A snowball-sized, 1,111 carat "gem quality, Type IIa" diamond was unearthed at a mine in Botswana on Monday. Vancouver-based mine company Lucara Diamond Corp. says it is the largest diamond discovered in over a century after the 3,106-carat Cullinan diamond found in 1905 in South Africa.

"The magnificent stone, which originated from the south lobe of Lucara's Karowe Mine, is the world's second largest gem quality diamond ever recovered and largest ever to be recovered through a modern processing facility," the company said a statement.

"The significance of the recovery of a gem quality stone larger than 1,000 carats, the largest for more than a century....cannot be overstated," said William Lamb, the President and chief executive of Lucara.

The Cullinan diamond was cut and two big pieces were set in the Crown Jewels of Britain. Lucara's latest diamond find has yet to be fully evaluated.