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Botswana experts say it is believed to be the third largest diamond in the world, as the gem market has recovered from a downturn in the pandemic.
The diamond, found by a joint venture between the government and De Beers, was measured by Debswana at 1,098 carats, the largest discovery since the Lesedi la Rona stone found in the country in 2015.
Sales of gemstones have risen in the U.S. as the country’s economy has recovered from the Covid-19 pandemic. This has raised the price of rough diamonds, as prices for De Beers sales events this week have risen 5 percent, according to people familiar with the event.
“The market is extremely hot,” said Anish Aggarwal, a partner at Gemdax diamond consultancy. “We’ve seen a lot of consumer demand. In Covid and the blockades we have seen consumers shift from experienced consumption to personal goods, which has helped the diamond market. ”
The Natural Diamond Council, an industry-sponsored body, said sales of gemstone diamonds in the U.S., the world’s largest market, rose 30 percent between March and May, the same period in 2019.
At the same time, the world’s largest diamond miners have reduced their supply by a fifth compared to previous levels of Covid, to help prices, according to analysts at Citi.
Rough diamond prices have risen 14.5% since mid-June this year, according to diamond analyst Paul Zimnisky.
The price of the diamond found at the Jwaneng mine in Botswana on June 1 is still not estimated The Lesedi la Rona diamond was sold for $ 53 million in 2017.
Last year Lucara diamond sell Louis Vuittoni found a 1,758-carat diamond in Botswana, although it was not given a sale price.
“Debswana will work with the Government of the Republic of Botswana and De Beers to value and sell the diamond in order to return the maximum benefit to the people of Botswana,” the company said.
Debswana, Botswana’s largest private employer and the state’s main source of income, has been linked to the country’s history for half a century.
Jwaneng’s discovery is “a symbol of what Botswana is all about,” President Mokgweetsi Masisi said, and covered the diamond at a ceremony in Gaboron, the capital, this week.
The Masisi government has urged diamond miners to give the country more cuts with its sales so that Botswana can provide more support for high-value activities such as polishing and trade.
“Our national development needs will be met to some extent with the yield of the diamond,” Masisi said. “We will tax enough companies, pay royalties and pay their employees, and distribute resources through the systems we have to develop this country.”
De Beers said the diamond would take its place in history “as one of the finest diamonds ever found.”
The largest diamond ever found was the Cullinan Diamond, mined in 1905 in South Africa. He cut a 3,106-carat diamond and put it into the UK Crown Jewels.
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