A little-known Canadian company has become frontpage news after unearthing the biggest diamond for more than a century. Lucara Diamond, listed in Stockholm and Toronto, has pulled a 1,111-carat gem-quality stone from its Karowe mine in Botswana. Weighing half a pound, it is bigger than a tangerine. Analysts described the discovery as "super-league status". There is no precedent for such a sale, but if it hits the high-end of Lucara's previous sales per carat, the diamond could easily fetch more than $80m.
The diamond market has followed other commodities sharply lower this year. Mining giant De Beers suffered its worst-ever sale this month, while diamond exports from Botswana, the world's top producer alongside Russia, fell to zero in July, reports the central bank. A clampdown on corruption in China has hit luxury goods demand there, and a stronger dollar has raised prices for European and Asian buyers.
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