Lucara Diamond (TSX: LUC), has dug up a 1,094-carat diamond from its Karowe mine in Botswana, just weeks after unearthing a 2,492 carat diamond—the second-largest diamond ever recovered from the mine.
The gem is the sixth diamond weighing more than 1,000 carats to be recovered from Karowe since it opened in 2012.
“This remarkable stone bears striking similarities to the 692-carat diamond announced in August 2023, which was polished by HB Antwerp and yielded polished diamonds that sold for in excess of US$13 million.” the company said in a press release.
The company said its most recent big rock will also be polished by HB Antwerp, with which it has an ongoing partnership.
Shares of Lucara rose 8% by 11:40 a.m. EDT, but ended the day down 2% at 46¢ apiece. The miner has a market capitalization of $212 million.
The Karowe mine has produced other large diamonds in recent years, including the 1,758-carat Sewelô in 2019, the 1,109-carat Lesedi La Rona in 2015, and the 813-carat Constellation, also in 2015. The mine is also credited for having yielded Botswana’s largest fancy pink diamond to date, the Boitumelo.
Botswana is the world’s largest producer of diamonds and the trade has transformed it into a middle-income nation.
Karowe remains one of the highest-margin diamond mines in the world, producing an average of 300,000 high-value carats each year.
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