Karowe mine to boost diamond auctions market

The owners of the mine, BSE-listed Lucara Diamonds, says it expects to sell 300,000 carats from Karowe in 2012, becoming the second company to hold independent diamond auctions in Gaborone outside the DTC framework.The selling of Karowe production will add flourish to Gaborone's fledgling diamond auction market that was kick-started by Firestone Diamonds in December 2010.

In a statement accompanying results for the year ended December 2011, Lucara - which also owns Mothae Mine in Lesotho - says it will ramp up to full production through the remaining of the second quarter of 2012."In Gaborone, the sales and marketing offices were completed and the senior staff recruited," says the statement."The installation of the security systems and the stock control systems commenced in the fourth quarter of 2011.