Lucara Diamond Recovers 37-Carat Blue Gem from Karowe Mine

Lucara Diamond Corp. has announced the remarkable recovery of a 36.92-carat blue diamond from its 100% owned Karowe Diamond Mine in Botswana. The exceptionally high-quality, Type IIb stone was unearthed from historic stockpile material using advanced X-ray transmission (XRT) technology.

A Significant Blue Diamond Discovery

The newly recovered diamond is described as a stunning, high-quality blue Type IIb stone. Type IIb diamonds are rare and characterized by the presence of boron, which imparts their distinctive blue hue and is often associated with exceptional market value. This discovery marks the second special blue diamond found at Karowe since the company recovered a 9.74-carat blue and a 4.13-carat pink in 2019. The Karowe mine is renowned for producing large, exceptional quality diamonds, including rare colored stones.

William Lamb, President and CEO of Lucara, expressed his delight: 'Lucara is delighted to announce the recovery of this stunning blue, high-quality diamond from the Karowe Mine, which again reinforces the special nature of this asset.' He further highlighted the importance of the company's surface stockpiles, stating, 'Recoveries such as this demonstrate the value contained within the Company's surface stockpiles, which remain an important source of mill feed and a contributor to ongoing diamond recoveries.'

Stockpile Processing Yields High-Value Stones

The recovery of this significant blue diamond from stockpile material underscores the ongoing success of Lucara's processing strategies. In addition to the 36.92-carat blue gem, the company has recovered five diamonds exceeding 100 carats year-to-date from the processing of stockpile material in 2026. This demonstrates the continued contribution of tailings and stockpile treatment to overall production, especially as mining companies aim to maximize yield from existing resources.

The Karowe mine, in production since 2012, is currently transitioning from open-pit to underground mining with the Karowe Underground Project (UGP). This project is designed to access the highest value portion of the Karowe orebody, with underground development ore scheduled to begin offsetting stockpiles in 2027 and full-scale underground production planned for the first half of 2028.

Market Context and Company Performance

The discovery comes at a time when the global rough diamond market has experienced moderated demand. High-value recoveries like this blue diamond are crucial in supporting revenue streams for producers. In its most recent financial results reported earlier this month, Lucara Diamond Corp. saw a decline in revenue for 2025, dropping 22% to $159.7 million, with profit falling 35% to $26.1 million. The successful recovery of exceptional stones from its stockpiles provides a positive development amid these challenging market conditions.