Lucara Diamond has recovered a 1,094-carat diamond at its Karowe mine in Botswana, mere weeks after unearthing a record-breaking 2,492-carat stone.
The latest discovery, marking the sixth diamond over 1,000 carats from the site, further cements Karowe’s reputation as one of the world’s most prolific sources of high-value diamonds.
This comes as the mine undergoes a $683 million underground expansion aimed at increasing access to deeper, richer deposits.
The newly recovered diamond, noted for its “striking similarities” to a 692-carat stone sold last year for $13 million, will now be polished by Lucara’s long-term manufacturing partner, HB Antwerp.
The recovery of this exceptional gem is particularly significant as it comes from the same ore type that Lucara plans to target during the initial stages of its transition from open-pit to underground mining.
William Lamb, President and CEO of Lucara Diamond, expressed confidence in the potential of the Karowe mine, 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.”
What to know
Karowe, once known as the AK6 kimberlite project, has had a turbulent corporate history. Initially owned by a joint venture between De Beers and African Diamonds, the mine’s future was hotly contested. De Beers, the majority shareholder, was sceptical about the site’s potential, leading to a corporate clash.
African Diamonds, founded by mining entrepreneur John Teeling, brought in Lucara as an ally to buy out De Beers. Lucara eventually took full control of the deposit, and the success of Karowe has proven the decision to be astute.
The Karowe mine’s recent string of discoveries has provided a timely boost to Botswana’s diamond sector, which accounts for roughly a quarter of the country’s GDP.
These large-scale finds come at a crucial time, offering some relief to a global diamond industry grappling with the rise of lab-grown diamonds.
Lucara’s discovery of the 2,492-carat stone is the largest gem-quality find since the 3,106-carat Cullinan diamond, which was unearthed in South Africa in 1905.
That diamond later became part of the British Crown Jewels, adding a historic weight to Lucara’s latest achievements.
The recovery of these colossal gems not only underscores the exceptional quality of the Karowe mine but also reinforces Botswana’s position as a global leader in diamond production.
As Lucara continues its underground expansion, further discoveries of high-value stones are expected, ensuring Karowe remains a critical player in the diamond market for years to come.