Botswana has unearthed the world’s third-largest gem-quality diamond.

The 1,098-carat stone was presented Wednesday to President Mokgweetsi Masisi by the Debswana Diamond company after being discovered earlier this month.

“This is the largest diamond to be recovered by Debswana in its history of over 50 years in operation,” said Debswana acting manager Lynette Armstrong.

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The only two diamonds bigger than this one are the 3,106-carat South African Cullinan stone recovered in 1905 and the 1,109-carat Lesedi La Rona diamond, also mined in 2015.

The newly discovered stone measures about 2.8 inches long, 2 inches wide, and 1 inch thick, according to minerals minister Lefoko Moagi.

The value of diamonds relies not only on carats but also on the cut, shape, and quality.

It's not yet known the estimated value of the diamond, but the similarly sized Lesedi La Rona, 11 carats larger than the new stone, sold for $53 million after it was discovered.

The Botswana government receives approximately 80% of Debswana’s proceeds through taxes and dividends.

“President Masisi said as is the norm, proceeds from the diamond will be used to advance national development in the country,” the government announced on Twitter.

The diamond comes from Debswana’s Jwaneng Mine, 75 miles away from Botswana's capital, Gaborone.

The mine produces between 12.5 million and 15 million carats of diamonds every year.

Production fell 29% during the pandemic, but Debswana is planning to ramp up its mining by 38%, surpassing pre-pandemic levels, the company said.

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“[Masisi] said Debswana should use this latest discovery as an inflection point, for the mine to use it's technology to realise more of these large discoveries,” the government tweeted.