World’s Second-Largest Diamond Unearthed in Botswana: Lucara’s 2,492-Carat Triumph

By Metals Minerals Publication On Aug 6, 2025

Lucara Diamond Corp, a Canadian mining company, announced the discovery of a 2,492-carat rough diamond at its Karowe Mine in northeastern Botswana, marking it as the second-largest diamond ever found and the largest in over 120 years. Weighing approximately 498.4 grams (about the size of a baseball), this “exceptional” gem, recovered intact using advanced Mega Diamond Recovery (MDR) X-ray Transmission (XRT) technology, trails only the 3,106-carat Cullinan Diamond unearthed in South Africa in 1905. The find reinforces Botswana’s status as a global diamond powerhouse, contributing 30–40% of GDP and 80–90% of exports, and highlights Lucara’s technological prowess. This article explores the discovery’s significance, technical details, economic impact, and parallels with industrial and governance contexts like Coal India’s critical minerals push, Hasdeo Arand’s coal mining controversy, Sona Comstar’s succession dispute, Kartavya Bhavan’s inauguration, and Liebherr’s trolley solution at Collahuasi.

The Discovery: A Historic Milestone

The 2,492-carat diamond, described as a “legacy stone” by Lucara, was recovered from the EM/PK(S) kimberlite, the dominant ore type targeted in Karowe’s ongoing operations and upcoming underground expansion. Its size surpasses the 1,758-carat Sewelo (2019) and 1,109-carat Lesedi La Rona (2015), both from Karowe, making it the largest diamond found in Botswana and the second-largest globally, after the Cullinan. Botswana’s President Mokgweetsi Masisi, who viewed the stone on August 22, 2024, called it “overwhelming” and a symbol of national pride, showcased at a ceremony in Gaborone.

William Lamb, Lucara’s President and CEO, stated, “We are ecstatic about the recovery of this extraordinary 2,492-carat diamond. This find not only showcases the remarkable potential of our Karowe Mine but also upholds our strategic investment in cutting-edge XRT technology.” The stone’s recovery underscores Karowe’s reputation as a world-class diamond mine, having produced six of the top 10 largest diamonds ever discovered, including a 1,174-carat stone in 2021.

Key Features of the Diamond

Size and Weight: At 2,492 carats (498.4 grams), it is roughly the size of a palm or a baseball, weighing just over a pound.
Quality: Initial visual inspections suggest “relatively clean internals,” but a full assessment of color, clarity, and gem potential is ongoing, expected to take weeks. Sources indicate it may be gem-quality, potentially yielding high-value polished stones.
Value: While Lucara has not disclosed a market value, its size and potential quality suggest a worth of tens of millions of dollars, possibly exceeding the $53 million fetched by Lesedi La Rona in 2017. CEO Lamb noted it may be more valuable uncut as a “natural testament” to Botswana’s wealth, with decisions pending consultation with the government and partners like HB Antwerp.

Technological Innovation: XRT’s Role

The diamond’s intact recovery owes to Lucara’s MDR XRT technology, implemented in 2017, which uses X-ray transmission to detect and preserve large, high-value diamonds within ore before processing. This system, a “game-changer” for mega-diamond recovery, minimizes breakage, a common issue with large stones. Tobias Kormind of 77 Diamonds noted, “Given this new technology, we will likely see more where this came from.” The technology has enabled Karowe to unearth multiple large diamonds, including:

Lesedi La Rona (1,109 carats, 2015): Sold to Graff for $53 million, cut into a 302.37-carat gem (GIA’s largest high-color, high-clarity diamond) and other stones.
Sewelo (1,758 carats, 2019): A black diamond sold to Louis Vuitton for an undisclosed sum, less valuable due to its carbonado nature.
1,174-carat diamond (2021): Also recovered via XRT, reinforcing Karowe’s track record.

The XRT system’s precision mirrors innovations like Liebherr’s trolley assist at Collahuasi, where technology optimizes efficiency and sustainability.

Economic and Social Impact on Botswana

Botswana, the world’s second-largest diamond producer by value (after Russia), relies on diamonds for 30–40% of GDP, 80–90% of exports, and 30% of government revenue, per X posts and industry data. The Karowe Mine, operational since 2012, has transformed Botswana from one of the world’s poorest nations in the 1960s to a leader with the highest GDP per capita in continental Africa. Lucara’s discoveries fund critical sectors like education and healthcare, delivering wide-ranging socio-economic benefits.

