What Will Become of the Final Diavik Diamond?

 

Earlier this month, the Diavik Diamond Mine officially ceased operations, drawing to a close a remarkable 23-year chapter in Canada’s diamond history. Over its lifespan, the mine produced approximately 150 million carats, earning a reputation for consistent output and high-quality stones. Now, attention turns to a symbolic question: what will become of the final diamond recovered from this iconic deposit?

As processing of the last ore continues, the ultimate stone has yet to be identified. According to Matt Breen, it may take several weeks to fully clear the system and assess the final production. Diavik was particularly known for its 3 to 4 carat octahedral diamonds, and there is cautious optimism that the last parcel may still yield notable stones.

Any exceptional diamonds recovered during this final phase are likely to be preserved due to their historical significance. Potential outcomes include placement in a regional museum or retention by Rio Tinto as part of its corporate heritage collection.

A Mine at the End of Its Natural Life

While broader softness in the diamond market has led some to speculate on the timing of the closure, Breen emphasised that Diavik has simply reached the end of its economic life. Operating in Canada’s remote north presents unique challenges, including extreme weather, seasonal access via ice roads, and substantial energy requirements. Maintaining profitability required sustained production levels of 300,000 to 350,000 carats per month thresholds no longer achievable at the site.

Despite this, the closure does not necessarily signal the end of diamond development in the region. Infrastructure remains the key constraint. Future viability will depend heavily on reduced logistical costs, particularly through potential government-backed initiatives such as the Arctic Economic & Security Corridor, which could unlock access to known but undeveloped deposits.

The Human Legacy of Diavik

Beyond production figures, Diavik’s legacy is fundamentally a human story. From its discovery by Eira Thomas and her father Grenville Thomas, to the thousands of workers who operated under some of the harshest conditions in the mining world, the project stands as a testament to resilience and ingenuity.

Breen reflected on the unique culture forged at the mine, where extreme conditions were part of daily life. In one instance, during a rescue operation in temperatures nearing minus 30 degrees Celsius, a worker remarked: “For you, it’s cold, dark, and windy. For us, it’s Thursday.” The comment encapsulates the spirit that defined Diavik’s workforce.

Importantly, the mine also leaves behind a strong economic and social contribution to Northern communities. Of the approximately CAD 11 billion spent over its lifetime, CAD 8 billion was directed to Northern businesses, with around half benefiting Indigenous enterprises.

Closure and Beyond

The formal closure process for Diavik is expected to take approximately four years, involving site rehabilitation and environmental management. As the final diamond emerges from the last ore processed, it will serve not only as a geological artefact but as a symbol of one of Canada’s most significant modern mining achievements.

In the end, the true legacy of Diavik may not rest in a single stone, but in the enduring impact it has had on the industry, the region, and the people who brought it to life.

Source: DCLA

Demand is "Resilient" as Phillips Hong Kong Raises $5.4m

 

Phillips raised $5.4 million from its Hong Kong Jewels Auction yesterday (30 March), reflecting what it described as “resilient demand”, especially from Mainland China and Hong Kong.

More than a quarter of the 85 lots (28%) were unsold, but all the Signed Jewels included in the sale – among them items by Cartier, Van Cleef & Arpels and Bulgari – found buyers.

Overall, the auction achieved 75% by value – hammer price as a percentage of pre-sale estimates.

The sale was led by a 9.22-carat no-oil Colombian emerald and diamond ring, which sold for HKD 5.4 million (USD 691,879). The estimate was HKD 4.8 million to HKD 6.5m (USD 640,000 to USD 833,000).

Another highlight was a 4.05 carat fancy light pink diamond ring (round-cornered rectangular modified brilliant-cut), which sold for HKD 3.4m (USD 435,000) against an estimate of HKD 2.0m to HKD 4.5m (USD 250,000 to USD 580,000).

Bidders from Mainland China and Hong Kong accounted for 71% of the overall sale value.

Source: DCLA

Botswana to Settle for Smaller De Beers' Stake?

 

Botswana may now settle for a minority stake in De Beers rather than seeking majority control, according to a report in The Economist.

It says the government is now pursuing at “least 25%,” which would indicate a significant softening in President Duma Boko’s position.

He has previously insisted, on many occasions, that he wants a controlling stake in the company, framing such a move as a matter of “economic sovereignty”.

The Economist also quotes an unnamed executive at Debswana – the government’s joint venture with De Beers, as saying: “It probably doesn’t make sense to go all out.”

