1,111 Carat Diamond Unearthed in Botswana by Lucara Diamond Corp

Lucara Diamond Corp. (TSX:LUCa Canada based diamond producer, found a 1,111 gem-quality diamond in south lobe of Lucara’s Karowe Mine in Botswana.

According to the company, the diamond measures 65mm x 56mm x 40mm and it’s is the  world’s second largest gem quality diamond ever recovered. (The 3,106 carats Cullinan Diamond is the largest diamond ever found and it was discovered in January, 1905 at the Premier Mine in South Africa. More details here)

It was also a good day for the company’s financials. The company’s stock went up with more than 30% or $0,49, hitting $ 2,10 per share (More about the financials at Barchart.com or at the company’s stock information website.

In a press release, the company’s  President and CEO, William Lamb, comments are quoted as follows:

“…This historic diamond recovery puts Lucara and the Karowe mine amongst a select number of truly exceptional diamond producers. The significance of the recovery of a gem quality stone larger than 1,000 carats, the largest for more than a century and the continued recovery of high quality stones from the south lobe, cannot be overstated. Our focus on mining the south lobe, which is delivering value beyond expectation, has been perfectly timed with the commissioning of our recent plant modifications, enabling the recovery of these large, high quality exceptional diamonds…”  – Company’s news release

What’s the value of the stone? According to an article by Bloomberg, Edward Sterck, a London-based analyst at BMO Capital Markets, stated in a report that estimating the value such an extra ordinary gem depends various characteristics such as colour, clarity, cutting and polishing. More details about the stone’s value can be found here. (source Bloomberg)

In other news, Lucara announced that it has recovered  two  more exceptional white diamonds-an 813 carat stone and a 374 carat stone  from the Karowe Mine in Botswana.(More details on Barchart.com)- It’s indeed a great week is in Botswana, but according to the Guardian, the company will not be putting the three stones in the market immediately.

Lucara Diamond Corp’s two key assets are the Karowe mine in Botswana and the Mothae project in Lesotho. The Karowe Mine is located in north-central Botswana and The Mothae Diamond Project is situated in the Maluti Mountains of Lesotho ( More details about the assets ownership and area coverage here: Source Dakota Financial News)

1 Comment

  1. Pingback: CEO Wants More Than $60 Million for Biggest Diamond in a Century – Bloomberg Business | Business Mellows

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