Huge diamond discovered in Botswana could be world's third largest

The yet-to-be-named stone measures 73mm long, 52mm wide and 27mm thick

Botswana President Mokgweetsi Masisi holds a gem diamond in Gaborone, Botswana, on June 16, 2021, belived to be the third largest in the world. AFP

The newly discovered diamond weighs in at 1,098 carats. Reuters

Botswana President Mokgweetsi Masisi holds the newly discovered diamond in Gaborone, Botswana, on June 16, 2021. AFP

The yet-to-be-named stone measures 73mm long, 52mm wide and 27mm thick. AFP

The stone was found on June 1, 2021. AFP

If it is proven to be the third largest, it weighs in behind the 3,106-carat Cullinan stone recovered in South Africa in 1905 and the 1,109-carat Lesedi La Rona unearthed by Lucara Diamonds in Botswana in 2015. AFP

Botswana first lady Neo Masisi, left, holds the diamond while standing next to Botswana President Mokgweetsi Masisi in Gaborone, Botswana, on June 16, 2021. AFP

The stone was presented to President Mokgweetsi Masisi on Wednesday by Debswana Diamond Company's acting managing director Lynette Armstrong. AFP

Botswana's minerals minister Lefoko Moagi said the discovery could not have come at a better time after the Covid-19 pandemic hit diamond sales in 2020. AFP

The 1,098-carat stone is yet to be named. AFP

A 1,098-carat diamond, believed to be the third largest gem-quality stone ever mined, was discovered in Botswana, according to a joint venture between Anglo American's De Beers and the country's government.

The stone was presented to President Mokgweetsi Masisi on Wednesday by Debswana Diamond Company's acting managing director, Lynette Armstrong. It is the third largest in the world, behind the 3,106-carat Cullinan stone recovered in South Africa in 1905, and the 1,109-carat Lesedi La Rona unearthed by Lucara Diamonds in Botswana in 2015.

This is the largest diamond to be recovered by Debswana in its history of operation

"This is the largest diamond to be recovered by Debswana in its history of over 50 years in operation," Armstrong said.

"From our preliminary analysis it could be the world's third-largest gem-quality stone. We are yet to make a decision on whether to sell it through the De Beers channel or through the state-owned Okavango Diamond Company."

Minerals minister Lefoko Moagi said the discovery of the yet-to-be-named stone, which measures 73 millimetres long, 52mm wide and 27mm thick, could not have come at a better time after the Covid-19 pandemic hit diamond sales in 2020.

The government receives as much as 80 per cent of the income from Debswana's sales through dividends, royalties and taxes.

Production at Debswana fell 29 per cent in 2020 to 16.6 million carats while sales fell 30 per cent to $2.1 billion as the pandemic impacted both production and demand.

In 2021, Debswana plans to increase output by as much as 38 per cent to pre-pandemic levels of 23 million carats as the global diamond market recovers with the easing of travel restrictions and reopening of jewellers.