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Lucara Diamond Corp is making headlines again with the discovery of another massive diamond at its Karowe mine in Botswana. The Botswana Stock Exchange-listed company announced on Wednesday the discovery of a 2,492-carat diamond, one of the largest rough diamonds ever found.
The diamond was identified using Lucara’s Mega Diamond Recovery (MDR) X-ray Transmission (XRT) technology, which was installed in 2017 and is specifically designed to detect and preserve large, high-value diamonds. The diamond was recovered from processing of EM/PK(S) kimberlite, the primary ore that Lucara will target during the initial years of its planned underground mining operations.
The discovery is the latest in a series of important discoveries in the South Lobe of Karowe, a key area for the mine’s economic success as it transitions to underground mining. Since production began in July 2012, the Karowe mine has produced more than 63 diamonds over 200 carats, including 13 diamonds over 300 carats. Notable discoveries include the 549-carat Sethunya, the 998-carat and 1,758-carat Sewelô, the 1,109-carat Lesedi La Rona, the 342-carat Queen of the Kalahari and the 1,174-carat diamond found on June 23, 2024, which is currently considered the world’s third-largest diamond after the Sewelô.
In addition to the latest find, Lucara recently reported solid financial and operational results for the second quarter of 2024, generating $41.3 million in revenue from the sale of 76,387 carats of diamonds. This reflects the company’s continued operational stability despite the volatility of the diamond market.
Despite challenges facing the global diamond industry, particularly in the small diamond sector, and G7 sanctions on Russian diamonds, Lucara remains well-positioned. The company continues to benefit from strong demand for large diamonds, which helps mitigate market volatility. In addition, given Lucara’s established operations in Botswana, an increased focus on diamond provenance could further benefit Lucara.
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