Lucara names two largest diamonds found in 2024

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.

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

Burgundy Sales “Bode Well for Recovering Diamond Market”

Burgundy Diamond Mines reported an increase in prices but a dip in revenue from its Ekati mine, in Canada, during Q4.

Sales held in October and December raised $47m and $46m respectively (total $93m) the Australia-based company said today (17 December) in its interim sales report and company update. Average prices per carat were $80 and $106 (all figures US dollars).

Total proceeds for the previous quarter, Q3, were $118m, with average prices down to $83 per carat in what it described at the time as a “soft diamond market”.

Kim Truter, Burgundy’s CEO, said the results “bode well for a recovering diamond market”.

He said prices at the December sale reflected a higher quality parcel of goods sold, and said there had been gains in the mid to large size categories, relative to the October sale.

Burgundy bought the Ekati mine, 125 miles south of the Arctic Circle, in Northwest Territories, last June for $136m from the Arctic Canadian Diamond Company and plans to extend its life by developing underground operations.

“The company looks forward to reporting the results of its mine life extension work at the Sable underground project and the Misery underground operation, in addition to an updated Fox underground prefeasibility study, commencing in Q1-2025,” Burgundy said.

Source: DCLA

Botswana Diamonds uncovers new kimberlite targets using AI

Botswana Diamonds has analysed and evaluated nearly 400 000 km of airborne geophysical and other exploration data using AI techniques and powerful computing, which would otherwise have been too big for timely analysis by humans.

In particular, the company has identified seven significant kimberlite targets on existing licences that have not been reported before.

The AI programme has also revealed compelling polymetallic targets in areas that are currently unlicensed.

Work is ongoing on these new areas of interest which now focuses on four main deposit types and 11 subtypes. These deposit types include elements such as gold, copper, silver, nickel, zinc and platinum group metals.

Botswana Diamonds used UK-headquartered Planetary AI’s ‘Xplore’ mineral prospectivity platform to perform the detailed analysis.

Xplore Platform is software that enables targeting of any element based on a plethora of geological and topographic information.

Botswana Diamonds chairperson John Teeling comments that these discoveries, in a few short months, are a major step forward in mineral exploration. One anomaly is especially intriguing to the company and the AI programme has reinforced the company’s belief that more diamond mines will be discovered in Botswana.

The company currently operates three diamond mines in Botswana and it also holds assets in South Africa.

Source: DCLA

India’s Government Urged to Adopt Lab Grown Rules

India’s government is being urged to adopt the same rules on lab grown terminology as the US.

The GJEPC (Gem & Jewellery Export Promotion Council) says its 7,000-plus members are now required to adhere to the rules introduced by the US Federal Trade Commission (FTC) in 2016 and amended two years later. They have also been adopted by many other countries.

“Since India’s gem and jewellery trade has unanimously accepted the FTC’s new definition with respect to diamonds, we urge the Indian government and ministries to accept, adopt and adapt the same to existing consumer laws of our country.”

The FTC provides detailed guidance on exactly what forms of words can be used. It says: “If you sell laboratory-created diamonds, you should tell consumers that they are not mined diamonds by describing them as “laboratory-grown,” “laboratory-created,” “[manufacturer name]-created,” or some other word or phrase of like meaning so as to disclose, immediately preceding the word “diamond” and equally conspicuously, the nature of the product and the fact it is not a mined diamond.”

Smit Patel, convener of the GJEPC’s lab-grown diamond panel, said: “We have urged the government to align with the advancements and economic significance of lab-grown diamonds by adopting a forward-looking policy framework.”

The Indian government says its Central Consumer Protection Authority (CCPA) has organized a stakeholder consultation on consumer protection for the diamond sector, following representations from the GJEPC.

Source: DCLA

10 Carat Burmese Ruby Ring Sells for USD $5.5 Million at Sotheby’s Auction

A stunning 10.33-carat Burmese ruby fetched an impressive $5.5 million at Sotheby’s Magnificent Jewels auction in New York, following a heated six-minute bidding battle between two phone bidders and one participant in the saleroom. The final sale price more than doubled its high estimate.

This cushion-shaped, untreated ruby, set in a ring alongside two pear-shaped diamonds, emerged as the highlight of the 96 lot auction, which achieved a total of $30 million. Notably, 92% of the lots were sold, with 70% exceeding their high estimates.

The auction underscored a strong appetite for rare colored gemstones, exceptional white and colored diamonds, and signed pieces from renowned names like Graff, Van Cleef & Arpels, and Boivin.

5.72-ct Blue Diamond Sells for $8.8m

A 5.72 carat fancy intense blue diamond beat its high estimate and sold for $8.8m yesterday (10 December) at Christie’s New York.

The cushion brilliant cut VVS1 stone, set in a platinum ring with round diamonds, was the highlight of the Magnificent Jewels auction.

The price realized was $1,539,336 per carat. The pre-sale estimate was $6m to $8m.

The second highest price was for a pair of Harry Winston spinel and diamond earrings. They sold for $2,228,000—four times their high estimate of $600,000.

The sale raised a total of $49.2m, with 97 per cent of the 179 lots finding buyers. 

Rahul Kadakia, Christie’s international head of jewelry, said: “Today’s sale in New York was a testament to the vibrant market for jewelry of the highest caliber with singular provenance.

“We were particularly pleased with the result of the top lot – a fantastic fancy intense blue diamond ring that sold for $8.8m.”

The Fancy Color Research Foundation gave the blue diamond a visual score of 8 out of 12 in its pre-sale analysis, noting its low color dispersion.

It said: “True Face-Up: Equivalent to that of a 9.15 carat which is ~59.9 per cent larger than the average

“Analysis: A Fancy Intense Blue Cushion brilliant-cut diamond,  polished as a classic colorless diamond, probably manufactured during the 1960s or 1970s. 

“The diamond’s inner-grade is very strong, and modifying its facet alignment could increase its saturation to vivid. No significant gray undertone is present in the color.”

Source: DCLA

Indian Digger’s Diamond Fetches $111,000

A 19.22 carat diamond, recovered from a shallow mine by a part-time digger in India’s Panna district, sold at auction for $111,000 (Rs 93,79,360).

It was one of 29 diamonds sold by the Panna Diamond Office, as part of a deal in which farmers and laborers rent small patches of land from the government. The other 28 stones raised just over $28,000 between them.

Many of the stones recovered have failed to find buyers at the three-monthly auctions over the last two years, but demand picked up at this latest event, with large crowds of bidders in attendance.

Panna is said to be home to 1.2m carats. Part-time miners pay $2.70 for the rights to dig a 25ft square patch there and diamond finds are quite common.

In February 2022 a part-time prospector dug up a 26.11-carat diamond which later sold for at auction for $193,000.

Source: DCLA