The world’s third-largest diamond was unearthed in Botswana last week, government officials announced.

Iran Press/Africa: Debswana Diamond Company, a mining company jointly owned by the government and the De Beers Group, discovered a 1,098.3-carat high gem-quality diamond on June 1.

The precious stone was presented to President Mokgweetsi Masisi on Wednesday, media reported.

It is surpassed in size only by the 3,106-carat Cullinan stone recovered in South Africa in 1905 and the 1,109-carat Lesedi La Rona found by Lucara Diamonds in Botswana in 2015, the news organization reported.

The Cullinan diamond was cut into smaller stones, some of which form part of the British royal family’s crown jewels, CNN reported. The Lesedi La Rona diamond was sold to luxury jeweler Graff for $53 million in 2017, the network reported.

This is the largest diamond to be recovered by Debswana in its history of over 50 years in operation.

Botswana’s official government Twitter account wrote that “proceeds from the diamond will be used to advance national development in the country.”

The diamond was found in Jwaneng mine’s South Kimberlite pipe by metallurgy assistant Orakeng Kefentse, CBS News reported.

Botswana is Africa’s largest producer of diamonds.