Botswana currently owns 15% of the loss-making diamond miner, which is being sold by parent company Anglo American.

In December 2025, the IMF cautioned against Botswana’s plans to increase its stake, given the country’s struggling economy.

The president rejected that call in no uncertain terms saying it was for the people of Botswana to decide, not the IMF.

“It’s our people who are running this country, and we said we want De Beers, and we are going to take it,” he said.

Angola’s government has also expressed an interest in acquiring a significant stake in De Beers, and Namibia is also a potential bidder.

Experts believe the most likely outcome will be that a consortium or private investors will buy a controlling stake, and African governments including Botswana will hold minority shares.

Source: DCLA

Tiffany's Flagship Beijing Store Honors Elsa Peretti

 

Tiffany & Co has officially opened its flagship store in Beijing – an imposing four-story building with a facade of translucent glass fins inspired by Elsa Peretti’s bone cuff jewelry designs.

It underscores Tiffany’s confidence in China as a long-term core diamond market. The New York-based jeweler opened its first retail outlet on the Chinese mainland in 2001 and now has over 40 stores there.

Tiffany held a grand opening ceremony on 14 March to mark the opening of its new store, at Taikoo Li Sanlitun, a high‑end shopping complex in Beijing’s Chaoyang District.

The 1,000m² store was designed by Dutch architects MVRDV, the fifth in a series of facades created for Tiffany. 

It honors Elsa Peretti, the Italian fashion model turned iconic jewelry designer who died in March 2021, aged 80.

She was probably best known for her signature bone cuff bracelet, and for making silver popular again during her long tenure at Tiffany.

Source: DCLA

Swarovski's Pop Luxury Plan Pays Off Again

 

Swarovski delivered 6% year on year organic growth in 2025 as its turnaround and repositioning plan continued to pay dividends.

The family controlled Austrian company reported EUR1.97 billion ($2.26 billion) in revenue for the year, generated across its 2,300 retail boutiques worldwide.

Swarovski, best known for selling precision cut crystal jewelry and accessories, embarked on its “LUXignite” strategy in 2022, moving toward a “pop luxury” jewelry led business.

Ariana Grande, the Grammy-winning American singer, songwriter, and actress, became Swarovski’s brand ambassador in 2023, and has played a key role in blending high fashion with mainstream cultural appeal.

As the company issued an update on its 2025 performance, CEO Alexis Nasard said: “Our consistent progress continued in 2025 despite a challenging environment, as we delivered broad based top line growth, strengthened profitability, and improved cash generation, while reaching new heights of brand desirability and anchoring the Swarovski brand as a cultural icon in the pop luxury space. The execution of the LUXignite strategy is delivering as intended.”

Swarovski saw year on year growth in all regions and sales channels, notably in North America (+10%) and among the company’s own directly operated stores.
EBITDA rose 12% compared with the prior year, supported by strong cash generation.

As a privately held company, Swarovski is not obliged to publish detailed financial accounts.

In November, the company announced plans to cut around 400 jobs at its headquarters in Austria and to reduce pay and working hours for the remaining 2,100 staff.

Source:DCLA

Rio Tinto’s Final Diamond: The Closure of Diavik Marks the End of an Era

 

Rio Tinto has officially extracted the last diamond from its Diavik mine in Canada’s Northwest Territories, bringing to a close more than two decades of production and signalling the company’s exit from the diamond sector. The milestone reflects a strategic shift by the global mining giant toward core commodities such as copper and iron ore.

Over its 23 year lifespan, Diavik produced in excess of 150 million carats of rough diamonds, establishing itself as one of Canada’s most significant diamond operations. With economically recoverable reserves now fully depleted, the mine has ceased production, concluding a chapter that began in 2003.

Situated beneath Lac de Gras, approximately 220 kilometres south of the Arctic Circle, Diavik was discovered in 1991 and developed into a world-class operation. The mine exploited four kimberlite pipes through a combination of open pit and underground mining methods, yielding predominantly high-quality white diamonds alongside a smaller proportion of rare yellow stones.

The closure was marked by a formal ceremony attended by Indigenous representatives, government officials, and key stakeholders, highlighting the longstanding partnerships that underpinned the mine’s success. Diavik has been widely recognised as a model of collaboration between industry and Indigenous communities, delivering sustained economic and social benefits to the region.

Despite the end of mining activities, Rio Tinto will continue to process, polish, and distribute the remaining production through its global sales network, including its Select Diamantaires, into 2026 and beyond.

