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One of the world's largest diamonds has been unearthed in Botswana, a country located in Southern Africa this week.

The 1,098-carat diamond is be lived to be the third largest "gem-quality" diamond ever found.

Botswana President President Mokgweetsi Masisi said the precious stone was unearthed earlier this month at the Jwaneng mine, around 75 miles from the country's capital, Gaborone.

Officially opened in 1982, the Jwaneng mine usually yields between 12.5 million and 15 million carats of diamonds a year, a company that operates the mine said in a statement.

This month's find is the largest gem unearthed by the company since diamonds were first discovered in Botswana in 1967, the government said.

At present, the largest diamond ever recorded is the 3,106-carat Cullinan Diamond, found in South Africa in 1905. The Cullinan was subsequently cut into smaller stones, some of which form part of British royal family's crown jewels.

The second largest discovery is believed to be the Lesedi La Rona, a 1,109-carat stone found by Canadian firm Lucara Diamond at the Karowe mine, also in Botswana, in 2015. The diamond was sold to luxury jeweler Graff for $53 million two years later.

A 1,098 carat diamond, discovered in Botswana and believed to be the third largest gem-quality stone ever to be mined, is seen in this undated handout picture received June 16, 2021.
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A 1,098 carat diamond, discovered in Botswana and believed to be the third largest gem-quality stone ever to be mined, is seen in this undated handout picture received June 16, 2021. (via REUTERS)
Botswana President Mokgweetsi Masisi (R) holds a gem diamond in Gaborone, Botswana, on June 16, 2021. - Botswanan diamond firm Debswana said on June 16, 2021 it had unearthed a 1,098-carat stone that it described as the third largest of its kind in the world.
The stone, found on June 1, 2021 was shown to President Mokgweetsi Masisi in the capital Gaborone. (Photo by Monirul Bhuiyan / AFP)
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Botswana President Mokgweetsi Masisi (R) holds a gem diamond in Gaborone, Botswana, on June 16, 2021. - Botswanan diamond firm Debswana said on June 16, 2021 it had unearthed a 1,098-carat stone that it described as the third largest of its kind in the world. The stone, found on June 1, 2021 was shown to President Mokgweetsi Masisi in the capital Gaborone. (Photo by Monirul Bhuiyan / AFP) (AFP)
A Botswana member of cabinet holds a gem diamond in Gaborone, Botswana, on June 16, 2021. - Botswanan diamond firm Debswana said on June 16, 2021 it had unearthed a 1,098-carat stone that it described as the third largest of its kind in the world.
The stone, found on June 1, 2021 was shown to President Mokgweetsi Masisi in the capital Gaborone. (Photo by Monirul Bhuiyan / AFP)
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A Botswana member of cabinet holds a gem diamond in Gaborone, Botswana, on June 16, 2021. - Botswanan diamond firm Debswana said on June 16, 2021 it had unearthed a 1,098-carat stone that it described as the third largest of its kind in the world. The stone, found on June 1, 2021 was shown to President Mokgweetsi Masisi in the capital Gaborone. (Photo by Monirul Bhuiyan / AFP) (AFP)
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