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Second Largest Diamond in History Discovered in Africa

Botswana Discovers Second Largest Diamond in Human History

By Emma AdePublished about a year ago 3 min read

Africa is blessed with mineral resources and there is no country you go on the continent without diverse mineral resources in abundance. It came as a surprise to many that the second-biggest diamond in history was found in a small country with little popularity and it is worth a huge amount of money.

Second Largest Diamond in History Found in Botswana

A small mining firm in Botswana has successfully mined the second-largest diamond in history at the Karowe mine in Botswana, Southern Africa. The 2,492 2,492-carat diamond weighs about a pound and is the size of a baseball.

The uncut diamond was about 600 carats shy of the largest in human history found in South Africa in 1905. Though the rough diamond has not been thoroughly assessed, it is believed to be worth tens of millions of dollars in the market. It may end up with more worth if it is found to be a gem-quality rock. This diamond was discovered through X-ray technology.

The Mining Firm’s Stock Rose by 91%

Lucara Diamond Corp, the mining company that discovered this gemstone has witnessed a significant surge in its stock price share. Shares had surged 91% barely 48 hours after the announcement of the discovery. The company’s market value has risen to roughly $40 million after the announcement.

The Canadian mining firm’s shares traded on the Toronto Stock Exchange at $0.63, which was nearly double some 24 hours before the announcement. The company’s stock has since consolidated its gains at 33% a few days after the discovery.

A History of Discovery

Lucara Diamond Corp is known for its history of making great discoveries. In 2015, the company discovered a 1,109-carat gem diamond at the same mine and it was eventually sold at $53 million. Since 2015, the company has discovered many more gem-quality diamonds in different mines across Botswana. The latest feat has shown its commitment to improving trade and commerce in Botswana.

The 2,492-carat diamond was presented to Botswana’s president a few days after discovery and the news was widely celebrated by the people. The company had used its X-ray transmission technology to discover the piece. The X-Ray technology was installed by the company in 2017 to discover and preserve high-value diamonds.

According to the mining company, the discovery showcases the company’s remarkable potential to manage and explore Karowe Mine, while upholding its strategic management and investment in cutting-edge XRT technology.

The Challenges in the Mining Industry Persists

Lucara Diamond Corp was quick to point out the numerous challenges still being faced in the mining industry in Africa. The major challenge is that of declining prices of raw diamonds, brought about by laboratory-grown gems. The laboratory manufacture of diamonds was brought about by the difficulty of locating and extracting natural diamonds without breaking them.

In addition to falling prices due to lab-grown diamonds, there seem to be issues with the safety of miners in mines. A substantial number of miners have been killed in mines across Africa in the past decades in accidents and through other security challenges. It is also important to mention that miners are still being paid little compared to the effort they put in place during work hours.

Aside Botswana there are many African countries where diamonds and many other precious minerals are being mined daily. Congo DRC for instance is believed to provide the world with the precious metals used in the making of iPhones. Nigeria and Angola are some of the largest oil producers in the world, while many parts of east and Southern Africa are known for huge Gold deposits.

This content was originally written by me and shared on some other platform.

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About the Creator

Emma Ade

Emma is an accomplished freelance writer with strong passion for investigative storytelling and keen eye for details. Emma has crafted compelling narratives in diverse genres, and continue to explore new ideas to push boundaries.

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