Lucara Strikes Huge Diamond Finds in Botswana

Gems News: Major Discoveries at Karowe Mine

Lucara Diamond Corp. has once again reinforced its reputation as a leader in exceptional rough diamond recovery with two remarkable finds at its Karowe mine in Botswana. The discoveries include a 1,019.85-carat non-gem-quality white diamond, unearthed through its Mega Diamond Recovery unit, and a striking near-gem-quality 37.42-carat pink diamond of type IIa classification. The enormous white stone is the ninth diamond exceeding 1,000 carats recovered from Karowe and the third of this size retrieved this year. These achievements highlight the consistent productivity of the mine’s EM/PK(S) zone, long recognized for yielding large, high-value stones. This Gems News report indicates that the mine’s unique geology continues to deliver stones of global significance.

The striking near-gem-quality 37.42-carat pink diamond of type IIa classification
Image Credit: Lucara Diamonds

Focus on Underground Expansion

Both diamonds were recovered from the EM/PK(S) area, which is also the central focus of Lucara’s ongoing underground mining project. The zone is being aggressively targeted as the company transitions operations below surface, aiming to sustain the mine’s legacy of producing some of the world’s most valuable rough diamonds. The continued success of Karowe’s large-stone recoveries has reinforced confidence in the long-term potential of the underground expansion plan, which is essential for extending the mine’s life and economic contribution to Botswana.

Financing the Future

To maintain momentum, Lucara has drawn $10 million from its $63 million standby loan with Nemesia, its largest shareholder. The funds are being deployed to offset project expenditure shortfalls, with repayment structured through monthly issuance of common shares to Nemesia. Lucara CEO William Lamb emphasized that this measured approach ensures the company retains financial flexibility while underground development continues at pace.

Responsible Mining Standards

Lucara stands out not only for its record-breaking recoveries but also for its dedication to responsible mining. The company is certified by the Responsible Jewellery Council, complies with the Kimberley Process, and upholds the International Finance Corporation’s performance standards. Operations also adhere to the Equator Principles, ensuring environmental, safety, and community welfare remain central to every stage of development. Since its establishment in 2012, the Karowe mine has been the cornerstone of Lucara’s operations and continues to benefit Botswana through local economic contributions and global recognition.

Looking Ahead

The latest discoveries underline Lucara’s status as a premier source of exceptional diamonds and reaffirm the Karowe mine’s importance on the world stage. As the underground project advances, the company is strategically securing its financial and operational future while remaining committed to sustainable development and transparency. These remarkable recoveries are not only milestones in Lucara’s history but also reminders of the enduring value of Botswana’s diamond industry.

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