A 1,111-CARAT “high-quality diamond” has been discovered at a mine in Botswana, said to be the biggest find in more than a century, according to the mine company.

    The gem, only second in size to the Cullinan diamond that was unearthed in South Africa in 1905, was mined by Lucara Diamond Corp.

    “The magnificent stone, which originated from the south lobe of Lucara’s Karowe Mine, is the world’s second-largest gem quality diamond ever recovered and largest ever to be recovered through a modern processing facility,” the Stockholm-listed company said in a statement.

    Botswana is the world’s second-biggest diamond producer, and Lucara said the gem was the largest ever to be recovered in the country.

    “The significance of the recovery of a gem quality stone larger than 1,000 carats, the largest for more than a century ... cannot be overstated,” said William Lamb, the president and chief executive of Lucara.

    The stone is yet to be evaluated, but commodities and mining analyst Kieron Hodgson said it has “the potential to be one very expensive diamond.”

    “Valuation will depend on potential inclusions, how it would behave in cutting, optimal shape as well as final color,” he said. “All these things will need to be evaluated prior to bidding.”

    The biggest diamond discovered is the 3,106-carat Cullinan, found near Pretoria in South Africa in 1905. (SD-Agencies)