The remarkable gem was located at the Karowe mine, which lies approximately 300 miles north of Gaborone, Botswana’s capital city. The area, known for its significant diamond deposits, has once again come into the global spotlight due to this exceptional find.
Vast Diamond Located Using Cutting-Edge Technology
An advanced X-ray transmission system, installed at the mine in 2017, uncovered this enormous gem. This technology has been pivotal in preserving the integrity of very large diamonds during the extraction process.
William Lamb, CEO of Lucara, commented on the discovery, describing the technology’s role as crucial. "The ability to recover such a massive, high-quality stone intact demonstrates the effectiveness of our approach to diamond recovery," he said, underscoring the importance of the technology in modern diamond mining.
The mine has a history of significant finds. Before this event, it was where the 1,758-carat Sewelo and the 1,109-carat Lesedi La Rona were discovered. These earlier gems also garnered substantial attention and set high expectations for the potential of the area.
Historical Context and Valuation Prospects
The latest gem, yet to be named, links back to a rich history of diamond mining in Botswana. The country stands as a major diamond producer with the industry being a cornerstone of its economy.
Despite the gem’s impressive carat and historical importance, the current global diamond market poses challenges. After a brief spike during the pandemic, the market has seen a downturn. This is due in part to an oversaturated market and the rising popularity of synthetic diamonds.
However, the sales of the Lesedi La Rona to Laurence Graff for $53 million in 2017 and the Sewelo to Louis Vuitton in 2019 suggest potential high returns for Lucara’s latest discovery.
Future Expectations and Industry Buzz
Lamb expressed great enthusiasm about the find. "The firm is 'ecstatic' about the gem," he remarked, highlighting the morale boost it has brought to the team and stakeholders involved.
Furthermore, images showed the diamond next to a golf ball, clearly demonstrating its substantial dimensions and exceptional quality, effectively putting its size into perspective.
Nevertheless, Lucara has disclosed no immediate plans regarding the cutting, polishing, or sale of the diamond. This level of secrecy, consequently, adds to the allure and speculation surrounding the future of this significant find.
Global Impact and Economic Significance
Botswana’s reliance on the diamond industry makes discoveries like these pivotal not only to the companies that operate these mines but also to the national economy. Such finds underpin the continued significance of natural diamonds amidst challenges from synthetic alternatives.
With the installation of the X-ray technology at Karowe, Lucara has set a new standard in the mining industry for diamond recovery. This may influence other mining operations worldwide, which are keen on preserving the integrity and maximizing the yield of their excavations.
The diamond industry watches closely as both industry insiders and luxury goods markets globally follow with keen interest the future actions concerning this extraordinary diamond—its naming, cutting, and eventual sale.
