In a remarkable development, Botswana has unveiled the second-largest diamond ever discovered, weighing an astounding 1 pound 1.5 ounces (2,492 carats). Unearthed from the Karowe diamond mine by Lucara Diamond Corp, the find is a significant moment for the global diamond industry, marking the latest in a series of extraordinary discoveries in the region.
Lucara’s CEO, William Lamb, expressed the company’s elation in a statement to UAE’s WAM news agency, stating, “We are ecstatic about the recovery of this extraordinary diamond. Its size and quality are unmatched, making it a historic find in the diamond world.”
The discovery could not have come at a better time for Apex Group, a global financial services provider supported by Abu Dhabi’s sovereign wealth fund, Mubadala. The Bermuda-based firm, which administers assets worth $3 trillion, has recently turned its focus toward Botswana, seeking to capitalize on the African nation’s rich opportunities in the diamond sector.
On Friday, Apex Group announced the appointment of Itumeleng Moremong as the new head of their Botswana operations. This strategic move is aimed at exploring growth opportunities amidst the country’s ongoing regulatory reforms, which aim to increase local fund allocation to 50 percent by 2027. Moremong highlighted the promising market conditions, stating, “Botswana is cash-flush and poised for expansion, offering a great opportunity for Apex.”
The discovery of the massive diamond also comes as a welcome boost to Botswana’s economy, which has been grappling with a significant slowdown. According to the International Monetary Fund (IMF), the nation’s economic growth has declined sharply, from 5.5 percent in 2022 to just 1 percent in 2024. The downturn has been attributed to a slump in diamond trading and mining activities, compounded by a fall in global demand for rough diamonds.
However, the unveiling of this giant gem by Botswana’s President Mokgweetsi Masisi, alongside the strategic entry of UAE-backed Apex Group into the market, brings renewed optimism. The IMF projects a potential recovery in diamond mining in the medium term, with growth expected to converge toward 4 percent, which could help revive the nation’s economic prospects.
As the world marvels at this extraordinary diamond, Botswana stands at the cusp of a potentially transformative period, where the synergy between its natural resources and strategic global partnerships could pave the way for renewed growth and prosperity.
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