Lucara Diamond
Canadian diamond exploration and mining company best known for large gem-quality diamond discoveries at Botswana's Karowe mine.
Last updated August 27, 2026
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Overview
Lucara Diamond Corp. is a Canadian diamond exploration and mining company established in 2009 by Canadian mining executives Eira Thomas and Catherine McLeod-Seltzer together with Swedish-Canadian mining entrepreneur Lukas Lundin. The company was created to pursue diamond assets in southern Africa and became associated with some of the largest gem-quality rough diamonds recovered in the modern era. Lucara's principal asset is the Karowe diamond mine in Botswana, formerly known as the AK6 kimberlite project. The company initially held a 40 percent interest in the project and obtained full ownership after acquiring African Diamonds in October 2010. Karowe is located in Botswana's Orapa/Letlhakane district, one of the country's established diamond-producing areas. The mine has produced more than one million carats of diamonds and is particularly notable for large, high-value stones recovered from its deep and coarse kimberlite ore zones. The company's profile rose sharply through a series of exceptional discoveries. In 2015, Karowe yielded the 1,111-carat Lesedi La Rona, then the second-largest gem-quality diamond ever recovered after the 3,106-carat Cullinan. The same period also produced other very large stones, including an 813-carat diamond later named Constellation and a 374-carat stone. These discoveries made Lucara a prominent supplier of exceptional rough diamonds and demonstrated the commercial value of Karowe's large-stone resource. The Constellation diamond was sold for US$63.1 million in 2016, while the Lesedi La Rona was subsequently sold for US$53 million; these figures are historical transaction values rather than current company financials. Karowe continued to produce headline-making stones. In August 2024, Lucara announced the recovery of a 2,492-carat rough diamond from the mine. The stone was described as the second-largest gem-quality diamond ever found, surpassing the former position held by Lesedi La Rona and ranking behind the Cullinan. The discovery reinforced Lucara's positioning around large, high-value rough diamonds rather than commodity-scale diamond production alone. Beyond Botswana, Lucara has been associated with the Mothae diamond project in Lesotho, where kimberlite processing began in 2010 and where a 53.5-carat diamond had been recovered. The company's wider exploration portfolio has also included the Kavango project in Namibia and applications or proposed projects in countries including Zimbabwe, Cameroon, and Botswana. The scale and status of these assets have varied, and Karowe has remained the central operating asset described in the available reference material. Lucara is headquartered in Vancouver and is publicly traded under the ticker LUC. Its corporate leadership has included Lukas Lundin as board chair from 2010 to 2022 and Eira Thomas as president and chief executive officer from 2018 until her departure from the CEO role in 2023. The company has also been noted for the substantial representation of women among its executives in Botswana and internationally. Lucara's business identity combines mineral exploration, mine development, diamond recovery, and the marketing of exceptional rough stones through specialist sales channels.
History
Lucara Diamond was established in Canada in 2009 by Eira Thomas, Catherine McLeod-Seltzer, and Lukas Lundin. Its formation reflected a strategy of acquiring and advancing diamond assets in southern Africa, a region with established geological potential and operating experience in large-scale diamond mining. The company was not created as a consumer jewelry label; its commercial identity has instead been built around mineral exploration, mine operation, rough-diamond recovery, and the sale of exceptional stones. The company's defining asset emerged from the AK6 kimberlite project in Botswana. Lucara initially held a 40 percent interest in the project, which was located in the Orapa/Letlhakane district. In October 2010, it acquired African Diamonds, a transaction that gave Lucara full ownership of the project. AK6 subsequently became the Karowe mine. Processing and mine development transformed the project from an exploration asset into Lucara's principal operating business. Karowe's importance is linked not simply to total carat production but to the frequency and size of its exceptional stones. The mine has produced more than one million carats and has yielded a number of unusually large diamonds from its kimberlite ore. In July 2015, a 341.9-carat diamond was sold for US$20.6 million. In November of the same year, Lucara announced the discovery of the 1,111-carat Lesedi La Rona, a Type IIa diamond measuring approximately 65 by 56 by 40 millimetres. At the time, it was the second-largest gem-quality diamond ever recovered, behind the 3,106-carat