Lucara Diamond (TSX: LUC) has recovered its fourth diamond weighing over 300 carats this year from its Karowe diamond mine in Botswana — a 692.3-carat stone.
The diamond, measuring 46.5 by 40.7 by 28.4 mm is described as a Type IIa high white gem, recovered from the South Lobe.
The large gem follows the recovery of the 1,080 carat Type IIa white top gem earlier this month.
A 692-carat gem-quality diamond recovered from Karowe. Credit: CNW Group/Lucara Diamond
“This stone is the 20th diamond larger than 100 carats recovered, during 2023, at Karowe,” CEO William Lamb said in a news release.
“The recovery of large diamonds from the EM/PK(S) lithology of the South Lobe strongly supports our expectations for the underground project where the majority of material mined will constitute this phase of kimberlite during the first years of underground production.”
Lamb, who was Lucara CEO between 2011 and 2018, stepped back into the role last week, replacing Eira Thomas, one of the company’s founders in 2007. No reason was given for the change in leadership, but the board thanked Thomas for her contributions, including an “innovative diamond sales strategy” to partner with HB Antwerp on sales of diamonds over 10.8 carats, and the commercialization of the Clara digital sales platform.
In July, Lucara provided an update on the Karowe underground expansion, pegging the total preproduction cost at US$683 million, up 25% from the earlier estimate of US$547 million.
Underground production will be delayed to the first half of 2028, rather than the second half of 2026 when it was originally scheduled.
Karowe is known for large, high-value stones, including the 1,758-carat Sewelô (2019), a 1,174-carat diamond (2021), and the 1,109-carat Lesedi La Rona (2015).
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