This mining company soared in the stock market after finding the world’s second largest diamond

Canadian Mining Company lucara diamond After huge withdrawals, its share price is skyrocketing 2,492 carat diamondThe second-largest ever discovered. The news encourages a field frustrated by the rise of lab-grown stones.

precious stones found in do mineThe one operated by a Canadian firm has not yet been evaluated in detail and it is unclear whether it will be a high-quality gem. But it is not much smaller than that Diamond CullinanThe 3,106-carat gem, the largest in the world, was discovered in South Africa nearly 120 years ago.

Lucara’s Karowe mine is famous for its huge gems. In 2015, Lucara found the 1,109-carat Lesedi La Rona, which was the second largest in history at the time and sold for $53 million. An 813-carat stone was also extracted, reaching a record figure of $63 million. Both gems were of type IIa, the most precious stone. Earlier, the mining company also extracted a 1,758-carat Sewelo from Karowe, but it was not a gem-quality stone.

Even if the diamond is not of gem quality, recovering such a large stone would be a huge boost for Lucara. The company’s shares on the Canadian Stock Exchange rose more than 90% this Thursday and ended the session at advances over 36%. Sources close to Lucara assure this financial Times that stone It could be worth over $40 million (36 million euros).

This discovery was made thanks to X-ray technology According to the report, a system has been set up at the mine to identify high value stones in the primary deposits. Bloomberg. This shows that the Karowe plant can process and locate huge gems without breaking them, which is a constant problem when trying to separate fragile stones from hundreds of tonnes of waste rock.

“The ability to recover such a large, high-quality stone intact demonstrates the effectiveness of our method for diamond recovery,” Lucara CEO William Lamb said in a statement.

The largest diamond ever discovered, the aforementioned Cullinan, was found in 1905 near Pretoria (South Africa). It was cut from several polished gems, the two largest of which – the Great Star of Africa and the Little Star of Africa – are set in the Crown Jewels of Great Britain.

Lucara’s quest takes place between whom? fall in diamond pricesBecause the industry faces difficulties in almost all of its key markets. This includes excess supply and increasing degradation of synthetic stones in some categories.

Lamb assures Foot That is the search “Shine in a gloomy market” and has promised to use the stone to boost the profile of the diamond sector and Botswana.

The country’s president, Mokgweetsi Masisi, received the stone this Thursday. Diamonds have been the foundation of the southern African country’s prosperity, with the mining of these gems generating almost a quarter of its GDP, according to the IMF.