Diamonds making the headlines is not unusual and proving that is the latest news about the world’s third largest diamond being found in Botswana, Africa’s largest producer of diamonds. Of course, it was proudly displayed for the world to see, admire and also envy!

Weighing 1,098 carats, it was shown to Botswana President Mokgweetsi Masisi, two weeks after it was unearthed by the diamond firm, Debswana Diamond Company (DDC). It was presented to the President on June 16 by Debswana Diamond Company's Acting Managing Director Lynette Armstrong.

Incidentally, this huge stone weighs slightly less than the one occupying the second position in the world, which too was found in Botswana in 2015.

Talking about this latest find, Armstrong, told the bbc.com: “This is the largest diamond to be recovered by Debswana in its history of over 50 years in operation. From our preliminary analysis it could be the world's third largest gem quality stone."

The firm which found this diamond — Debswana is a joint venture between the government and global diamond giant Anglo American's (AAL.L) De Beers. Nearly up to 80 per cent of the income from sales goes to State coffers through dividends, royalties and taxes.

The potential cost of this diamond has not been estimated so far but the second largest diamond ever found in 2017, Lesedi La Rona, was sold for $53m (£39.5m).

The world’s biggest diamond ever discovered was the 3,106 carat Cullinan diamond found in South Africa in 1905.

According to Botswana's Minerals Minister, Lefoko Moagi, the latest find – which measures 73 mm long, 52 mm wide and 27 mm thick — could not have come at a better time for Botswana after the pandemic caused diamond sales to slump last year.

The newly discovered stone, which was found at the Jwaneng mine, is yet to be named.

Armstrong said a decision had not yet been taken on whether to sell the "rare and extraordinary stone" through De Beers or through the state-owned Okavango Diamond Company.

Debswana’s production fell 29 per cent in 2020 to 16.6 million carats while sales fell 30 per cent to $2.1 billion as the pandemic impacted both production and demand.

Debswana plans to increase output by as much as 38 per cent in 2021, to pre-pandemic levels of 23 million carats as the global diamond market recovers with the easing of travel restrictions and reopening of jewellers.