Miners in Botswana have found what is said to be the 3rd largest diamond of its kind on the planet, bringing pride and new hope to the African nation.

Diamond firm Debswana has announced the discovery of the 1,098-carat beauty that it described as the third largest of its kind in existence.

Debswana’s managing director, Lynette Armstrong, showcased the stone, which was found on 1 June at the Jwaneng mine, to Botswana’s president, Mokgweetsi Masisi, last Wednesday.

When it comes to the largest diamonds in the world, it takes 3rd place, right behind the 3,106-carat Cullinan found in South Africa in 1905 and the 1,109-carat Lesedi La Rona uncovered in Botswana in 2015.

“This is the largest diamond to be recovered by Debswana in its history of over 50 years in operation,” Armstrong said.

“From our preliminary analysis it could be the world’s third largest gem-quality stone. We are yet to make a decision on whether to sell it through the De Beers channel or through the state owned Okavango Diamond Company.”

She added that the “rare and extraordinary stone … means so much in the context of diamonds and Botswana.”.

“It brings hope to a nation that is struggling.”

Minerals Minister, Lefoko Moagi, said the diamond’s discovery, which is yet to be given its own name but measures 73 by 52 by 27mm, comes at the perfect time, as the pandemic had a negative impact on diamond sales last year.

The firm partners with Anglo American’s De Beers and the country’s government, which takes as much as 80% of the income from the sales process.

Production at Debswana fell by 29% last year to 16.6m carats and sales fell by 30% to $2.1bn as the industry took a beating by the pandemic.

The firm hopes to increase sales by 38% to pre-covid levels of 23m carats this year as the global diamond market gets back on its feet.