A new diamond has been found in Botswana. And it’s one of the largest diamonds ever discovered in the history of the world.
What’s happening:
- Canadian mining company Lucara Mining (TSX: LUC) has discovered one of the largest diamonds to ever be unearthed in history at their operational mine in Botswana
By the numbers:
- The diamond found by Lucara Mining is 2,492 carats
- Currently, this is the 2nd largest diamond to ever be discovered in the world
- Botswana represents about 20% of all the diamond supply globally
Going deeper:
- Lucara Mining has been using proprietary technology known as Mega Diamond Recovery X-Transmission to be able to identify large diamonds hidden beneath the surface, which previously led to two other large diamond discoveries at their Botswana mine
- The government of Botswana has publicly stated this is the largest diamond ever found in the southern African state
Market reaction:
- Shares of Lucara Mining were up +51% following the announcement of their new diamond discovery
The intrigue:
- Silicon Valley venture capital funds have recently been backing lab grown diamond startups for ethical and environmental reasons, as well as the declining amount of new diamond mines being brought into production globally