The closure comes at a challenging time for the Northwest Territories’ diamond sector. Operations at the Ekati mine were curtailed last year amid increased competition from lab grown diamonds and softer global pricing, while the Gahcho Kué mine remains in operation with a projected life extending to 2030.

Planning for Diavik’s closure had been integrated from the outset, and rehabilitation efforts will now accelerate. Site reclamation is expected to continue through to 2029, followed by a structured period of environmental monitoring to ensure long term sustainability and land restoration.

The end of Diavik is more than the closure of a mine. It represents the conclusion of one of Canada’s most important diamond producing assets and a notable moment in the evolution of the global diamond industry.

Source: DCLA

Botswana seeks to raise debt ceiling to weather diamond market downturn

 

Natural rough diamond embedded in rock, mineral extraction challenge

Botswana’s finance minister sought parliamentary approval on Wednesday to raise the country’s statutory debt ceiling from 40% to 60% of gross domestic product, as a prolonged downturn in the global market for diamonds has pressured public finances.

Ndaba Gaolathe said the proposal was aimed at giving the government flexibility during periods of economic stress, such as the one it is going through now.

The diamond market downturn has hit the southern African country hard, with two successive economic contractions in 2024 and 2025. Botswana had been viewed as an economic success story, partly because of its low public debt.

Raising the debt ceiling “does not imply immediate borrowing up to that level but rather establishes prudent headroom,” Gaolathe told lawmakers.

In last month’s budget, he said Botswana was expected to breach a debt-to-GDP ratio of 40% in the fiscal year that starts in April.

Late last year International Monetary Fund staff recommended raising the debt ceiling to 50% of GDP to give fiscal space to respond to economic shocks.

S&P Global this month downgraded Botswana’s sovereign ratings, saying diamond market weakness would weigh on its economy for longer than expected.

Diamonds typically account for about a third of Botswana’s national revenue and 75% of its foreign-exchange earnings.

Source: DCLA

DCLA News | Botswana Doubles Down as Diamond Supply Tightens and Demand Strengthens

 

The diamond pendant worn by Bogolo Kenewendo at a recent Cape Town mining conference was more than a personal statement it symbolised Botswana’s unwavering commitment to the very resource that transformed its economy.

For decades, De Beers has been synonymous with Botswana’s rise, helping elevate the nation into one of Africa’s most prosperous economies. Now, Botswana is preparing to deepen that relationship, signalling intentions to increase its existing 15% stake in the iconic diamond firm a bold move that underscores its long-term confidence in the sector.

Supply Tightens as Market Shows Early Recovery

At the same time, signs of recovery are emerging across the global diamond market. Russian mining giant Alrosa has reported price increases of between 6% and 9% on rough diamonds since the start of the year, with the strongest gains seen in the high-value 2 to 10 carat segment a category that represents roughly 80% of its production value.

According to CEO Pavel Marinychev, the market for larger stones — particularly those above 3 carats — has stabilised, with tightening supply now becoming increasingly evident. Price improvements, initially modest in January, have accelerated through February and March, with nearly half of Alrosa’s regular assortment seeing upward revisions.

Global Production Faces Structural Decline

Looking ahead, the supply side of the diamond industry is under significant pressure. Alrosa forecasts that global diamond production will fall below 100 million carats by 2026 the lowest level in two decades.

This decline is being driven by a combination of resource depletion and operational cutbacks. Alrosa itself has already suspended output at several smaller projects, while major deposits are reaching the end of their lifecycle. Notably, the Diavik Diamond Mine, operated by Rio Tinto, is approaching closure, with other Canadian mines expected to follow.

The result is a growing scarcity of large, high-quality stones a dynamic that could underpin prices in the years ahead.

Auction Market Confirms Demand for Rarity

Further evidence of resilience in the diamond market comes from the secondary sector. Christie’s New York recently reported strong results from its “Jewels Online” sale, which achieved $8.5 million and exceeded expectations by reaching 131% of its low estimate.

Among the highlights was a 10.02-carat D-colour, internally flawless Type IIa diamond ring by Tiffany & Co., which sold for $521,000. Another 10.03-carat D-colour Type IIa diamond achieved $508,000 significantly above its estimate.

Provenance also played a key role, with a historic jewellery set from Elizabeth Taylor’s collection selling for over seven times its low estimate.

Christie’s noted strong global participation, with buyers spanning the Americas, Asia-Pacific, and EMEA regions reinforcing the enduring demand for rare, high-quality, and well-documented diamonds.

