Photo/BBC

On Wednesday (August 21st), Canadian firm Lucara Diamond Corp announced that a massive 2,492-carat rough diamond, which is believed to be the second biggest ever found, has been unearthed in Botswana. Data from the Investing.com shows that Lucara's shares traded on the Stockholm Exchange in Sweden once surged by more than 80%. As of press time, the mining company closed over 45% higher. 

The diamond was found at Lucara's Karowe mine in Botswana and has not yet been fully assessed; it is unclear whether it can yield the highest quality diamonds. It is reported that the diamond was detected, unearthed and recovered thanks to the company’s Mega Diamond Recovery (MDR) X-ray Transmission (XRT) technology. 

Lucara’s Karowe mine is famous for giant stones. In 2015, Lucara found the 1,109-carat Lesedi La Rona, which at the time was the second-largest ever and eventually sold for $53 million. The mine has also yielded an 813-carat stone that fetched a record $63 million. Those two gems were both Type-IIa, the most prized stone.

William Lamb, president and CEO of Lucara, said in a statement: “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 X-ray Transmission technology. The ability to recover such a massive, high-quality stone intact demonstrates the effectiveness of our approach to diamond recovery.”

Botswana's President, Mokgweetsi Masisi, plans to view this giant diamond later on Thursday local time. Botswana is a major global diamond producer, accounting for 20% of the world's production, and the diamond industry is crucial to the country's economy. It is worth mentioning that Lucara's discovery comes at a time when diamond prices are falling, and the entire industry is facing challenges. Before tonight, Lucara's stock price has fallen about 15% since the beginning of the year. In addition, data from the online diamond purchasing platform StoneAlgo shows that currently, the average price of a 1-carat diamond is $4115, which has fallen by 7.51% since March.