Lucara Nets $54M for Two Spectacular Rough Diamonds

February 17, 2025

Lucara Diamond Corp. has generated $54 million from selling two significant rough diamonds: the 549-carat Sethunya and the 1,080.1-carat Eva Star.

The Sethunya diamond, discovered at Lucara’s Karowe mine in Botswana in early 2020, was later sold to Louis Vuitton via Lucara’s offtake partnership with HB Antwerp. The Eva Star diamond, recovered in 2023, further showcased Karowe’s ability to yield massive, high-quality stones.

CEO William Lamb emphasized the significance of these transactions, stating, "These sales reinforce our commitment to the Karowe underground expansion. The exceptional nature of Karowe’s south lobe continues to produce high-value type IIa diamonds."

Lucara had already received $20 million from earlier payments, with the balance paid in instalments between late 2024 and early 2025.

Payment delays may have been influenced by Lucara’s past disputes with HB Antwerp. The company severed ties with HB in September 2023 over financial issues but was later rumoured to be under pressure from Botswana’s government to restore the partnership. By January 2024, Lucara had invested $65 million for a 24% stake in HB and signed a new 10-year deal the following month.

Lucara’s continued success underscores Karowe’s status as a top-tier source of world-class diamonds, strengthening its long-term underground mining strategy.

Image courtesy of Lucara diamond company.