Cullinan. The 2015 discovery was followed by two further large stones weighing 813 and 374 carats. The 813-carat stone, later called Constellation, was sold in May 2016 for US$63.1 million. Lesedi La Rona was subsequently sold for US$53 million. These transactions helped establish Lucara as a specialist in the high-value segment of the rough-diamond market and increased investor attention to the Karowe mine. The Lesedi discovery was also associated with a reported 28 percent rise in the company's share price. Lucara's southern African interests have extended beyond Botswana. The company has been associated with the Mothae diamond project in Lesotho, where kimberlite processing began in June 2010 and where a 53.5-carat diamond was recovered. It has also pursued or held interests in the Kavango project in Namibia and has been linked with proposed mines and mining-license applications in Zimbabwe, Cameroon, and Botswana. The available reference material does not provide sufficient current operating detail to treat all of these projects as active producing mines. Leadership has been an important part of Lucara's corporate history. Lukas Lundin served as board chairman from 2010 through 2022, while Eira Thomas served as president and chief executive officer from 2018 until 2023. The company was also reported to have a majority-women executive presence across its Botswana and international operations as of January 2020. In 2011, Lucara was reported to have discussed a possible merger with Gem Diamonds, although no completed merger is established in the available material. Karowe continued to define the company in the 2020s. In August 2024, Lucara announced the recovery of a 2,492-carat rough diamond from the mine. The stone was described as the second-largest gem-quality diamond ever found, moving ahead of Lesedi La Rona in that ranking and leaving the Cullinan as the largest known example. The discovery reaffirmed the geological and commercial significance of Karowe and Lucara's positioning as a producer of unusually large gem-quality rough diamonds.
- 2024
Recovery of a 2,492-carat diamond
[1]Lucara announces the discovery of a 2,492-carat rough diamond at Karowe, described as the second-largest gem-quality diamond ever found.
- 2023
Eira Thomas leaves the CEO role
[1]Eira Thomas steps down as president and chief executive officer after serving in the role from 2018.
- 2022
Lukas Lundin ends chairmanship
[1]Lukas Lundin's tenure as Lucara's board chairman, which began in 2010, ends.
- 2016
Constellation diamond sells for US$63.1 million
[1]The 813-carat Constellation rough diamond is sold for US$63.1 million.
- 2015
Recovery of the Lesedi La Rona
[1]Karowe produces the 1,111-carat Lesedi La Rona, then the second-largest gem-quality diamond ever found.
- 2010
Lucara acquires full interest in the AK6 project
[1]The company acquires African Diamonds in October, taking its interest in Botswana's AK6 kimberlite project from 40 percent to full ownership.
- 2010
Mothae processing begins
[1]Kimberlite processing begins at the Mothae diamond project in Lesotho, which later produces a 53.5-carat diamond.
- 2009
Lucara Diamond is founded
[1]Lucara Diamond is established in Canada by Eira Thomas, Catherine McLeod-Seltzer, and Lukas Lundin to pursue diamond exploration and mining opportunities in southern Africa.
Products and positioning
Specialist producer and marketer of rough diamonds, with a distinctive focus on large, high-value gem-quality stones from the Karowe mine.
Rough diamond production
Karowe rough diamonds
Diamonds recovered from Lucara's Karowe mine in Botswana form the company's principal commercial output. Karowe is distinguished by the recovery of large and exceptional gem-quality stones, including several weighing hundreds or more than one thousand carats. Lucara sells rough diamonds through specialist channels, with individual exceptional stones receiving separate valuations and sales treatment rather than being treated solely as undifferentiated mine production.
Exceptional rough diamond · 2015
Lesedi La Rona
Lesedi La Rona is a 1,111-carat Type IIa rough diamond recovered at Karowe in November 2015. It measured approximately 65 by 56 by 40 millimetres and was, at the time of discovery, the second-largest gem-quality diamond known after the Cullinan. The stone was later sold for US$53 million.
Exceptional rough diamond · 2015
Constellation
Constellation is an 813-carat rough diamond recovered at Karowe and sold in May 2016 for US$63.1 million. It was one of a cluster of exceptionally large stones recovered from the mine during the period when Karowe became internationally known for large-diamond production.
Exceptional rough diamond · 2024
2,492-carat Karowe diamond
This 2,492-carat rough diamond was recovered from Karowe in August 2024. It was described as the second-largest gem-quality diamond ever found, surpassing the earlier ranking of Lesedi La Rona and underscoring the mine's continuing ability to produce unusually large stones.
