Lucara Diamond has recovered a 1,094-carat diamond from its Karowe mine in Botswana, just weeks after discovering a record-breaking 2,492-carat stone. This marks the sixth diamond exceeding 1,000 carats from the site, solidifying Karowe’s status as one of the world’s most prolific sources of high-value diamonds. The mine is currently undergoing a $683 million underground expansion aimed at accessing deeper, more valuable deposits.
The newly recovered diamond, noted for its “striking similarities” to a 692-carat stone that sold for $13 million last year, will be polished by Lucara’s long-term partner, HB Antwerp. This find is especially significant as it comes from the same ore type that Lucara plans to focus on during the initial stages of its underground mining operations.
Lucara’s President and CEO, William Lamb, expressed confidence in Karowe’s potential, stating, “This latest discovery further validates our decision to invest in underground expansion. The continued recovery of large, high-value diamonds demonstrates the consistent quality of our resource and its ability to deliver significant returns to our shareholders. As we move forward with underground development, we are increasingly confident in Karowe’s long-term capacity to produce legendary diamonds, solidifying our leadership in the high-end diamond market.”
Background on Karowe:
Karowe, previously known as the AK6 kimberlite project, has a storied corporate history. Originally owned by a joint venture between De Beers and African Diamonds, the site’s potential was a matter of corporate dispute. De Beers, the majority shareholder, was skeptical about the site’s future, prompting African Diamonds, founded by mining entrepreneur John Teeling, to ally with Lucara to buy out De Beers. Lucara eventually gained full control of the deposit, and the mine’s success has proven the decision wise.
Karowe’s recent discoveries have provided a significant boost to Botswana’s diamond sector, which accounts for about a quarter of the country’s GDP. These finds come at a critical time, offering some relief to the global diamond industry as it faces competition from lab-grown diamonds.
Lucara’s earlier 2,492-carat find is the largest gem-quality diamond unearthed since the 3,106-carat Cullinan diamond in South Africa in 1905. That diamond later became part of the British Crown Jewels, adding historical significance to Lucara’s latest accomplishments. The continued recovery of massive, high-value diamonds underscores Karowe’s exceptional quality and reinforces Botswana’s standing as a global leader in diamond production.
As Lucara progresses with its underground expansion, further high-value discoveries are anticipated, ensuring Karowe remains a key player in the diamond market for years to come.
