Staff Reporter

Madagascar’s new military ruler, Colonel Michael Randrianirina, has announced the discovery of a colossal 300-kilogram (661 lb) emerald gemstone hidden within the presidential palace, barely one month after seizing power in a coup.

The massive stone, described as an emerald in matrix, an emerald embedded within its natural host rock, has been declared a national asset, with the interim President stating his intention to sell it on the international market to replenish the nation’s severely depleted state revenues.

Based on an estimated market value of 80 euros per gram, the stone is valued at €24 million, equivalent to approximately $27 million.

Colonel Randrianirina, who ousted the previous administration in October, unveiled the dark boulder streaked with green crystal at the Ambohitsorohitra State Palace on Tuesday evening.

“This is a national asset,” Randrianirina stated, standing next to the find, promising complete transparency in the process of its potential sale.

“It might be sold, and it will be up to the minister to explain the procedures that will be followed to increase the state’s revenues.”
The discovery is being hailed as a potential financial lifeline for the impoverished Indian Ocean nation, where over 70% of the population lives below the poverty line.