Gem

Diamond Investing

The 472-carat brown diamond falls behind Lucara’s 1,109-carat Lesedi La Rona diamond and 813-carat Constellation diamond.

Lucara Diamond (TSX:LUC) unearthed a big discovery this week — a 472-carat brown diamond.

Originating from the company’s Karowe diamond mine in Botswana, the newest find is the third-biggest diamond ever retrieved from the mine, which became operational in 2012.

In a press release, Lucara CEO Eira Thomas said the diamond will go up for sale, along with other notable diamond discoveries, later this year.

“In 2018, mining at Karowe is focused in the high value south lobe, which consistently delivers large, high quality diamonds in excess of 10.8 carats in size,” her statement reads.

“The 472 carat is the third largest diamond ever recovered from the mine and will be sold alongside other exceptional stones recovered since the beginning of the year as part of the first exceptional stone tender (EST) later in 2018,” Thomas added.

Thomas took the helm at Lucara in February after founding the company and holding a director position. She is well known for her work in the diamond industry and for her work at Kaminak Gold, which was purchased by Goldcorp (TSX:G,NYSE:GG) in 2016.

Also in February, Lucara announced a foray into blockchaintechnology with the acquisition of Clara Diamond Solutions. The company’s main asset is a “secure, digital sales platform that will transform how rough diamonds are sold.”

As mentioned, Lucara’s Karowe mine is no stranger to larger-than-life diamonds, with its biggest stone thus far being the Lesedi La Rona, which clocked in at a whopping 1,109 carats. It was sold for $53 million, and a 373-carat piece that broke off sold separately for $17.5 million.

The company also sold the most expensive rough gem on record in 2016. The Constellation, though smaller than Lesedi La Rona at 813 carats, went for $63 million thanks to its higher-grade quality.

At close of day Thursday (April 12), Lucara’s share price was sitting at C$2.08, up 2.97 percent.

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Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.

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