Lucara Sells Two Massive Karowe Mine Diamonds for a Combined $54 Million

Lucara Diamond Corp. has completed the sale of two massive diamonds from its famous Karowe Mine in Botswana for the eye-popping sum of $54 million.

The price achieved for the 1,080-carat Eva Star and the 549-carat Sethunya is equivalent to $33,149 per carat. The newly named Eva Star was originally discovered in 2023 and ranks #8 on the list of the largest rough diamonds of all time. The Sethunya, which means “flower” in Setswana, the primary language of Botswana, was mined in early 2020 and ranks #36.

In November of 2020, Lucara announced that luxury brand Louis Vuitton had secured the rights to represent Sethunya with the intention of offering its discriminating clients the unique opportunity to design the gem of their dreams, down to the exact shape and carat weight.

“In this way, the client will be involved in the creative process of plotting, cutting, polishing and becoming part of the story that the stone will carry with it into history,” noted a Lucara press release.

Lucara's announcement of the $54 million sale reflects an initial payment of $20 million and a portion of the proceeds from the sale of the polished diamonds that were culled from the original rough stones.

In a press release, the mining company stated that Sethunya and Eva Star 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.

In fact, of the top nine diamonds ever discovered, seven were sourced at Botswana's Karowe Mine. Besides the 1,080-carat Eva Star at #8, Karowe treasures include the 2,492-carat Motswedi (#2, 2024) 1,758-carat Sewelô (#3, 2019), 1,174-carat unnamed (#4, 2021), 1,109-carat Lesedi La Rona (#5, 2015), 1,094-carat Seriti (#7, 2024), 998-carat unnamed (#9, 2020).

At the top of the list is the 3,106-carat Cullinan Diamond, which was discovered at South Africa’s Premier Mine 2 in 1905.

"The sale of these two extraordinary diamonds further validates our investment in the Karowe underground project," said William Lamb, President and CEO of Lucara. "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 expansion project is expected to extend the mine's life to at least 2040.

Lucara attributes much of its success to its MDR (Mega Diamond Recovery) XRT circuit, a system that uses advanced technology to identify 100-carat-plus diamonds. By monitoring the rocky material for X-ray luminescence, atomic density and transparency, the new technology can identify and isolate large diamonds before they go through the destructive crushing process.

Lucara owns 100% of the Karowe mine, which has been in production since 2012.

Credits: Photo of Eva Star courtesy of Lucara Diamond Corp. Photo of Sethunya by Philippe Lacombe, courtesy of Louis Vuitton (CNW Group/Lucara Diamond Corp.).