More than a week after the unearthing of the largest diamond ever found within a century, the CEO of the company that excavated the gem has now determined its value.

According to William Lamb, the chief of mining company Lucara, the 1,111 carat diamond is worth more than $60 million dollars. He said the price of the Lucara diamond, which is slightly smaller than a tennis ball, is higher than the current estimates people are putting on it.

The gem is not just big, but it is also one of the purest and rarest Type IIa diamonds. The diamonds of this type account for only 2 percent in the world, and are priced at $60,000 per carat.

Lamb said that a representative for one Hong Kong billionaire already called and told him that his boss will purchase the diamond whatever the price.

Still, Lamb said that the Canadian company has no plans to sell the diamond through the usual tendering process. He said it is highly unlikely that the company will sell the diamond just because someone offered the biggest check for it. He believes that more value will be gained for Botswana because of the story of the stone.

"We have the time to look at what is the best way to sell it. Not selling it is actually an option," said Lamb.

Meanwhile, the Natural History Museum in the United Kingdom already asked for permission to exhibit the Lucara diamond. The Discovery Channel also said that they would like to feature the diamond in a documentary.

The historic value of the gem also contributes to the importance of the gem, Lamb said. Aside from its polished characteristics, the fact that no other similar sized diamonds has been found in more than a century will add up to the true value of the stone.

The Lucara diamond was unearthed in the Karowe diamond mine in Botswana. The country receives a 10 percent royalty on the value of all the gems extracted from the territory, as well as 10 percent export tax on minerals. Aside from the 1,111 carat diamond, Lucara also unearthed two more gems in the Botswana mine.

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