However, challenges loom:

Market Pressures: A 4-year low in diamond prices, per the Diamond Standard Index, and a 10 million-carat stockpile have strained Botswana’s economy, with President Duma Boko pressuring De Beers to sell unsold 2024 stocks by July 31, 2025, to fund public services.
Policy Shifts: Botswana’s proposed law (July 2024) mandates mining companies to sell a 24% stake to local investors or the government, aiming to retain more profits domestically. A 10-year agreement with De Beers in 2023 secures a larger share of stones, enhancing Botswana’s industry influence.

The 2,492-carat diamond, potentially a $10 million-plus legacy stone, could bolster Botswana’s economy if sold strategically, with a Legacy National Diamond Naming Competition launched on November 22, 2024, receiving 39,000 entries to reflect cultural pride.

Challenges and Strategic Considerations

Despite its significance, the discovery faces hurdles:

Market Conditions: Global diamond prices are depressed, impacting potential value. The Sewelo’s lower gem quality limited its worth, and the 2,492-carat stone’s value hinges on its clarity and cut potential.
Cutting vs. Preservation: Lucara is weighing whether to cut the diamond into smaller gems (as with Lesedi La Rona) or preserve it uncut for museums, as its “natural form” may maximize cultural and economic value for Botswana.
Underground Transition: Karowe’s shift to underground mining, announced in 2019, faces delays and higher costs due to underground water, potentially affecting future recoveries.
Stakeholder Engagement: Decisions involve consultations with Botswana’s government and HB Antwerp, balancing commercial and national interests.

Parallels with Global and Indian Contexts

The Karowe discovery intersects with industrial and governance dynamics:

Liebherr’s Trolley Solution at Collahuasi: Liebherr’s trolley assist system at Chile’s Collahuasi mine, reducing 97.6% CO2 emissions, mirrors Lucara’s XRT technology in leveraging innovation for efficiency and sustainability. Both address environmental pressures, akin to Mangampeta’s zero-discharge baryte mining in India.
Coal India’s Critical Minerals Push: Coal India’s ₹16,000 crore capex for FY26, targeting lithium and cobalt in Chile, aligns with Lucara’s focus on high-value minerals. Both navigate environmental scrutiny, as seen in Hasdeo Arand’s protests over 450,000–850,000 trees.
Sona Comstar’s Succession Dispute: The Sona Comstar feud over a ₹8,200 crore stake highlights governance risks, relevant for Lucara’s transparent operations under the Kimberley Process and Responsible Jewellery Council.
Kartavya Bhavan’s Efficiency: The Kartavya Bhavan inauguration on August 6, 2025, reflects centralized efficiency, akin to Lucara’s streamlined XRT recovery. Both face stakeholder concerns (e.g., privacy at Kartavya Bhavan, diamond valuation in Botswana).
Gujarat’s Export Dominance: Gujarat’s ₹9.83 trillion exports, including gems and jewellery from Surat, connect to Botswana’s diamond exports. Both leverage infrastructure (e.g., Mundra Port, Karowe’s XRT) to maintain global competitiveness.

Opportunities and Future Outlook

The 2,492-carat diamond offers significant opportunities:

Economic Boost: A high-value sale or museum display could fund Botswana’s education and healthcare, countering the 10 million-carat stockpile crisis.
Technological Leadership: Lucara’s XRT success positions Karowe as a model for diamond mining, potentially inspiring innovations like Coal India’s REE pilot plants.
Cultural Significance: The naming competition and potential uncut preservation enhance Botswana’s global brand, akin to Gujarat’s export-driven identity.
Global Market Influence: Botswana’s push for greater control over De Beers and local stakes could reshape the diamond industry, mirroring Coal India’s overseas acquisitions.

By FY30, Botswana aims to increase its diamond industry influence, with Karowe’s underground expansion targeting EM/PK(S) kimberlite to sustain large finds. The 2,492-carat stone’s fate—whether cut into gems or preserved—will shape its legacy, potentially rivaling the Cullinan’s British Crown Jewels status.

Lucara Diamond Corp’s discovery of a 2,492-carat diamond at Botswana’s Karowe Mine on August 21, 2024, marks a historic milestone as the second-largest diamond ever found and the largest in 120 years. Enabled by XRT technology, this 498.4-gram gem reinforces Karowe’s world-class status and Botswana’s role as a diamond leader, contributing 30–40% of GDP. Despite market challenges and valuation uncertainties, the find’s socio-economic impact, funding education and healthcare, is profound. Parallels with Liebherr’s sustainable mining, Coal India’s critical minerals push, Sona Comstar’s governance issues, Kartavya Bhavan’s efficiency, and Gujarat’s export success highlight the need for innovation and transparency. As Lucara consults on the diamond’s future, its legacy will redefine Botswana’s diamond narrative, balancing economic gain with cultural pride.