A mining company struck a home run recently after unearthing a 1,111-carat diamond nearly the size of a tennis ball.
"Lucara Diamond firm discovered the world's second-largest diamond of gem quality in Botswana," Forbes reported. "This 1,111-carat diamond is second only to the 3,106-carat Cullinan diamond found in South Africa in 1905."
"The gem measures 65mm x 56mm x 40mm and was recovered from the Karowe mine located north of the capital Gaborone," the finance and business news source added.
The diamond, code named Karowe AK6, is the largest ever found in the last 100 years and the largest unearthed by machines. It has been rated as Type-IIa and still remains unevaluated and without a buyer or a price tag. Its classification means it is a diamond that has nearly no impurities.
A clue to the gem's value can be based on that of a 341.9-carat diamond of a similar quality recently sold by Lucara. It sold for $20.6 million, which is equivalent to $60,251 per carat. Based on this rate, it would appear that the new discovery may sell for about $66.9 million.
However, even before the stone was even sold, Lucara's stock value soared $150 million more in the wake of the discovery." The firm, as expected, was overjoyed at this find.
"I am truly at a loss for words," the company's chief executive, William Lamb, told Wall Street Journal. "We are truly blessed by this amazing asset."
"Given this stone is likely to be historically significant, the value could take on a life of its own and achieve significantly more-all flowing straight to Lucara's bottom line," Phil Swinfen, analyst and former diamond mining geologist, explained. "This is immensely good news for Lucara, perhaps the best week in the company's history."
This is not the only stunning find in Lucara's history. It had previously mined two other large white diamonds, 813 carats and 374 carats respectively, in the same mine as the recent discovery. All three were found within the same week.
"With a diamond of this caliber the process of determining a tender, getting it cut, polished, and sold will likely take years to complete," Forbes said. "The eventual fate of the diamond may be as several smaller cut diamonds."
That was the fate of the Cullinan diamond, which was cut into the Great Star of Africa, which has been set on the Royal Scepter of the British royalty. The rest of its mass has been divided into various stones.
The stone will be scanned and set in 3D to help determine how best to cut the diamond.
"The Karowe mine generates diamonds from its three kimberlite pipes, the south, center, and north lobes," Forbes explained. "The mine books an estimated 6.3-million carats of diamonds in reserves, with 1.5mm as the bottom cutoff in size."
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