Reuters says that according to a joint venture between Anglo American's (AAL.L) De Beers and the Botswana government, a 1,098 carat diamond has been discovered in Botswana.
The stone was presented to President Mokgweetsi Masisi on Wednesday (June 16) by Debswana Diamond Company's acting managing director Lynette Armstrong
It is believed to be the third largest gem-quality stone ever to be mined.
"This is the largest diamond to be recovered by Debswana in its history of over 50 years in operation," Armstrong said.
Botswana Minerals Minister Lefoko Moagi said the discovery of the yet-to-be named stone, which measures 73mm long, 52mm wide and 27mm thick, could not have come at a better time after the COVID-19 pandemic hit diamond sales in 2020.
The government receives as much as 80% of the income from Debswana's sales through dividends, royalties and taxes.
Production at Debswana fell 29% in 2020 to 16.6 million carats while sales fell 30% to $2.1 billion as the pandemic impacted both production and demand.
In 2021, Debswana plans to increase output by as much as 38% to pre-pandemic levels of 23 million carats as the global diamond market recovers with the easing of travel restrictions and reopening of jewelers.
According to the BBC, the stone is the third largest in the world, behind the 3,106 carat Cullinan stone recovered in South Africa in 1905 and the 1,109 carat Lesedi La Rona unearthed by Lucara Diamonds in Botswana in 2015.
An estimate of the stone's potential cost has not yet been released but in 2017, the second-largest diamond ever found, Lesedi La Rona, was sold for US$53 million.
