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New York, NY--The 2,492-carat Lucara Diamond discovered in Botswana's Karowe Mine in August has drawn attention in the gem industry. According to WWD, Susan Jacques, CEO of the Gemological Institute of America (GIA), called it a historic find, comparing it to "finding the Holy Grail." The Lucara Diamond is the second largest ever discovered, following the 3,106-carat Cullinan Diamond found in 1905.

[Image via istockphoto.com]

Jacques noted that discussions are underway about the diamond's future, including potential sale options or museum display. "William Lamb, CEO of Lucara Diamond, is working with the Botswana government to explore how to maximize this incredible discovery," Jacques told WWD. She estimated the diamond's value could be in the tens of millions, depending on its fate.

Jacques discussed GIA's work with artisanal miners, a project that began in Tanzania in 2017 and expanded to other African nations. According to WWD, GIA helps miners identify valuable stones through educational resources, focusing particularly on supporting women miners.

On gem traceability, Jacques highlighted GIA's use of RFID technology and partnerships, such as the De Beers Tracr program, to track gems from mine to market. She stressed the importance of knowing a gem's origin, especially in light of sanctions on Russian diamonds due to the Ukraine conflict.

Jacques also told WWD that changing consumer preferences highlights traceability and sustainability. The overproduction of lab-grown diamonds has affected market prices, but she expects signs of recovery in 2025.

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