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Lucara claims diamond history with second-largest rough stone ever found

by Greg Klein | November 18, 2015

Lucara Diamond TSX:LUC takes a place in history with a 1,111-carat gem-quality, Type IIa rough diamond announced November 18. Pulled out of the company’s Karowe south lobe in Botswana, it’s the largest gem-quality diamond known, after the legendary Cullinan stone found in South Africa in 1905. The Cullinan was cut and polished into the two largest diamonds in the British Crown jewels.

Lucara claims diamond history with second-largest rough stone

Found by Lucara’s newly installed large diamond recovery
XRT machines, the rock measures 65 by 56 by 40 millimetres.

Lucara’s latest find far outweighs Karowe’s second-largest stone, a 348-carat piece announced just six days earlier. The company reported a 255-carat diamond at the same time.

At Lucara’s second Exceptional Stone Tender of 2015 last week, the company sold 13 single stones totalling 1,440 carats for a total of $29.7 million, or $20,625 per carat. A tender held last July reaped $68.71 million, or $41,028 per carat, for 14 stones totalling 1,674 carats.

But the 1,111-carat discovery “puts Lucara and the Karowe mine amongst a select number of truly exceptional diamond producers,” boasted president/CEO William Lamb. “The significance of the recovery of a gem-quality stone larger than 1,000 carats, the largest for more than a century, and the continued recovery of high-quality stones from the south lobe, cannot be overstated. Our focus on mining the south lobe, which is delivering value beyond expectation, has been perfectly timed with the commissioning of our recent plant modifications, enabling the recovery of these large, high-quality exceptional diamonds.”

One week earlier Sotheby’s announced “a new record price for any gemstone and per carat” with the $48.4-million bid for the Blue Moon of Josephine diamond.

See an infographic: Six of the world’s most famous diamonds.

Update: On November 19 Lucara announced two more big finds from Karowe, an 813-carat and a 374-carat white diamond. Weights are subject to change when the stones are cleaned.

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