Lucara Diamond (TSX: LUC) Unearths Second-Largest Diamond Ever Found at Karowe Mine

Source: Lucara Diamond 

Key Highlights:

• Lucara Diamond Corp (TSX: LUC) discovers a 2,492-carat diamond, believed to be the world’s second-largest, at the Karowe Mine in Botswana.
• The remarkable find underscores Karowe’s reputation as a world-class asset and reaffirms Lucara’s leadership in large diamond recovery.
• The diamond was recovered using Lucara’s state-of-the-art Mega Diamond Recovery (MDR) X-ray Transmission technology.

In an extraordinary breakthrough, Lucara Diamond Corp (TSX: LUC) has announced the discovery of a colossal 2,492-carat diamond at its Karowe Mine in Botswana. This discovery is nothing short of historic, positioning the diamond as the second-largest ever unearthed, following the legendary 3,106-carat Cullinan Diamond discovered in South Africa in 1905.

The massive stone, weighing in at approximately 498.4 grams, was recovered intact thanks to Lucara’s cutting-edge Mega Diamond Recovery (MDR) X-ray Transmission technology. Installed in 2017, this technology was specifically designed to detect and preserve large, high-value diamonds during the extraction process, avoiding the common industry pitfall of breaking such stones during mining.

William Lamb, President and CEO of Lucara, expressed his excitement about this remarkable find, stating, "We are ecstatic about the recovery of this extraordinary 2,492-carat diamond. This find not only showcases the remarkable potential of our Karowe Mine but also upholds our strategic investment in cutting-edge XRT technology. The ability to recover such a massive, high-quality stone intact demonstrates the effectiveness of our approach to diamond recovery and our commitment to maximizing value for our shareholders and stakeholders."

This discovery is just the latest in a series of significant finds at the Karowe Mine, which has already yielded other extraordinary stones, including the 1,758-carat Sewelô and the 1,109-carat Lesedi La Rona. The Karowe Mine, located about 500 kilometers north of Botswana’s capital, Gaborone, has solidified its status as one of the world’s premier diamond-producing sites, consistently delivering large and exceptional stones.

The broader implications of this discovery are significant for both Lucara and Botswana. Not only does this find reaffirm Lucara’s leading position in the diamond industry, but it also highlights the continued success of Botswana’s diamond sector. Diamonds remain a cornerstone of Botswana’s economy, contributing to national development by funding critical areas such as education and healthcare.

While Lucara has not yet disclosed the estimated value or detailed quality of the diamond, industry insiders suggest that the stone could be worth upwards of $40 million. This estimate places it among the most valuable diamonds ever discovered, although its final valuation will depend heavily on its clarity, color, and potential yield of cut stones.

Lucara’s share price has responded positively to the news, surging by 34.85% to CAD $0.44, as investors react to what is being hailed as one of the most significant diamond discoveries of this century.

Share Price Movement

Following the announcement of this historic discovery, Lucara Diamond Corp (TSX: LUC) shares have surged by 34.85% to CAD $0.44