Botswana has found what experts believe is the third largest diamond in the world, just as the stock market has found a reason for declining sales due to the epidemic.
The diamond, which was excavated by Debswana, a state-owned partnership with De Beers, was weighed at 1,098 carats – making it the world-famous Redi Lesona stone when it was excavated in the country in 2015.
Sales of diamonds have also increased in the US as the country’s economy recovers from the Covid-19 epidemic. This raises the value of diamonds, and prices on De Beers sales this week are up 5%, according to people familiar with the event.
“The market is incredibly hot,” said Anish Aggarwal, Gemdax’s diamond consulting partner. “We have seen the need for more consumers. During the Covid era and the closure of goods we have seen consumers change from just using their technology to making their products and this has helped the diamond market. ”
The Natural Diamond Council, which supports the companies, says the sale of gemstones in the US, the world’s largest market, has risen by 30% between March and May, since the same period last year.
At the same time the largest mines in the world have reduced by almost one-fifth of a quarter compared to the amount before Covid was used to support prices, according to experts in Citi.
Bad diamond prices have risen by 14.5% this year since mid-June, according to diamond researcher Paul Zimnisky.
Although there is no comparison of the value of the diamond found at the Jwaneng mine in Botswana on June 1, the Lesedi Rona diamond sold for $ 53m in 2017.
Last year the diamond mine Lucara sold out 1,758 carat diamonds obtained from Botswana to Louis Vuitton, although no price was offered for sale.
“Debswana is working with the Government of the Republic of Botswana and De Beers to honor and sell diamonds to ensure greater profits for the people of Botswana,” the company said.
Debswana, Botswana’s top secret agent and a major source of government revenue, has been affected by the country’s history for 50 years.
Jwaneng’s presence is a “sign of what Botswana is all about,” said President Mokgweetsi Masisi, who dug a diamond at a ceremony in Gaborone, the capital, this week.
The Masisi government has urged diamond miners to invest more in their country from their exports, including helping Botswana become a major player in the value chain such as polishing and trade.
“Our development needs in this country will be met with diamonds,” Masisi said. “When we fully tax the company, they pay their taxes and pay their employees, and we will share these benefits through the means we have in place to improve the country.”
De Beers said the diamond would be made in its place “as one of the most precious diamonds ever found.”
The largest diamond ever found was the Cullinan Diamond, mined in South Africa in 1905. Of the 3,106 carats the diamond was cut and incorporated into Crown Jewels in the UK.
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