Botswana discovers the third largest diamond just as the market is recovering

Botswana has discovered what experts say is the world’s largest diamond, just as the jewelry market recovered from a slump in sales due to the epidemic.

The diamond, discovered by Debswana, a joint venture of the government և De Beers, weighed 1,098 carats, making it the largest find in the world since the Lesedo la Rona stone was discovered in the country in 2015.

Diamond jewelry sales in the United States have resumed as the country’s economy recovers from the Covid-19 epidemic. This raised the prices of rough diamonds. De Beers sales prices rose 5 percent this week, according to people familiar with the event.

“The market is incredibly hot,” said Anish Aggarwal, a partner at diamond consulting firm Gemdax. “It simply came to our notice then. “During the Covid blockade, we saw consumers switch from experimental consumption to personal goods, which helped the diamond market.”

The industry-backed Natural Diamond Council said sales of diamond jewelry in the United States, the world’s largest market, rose 30 percent in March-May from a year earlier.

At the same time, the world’s largest diamond makers have cut back on supplies by about a fifth of their current level to support prices, according to Citi analysts.

As of mid-June this year, prices for rough diamonds rose by 14.5%, according to diamond analyst Paul Zim Iminsky.

Although there is no estimate of the price of the diamond discovered on June 1 at the Wanning mine in Botswana, the “Lesedy la Rona” diamond sold for $ 53 million in 2017.

Diamond miner Lucara last year sold: The 1758-carat diamond he discovered in Botswana’s Louis Vuitton, although not priced for sale.

“Debswana will work with the Government of the Republic of Botswana և the De Beers Government to sell the diamond` to ensure that it is of maximum benefit to the people of Botswana, “the company said.

Dobsvana, Botswana’s largest private employer, the main source of state revenue, has been entangled in the country’s history for half a century.

The discovery of Wan Wang is “a symbol of Botswana,” said President Mokgvetsi Masis, who rocked the diamond during a ceremony in the capital Gaborone this week.

The Masis government has demanded that diamond miners further reduce their sales to the country, including support for making Botswana a more valuable hub for activities such as grinding and trading.

“Our national development needs will be partially met by diamond earnings,” Masisi said. “We will tax the company enough, they will pay royalties, they will pay their employees, we will distribute the resources through the systems necessary for the development of this country.”

De Beers said the diamond would take its place in history “as one of the most unique diamonds ever discovered.”

The largest diamond ever discovered was the Cullinan Diamond, excavated in South Africa in 1905. The 3,106 carat diamond was cut and included in the British Crown Jewels.

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