Canadian diamond junior Lucara Diamond has announced the successful sale of two extraordinary diamonds from its Karowe Mine in Botswana.
In an update to shareholders recently, the company revealed that the final payment and delivery of the legendary 549-carat Sethunya diamond and the magnificent 1,080-carat Eva Star diamond have been completed, marking one of the most significant diamond sales in recent history.
“The Sethunya, recovered in 2021, and the Eva Star, discovered in 2023, showcase the remarkable quality and size of diamonds consistently produced from the South Lobe of the Karowe kimberlite,” Lucara president and CEO, William Lamb said.
“These exceptional stones underscore Karowe’s position as one of the world’s most prolific sources of large, high-value diamonds.”
Lamb said the sale of these two extraordinary diamonds further validates Lucara’s investment in the Karowe underground project.
He further highlighted the unique characteristics of Karowe’s kimberlite, particularly in the South Lobe which he said continues to stun the company with its ability to produce diamonds of exceptional size and quality.
“The mineralogy we’re seeing is truly unprecedented in the industry, consistently delivering Type IIa diamonds of remarkable clarity and size,” Lamb said.
Lucara sold the stones for a total of $54 million and recognized $44 million in revenue net of fees, excluding royalties.
The company said it received $20 million in previous years and following this sale, a further $24 million was due, of which $16 million and $8 million were received in Q4 2024 and Q1 2025 respectively.
Lamb asserted that this significant transaction reinforces Lucara’s position as a leading producer of large, exceptional diamonds and demonstrates the continued strong demand for these rare stones in the luxury market.
“The company remains committed to its innovative approach to diamond recovery and ensuring maximum value realisation for these unique assets,” Lamb said.
“As required by the Project Facility, of the $24 million sale proceeds, $16.0 million, net of royalties, was used to fund the Cost Overrun Reserve Account.”
