A small mining firm just saw its stock surge 91% after it discovered the world’s 2nd-largest diamond

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A small mining firm just saw its stock surge 91% after it discovered the world’s 2nd-largest diamond

Shares of Lucara Diamond Corp. surged 91% Thursday after it discovered a 2,492-carat diamond.

The diamond, found at the Karowe mine in Botswana, is the world’s second-largest ever.

Lucara’s market value rose by just over $40 million on Thursday following the announcement.

Shares of Lucara Diamond Corp. soared as much as 91% on Thursday after the ********* mining firm

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a massive 2,492-carat diamond.

The diamond, which weighs about a pound and is about the size of a baseball, was discovered at Lucara’s Karowe mine in Botswana.

That makes it the world’s second-largest diamond ever discovered.

The uncut diamond is just over 600 carats smaller than the Cullinan diamond, discovered in South ******* in 1905.

Shares of Lucara traded on the Toronto Stock Exchange at a high of $0.63 on Thursday, nearly double their closing price on Wednesday. The stock has since pared its gains in afternoon trading to 33%.

While the rough diamond has yet to be thoroughly assessed and appraised, it is expected to be worth tens of millions of dollars — and it could be worth muhc more if it is considered a gem-quality rock.

In 2015, Lucara discovered a 1,109-carat gem-quality diamond at the same mine. The stone sold for $53 million.

Lucara’s market valuation soared by just over $40 million on Thursday to nearly $150 million, according to data from YCharts.

What is unique about Lucara’s find is that the diamond was discovered via X-ray technology.

The diamond “was detected and recovered by the Company’s Mega Diamond Recovery X-ray Transmission technology, installed in 2017 to identify and preserve large, high-value diamonds,” Lucara said in a press release.

“This find not only showcases the remarkable potential of our Karowe Mine, but also upholds our strategic investment in cutting-edge XRT technology,” Lucara CEO William Lamb said.

Diamond miners have faced various challenges in recent years, from declining prices due to

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to the underlying challenge of locating and extracting fragile gems without breaking them.

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