Botswana is set to reap a significant economic reward from its latest diamond discovery, driven by visionary beneficiation initiatives and cutting-edge investment frameworks that prioritise national benefit, localisation, and community prosperity.
The second-largest diamond ever found – a rough 2,492-carat stone – has been unearthed in Botswana at a mine operated by the Canadian company Lucara Diamond. The diamond, estimated at $160m(R2.8billion) was unearthed in Botswana at Karowe mine, which is jointly owned by Lucara and the Botswana government, with a 70-30% ownership structure, and could earn the Southern African country of 2.6 million people almost R1 billion.
Valued at approximately $160 million (R2.8 billion), this find is the largest since the 3,106-carat Cullinan diamond in 1905. The Cullinan diamond was cut into several stones, many of which are part of the controversial British Crown Jewels. The British Crown Jewels have ignited a heated debate among politicians and fuelled demands from African activists, who passionately advocate for the repatriation of these treasures, sparking tensions between cultural heritage and colonial legacy.
The Karowe mine has a history of significant discoveries, including the 1,758-carat Sewelo diamond, purchased by luxury group LVMH in 2019, and the 1,111-carat Lesedi La Rona, sold to British jeweller Laurence Graff for $53 million in 2017. Botswana is the second-largest producer of natural diamonds in the world, and the Karowe mine has yielded multiple diamonds over 1,000 carats in the past decade.
Beneficiation of Diamonds
Botswana’s government has implemented diamond beneficiation initiatives, including domestic sorting, valuation, and trading through the state-owned Diamond Trading Company, and established downstream facilities for cutting, polishing, and manufacturing through strategic investments within the Southern African nation.
