Lucara names two largest diamonds found in 2024

2,492 CARAT DIAMOND
2,492 CARAT DIAMOND

Lucara Diamond has unveiled the names chosen of the two largest diamonds recovered this year at its prolific Karowe mine in Botswana.

The 2,488 carat diamond found in August has been named Motswedi, meaning “water spring” or “the flow of underground water that surfaces to bring life and vitality” in the local Setswana language.

The 1,094 carat diamond recovered in September is now known as Seriti, which translates to “aura” or “presence” in Setswana. The name carries deep cultural significance, reflecting identity and legacy.

Lucara said the two diamonds were not just geological phenomena, but a testament to the “incredible potential” of Karowe and the company’s innovative approach to diamond recovery.

“Each stone tells a story millions of years in the making, and we are humbled to be the custodians of these remarkable gems as they prepare to enter the global market,” president and chief executive officer, William Lamb, said in the statement.

1,094 carat diamond

To honor the community’s involvement, Lucara awarded the winner of the Motswedi naming competition 100,000 Pula (about $7,325), while the winner for Seriti received 50,000 Pula ($3,660). Both winners will also be invited to tour the Karowe mine.

Lucara said it was considering sale options for both diamonds.

Motswedi and Seriti are two of six diamonds weighing more than 1,000 carat that Lucara has recovered at its Karowe mine since operations began. These include the 1,758-carat Sewelô in 2019, the 1,109-carat Lesedi La Rona in 2015, and the 813-carat Constellation, also in 2015.

Karowe is also credited for having yielded Botswana’s largest fancy pink diamond to date, the Boitumelo.

The mine remains one of the world’s highest-margin diamond mines, producing an average of 300,000 high-value carats each year.

Source: Mining.com

Lucara releases Q3 results, diamond mine shaft-sinking progress

Lucara Diamond Corp. said the long-term natural diamond price outlook remains resilient due to favourable supply and demand dynamics as a result of decreasing production volumes from major operating mines.

“However, the smaller size stones market remains soft as demand is impacted by a weak Asian market and the increasing uptake of laboratory grown diamonds,’’ Lucara said in a press release containing its results for the third quarter of 2024.

“Demand for stones larger than 10.8 carats remains robust, as reflected in the company’s sales in the plus 10.8 category,’’ the company said. It said the G7 sanctions on Russian diamonds over one carat, effective March, 2024, caused some trade delays with import times returning to normal during the quarter.

Lucara shares eased 8.7% or $0.04 to 42 cents. The shares trade in a 52-week range of 63 cents and 25 cents.

Lucara is a member of the Lundin Group of companies. Its currently operating open pit mine at Karowe in Botswana is a conventional load and haul operation. The mine is a producer of large, high-value type 2a diamonds. It is the only mine to have produced four diamonds in excess of 1,000 carats in size.

The open pit mine operations are expected to terminate mid-2025. However, the mine currently has over three years of surface stockpiled reserves, which will be consumed as required while the underground mine operations ramp up to commercial production.

During the third quarter, Lucara said significant progress was made in shaft sinking and lateral development connecting the production and ventilation shafts, with the critical path ventilation shaft being ahead of the July 2023 rebase schedule. At the end of the third quarter, the production shaft had reached a depth of 686 metres and the ventilation shaft a depth of 582 metres below surface. During Q3, the company invested $24.1 million into the Karowe Underground Project (UGP). The UGP is designed to access the highest value portion of the Karowe orebody and is expected to extend the life of the mine beyond 2040.

Highlights from the third quarter included the recovery of two exceptional diamonds larger than 1,000 carats, including the epic 2,488-carat diamond and the 1,094-carat diamond. The company said a total of 116,221 carats of diamonds were sold, generating revenue of $44.3 million in the third quarter.

A total of 104,390 carats were recovered in Q3, 2024, including 96,597 carats from direct ore feed from the pit and stockpiles, at a recovered grade of 13.4 carats per hundred tonnes and an additional 7,793 carats recovered from processing of historic recovery tailings.

On October 4, 2024, the company sold its interest in Clara Diamond Solutions Ltd. Partnership, Clara Diamond Solutions B.V., and Clara Diamond Solutions GP. Clara is a secure web-based digital marketplace designed to transact single diamonds between 1.0 and 10 carats, in higher colours and quality.

Source: Resourceworld

Lucara Names 1,758ct. Diamond ‘Rare Find’

Lucara 1758 carat sewelo

Botswana’s largest rough diamond now has a name, following a public contest held by Lucara Diamond Corp.

The company chose to call the 1,758-carat stone Sewelô, which means “rare find” in the local Setswana language. It was the winning entry from more than 22,000 submissions.

“The largest diamond recovered in Botswana’s history was named by the people of Botswana this evening in a celebration of Botswana’s success,” Lucara CEO Eira Thomas said last week.

The miner has completed its analysis of the diamond — which it recovered in April from the Karowe mine’s high-value south lobe — and is considering its sale options, Thomas added.

Lucara announced the new name during a gala event, at which Botswana President Mokgweetsi Masisi was present.

Source: Diamonds.net