Lucara Diamond found a huge 1,094-carat diamond at its Karowe mine in Botswana. Just a few weeks ago, they found an even bigger diamond, weighing 2,492 carats.
This is the sixth time Karowe has found a diamond over 1,000 carats. This makes Karowe one of the best places in the world to find big, valuable diamonds.
The mine is also being expanded underground, costing $683 million, to get more diamonds from deeper levels.
The new diamond looks a lot like a 692-carat diamond they sold last year for $13 million. Lucara’s manufacturing partner, HB Antwerp, will polish this new diamond.
Finding this big diamond is very important. It comes from a type of rock that Lucara will focus on when they start mining underground.
William Lamb, the President and CEO of Lucara Diamond, said, “This new diamond shows we made the right choice to expand underground. We keep finding big, valuable diamonds, which is good news for our shareholders. We believe Karowe will keep finding amazing diamonds, making us leaders in the high-end diamond market.”
What to Know
Karowe, once called the AK6 kimberlite project, has a complex history. It was first owned by De Beers and African Diamonds. De Beers didn’t believe in its potential, creating a struggle over the mine’s future.
John Teeling, who started African Diamonds, brought in Lucara to buy De Beers’ share. Lucara then took full control of the mine. The success of Karowe has proven this was a smart move.
Finding these big diamonds is great news for Botswana, where diamonds are a big part of the economy. These discoveries help Botswana’s diamond sector a lot.
Lucara’s recent find of a 2,492-carat diamond is the largest since the 3,106-carat Cullinan diamond found in South Africa in 1905.
The Cullinan diamond is now part of the British Crown Jewels, adding a historic sense to Lucara’s new discoveries.
Finding these big diamonds shows how special the Karowe mine is and helps Botswana remain a top diamond producer.
As Lucara’s underground expansion continues, they hope to find even more valuable diamonds, keeping Karowe a key player in the diamond market for many years.