond ever discovered, a colossal 2,492-carat gem that promises to rejuvenate interest in natural diamond mining.

Mokgweetsi Masisi, Botswana’s President, made the announcement of the discovery in a press conference on Thursday, August 22, 2024.

Bostwana president described the discovery as history in the making Photo credit: Monirul Bhuiyan
Source: Getty Images

While holding up the diamond, he said the discovery was made by Vancouver-based mining company Lucara from its Karowe mine in northeastern Botswana.

PAY ATTENTION: Share your outstanding story with our editors! Please reach us through info@corp.legit.ng!

He revealed that the diamond is the largest gemstone unearthed in over a century.

Commenting on the discovery, Aseem Lahri, Botswana managing director for Lucara Diamond Corp said:

The rough diamond, weighing more than a pound and a half, is large enough to fit comfortably in an adult’s palm.

However, its true value remains undetermined and could take months of evaluation to establish.

In an official statement, Lucara described the find as an “exceptional, high-quality" stone, noting that it was discovered using X-ray technology specifically designed to locate large, high-value diamonds.

How the diamond was formed, expert

New York Times reports that the discovery is due to a rare alignment of geological conditions linked to volcanic activity, which created the perfect environment for such a gem to form.

FG increases cost of mining lease in Nigeria

Meanwhile, Legit.ng reported that the federal government has increased the price of mining permits and royalties.

Solid Minerals Development Minister Dele Alake stated that the pricing regime consists of 268 elements.

According to him, investors will need to pay N5 million for a license to refine gold in order to obtain a mineral processor.

Source: Legit.ng