Diamond miner Lucara (TSX:LUC) has named its 1,111 carat gem quality diamond discovered last November at its Karowe Mine in Botswana.
Following a countrywide competition, open to all Botswana citizens, the tennis ball sized gem has been christened “Lesedi La Rona” which means ‘Our Light’ in native Tswana.
The winning entry was from Thembani Moithobogi who will receive a prize of 25,000 Pula, the equivalent of just over £1,500.
The stone, however, is estimated to fetch between £30-40mln.
It is the second-largest diamond ever unearthed.
The name beat more than 11,000 other entries after the competition was launched on 18 January this year.
“The outpouring of pride and patriotism shown by all the participants in the contest was incredible,” said Lucara Chief Executive and president William Lamb.
Botswana is one of the biggest producers of mined diamonds in the world.
“I am truly at a loss for words,” said Lamb following its recovery in November 2015. “We are truly blessed by this amazing asset.”
The share price was down by a fraction to C$2.22.