Lucara Diamond Corp has once again made headlines with the discovery of another massive diamond at its Karowe mine in Botswana. The Botswana Stock Exchange-listed company announced on Wednesday the recovery of an extraordinary 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 specifically to detect and preserve large, high-value diamonds. The stone was recovered from the processing of EM/PK(S) kimberlite, the primary ore that Lucara will target during the initial years of its planned underground mining operations.
This discovery adds to a series of notable finds from Karowe’s south lobe, a critical area for the mine’s economic success as it transitions to underground mining. Since its commissioning in July 2012, the Karowe mine has produced more than 63 diamonds over 200 carats, including 13 stones exceeding 300 carats. Notable recoveries 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 discovered on June 23, 2024, which is now considered the world’s third-largest diamond, following the Sewelô.
In addition to its latest find, Lucara recently reported solid financial and operational performance 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 ongoing operational stability despite a fluctuating diamond market.
While the global diamond industry faces challenges, particularly in the smaller stone segment and due to G7 sanctions on Russian diamonds, Lucara remains well-positioned. The company continues to benefit from the strong demand for larger stones, helping to cushion it against market volatility. Moreover, the growing emphasis on diamond provenance is likely to further benefit Lucara, given its well-established operations in Botswana.
