World’s second largest diamond discovered in Botswana

A true gem has been discovered

The world's second largest diamond ever has been found in Botswana.

A 1,111 carat gem quality diamond has been discovered in the Karowe mine in Botswana, Lucara Diamond Corp., a Canadian diamond producer and owner of the mine has announced.

The diamond is the largest ever to have been recovered in both Botswana and in the last century. The stone's measurements come in at 65 x 56 x 40 millimeters.

The world's largest diamond was a 3,106 carat Cullinan diamond, discovered in South Africa during 1905.

A 1,111 carat gem quality diamond has been discovered in the Karowe mine in Botswana by Lucara Diamond Corp.
Courtesy of Lucara Diamond Corp.

Having found this "amazing asset", the Canadian firm's chief executive and president, William Lamb said he was "truly at a loss for words".

"The significance of the recovery of a gem quality stone larger than 1,000 carats, the largest for more than a century and the continued recovery of high quality stones from the south lobe, cannot be overstated," Lamb said in a statement.

Not only has the company found the world's second largest diamond, but Lucara announced Thursday it had found two more "exceptional" white diamonds at the Karowe Mine; an 813 carat stone and a 374 carat stone.

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Following the recent , it's hard not to expect that this diamond would sell for a fortune.

"It is almost impossible to estimate a value for such an extraordinary stone given that a valuation is highly dependent on the color, clarity, and cutting and polishing characteristics," Edward Sterck, analyst at BMO Capital Markets said in a note emailed to CNBC.

"Nonetheless, the diamond is likely to attract significant interest throughout the industry (both diamantaire and investment)."

Diamonds account for around 75 percent of Botswana's foreign exchange earnings according to Reuters, and 30 percent of the African country's gross domestic product (GDP).

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By CNBC's Alexandra Gibbs, follow her on Twitter @AlexGibbsy.