World's second-biggest diamond 'could sell for more than $60 million'

The company that dug up the second-largest diamond ever recovered is seeking a price of over $60 million (£39.8 million) for the tennis-ball sized gem.

Vancouver-based Lucara Diamonds discovered the 1111-carat stone last week in a Botswana mine.

It is the biggest diamond to be found since the 3106-carat Cullinan was dug up near Pretoria in South Africa in 1905.

That was later cut up and used in the Crown Jewels.

Boss William Lamb said the diamond is worth more than current estimates of more than $60 million, which are based on the standard $60,000 per carat price for large rough diamonds, according to Bloomberg.

“On top of that, you have to look at the size of the final polished diamond as well as the historical context," Lamb told the news service.

Lamb added that the company was in no rush to sell and may even decide to hang on to the gem.

It has already rejected a $40 million-plus offer, Bloomberg said.

"The diamond sector is not full of opportunities, so for us to run out and sell it now doesn’t really make sense," Lamb was quoted as saying.