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Lucara sees blue at Karowe

Lucara Diamond (LUC-T) has found a rare blue diamond at its Karowe diamond mine, in Botswana.


Lucara Diamond (LUC-T) has found a rare blue diamond at its Karowe diamond mine, in Botswana.

The mine, Lucara’s first, began commercial production in July. Karowe was known to host high-value Type II diamonds, but the 9.46-carat Type II stone is the first blue diamond recovered.

The stone will be sold in a tender of 57,000 carats of diamonds from Karowe in late November. The tender will be the fourth of 2012.

The company’s first two sales of Karowe diamonds this summer brought in US$215 and US$179 per carat, well below the US$301 per carat Lucara reported in an independent valuation last December.

More recently, however, Lucara received US$257 per carat in a September auction, in line with a 15% decline in overall diamond prices over the past year.

The company also owns 75% of the Mothae mine, in Lesotho, which is in the trial-mining stage.


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