New Madagascar leader announces discovery of 300 kg emerald rock in presidential palace

Madagascar's new leader has unveiled a 300 kg gem-containing rock he said had been found in the presidential palace.

Colonel Michael Randrianirina seized power from former president Andry Rajoelina in October.

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The gemstone is thought to be emerald, with an estimated value of over R400 million ($24 million), says Rutendo Hwindingwi, founder of Tribe Africa Advisory.

"One of the reasons for the coup was young people complaining about a shortage of essentials, of funding for public utilities, etcetera.... and he walks into the palace and finds a 300 kg piece of emerald rock! It's valued at $80 dollars per gram; that's $24 million that was left behind by the former president."

According to reports, Randrianirina described the find as a national asset, saying they had no idea why it had been brought to the palace.

He promised transparency around the future of the 'emerald in matrix', saying it would possibly be auctioned for funds to help the people of the Indian Ocean island nation.

The stone still needs expert analysis to determine the size and quality of the emerald embedded within, reports Reuters.

Scroll up to the audio player to listen to Africa Business Focus (Madagascar discussion at 7:42)