Another Enormous Find for Lucara: A 1,094ct. Rough

Lucara Diamond Corp. has recovered a massive diamond weighing 1,094 carats from its Karowe mine in Botswana, the second over 1,000 carats in the last month. 

The “extraordinary” stone was detected during the processing of kimberlite from the EM/PK(S) portion of Karowe’s south lobe, known for yielding large, high-value diamonds, Lucara said Monday. The diamond bears “striking similarities” to the 692-carat stone the miner unearthed in 2023, which was manufactured by its offtake partner, HB Antwerp, the company explained. That rough was polished into several stones that sold for more than $13 million combined. 

The discovery follows that of a 2,492-carat, high-quality rough in August, which came from the same region of Karowe. Lucara billed that as one of the largest ever found, second to the 3,106-carat Cullinan Diamond. Among some of the company’s other significant recoveries are the 1,758-carat Sewelô and the 1,109-carat Lesedi La Rona. 

“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,” said Lucara CEO William Lamb. “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.” 

The miner intends to sell the 1,094-carat rough, its sixth stone over 1,000 carats, to its partner HB Antwerp for manufacturing. 

The company’s underground expansion will cost $683 million and is expected to be finalized in the first half of 2028. The miner believes it will extend Karowe’s life until at least 2040.

Image: The 1,094-carat rough diamond. (Lucara Diamond Corp.)