Debswana Diamond Company has unearthed a 1,098.3-carat "high gem-quality" rough diamond at the Jwaneng mine in Botswana, believed to be the third-largest white diamond ever discovered. For overseas jewelry buyers, this find signals potential future supply of exceptional rough from Botswana, a key source for high-end diamond jewelry, and underscores the ongoing investment in the country's diamond infrastructure.
Discovery details
Debswana, a 50-50 joint venture between De Beers and the Botswana government, recovered the stone on June 1 from the Jwaneng mine's South Kimberlite pipe. The diamond is the largest ever found by Debswana, surpassing a 466-carat stone discovered at the same mine in 1993. De Beers has not yet announced its marketing or sales plan for the rough.
Historical significance
The 1,098.3-carat rough ranks third among recorded gem-quality diamonds, behind the 3,106-carat Cullinan (South Africa, 1905) and the 1,109-carat Lesedi La Rona (Botswana, 2015). Unlike the dark, near-gem-quality Lesedi La Rona, which struggled to find a buyer before being cut by Louis Vuitton and HB Company, this new stone is described as "high gem-quality," which may attract stronger buyer interest.
Supply-chain impact
The Jwaneng mine, in operation since 1982, is undergoing a $2 billion expansion to extend its life to 2035. This investment ensures continued supply of rough diamonds from Botswana, a critical source for the global diamond jewelry supply chain. The discovery also reinforces Botswana's role as a leading producer of large, high-quality rough, which is essential for crafting high-value diamond jewelry such as bridal rings and luxury necklaces.
What buyers should watch
Overseas importers and manufacturers should monitor De Beers' upcoming sales strategy for this stone, as it may influence pricing trends for large rough diamonds. The Botswana government's stated use of proceeds for national development could also affect future mining policies and rough allocation. Additionally, the Jwaneng expansion may lead to increased rough output in the coming years, impacting supply availability for diamond jewelry sourcing.
Source: Read the original report | Published: June 22, 2021