Botswana's diamond company, Debswana, announced Wednesday the discovery of a 1,098-carat diamond in that southern African countryl, the third largest ever found in the world.

The stone, discovered on June 1, was shown to Botswana's President Mokgweetsi Masisi in the capital, Gaborone.

"It is believed to be the third largest of its kind found on the planet," said Lynette Armstrong, the director of Debswana, owned in partnership by the Government of Botswana and South African diamond dealer De Beers.

The discovery "brings hope to a struggling nation," he added.

The largest known diamond is the "Cullinan", which weighs over 3,100 carats and was unearthed in South Africa in 1905.

The second, of 1,109 carats, was discovered in 2015 at the Karowe mine in northeastern Botswana, which is Africa's largest diamond producer.