How much is the 1111 carat diamond worth?

The discovery of the second and sixth largest diamond ever has sent shockwaves through the industry, but what is its value?

Lucara Diamond Corp uncovered the world’s second largest single diamond earlier this month.

The 1111 carat, type IIa, gem was found from the south lobe of Lucara’s Karowe mine, in Botswana.

The miner was ecstatic over the find, with CEO William Lamb stating "this historic diamond recovery puts Lucara and the Karowe mine amongst a select number of truly exceptional diamond producers”.

“The significance of the recovery of a gem quality stone larger than 1000 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 at the time.

The miner then again hit the jackpot by uncovering an 813 carat stone – the sixth largest diamond ever mined – and a 374 carat stone, only last week.

But what the world wants to know is: what is the massive stone worth?

According to Lamb, it’s more than current estimates of US$60 million.

"A lot of people will use $US60,000 a carat as the basis," Lamb told Bloomberg.

 "On top of that, you have to look at the size of the final polished diamond as well as the historical context. That's going to play into it too."

To date the company has been approached by buyers, the London Natural History Museum – who is interested in displaying the stone – and the Discovery Channel who plan to make a documentary on the diamond.

But the find itself was pure luck, and the stone was nearly lost as Lucara had only recently increased the size of screens at its plant that let larger sized stones fall through the mesh instead of being crushed.

The miner can now catch rocks up to 1800 carats, and may decide to upsize to the potential for 3000.

However, despite the two recent large finds Lamb is not expecting more 1000+ carat stones in the future.

"There's no real statistical numbers you can run on this," he said.

"It's an absolute anomaly…it's too far off the curve."

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