The World's 2nd Largest Diamond Was Just Discovered — But How Much Do Real Diamonds Matter Anymore?
On August 21, Lucara Diamond Corp. announced their discovery of a 2,492-carat diamond unearthed in a mine in Botswana. At that size, the precious stone is said to be the second largest rough diamond ever found, beat out only by the biggest mined diamond – a 3,106-carat diamond – discovered in 1905 in South Africa.
Found in the Karowe Diamond Mine, X-Ray Technology allowed for the discovery, something the Canadian company is proud of.
"We are ecstatic about the recovery of this extraordinary 2,492 carat diamond,” said William Lamb, the company’s president, in a statement. “This find not only showcases the remarkable potential of our Karowe Mine, but also upholds our strategic investment in cutting-edge XRT technology. The ability to recover such a massive, high-quality stone intact demonstrates the effectiveness of our approach to diamond recovery and our commitment to maximizing value for our shareholders and stakeholders."
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How much does a diamond that big cost?
Lucara Diamond Corp is the company responsible for unearthing two other massive stones in past years. These include the Sewel?, coming in at 1,758 carats and the Lesedi La Rona, a whopping 1,109 carats.
While the value of this recent find has yet to be determined, for a bit of context, the 1,109 carat Lesedi La Rona sold to Graff Diamonds for a staggering $53 million — most certainly not chump change! It’s likely that the 2,492-carot stone will sell for much more.
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But what about lab diamonds?
While the discovery of one of the world’s largest diamonds is most certainly impressive, and 2,492 carats is hard to even fathom, the rise in popularity of lab diamonds begs the question: Do people still want to buy real diamonds?
If you’re unsure of what a lab diamond is, it’s what the name states: A diamond that, instead of being formed over billions of years and mined from the earth, is created in a lab. Chemically, they’re nearly identical to a natural diamond.
According to the International Gem Society, the very first lab diamond was created by General Electric in the 1950s, and since those early days of experimentation, they have flooded the market — and the appeals are endless. Not only are they a fraction of the price of a natural diamond, but they also eliminate the possibility of purchasing a diamond that was unethically sourced. So, what does this mean for the natural diamond industry?
While of course, many still prefer natural diamonds and there will likely always be demand for these earth-mined stones, lab grown diamonds have most certainly impacted the industry.
“Lab-grown diamond sales surged from just 2 percent of the global diamond jewelry market in 2017 to 18.4 percent in 2023,” reported a CNBC article in 2024 per diamond industry analyst Paul Zimnisky.
Regardless of how the diamond industry might change in the next few years, the 2,492-carat diamond still impresses!
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