Biggest diamond in over a century found in Botswana — a whopping 2,492 carats

The president of Botswana, the African nation where the precious stone was unearthed by miners, showed off the fist-sized diamond – which at 2,492 carats weighs about a pound – at a viewing ceremony this week.

Officials said it was too early to value the stone or decide how it would be sold. But sources close to Lucara, the Canadian mining company that found the diamond in its Karowe Mine, estimated it could be worth more than $40 million.

Some industry insiders said that looked like a conservative number, based on the glittery rock’s astounding size. Top diamond expert Fred Cuellar noted that in 2016 a smaller diamond from the same mine in Botswana was sold for $63 million.

Cuellar said diamonds are priced like houses: “What is a similar house sold for in the neighborhood?” If his suspicions are correct, he said the diamond is worth between $100 million and $160 million.

The diamond likely contains one “breathtaking” stone inside along with six or seven other stones, Cuellar saidm

Until this week’s discovery, the Sewelo diamond, also found at the Karowe Mine, was recognized as the second-biggest mined diamond in the world at 1,758 carats. It was bought by French fashion house Louis Vuitton for an undisclosed amount.

The biggest diamond ever discovered is the Cullinan Diamond that was unearthed in South Africa in 1905. Given a value equal to $400 million at the time, it was 3,106 carats and was cut into gems, some of which form part of the British Crown Jewels.

This week’s as-yet-unnamed diamond was presented to the world at the office of Botswana President Mokgweetsi Masisi, who was one of the first to get to hold it.

“It is overwhelming,” Masisi said. “I am lucky to have seen it in my time.” He gasped and said “wow” before calling senior government officials over to take a closer look.

The Karowe Mine has produced four other 1,000-plus carat diamond.