Debswana digs up world's third largest diamond
Thalefang Charles | Wednesday June 16, 2021 15:20
Debswana expects that the yet to be named stone comes third in terms of size in the gem-quality category after the Cullinan Diamond, found in South Africa in 1905 and the Lesedi la Rona discovered at Karowe Mine in 2015. Orakeng Kefentse, a Jwaneng Mine sorter, found the diamond after it was picked up in a sealed diamond collection bin used for large recoveries in the Mine's processes. The discovery came after the extensive extraction process used to recover diamonds by the Mine's workers.
This morning, the diamond group’s senior management, led by acting managing director, Lynette Armstrong showed the gigantic stone to President Mokgweetsi Masisi, First Lady Neo Masisi and a full sitting of cabinet ministers.
“It has yet to be valued and it has to go through the process,” Armstrong said.
“The Diamond Trading Centre Botswana will give us the first value in the coming weeks.
“However, in terms of sentimental value, it certainly has a lot.”
Armstrong revealed that a decision had not yet been taken on whether the stone would be marketed through the De Beers sales process or via the Okavango Diamond Company, the state-owned diamond trader. De Beers is an equal equity partner with the government in Debswana. Debswana production is sold primarily to De Beers, but since 2012, the Okavango Diamond Company has had the right to buy up to 15% of Debswana’s output and independently market it.
Armstrong said the diamond’s marketing could include an international roadshow involving President Masisi in his global engagements and alternatively some form of storage where the stone could be viewed.
Mineral Resources, Green Technology and Energy Security minister, Lefoko Moagi said the stone’s discovery was timely given the pressure on delivering the country’s development agenda.
“This is an occasion to celebrate, especially at this time when we need every thebe we can get to drive our development agenda.
“Hopefully, it will be done justice and polished before it is sold so that we can drive our development needs,” he said.
For his part, Masisi said the discovery of the diamond underlined the unique story Botswana was able to tell the world around diamonds.
“This is not an ubiquity in the mining space, especially in developing countries,” he said.
“Think what a find like this would have meant in a country not governed like Botswana.
“Between the discovery and now, where would that diamond be?
“Everything we have heard is a unique Botswana story, from the processes, Debswana company formation as a joint venture, the chain of command and the disposition of those in the frontline who made the discovery and how they responded to it with humility, integrity, honesty, which is consistent with the values of Batswana and Debswana.”
Masisi said his government was “not in the habit” of manipulating companies and would wait for its returns from the stone, from Debswana.
“We will tax them, they will pay royalties and help this country.
“The diamond belongs to the company and the government will get its returns in due course.”
The new stone is a blessing for Debswana, whose production and returns slumped last year due to the impact of COVID-19. Debswana’s production dropped 29% to 16.6 million carats in 2020, while the country’s total rough diamond sales fell 30% to $2.1 billion.