17 Feb 2025

Lucara has announced a successful sale of two extraordinary diamonds from its world-class Karowe mine in Botswana.

This significant transaction reinforced Lucara’s position as a leading producer of large, exceptional diamonds and demonstrated continued strong demand for these rare stones in the luxury market.

A media release from Lucara states that the company sold the 549ct Sethunya and the 1 080ct Eva Star diamonds for a combined sum of US$54-million (P745.6 million) and recognised US$44.0 million in revenue net of fees, excluding royalties.

The Company received US$20 million in previous years and following this sale, a further US$24 million was due, US$16 million and US$8 million of which were received in Q4 2024 and Q1 2025 respectively.

The release says final payment for and delivery of the legendary 549carat Sethunya diamond and the magnificent 1 080carat Eva Star diamond has been completed, marking one of the most significant diamond sales in recent history.

“Sethunya diamond recovered in 2021 and Eva Star, discovered in 2023, showcase the remarkable quality and size of diamonds consistently produced from the South Lobe of the Karowe kimberlite. These exceptional stones underscore Karowe’s position as one of the world’s most prolific sources of large, high-value diamonds,” states the release.

Lucara president and chief executive officer, Mr William Lamb said the sale of the two extraordinary diamonds validated Lucara’s investment in the Karowe underground project.

Karowe underground expansion project he said would extend the mine’s life beyond 2040 and had been designed to access parts of the South lobe at depth where EMPKS ore type was prevalent, and the production at the underground mine was scheduled to start in the first half of 2028.

“The unique characteristics of Karowe’s kimberlite, particularly in the South Lobe, continue to amaze us with its ability to produce diamonds of exceptional size and quality. The mineralogy we’re seeing is truly unprecedented in the industry, consistently delivering Type IIa diamonds of remarkable clarity and size,” he said.

Karowe mine has yielded some of the world’s largest diamonds, including the 1 758ct Sewelô, recovered in 2019; a 1 174ct diamond recovered in 2021 as well as the 1 109ct Lesedi La Rona recovered in 2015.

The 1 080ct Eva Star diamond was the fourth diamond weighing more than 1 000ct to be recovered at the mine, followed by the recovery of the 2 492ct Motswedi diamond in August last year and the 1 094ct Seriti diamond in September 2024  ENDS