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Wednesday, August 04, 2021

De Beers unit discovers 1,098 carat gigantic diamond in Botswana, could be third-biggest ever

The stone was discovered at Jwaneng, the world’s richest mine by value, which is undergoing a $2 billion expansion.

By: Bloomberg |
Updated: June 18, 2021 10:37:20 am
world's third largest diamondPreliminary analysis suggests the stone is the world’s third-largest gem-quality diamond ever after the Cullinan Diamond that was discovered in South Africa in 1905 and the Lesedi la Rona that was found in Botswana in 2015, according to Debswana acting Managing Director Lynette Armstrong. (Image source: Facebook/Debswana Diamond Company)

Debswana Diamond Co., a unit of De Beers Plc, unearthed a 1,098 carat stone in Botswana on June 1, the largest since the company began operations five decades ago.

Preliminary analysis suggests the stone is the world’s third-largest gem-quality diamond ever after the Cullinan Diamond that was discovered in South Africa in 1905 and the Lesedi la Rona that was found in Botswana in 2015, according to Debswana acting Managing Director Lynette Armstrong.

Valuation by the Diamond Trading Co. Botswana is due in a few weeks and at this point, Debswana can’t say whether the rock will be sold by De Beers or through the Okavango Diamond Co., a state-owned trader that also holds the right to buy Debswana stones, Armstrong said.

“Debswana will work with the government of the Republic of Botswana and De Beers to value and sell the diamond to ensure it returns maximum benefit for the people of Botswana,” the company’s spokeswoman, Rachel Mothibatsela, said.

worlds third largest diamond A 1,098-carat diamond, discovered in Botswana and believed to be the third-largest gem-quality stone ever to be mined, is seen in this undated handout picture received June 16, 2021. (Debswana Diamond Company/Handout via REUTERS)

The stone was discovered at Jwaneng, the world’s richest mine by value, which is undergoing a $2 billion expansion.

Debswana is a 50/50 partnership between Botswana and De Beers to mine the gems in the southwestern African nation. Last year, the company produced 16.6 million carats, compared with 23.3 million carats in 2019.

Botswana accounts for more than two-thirds of De Beers’ output, while the country relies on diamonds for 90% of its exports. Last year, the nation’s total rough diamond sales fell 30% to $2.1 billion as mines suspended production due to the coronavirus pandemic.

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