Home » Gem Diamonds and Lucara Unearth First Big Stones of 2024

Gem Diamonds and Lucara Unearth First Big Stones of 2024

African Mining Giants Gem Diamonds and Lucara Strike Big with Rare Diamond Finds in 2024

by Ikeoluwa Ogungbangbe

Africa-focused mining companies, Gem Diamonds (LSE: GEMD) and Lucara Diamond (TSX: LUC), have announced significant discoveries of high-quality Type IIa diamonds at their respective operations.

On Thursday, Gem Diamonds reported the recovery of a remarkable 295-carat rough diamond from its Letšeng mine in Lesotho. This latest find adds to the extensive list of diamonds weighing over 100 carats that have been unearthed at the Letšeng mine over the past two years.

Letšeng mine stands as one of the world’s top 10 diamond operations in terms of revenue. Situated at an elevation of 3,100 meters above sea level, it also ranks among the world’s highest diamond mines.

In Canada, Lucara achieved a milestone by recovering a 166-carat rough diamond in the Coarse X-Ray Transmission unit at its Karowe diamond mine in Botswana. The company noted that this precious stone was sourced directly from the milling of ore extracted from the South lobe of the mine.

Lucara’s latest discovery marks the 328th diamond weighing over 100 carats to be found at the Karowe mine since it commenced operations in 2012. William Lamb, the Chief Executive Officer of Lucara Diamond, highlighted how this recovery reinforces the economic justification for investing in the underground expansion project, extending the mine’s operational life until at least 2040.

These significant diamond recoveries offer a glimmer of optimism in a market grappling with persistent challenges. Wholesale polished diamond prices suffered a 20% decline last year, a trend that had a cascading effect on rough diamond prices.

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