Lucara recovers sixth diamond larger than 1,000 carat at Karowe mine in Botswana

Canada’s Lucara Diamond (TSX: LUC), has dug up a 1,094 carat diamond from its Karowe mine in Botswana.

This is the sixth diamond weighing more than 1,000 carat to be recovered at the mine, and it comes only weeks after the recovery of a 2,492 carat diamond—the second-largest diamond ever recovered.

“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 $13 million.” the company said in a press release.

“This newly recovered 1,094 carat stone will also be polished by HB Antwerp, as part of the ongoing partnership between the two companies,”

Shares of Lucara rose 8% by 11:40 a.m. EDT. The miner has a market capitalization of C$221 million ($162 million).

The Karowe mine has produced several 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.