The world's richest diamond mine worth £1bn and in the middle of a volcano

Jwaneng is the richest diamond mine in the world. (Image: Getty)

People have always been obsessed with diamonds with many on the quest to find the biggest and most valuable. This fascination is thousands of years old with our ancestors believing that precious stones can fend off evil spirits and bring good fortune. And this obsession has not gone away with many operations worldwide still searching for the most valuable gems.

This brings us to the world’s richest diamond mine, worth an estimated £1 billion, that sits in the heart of an ancient volcanic crater in Botswana. The Jwaneng Diamond Mine, nicknamed the "Prince of Mines", has produced some of the highest-value diamonds in history. Located 105 miles (170km) southwest of Gaborone, Botswana’s capital, the mine is operated by Debswana, a joint venture between De Beers and the Botswana government.

Jwaneng is worth an estimated £1 billion. (Image: Getty)

Jwaneng’s name means "a place of gems" in Setswana, and its kimberlite-rich deposits have lived up to that name since the mine became fully operational in 1982.

Jwaneng is an open-pit mine, formed around a kimberlite pipe, a rare type of volcanic rock formation that can contain high concentrations of diamonds.

The mine consists of three main kimberlite pipes, which together yield millions of carats of diamonds each year.

In 2023 alone, Jwaneng produced 13.3 million carats, making it the most valuable diamond mine in the world.

The mine’s history dates back to the early 1970s, when geological surveys by De Beers Exploration led to the discovery of the rich diamond deposit in 1973.

After nearly a decade of evaluation and construction, Jwaneng officially began operations in 1982, quickly becoming one of the world’s most significant sources of diamonds.

In 2023 alone, Jwaneng produced 13.3 million carats. (Image: Getty)

Since then, the mine has continuously expanded, with major development projects aimed at extending its life and increasing production.

One such expansion, known as Cut-9, is a $2 billion (£1.5bn) investment expected to extend the mine’s life to at least 2035 while yielding around 53 million carats of rough diamonds.

Future plans include an underground expansion, which will push mining activities to depths of 1,000 meters and is expected to generate thousands of new jobs.

Botswana’s economy has benefited significantly from the mine, as Jwaneng contributes between 60 and 70 percent of Debswana’s total revenue.

A new underground project, approved in January 2024, is expected to bring in £20 billion ($25 billion) over the next few decades.

The extracted ore is transported via haul trucks. (Image: Getty)

The mining process at Jwaneng is a highly sophisticated operation. The kimberlite is extracted through a series of deep cut-downs into the earth, with massive blast-hole drills used to loosen the rock.

The extracted ore is then transported via haul trucks, some with payload capacities of 250 tonnes, to a processing plant, where diamonds are separated from the surrounding material.

The mine is also home to state-of-the-art diamond recovery technology, including the Completely Automated Recovery Plant (CARP) and the Fully Integrated Sort House (FISH).

These facilities use X-ray and laser sorting to detect and extract diamonds with extreme precision, ensuring minimal waste and maximum recovery.

However, Jwaneng has faced some environmental challenges. As an open-pit mine, it generates large amounts of waste rock, and managing the impact on local ecosystems remains a priority.

But the mine was the first in Botswana to receive ISO 14001 certification for environmental compliance in 2000.