On August 22, 2024, an extraordinary 2492-carat diamond was unearthed at the Karowe Diamond Mine, located in northeastern Botswana, which is managed by the Canadian firm Lucara Diamond Corp. This significant discovery, now referred to as the "2492-Carat Diamond," was facilitated by the use of cutting-edge Mega Diamond Recovery (MDR) X-ray technology, specifically engineered to identify and safeguard large, high-value diamonds.

This diamond is thought to be the second-largest ever discovered, following the renowned 3,106-carat Cullinan Diamond found in South Africa in 1905. The Cullinan Diamond was subsequently fashioned into numerous gemstones, many of which are currently incorporated into the British Crown Jewels. In contrast, the recently discovered diamond is distinguished by its flawless state, having been retrieved intact through the use of advanced X-ray technology specifically engineered to detect large diamonds.

2492-Carat Diamond
Image Source: Spring Fair

Advanced Technology Unveils the 2492-Carat Diamond

William Lamb, President of Lucara, conveyed his enthusiasm regarding this "extraordinary" find, emphasizing its significance not only for the company but also for Botswana, a prominent player in the global diamond industry. Over the past decade, this mine has produced four diamonds that each surpassed 1,000 carats, including the Sewelo diamond, which weighed 1,758 carats and was sold to Louis Vuitton in 2019, as well as the Lesedi La Rona diamond, which weighed 1,111 carats and was acquired for $53 million.

The diamond, weighing 2,492 carats, has been characterized as "high-quality" and was discovered through the Mega Diamond Recovery X-ray technology, which was implemented in 2017 to improve the identification of large, valuable diamonds.

Botswana ranks as the second-largest diamond producer globally, playing a crucial role in the country's economy, with the diamond sector representing around 30% of its GDP. The government has taken proactive measures to ensure that the advantages of diamond mining are distributed among local communities, recently introducing legislation that would mandate mining companies to provide local investors with a share in their operations.

2492-Carat Diamond
Image Source: Earth.com

Key Factors Influencing Value

Premium diamonds are usually characterized by their colorlessness, absence of noticeable inclusions, and superior cut, all of which amplify their brilliance and overall worth.

The substantial carat weight of a diamond greatly impacts its value, with larger specimens typically commanding higher prices.

Diamonds that have received grading and certification from esteemed institutions like the Gemological Institute of America (GIA) are likely to achieve higher market prices.

The dynamics of market demand are essential in determining pricing. Factors such as consumer trends, economic circumstances, and cultural influences can significantly influence the amount buyers are prepared to invest in diamonds.

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