Another high value gem unearthed at Karowe
Staff Writer | Thursday August 20, 2015 14:22
In addition to recovering 184 carat, 94 carat and 86 carat diamonds over the past weekend, the Orapa-based mine produced a 12 carat pale pink diamond, the colour of which would be confirmed after it has been cleaned.
The positive news shored-up investor demand for the company’s Toronto Stock Exchange-listed shares, lifting the stock on Tuesday morning by almost 8% to C$1.78 apiece. “The ongoing recovery of large exceptional diamonds from the Karowe mine continues to support resource estimates,” president and CEO William Lamb stated on Monday.
The Karowe Mine is located in Orapa, the most important diamond-producing region in the world, which accounts for about 60% of the world’s diamonds by value.
The company noted that over the last three years, since it found the first large diamond from Karowe, in 2013, 216 diamonds selling for more than $250 000 each, had been recovered. Twelve of these diamonds sold for more than $5-million each.
“This resource has consistently produced significant value for the company and its shareholders and the ongoing recovery of high value sets Lucara apart from most other diamond producers,” Lamb said.
Independent industry analyst and consultant Paul Zimnisky noted in February that the global average price for mined diamonds in 2015 was expected to be $103/carat – a decrease of 2% year-on-year from estimated 2014 prices – based on analysis of the world’s 54 largest diamond mines.