Another 1000-carat diamond recovered at Karowe Mine

September 16, 2024

Lucara Diamond Corp. has made another significant discovery, unearthing a remarkable 1,094-carat rough diamond from its 100% owned Karowe Mine in Botswana. This marks the sixth time the company has recovered a diamond exceeding 1,000 carats from this Mine, further underscoring the region’s vast potential for diamond mining.

The 1,094-carat gem bears a striking resemblance to a 692-carat diamond recovered earlier in 2023, which was polished by HB Antwerp and yielded polished stones that sold for over USD 13 million. Lucara’s ongoing partnership with HB Antwerp will continue, as the newly discovered stone will also be polished by them, showcasing the strong collaboration between the two companies.

Lucara’s consistent recovery of diamonds over 1,000 carats highlights not only the uniqueness of the Karowe Mine’s South Lobe ore but also southern Africa’s rich diamond-producing landscape. The Karowe Mine, which primarily mines EMPKS ore, has proven to be a major source of some of the world’s largest and most valuable diamonds, reinforcing the area’s importance in the global diamond industry.

William Lamb, President and CEO of Lucara Diamond Corp., emphasized the significance of this discovery:

"The recovery of this exceptional 1,094-carat diamond is a testament to Karowe’s remarkable potential and further validates our investment in the underground expansion project. These continued discoveries of large, high-value diamonds demonstrate the consistent quality of our resource and its ability to deliver substantial returns. As we progress with our underground development, we’re increasingly confident in Karowe’s capacity to produce these legendary diamonds well into the future, cementing our position in the high-end diamond market."

This discovery coincides with Lucara's ongoing underground expansion project, aimed at extending the Karowe Mine’s life beyond 2040. The expansion focuses on accessing deeper parts of the South Lobe, where the EMPKS ore type is most prevalent, potentially leading to even more large diamond finds. This project not only solidifies Lucara's future in diamond mining but also highlights the vast opportunities for those looking to invest in the diamond industry in southern Africa region.