Strategic Outlook

Botswana’s move to increase its exposure to De Beers is not without risk but it is a calculated one. With global supply tightening, major deposits depleting, and demand for exceptional stones holding firm, the country is effectively positioning itself to capture greater long-term value from a shrinking resource base.

For the global diamond trade, the message is clear: scarcity is returning and with it, the potential for renewed price strength, particularly at the top end of the market.

Source: DCLA

De Beers Slashes Number of Sightholders

 

De Beers has reportedly slashed the number of sightholders who can buy their goods by as much as a third, as it seeks to consolidate supply among a small core of stronger buyers.

The number of sightholders is understood to have been reduced from 69 to around 45, although De Beers has not confirmed numbers. Sightholders were informed by letter or phone call on Friday, 20 March.

It is the second biggest cut, in percentage terms, since sights were launched back in 1934. The number of De Beers sightholders peaked at around 350 in the 1970s.

It was halved in April 2001 as the company sought to prioritize value-driven buyers over sheer volume of sales.

De Beers warned current sightholders back in October 2024 that it would be terminating some of their supply agreements, by way of what it called an objective selection and allocation process.

Existing contracts, signed in 2021 and extended last year through June 30, 2026, end soon, paving the way for the new roster starting July 1.

The cutback suggests that the loss-making miner is repositioning itself for survival in a weaker market by creating a limited customer base that can reliably take volume in tough times.

Anglo American’s repeated De Beers write-downs (the latest by $2.3bn in February 2026) underscore the loss-making reality. De Beers CEO Al Cook emphasized “quality over quantity” in late 2024, aiming for deeper partnerships including polished diamond sales from Botswana-sourced stones.

De Beers last reduced the number of sightholders in January 2021, when it introduced new contracts dividing buyers into three categories – dealers, manufacturers and integrated retailers.

Source: DCLA

Lab-Grown Diamonds: A Structural Disruption to the Traditional Diamond Industry

 

The global diamond industry is undergoing one of the most profound transformations in its modern history. The rapid rise of lab-grown diamonds is not merely a cyclical shift it represents a structural disruption that is reshaping mining economics, retail strategies, and long-held consumer perceptions of value.

What makes this transition particularly striking is that it was not unforeseen. As early as 2002, Diamond Certification Laboratory of Australia (DCLA) issued clear warnings to the Australian diamond industry about the impending impact of synthetic diamonds. Yet, industry associations largely failed to act, leaving miners, wholesalers, and retailers exposed to a technological shift that is now impossible to ignore.

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A Warning Ignored: DCLA’s Early Insight

More than two decades ago, DCLA identified that advances in diamond-growing technology particularly Chemical Vapour Deposition (CVD) and High-Pressure High-Temperature (HPHT) would eventually produce gem-quality diamonds indistinguishable from natural stones without specialised equipment.

At the time, the broader industry dismissed these developments as niche or irrelevant to the emotional and luxury positioning of natural diamonds. Industry bodies continued to promote rarity, tradition, and romance, rather than preparing for a future where functional equivalence meets dramatic price advantage.

The failure was not technological it was strategic.

No meaningful contingency planning was undertaken. There was no large-scale consumer education framework, no segmentation strategy, and no defensive positioning to preserve the long-term value of natural diamonds. The result is the dislocation we are witnessing today.

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Technological Parity and Economic Reality

Lab-grown diamonds are, from a scientific standpoint, diamonds in every sense. They possess identical:

• Hardness (10 on the Mohs scale)
• Refractive index
• Thermal conductivity
• Crystal structure

The only difference lies in origin.

Modern production methods have compressed what takes nature billions of years into a matter of weeks. CVD grows diamonds atom by atom in controlled environments, while HPHT replicates the extreme pressure and heat conditions found deep within the Earth.

This technological leap has created a fundamental economic imbalance:

• 1-carat lab-grown diamond: $800–$1,500
• 1-carat natural diamond: $4,000–$8,000

An 80%+ price differential for a visually identical product is not a temporary inefficiency—it is a permanent market force.

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Impact on Traditional Mining

The implications for mining companies are severe and ongoing.

Major producers, including De Beers (owned by Anglo American), have experienced dramatic valuation declines and sustained financial pressure. Falling polished diamond prices—down more than 40% from recent peaks—are compressing margins across the sector.

