One of the largest diamonds in the world has been discovered in Botswana

(CNN) – One of the world’s largest diamonds has been unearthed in Botswana, the country’s government announced.

The 1,098-carat stone, believed to be the third largest “gem quality” diamond ever found, was presented to President Mokgweetsi Masisi on Wednesday.

The discovery was made earlier this month at the Jwaneng mine, about 120 kilometers from the country’s capital, Gaborone. The mine is operated by Debswana, a diamond company jointly owned by the Botswana government and the De Beers Group, according to its official website.

An official government Twitter account wrote that “the proceeds from the diamond will be used to promote national development in the country.”

“Debswana should use this latest discovery as a turning point, for the mine to use its technology to make more of these great discoveries,” he added.

Masisi’s office also released a series of images showing the diamond being presented to the president and his cabinet.

Officially opened in 1982, the Jwaneng mine generally produces between 12.5 million and 15 million carats of diamonds a year, according to Debswana. This month’s find is the largest gem discovered by the company since diamonds were discovered in Botswana in 1967, the government said.

Today, the largest diamond ever recorded is the 3,106-carat Cullinan, found in South Africa in 1905. Later, the Cullinan was cut into smaller stones, some of which are part of the family’s crown jewels. British royal.

Botswana President Mokgweetsi Masisi holds up the diamond as First Lady Neo Jane Masisi watches. Credit: Monirul Bhuiyan / AFP / Getty Images

The second largest discovery is believed to be the Lesedi La Rona, a 1,109-carat stone found by Canadian firm Lucara Diamond at the Karowe Mine, also in Botswana, in 2015. The diamond was sold to luxury jeweler Graff for US $ 53 million two years later.

Rough diamonds are generally classified as gem quality, near gem, or industrial quality, based on their color, clarity, size, and shape.

Although another even larger diamond was found in Botswana in 2019, a 1,758-carat stone called Sewelô, experts said it could not be considered entirely gem-quality. The stone was purchased by French luxury brand Louis Vuitton in 2020 for an undisclosed sum.

Speaking to CNN at the time of Sewelô’s discovery, Rob Bates, a blogger on the diamond and jewelry industries, told CNN that only “a handful” of companies in the world know how to “cheaply cut” rough diamonds. so big.

“But it’s always an exciting time when a mine expels a huge stone like that,” he said. “It’s good for business, good for the country of Botswana.”