Botswana is now home to the second largest diamond in the world. This week, the southern African country’s President Mokgweetsi Masisi and Lucara Diamond Corporation CEO William Lamb announced that they had discovered a diamond weighing 2,492 carats.

The massive stone, which weighs over 1 pound, surpasses the previous record for the largest diamond found in over a century. The only larger diamond is the Cullinan Diamond, discovered in South Africa in 1905 and cut into the British Crown Jewels.

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This is a big deal for Botswana because the country’s economic stability depends heavily on diamond mining and it is home to around 20% of the world’s diamonds. The diamond industry has suffered a setback in recent years due to falling demand and competition from the synthetic diamond industry.

The diamond was unearthed at the Karowe mine, which is operated by Canadian company Lucara Diamond Corporation, which is known for finding huge gems. In 2015, it found a 1,109-carat diamond, then a 1,758-carat diamond in 2019. The latest diamond beats both of them by a long shot. Lucara used X-rays to find this huge new diamond, which also helped the company dig it up while keeping it completely intact.

The actual value of the diamond cannot currently be estimated, but precedents suggest that it is worth tens of millions.