It is the biggest diamond to be discovered in Botswana and the largest find in more than a century.
The 3,106-carat Cullinan diamond was found in South Africa in 1905 and cut into nine separate stones, many of which are in the British Crown Jewels.
"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," William Lamb, the CEO of Lucara Diamond, a Canadian diamond producer, said in a statement.
Lucara says two other "exceptional" white diamonds - an 813-carat stone and a 374-carat stone - were also found at the Karowe mine.
"I am truly at a loss for words. This has been an amazing week for Lucara with the recovery of the second largest and also the sixth largest gem quality diamonds ever mined," Mr Lamb said.
Botswana is the world`s largest producer of diamonds and the trade has transformed it into a middle-income nation.
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