Unique diamond found in Botswana

LONDON. — A 1,111 carat gem-quality diamond, second in size only to the Cullinan diamond cut into the British Crown jewels, has been unearthed by Lucara Diamond Corporation in Botswana.

The Type-IIa stone, just smaller than a tennis ball, is the largest diamond discovery for more than 100 years, according to Vancouver-based Lucara.

It was recovered by machines at the south lobe of Karowe mine in central Botswana, the company said in a statement.

A model poses with a 12,03 carats cushion-shaped fancy vivid blue diamond mounted on a ring at Sotheby’s auction house in Geneva. The “Blue Moon Diamond” sold for 48,6 million Swiss francs ($48,4 million).

The mining company Karelian hopes to discover diamonds in Finland. Karelian’s diamond hopes rise on test results.

“The significance of the recovery of a gem-quality stone larger than 1,000 carats, the largest for more than a century and the continued recovery of high-quality stones from the south lobe, cannot be overstated,” William Lamb, chief executive officer of Lucara, said in the statement.

Lucara’s Karowe mine in Botswana is rivaling Gem Diamonds Ltd.’s Letseng mine in Lesotho as a source of the world’s biggest and best stones. Gem Diamonds previously held the record for the largest discovered this century with the 603-carat Lesotho Promise.

“It is almost impossible to estimate a value for such an extraordinary stone given that a valuation is highly dependent on the colour, clarity and cutting and polishing characteristics,” Edward Sterck, a London-based analyst at BMO Capital Markets, wrote in a note on Thursday.

Lucara sold a 341,9 carat Type-IIa diamond in July for $20,6 million, or $60 000 a carat, Mr Sterck said.

So far, the largest diamonds are resisting a price slump that has hit the wider industry. Prices for Gem Diamonds’ stones that are larger than 10 carats have fallen about 5 percent in the past year, chief executive Clifford Elphick said last week. That compares with declines of as much as 30 per cent for some smaller gems. — Irish Times.