What Happened: A 2,492-carat diamond, the second-largest in the world, was discovered in Botswana’s Karowe mine, marking a major find for the country’s diamond industry.

What you need to know: On Thursday, a Canadian mining company announced the discovery of a massive 2,492-carat diamond in Botswana, making it the second-largest diamond ever found. The diamond was unearthed at the Karowe diamond mine in northeastern Botswana using advanced X-ray detection technology. Lucara Diamond, the company behind the find, has not yet estimated the diamond’s value. The diamond is second only to the 3,106-carat Cullinan Diamond discovered in South Africa in 1905.

More: Lucara’s president, William Lamb, expressed excitement over the discovery, calling it “one of the largest rough diamonds ever unearthed.” The stone, which is roughly the size of a palm, was presented to Botswana’s President Mokgweetsi Masisi later in the day. Masisi praised the find, noting it is the largest diamond discovered in Botswana and the second-largest globally.

Also: Botswana, a major diamond producer, relies heavily on diamond mining for its economy, which contributes 30% to its GDP and 80% to its exports. The country has transformed from poverty to becoming the world’s largest diamond producer by value since discovering diamonds a year after its independence in 1966.