Lucara Diamond Corp announces the successful sale of two extraordinary diamonds from its world-class Karowe Mine in Botswana. Final payment for and delivery of the legendary 549 carat Sethunya diamond and the magnificent 1,080 carat Eva Star diamond has been completed, marking one of the most significant diamond sales in recent history. All amounts are expressed in U.S. dollars unless otherwise indicated.
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. These exceptional stones underscore Karowe’s position as one of the world’s most prolific sources of large, high-value diamonds.
“The sale of these two extraordinary diamonds further validates our investment in the Karowe underground project,” said William Lamb, President and CEO of Lucara. “The unique characteristics of Karowe’s kimberlite, particularly in the South Lobe, continue to amaze us 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.”
The Company sold the stones for a combined sum of $54.0 million and recognized $44.0 million in revenue net of fees, excluding royalties. The Company received $20.0 million in previous years and following this sale, a further $24.0 million was due, of which $16.0 million and $8.0 million were received in Q4 2024 and Q1 2025 respectively.
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 realization for these unique assets.
As required by the Project Facility, of the $24.0 million sale proceeds, $16.0 million, net of royalties, was used to fund the Cost Overrun Reserve Account.
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