The 2nd-largest diamond ever found was just recovered from a mine in Africa

A small Canadian diamond company has announced the discovery of the world's second-biggest gem-quality diamond ever recovered.

Lucara Diamond Corp. said the 1,111-carat stone was found at its Karowe mine in north-centralBotswana.

The Type IIa diamond measures 65 millimetres by 56mm by 40mm.

The biggest gem-quality diamond ever found is the Cullinan diamond, a 3,106-carat stone found in the Premier mine in South Africa in 1905.

It was cut into several polished gems, the two largest of which are part of Britain's crown jewels.

William Lamb, CEO of Lucara Diamond Corp., said: "This historic diamond recovery puts Lucara and the Karowe mine amongst a select number of truly exceptional diamond producers."

"The significance of the recovery of a gem-quality stone larger than 1,000 carats, the largest for more than a century and the continued recovery of high-quality stones from the south lobe, cannot be overstated," he added.

Earlier this month, Hong Kong's sixth-richest man, Joseph Lau, bought the Blue Moon diamond for a record £32 million ($49 million).