Introduction!!!
In a momentous event that has sent ripples through the world of gemmology, the largest diamond in over a century has been unearthed in Botswana. This extraordinary find, a glittering testament to the hidden treasures of our planet, is set to redefine the landscape of the diamond industry.
A Historic Discovery
The diamond, a dazzling spectacle of nature’s artistry, is the largest to be discovered since the iconic Cullinan diamond, which weighed a staggering 3,106 carats. The Cullinan, discovered in South Africa in 1905, previously held the record for the largest rough diamond ever found. It was later cut into several polished gems, the two largest of which adorn the British Crown Jewels.

The New Discovery
A massive 2,492-carat diamond has been mined in Botswana, making it the largest diamond found in 119 years and the second-largest ever mined after the Cullinan Diamond.
On Saturday 24 Aug 2024. The largest diamond found in more than a century has been unearthed at a mine in Botswana, and the country’s president showed off the fist-sized stone to the world . The Botswana government says the huge 2,492-carat diamond is the second-biggest ever discovered in a minely half a kilogram, this gem is a testament to the advancements in diamond recovery technology, specifically the Mega Diamond Recovery (MDR) and X-ray transmission (XRT) technology installed at the Karowe Diamond Mine in Botswana.

Record-Breaking Auction Prices

The highest value ever fetched by a diamond at auction is held by the “Pink Star”. This 59.60-carat pink diamond was sold for a record-breaking $71.2 million at Sotheby’s in Hong Kong in 2017. The Pink Star set a world record for any diamond or jewel at auction, underscoring the immense value and allure these precious stones hold.

Rare-diamond-Williamson pink star Sparkles at Hong Kong auction
Potential Value of the New Diamond
The newly discovered 2,492-carat diamond is estimated to be worth between $40 million and $60 million, depending on factors such as its quality, clarity, and potential for cutting into smaller gems. This valuation highlights the significant economic impact this discovery could have on Botswana, where diamonds account for 80% of exports.
Predictions for the Future
As for the future of diamond prices at auction, experts predict a steady rise over the next twelve months. The discovery of this new diamond in Botswana is likely to fuel excitement and demand in the auction market. However, the value of a diamond is determined by a combination of factors including its size, colour, clarity, and cut. The rarity of large, high-quality diamonds like the one discovered in Botswana often leads to competitive bidding, driving prices up.
Moreover, the diamond industry has been showing signs of recovery after the pandemic-induced slump. With economies around the world rebounding, the demand for luxury goods, including diamonds, is on the rise. This, coupled with the allure of this new find, could lead to a surge in diamond prices at auctions.
Technological Advancements
The ability to recover such a massive, high-quality stone intact demonstrates the effectiveness of modern diamond recovery technology and the commitment to maximizing value for shareholders and stakeholders. This technological advancement is likely to continue shaping the future of gemstone mining, allowing for the extraction of larger diamonds without breaking them into pieces.

Conclusion
In conclusion, the discovery of the largest diamond in over a century in Botswana is a historic event that is set to invigorate the diamond auction market. As we look to the future, the sparkle of this extraordinary find is likely to illuminate the path to a prosperous and exciting period for diamond enthusiasts and investors alike. The combination of technological advancements, economic recovery, and the inherent allure of such a rare gem promises a bright future for the diamond industry.
This discovery not only underscores the continued significance of Botswana’s diamond sector but also highlights the potential for future finds that could further enhance the appeal of natural diamonds in a market increasingly challenged by lab-grown alternatives. The diamond industry, supporting the livelihoods of millions and contributing to global economic growth, stands on the brink of a new era of brilliance and prosperity.
—
By Edward Swindells, Lead Auctioneer at World of Auctions