This Could Work! 2,492ct. Diamond May Be Better Off Uncut, says Lucara CEO

– In this latest report by Joshua Freedman for Rapaport, the CEO of Lucara Diamonds suggests that it just might be worth keeping that 2,492 carat diamond crystal in one piece. In our Newsletter preview, we give you a comparable – the outcome of the Argyle Pink Jubilee. You might want to read about this diamond first, and then consider what William Lamb says about the latest find at the Karowe Diamond Mine. Those two diamonds may just have the same destiny – a museum. gr

Tap here for the Gems&Jewellery feature on the Argyle Pink Jubilee.

And then stay tuned for Freedman’s interview/podcast with CEO William Lamb. It should be fascinating!

Rapaport –
August 29, 2024 –
Joshua Freedman –

The world’s second-largest diamond could retain more value if left in its rough form, according to the head of Lucara Diamond Corp., the miner that unearthed the 2,492-carat stone earlier this month. 

“Because of its significance to Botswana, we need to look at the best route to market for the stone, and you never know — it doesn’t necessarily mean that a stone of [that] size should be cut,” said Lucara CEO William Lamb on the newest episode of the Rapaport Diamond Podcast, which comes out next week. 

The rough, which the company discovered at its Karowe mine in Botswana on August 19, falls into the category of “legacy stones,” Lamb explained. This refers to diamonds worth $10 million and above. 

Importantly, these items are not subject to the long-term supply arrangement Lucara has with HB Antwerp. While the deal entitles the Belgian manufacturer to buy all of Lucara’s 10.8-carat and larger stones, Lucara can get permission from the Botswana government to classify a given diamond as a legacy stone, exempting it from the agreement. 

As a result, Lucara has alternative options for selling this diamond.

Tap here to read the full feature in Rapaport!