Botswana President Mokgweetsi Masisi holds the gem (Image: AFP via Getty Images)

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A massive diamond "the size of a fist" unearthed in Botswana is thought to be the third largest ever found.

The 1,098-carat rock was dug up on June 1 by miners in Jwaneng – the richest diamond mine in the world.

The precious jewel is set to be priced in the coming weeks but industry expert WP Diamonds has already valued it at $2billion (£1.4bn).

The largest rough diamond ever mined was The Cullinan in 1905, which weighed 3,106.75 carats.

The Cullinan was eventually cut up into brilliants and stones of various sizes, some of which now make up the Crown Jewels.

The giant sparkler is thought to be worth $2billion
(Image: via REUTERS)

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The largest cut, named the Great Star of Africa, is mounted in the Sovereign's Sceptre with Cross and others are privately owned by the Queen.

The second biggest rough diamond ever unearthed was the 1,758-carat Sewelo and was bought by Louis Vuitton last year.

At the time, the luxury fashion brand refused to reveal how much they had spent on the stone.

The rock was unearthed by miners in Jwaneng
(Image: AFP via Getty Images)

The golf ball-sized Sewelo was unearthed at Botswana's Karowe mine in 2019.

The newly-discovered gem is 1,098 carats and was found by miners working for Debswana company – a partner of De Beers.

A spokesperson for the firm said it was the largest diamond ever discovered by the company over its five decades in the business.