Unlike synthetic producers, miners cannot rapidly adjust supply or significantly reduce extraction costs. Their operations are capital intensive, geographically fixed, and subject to long development cycles.

This has led to:

• Mine closures and production cuts
• Asset write-downs
• Consolidation across the industry
• Reduced exploration investment

The traditional model—built on scarcity and controlled supply—is being undermined by a product that can be manufactured at scale.

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Retailers Caught in the Middle

Diamond retailers have arguably been hit the hardest.

For decades, retailers relied on consistent pricing structures, stable supply chains, and the emotional narrative of natural diamonds. Today, they face a vastly more complex landscape:

• Consumers are more informed and price-sensitive
• Lab-grown diamonds offer higher margins but lower ticket values
• Natural diamonds face resale and perception challenges
• Inventory risk has increased significantly

Retailers must now walk a fine line—offering both products while clearly communicating the differences. Failure to do so risks eroding consumer trust.

Many have pivoted toward lab-grown diamonds due to demand, but this shift often comes at the expense of the very product category that built their business.

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Changing Consumer Psychology

Perhaps the most significant shift is not technological—but psychological.

Younger consumers increasingly prioritise:

• Value for money
• Ethical sourcing
• Environmental considerations
• Transparency

The traditional narrative—“a diamond is forever”—no longer carries the same weight it once did.

Instead, buyers are asking practical questions:

• Why pay significantly more for a natural stone?
• What is the resale value?
• Is the origin worth the premium?

This change in mindset has accelerated lab-grown adoption, particularly in engagement rings, where they now account for nearly half of purchases in key markets.

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Environmental Considerations

Lab-grown diamonds have also gained traction through environmental positioning.

While the full lifecycle impact varies depending on energy sources, synthetic diamonds generally offer:

• Lower land disruption
• Reduced water usage
• Less waste generation

Natural diamond mining, by contrast, involves significant earth movement, long-term environmental management, and complex logistics.

However, it is important to note that not all lab-grown diamonds are environmentally equal—production powered by fossil fuels can offset many of these advantages.

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Industry Response: Too Little, Too Late?

Traditional players have responded with a mix of strategies:

• Emphasising rarity and natural origin
• Investing in traceability and certification
• Targeting high-value, large-stone segments
• Strengthening luxury branding

Yet these responses are largely reactive.

Had the industry heeded DCLA’s early warnings in 2002, it could have:

• Established clear market segmentation early
• Educated consumers proactively
• Protected natural diamond positioning
• Developed stronger resale and investment frameworks

Instead, the industry allowed the narrative to be rewritten by price and accessibility.

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The Road Ahead: Coexistence or Displacement?

The most likely outcome is not total replacement, but market bifurcation:

• Natural diamonds: Premium, rare, investment-oriented
• Lab-grown diamonds: Accessible, mass-market, value-driven

However, this coexistence depends on the natural diamond industry’s ability to redefine its value proposition beyond aesthetics.

Without that, the pressure from lab-grown alternatives will only intensify.

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The rise of lab-grown diamonds is a textbook case of technological disruption—where innovation delivers a product of equal function at a fraction of the cost.

The tragedy for the traditional diamond industry is not that it was disrupted, but that it was warned.

The Diamond Certification Laboratory of Australia saw the shift coming over 20 years ago. The failure of industry associations to act on that warning has left miners and retailers scrambling to adapt in real time.

For investors, retailers, and consumers alike, the lesson is clear:

In markets driven by both emotion and economics, technology will always find a way to challenge tradition.

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Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Market conditions and industry dynamics may change, and readers should conduct independent research before making any decisions.

South Africa's New Guidelines to Boost Domestic Polishing

 

South Africa has introduced new guidelines to retain more economic value from its rough diamonds by promoting local cutting and polishing, rather than exporting goods unprocessed.

Around 90% of its rough diamond production is currently sold abroad. The South African Diamond and Precious Metals Regulator (SADPMR) is tackling this by requiring genuine offers of certain rough to local buyers first – at reasonable prices and practical assortments.

Producers are currently required to allocate 10% of run-of-mine (ROM) rough -total unsorted output straight from the mine – to the State Diamond Trader (SDT), a government entity that resells it to local beneficiators (licensed cutters and polishers).​

The remaining 90% (known as non-SDT rough) has, until now, been exported by sellers who have deliberately deterred local buyers with high prices and poor bundles, favoring tenders in Antwerp and Dubai.​

SADPMR now mandates that they make genuine rather than sham offers to sell this non-SDT rough to domestic cutters and polishers.

