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One of the largest diamonds ever unearthed has been discovered in Botswana at a mine operated by Canadian firm Lucara Diamond. The 2,492-carat gem is the world’s second-largest diamond discovery, coming more than a century after the 3,106-carat Cullinan Diamond was found in South Africa in 1905.
William Lamb, president and CEO of Lucara, expressed excitement about the find, highlighting its significance: “We are ecstatic about the recovery of this extraordinary 2,492-carat diamond.”
Advanced X-ray technology
The diamond was uncovered at the Karowe Diamond Mine in northeastern Botswana using advanced X-ray technology, though the company has not disclosed its value. As it is the Second-Largest Diamond
Lamb emphasized the importance of the discovery for both the mine and the company’s investment in cutting-edge technology.
Photos released on Thursday show Botswana President Mokgweetsi Masisi showcasing the diamond in his office in Gaborone.
Botswana, a major player in global diamond production, accounted for 20% of the world’s output last year, according to GlobalData. Lucara’s discovery follows other notable finds from the Karowe Mine, including the 1,758-carat Sewelô diamond in 2019 and the 1,109-carat Lesedi La Rona diamond in 2015. The Sewelô diamond was purchased by Louis Vuitton in 2020, while the Lesedi La Rona was sold for $53 million to Graff Diamonds in 2017.
Second-Largest Diamond Adjustment Since 2009
The Bureau of Labor Statistics (BLS) has significantly revised its nonfarm payroll numbers, revealing that actual job growth was nearly 30% lower than initially reported. The revised figures show that job creation from April 2023 to March 2024 was 818,000 less than previously estimated, marking the largest revision to total payrolls since 2009.
The adjustment reflects a 0.5% decrease in the total payrolls level, with the most substantial downward revision occurring in the professional and business services sector, where job growth was 358,000 lower than originally reported. Other sectors also saw reductions, including leisure and hospitality (-150,000), manufacturing (-115,000), and trade, transportation, and utilities (-104,000). Retail trade figures were adjusted down by 129,000.
Despite these revisions, job creation over the period still exceeded 2 million. However, the new data suggests that the labor market may not be as robust as previously thought, potentially influencing the Federal Reserve to consider interest rate cuts.
Jeffrey Roach, chief economist at LPL Financial, noted that the weaker labor market could prompt the Fed to prepare for a rate cut in September.
The updated figures are based on the Quarterly Census of Employment and Wages and follow Wall Street’s anticipation of significant revisions. Goldman Sachs analysts have suggested that the BLS may have overstated the revisions by up to 500,000 jobs due to discrepancies, including undocumented workers.
Federal Reserve officials are closely monitoring the situation, and a rate cut is expected at their upcoming September meeting. Chair Jerome Powell is scheduled to address the Fed’s annual retreat in Jackson Hole, Wyoming, which could provide further insights into future monetary policy.
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