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Lucara Diamond Corp has recovered one of the largest rough diamonds ever unearthed at its Karowe diamond mine in Botswana.
The Vancouver, Canada-based company listed in Toronto on Wednesday said the 2,492 carat diamond was found using its ’mega diamond recovery’ X-ray transmission technology. This identifies and preserves large, high-value diamonds.
The Karowe mine previously has yielded other exceptional diamonds, including 1,758 carat and 1,109 carat stones.
The value of such large stones varies widely, depending on quality. Stones over 100 carats have sold for nearly $40,000 a carat, which would make Lucara’s discovery worth nearly $100 million.
The Financial Times newspaper reported that ‘people close to Lucara’ estimate the stone could be worth ‘upwards of $40 million’.
‘This find not only showcases the remarkable potential of our Karowe mine, but also upholds our strategic investment in cutting-edge XRT technology,’ said Lucara Chief Executive Officer William Lamb.
‘The ability to recover such a massive, high-quality stone intact demonstrates the effectiveness of our approach to diamond recovery.’
Lucara shares closed up 35% at C$0.45 in Toronto on Thursday.
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