Rough diamond production · 2010
Mothae diamond project output
Mothae is a diamond project in Lesotho associated with Lucara. Kimberlite processing began there in 2010, and the project produced a reported 53.5-carat diamond. The available reference material does not establish the project's current operating status or present production scale.
Brand decisions
2024
Announcement of the 2,492-carat Karowe diamondProduct launchBackground
Karowe continued to produce very large stones, supporting Lucara's strategy and market identity as a specialist in exceptional rough diamonds.
Action taken
Lucara announced the recovery of a 2,492-carat rough diamond from the mine in August 2024.
Aftermath
The stone was described as the second-largest gem-quality diamond ever found, exceeding Lesedi La Rona's former position in that ranking.
2016
Sale of the Constellation diamondProduct launchBackground
An 813-carat diamond recovered at Karowe represented another high-value exceptional stone from the mine.
Action taken
Lucara sold the diamond, known as Constellation, for US$63.1 million in May 2016.
Aftermath
The sale provided a prominent commercial validation of Karowe's large-stone production profile.
Sale price. US$63.1 million (May 2016)
2015
Marketing and sale of Lesedi La RonaProduct launchBackground
The discovery of the 1,111-carat Lesedi La Rona created an unusually valuable and visible rough-diamond asset.
Action taken
Lucara marketed the stone as an exceptional gem-quality rough diamond and subsequently sold it for US$53 million.
Aftermath
The stone strengthened Lucara's reputation as a producer of large diamonds and attracted substantial public and investor attention.
Sale price. US$53 million (Subsequent sale after the 2015 discovery)
2011
Reported merger discussions with Gem DiamondsM&ABackground
Lucara was reported to have explored a possible combination with Gem Diamonds during a period of consolidation and strategic activity in the diamond-mining sector.
Action taken
The companies reportedly discussed a merger, but the available reference material does not record a completed transaction.
Aftermath
No completed merger is established in the available sources.
2010
Acquisition of African DiamondsM&ABackground
Lucara held a 40 percent interest in the AK6 kimberlite project in Botswana and sought greater control over the asset.
Action taken
The company acquired African Diamonds in October 2010, resulting in full ownership of the AK6 project, later developed as the Karowe mine.
Aftermath
The transaction made the Botswana project Lucara's wholly owned principal asset and laid the foundation for its later large-diamond discoveries.
Recent events
Lucara announces public offering and private placement[3]
Reported:
Lucara Diamond Corp. announced a public offering of common shares expected to raise approximately C$22 million and a concurrent private placement of approximately C$16 million. The financing was expected to close around July 15, subject to regulatory approvals; proceeds were intended to support working capital for the development and ongoing operation of the Karowe diamond mine.
- Unconfirmed
Lucara reports higher first-quarter earnings[4]
Lucara Diamond Corp reported adjusted EBITDA of $22.2 million and net income of $3.4 million for the quarter ended March 31, compared with adjusted EBITDA of $8.1 million and a net loss of $3.2 million in the prior-year quarter.
Lucara, Louis Vuitton and HB Antwerp agree to collaborate on Sethunya diamond[5]
Reported:
Lucara Diamond Corp. announced that it had entered into an agreement with Louis Vuitton and HB Antwerp to collaborate on planning, cutting and polishing the 549-carat white gem diamond known as Sethunya. The polished diamonds will be made available exclusively to Louis Vuitton.
HB Company announces diamond collaboration with Louis Vuitton and Lucara Diamond Corp[6]
HB Company announced a collaboration with Louis Vuitton and Lucara Diamond Corp to manufacture the 1,758-carat Sewelo diamond. The announced process would allow Louis Vuitton to design a collection before the stone is cut and polished by HB Company.
Lucara reports 2014 operating and financial results[7]
Reported:
Lucara Diamond Corp. reported full-year 2014 revenues of $266 million and a year-end cash balance of $101 million, along with its annual operating and financial results.
Sources7 sources
- 1Lucara Diamonden.wikipedia.org
- 2Lucara Diamond corporate websitelucaradiamond.com
- 3Lucara 宣布公开发行及私募配售diamondworld.net
- 4Lucara公布第一季度收益增长engineeringnews.co.za
- 5Lucara、Louis Vuitton与HB Antwerp达成Sethunya钻石合作协议prnewswire.co.uk
- 6HB Company宣布与Louis Vuitton及Lucara Diamond Corp合作加工钻石idexonline.com
- 7Lucara公布2014年运营及财务业绩finanznachrichten.de
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