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Giant Diamond Found In South African Mine

An enormous 235-carat diamond has been found in South Africa. Nare Diamonds says the gem was uncovered on Wednesday, just weeks after launching its operations at Schmidtsdrift mine. There are reports the mine was shut down three years ago when another firm went bankrupt. The average size of stones there was 1.14 carats.

In a statement to the London Stock Exchange, Nare Diamonds said "The large-sized gemstone is octahedron in shape and of very good quality according to a third party assessor." The company says setting a value for the hen`s egg-sized gem is difficult because normal valuation measures do not apply when diamonds reach a large size.

South Africa has been one of the world`s "gold mines" for diamonds, with such diamond companies as De Beers operating out of the country. Even during the years of apartheid and sanctions the South African government prospered somewhat from diamond exports to countries willing to refine the rocks to aid in their sales.