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Botswana has discovered what experts believe is the third largest diamond in the world, just as the gemstone market has recovered from a drop in sales due to the pandemic.
The diamond, which was unearthed by Debswana, a joint venture between the government and De Beers, was measured at 1,098 carats, making it the largest discovery worldwide since the Lesedi la Rona stone unearthed in the country. in 2015.
Diamond jewelry sales have soared in the United States as the country’s economy recovers from the Covid-19 pandemic. This raised rough diamond prices, with prices at a De Beers sales event this week rising by 5%, according to people who knew the event.
“The market is incredibly hot,” said Anish Aggarwal, a partner at diamond consultancy Gemdax. “We have seen strong consumer demand. During Covid and the closures, we have seen consumers move from experiential consumption to personal goods and this has helped the diamond market. ”
The Natural Diamond Council, an industry-backed body, said sales of diamond jewelry in the United States, the world’s largest market, increased 30 percent between March and May, from the same period in 2019.
At the same time, the world’s largest diamond miners have reduced their supply by about a fifth compared to pre-Covid levels in order to support prices, according to Citi analysts.
Rough diamond prices have risen 14.5% this year in mid-June, according to diamond analyst Paul Zimnisky.
Although the price of the diamond discovered at the Jwaneng mine in Botswana on June 1 is not yet estimated, the Lesedi la Rona diamond was sold for $ 53 million in 2017.
Last year the Lucara diamond sold a 1,758-carat diamond he discovered in Botswana at Louis Vuitton, though no price was given for the sale.
“Debswana will work with the Government of the Republic of Botswana and De Beers to value and sell the diamond to ensure it gets the maximum benefit for the people of Botswana,” the company said.
Debswana, Botswana’s largest private entrepreneur and the state’s main source of income, has been intertwined with the country’s history for half a century.
Jwaneng’s discovery is “a symbol of what Botswana is all about,” said President Mokgweetsi Masisi, who rocked the diamond at a ceremony in the capital’s Gaborone this week.
The Masisi government has pushed for diamond miners to further reduce sales in the country, including support to make Botswana a larger hub for more valuable activities such as polishing and trade.
“Our national development needs will be met in part with diamond collection,” Masisi said. “We will impose enough on the company, pay royalties and remunerate its workers, 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 most exceptional diamonds ever discovered.”
The largest diamond ever discovered was the Cullinan diamond, which was unearthed in South Africa in 1905. At 3,106 carats the diamond was cut and incorporated into the crown jewels of the United Kingdom.
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