• Connect with us
    • Information
      • About Us
      • Contact Us
      • Careers
      • Partnerships
      • Advertise With Us
      • Authors
      • Browse Topics
      • Events
      • Disclaimer
      • Privacy Policy
    • Australia
      North America
      World
    Login

    Investing News NetworkYour trusted source for investing success

    • North America
      Australia
      World
    • My INN
    Videos
    Companies
    Press Releases
    Private Placements
    SUBSCRIBE
    • Reports & Guides
      • Market Outlook Reports
      • Investing Guides
    • Button
    Resource
    • Precious Metals
    • Battery Metals
    • Base Metals
    • Energy
    • Critical Metals
    Tech
    Life Science
    Diamond Market
    Diamond News
    Diamond Stocks
    • Diamond Market
    • Diamond News
    • Diamond Stocks
    1. Home>
    2. ResourceGem InvestingDiamond Investing>
    Loading...
    0

    Lucara Continues Streak of Big Diamond Discoveries with 1,094 Carat Find at Karowe

    Giann Liguid
    Sep. 17, 2024 09:25AM PST

    The Karowe mine, which has been operational since 2012, has a well-established history of producing some of the world’s largest diamonds.

    1,094 carat rough diamond from Lucara Diamond's Karowe mine.
    Image via Lucara Diamond.

    Only a month after the discovery of the second largest diamond ever recorded, Lucara Diamond (TSX:LUC,OTC Pink:LUCRF) has announced the recovery of another significant stone from its Karowe mine in Botswana.

    The new find is 1,094 carats compared to the massive 2,942 carat rough diamond uncovered by Lucara in August, solidifying Karowe’s reputation as one of the world’s most prolific sources of large diamonds.

    The rough diamond is the sixth stone over 1,000 carats that Lucara has unearthed from the mine. According to the company, the EMPKS ore type at Karowe's South Lobe hosts these large, high-value stones.


    The company said the newly recovered 1,094 carat diamond will be polished through its partnership with HB Antwerp, a collaboration responsible for processing several of Lucara's previous large stones. The August discovery is slated for evaluation and processing as well, with both stones expected to yield significant returns once polished.

    Previous collaborations with HB Antwerp have resulted in polished diamonds worth over US$13 million.

    "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 President and 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,” he added in a Sunday (September 15) press release.

    In addition to Lucara's recent 1,094 and 2,942 carat discoveries at Karowe, other notable recoveries include the 1,758 carat SewelĂ´ diamond, discovered in 2019, and the 1,109 carat Lesedi La Rona diamond, found in 2015.

    Lucara's use of cutting-edge technology has been key in these recoveries. Since implementing X-ray transmission technology in 2017, it has been able to detect large diamonds while minimizing the risk of damage during extraction.

    Botswana, where Karowe is located, is a key player in the global diamond production industry. The country is the largest miner of diamonds by value and is second only to Russia in total production.

    Lucara’s ongoing recoveries further bolster Botswana’s standing, particularly as the government seeks to ensure more profits from diamond mining remain in the country. The nation has recently proposed new regulations requiring mining companies to sell a 24 percent stake to local investors unless the state chooses to take the stake itself.

    Furthermore, Botswana has been working to increase its influence in the industry, particularly through negotiations with De Beers, the world’s largest diamond producer, through a new 10 year agreement signed in 2023.

    Don't forget to follow us @INN_Resource for real-time updates!

    Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

    From Your Site Articles
    • ASX-Listed Diamond Stocks ›
    • Top Gem and Diamond Stocks ›
    • 5 Top Industrial Diamond-producing Countries ›
    • Challenges Facing the Botswana Diamond Industry ›
    TSX:LUC
    https://x.com/giannliguid
    https://www.linkedin.com/in/giannliguid/
    The Conversation (0)
    Go Deeper
    AI Powered
    One of Sierra Leone’s Last Diamond Mines Reopens

    One of Sierra Leone’s Last Diamond Mines Reopens

    Rough, yellow diamond against a blue background.

    Rio Tinto Unveils 158.2 Carat Yellow Diamond, Plus Rare Auction and Tariff Tensions

    Giann Liguid

    Giann Liguid

    Writer

    Giann Liguid is a graduate of Ateneo De Manila University with an AB in Interdisciplinary Studies. With a diverse writing background, Giann has written content for the security, food and business industries. He also has expertise in both the public and private sectors, having worked in the government specializing in local government units and administrative dynamics.

    When he is not chasing the next market headline, Giann can most likely be found thrift shopping for his dogs.

    Latest News

    More News

    Outlook Reports

    Resource
    • Precious Metals
      • Gold
      • Silver
    • Battery Metals
      • Lithium
      • Cobalt
      • Graphite
    • Energy
      • Uranium
      • Oil and Gas
    • Base Metals
      • Copper
      • Nickel
      • Zinc
    • Critical Metals
      • Rare Earths
    • Industrial Metals
    • Agriculture
    Tech
      • Artificial Intelligence
      • Cybersecurity
      • Gaming
      • Cleantech
      • Emerging Tech
    Life Science
      • Biotech
      • Cannabis
      • Psychedelics
      • Pharmaceuticals

    Featured Diamond Investing Stocks

    More featured stocks

    Browse Companies

    Resource
    • Precious Metals
    • Battery Metals
    • Energy
    • Base Metals
    • Critical Metals
    Tech
    Life Science
    MARKETS
    COMMODITIES
    CURRENCIES
    Ă—
    Giann Liguid

    Giann Liguid

    Writer

    Giann Liguid is a graduate of Ateneo De Manila University with an AB in Interdisciplinary Studies. With a diverse writing background, Giann has written content for the security, food and business industries. He also has expertise in both the public and private sectors, having worked in the government specializing in local government units and administrative dynamics.

    When he is not chasing the next market headline, Giann can most likely be found thrift shopping for his dogs.

    Full Bio

    Follow

    Learn about our editorial policies.