It must be displayed for at least four days at the Diamond Exchange and Export Centre (DEEC) in Johannesburg before export approval. There is no quota change, just stricter enforcement to boost local uptake.

Souurce: DCLA

Innovation in Diamond Cutting Takes Centre Stage

 

Luxury watchmaker Jacob & Co. has unveiled a remarkable evolution in diamond design, introducing a proprietary “Angel Cut” across its latest high jewellery timepiece marking a noteworthy development in modern diamond faceting.

More than a stylistic variation, the Angel Cut represents a deliberate rethinking of how light interacts within a diamond. Developed in-house over a two-year period, the cut features 37 precisely engineered facets significantly fewer than many traditional brilliant-style cuts. Rather than maximising facet count, the design prioritises facet placement, aiming to enhance light return, internal reflection, and overall visual coherence.

At the core of the Angel Cut is a distinctive lozenge-shaped table, framed within a stepped rectangular outline with cut corners. This geometry alters the path of light through the stone, producing a continuous, fluid luminosity rather than the sharp scintillation typically associated with more fragmented facet arrangements. The result is a diamond that exhibits a broader, more even glow, with an emphasis on depth and dimensional light performance.

This innovation has been showcased in the latest iteration of the Billionaire Double Tourbillon timepiece, the first watch globally to incorporate this new cut. Previous editions in the series predominantly featured established step cuts such as emerald and Asscher, making this release a clear departure toward proprietary diamond engineering.

The watch itself is extensively set, incorporating nearly 300 diamonds with a combined weight approaching 80 carats. Of particular note is the dominance of the Angel Cut stones, which form the visual identity of the piece, complemented by supporting cuts that enhance structural and aesthetic balance.

From a gemmological perspective, the introduction of a patented cut raises important considerations. While traditional cuts have long-established grading frameworks, new proprietary cuts challenge laboratories to assess light performance, symmetry, and finish within evolving parameters. As the official CIBJO laboratory in Australia, Diamond Certification Laboratory of Australia continues to monitor such innovations closely, particularly where they influence market perception, valuation, and grading consistency.

Beyond its diamond setting, the timepiece also demonstrates advanced horological engineering, featuring a dual flying tourbillon mechanism and a highly complex hand-wound movement. However, it is the diamond innovation that remains the defining feature of this release.

The Angel Cut signals a broader trend within the high-end diamond sector: a shift toward proprietary faceting as brands seek differentiation not only through origin and size, but through the very physics of light performance.

For the diamond trade, this development reinforces an important reality innovation in cutting remains one of the most powerful drivers of both beauty and value in modern diamonds.

Source: DCLA

LUCARA RECOVERS EXCEPTIONAL 36.92 CARAT BLUE DIAMOND FROM KAROWE

 

Lucara Diamond Corp. has announced the recovery of a remarkable 36.92 carat blue diamond from its wholly owned Karowe Diamond Mine in Botswana further reinforcing Karowe’s reputation as one of the world’s most prolific sources of rare and high-value diamonds.

The newly recovered stone is described as a high-quality Type IIb blue diamond, a category renowned for its extreme rarity, boron content, and exceptional optical properties. The diamond was recovered using X-ray Transmission (XRT) technology from stockpiled ore, highlighting the continued value embedded within Karowe’s surface material.

In addition to this notable discovery, Lucara reports that five diamonds exceeding 100 carats have been recovered year-to-date from the processing of stockpiles. These results underscore the consistent recovery profile of large, high-quality stones from the Karowe resource.

William Lamb, President and CEO of Lucara, commented that the recovery of this exceptional blue diamond further demonstrates the unique nature of the Karowe asset. He emphasised that such finds validate the strategic importance of stockpile processing as a meaningful contributor to ongoing production.

Since commencing operations in 2012, Karowe has established itself as a leading producer of large, high-value Type IIa diamonds. The mine remains the cornerstone of Lucara’s operations and future growth strategy.

Looking ahead, Karowe is undergoing a significant transition from open-pit to underground mining through the development of the Karowe Underground Project (UGP). This expansion is designed to unlock access to the highest-value portions of the orebody. Underground development ore is expected to begin supplementing stockpile feed by 2027, with full-scale underground production targeted for the first half of 2028.

This latest recovery not only highlights the enduring value of Karowe’s resource but also reinforces Botswana’s standing as a premier origin for some of the world’s most extraordinary diamonds.

Source: DCLA