SourcingAug 12, 2026
Eshed-Gemstar on the Painstaking Process of Cutting ‘The Legacy Emerald’SourcingAug 13, 2026
2,488-Carat Diamond, Largest Found in Botswana, Has a New Owner
Lucara Diamond Corp., which recovered the “Motswedi” diamond from the Karowe mine, sold the stone for an undisclosed amount.
The 2,488-carat “Motswedi” diamond pictured next to a loupe, tweezers, and a golf ball for scale. Lucara Diamond Corp. recovered the diamond from the Karowe mine in Botswana in August 2024 and sold it during the second quarter of 2026. (Photo courtesy of Lucara Diamond Corp.)
Gaborone, Botswana—The 2,000-carat-plus diamond recovered from a mine in Botswana two years ago now has a permanent home.
Lucara Diamond Corp. reported Friday that it sold the 2,488-carat “Motswedi” diamond sometime during the second quarter ended June 30.
Neither the identity of the buyer nor the purchase price has been disclosed.
Lucara unearthed the diamond from its Karowe mine in August 2024. It originally was reported as weighing 2,492 carats but lost a small amount of weight when it was cleaned, a common occurrence with diamonds of this size.
It is believed to be the largest diamond ever found in Botswana, and the second largest gem-quality rough diamond in recorded history. Only the 3,106-carat Cullinan, which was unearthed in South Africa in 1905, is bigger.
In the fall of 2024, Lucara held a naming contest for the stone, and the winning moniker was “Motswedi,” a Setswana term that refers to a current of underground water that rises to the surface.
Related stories will be right here …
Lucara Diamond Corp. reported Friday that it sold the 2,488-carat “Motswedi” diamond sometime during the second quarter ended June 30.
Neither the identity of the buyer nor the purchase price has been disclosed.
Lucara unearthed the diamond from its Karowe mine in August 2024. It originally was reported as weighing 2,492 carats but lost a small amount of weight when it was cleaned, a common occurrence with diamonds of this size.
It is believed to be the largest diamond ever found in Botswana, and the second largest gem-quality rough diamond in recorded history. Only the 3,106-carat Cullinan, which was unearthed in South Africa in 1905, is bigger.
In the fall of 2024, Lucara held a naming contest for the stone, and the winning moniker was “Motswedi,” a Setswana term that refers to a current of underground water that rises to the surface.
Despite the sale of such a large diamond, Lucara saw second-quarter revenue decline 6 percent year-over-year to $41 million from $43.7 million in Q2 2025.
The company said it sold fewer carats through tender and the per-carat price of rough diamonds weighing less than 10.8 carats was lower.
It also noted that Q2 2025 included the sale of the 1,094-carat “Seriti” diamond, which it recovered from Karowe in September 2024, just a few weeks after the discovery of the “Motswedi.”
In the news release announcing its second-quarter results, Lucara echoed what other miners have said about the current state of the rough diamond market: prices and demand for larger, higher-quality diamonds are resilient, while smaller, lower-quality goods continue to struggle.
The natural diamond market is “showing signs of a K-shaped recovery,” it said, mirroring the broader economy.
“Encouragingly, positive price movement is becoming evident across rough and polished markets, suggesting that conditions are beginning to stabilize after a prolonged downturn,” Lucara said.
“Macroeconomic uncertainty and lab-grown substitution remain headwinds, particularly in price-sensitive categories; however, tightening natural diamond supply, improving sentiment and emerging price momentum provide an increasingly positive outlook for the remainder of 2026.”
Lucara also provided an update on the status of the Karowe underground expansion project.
The project is designed to give Lucara access to the highest-value area of the Karowe orebody and extend its life until 2038.
Currently, the mine’s open pit is expected to run dry by the end of this year, though Lucara noted it will continue processing run-of-mine stockpiles following the pit’s depletion.
Full-scale underground production at Karowe is slated to start in the first half of 2028, and the total cost of the project is estimated at $779.2 million, including contingency.
The company said as of June 30, remaining costs to complete the project stood at $275.9 million, while committed but not yet incurred costs totaled $99.8 million.
Editors' Picks
Sponsored by
More on Sourcing
The Latest
Supplier BulletinAug 13, 2026
Your Piece Could Be the One Editors Talk AboutSponsored by American Gem Trade Association
FinancialsAug 13, 2026
Pandora’s ‘Talisman’ Collection Shines, Lab-Grown Diamond Sales FallIn the United States, second-quarter sales were flat amid soft consumer sentiment and lower in-store traffic.
AuctionsAug 13, 2026
This Gold Cadbury ‘Conundrum’ Egg Set a World Auction RecordThe 22-karat gold egg, sold at Batemans Auctioneers in the U.K., was part of a 1980s treasure hunt ad campaign for Cadbury Creme Eggs.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
CollectionsAug 13, 2026
John Hardy Infuses ‘Icon,’ ‘Heishi’ Collections with ColorThe expanded collections now feature hand-cut gemstones like topaz, tanzanite, chrysoprase, chalcedony, smoky quartz, and fire opal.
Weekly QuizAug 07, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Lab-GrownAug 13, 2026
Jean Dousset Opens Third StoreThe lab-grown diamond jewelry brand’s newest boutique is in Westfield Valley Fair in Santa Clara, California.
CrimeAug 12, 2026
Elderly NYC Woman Targeted in Jewelry Swap SchemeTwo suspects offered to trade the woman a “winning” lottery ticket for her jewelry.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
CrimeAug 12, 2026
Jewelry Store Employee Gets 20 Years to Life in Choking Death of BossMichel Patrick DeSalles was sentenced after pleading guilty to the 2017 murder of Omid Gholian, who owned a jewelry store in Manhattan.
MajorsAug 12, 2026
Frederick Goldman Names New SVP of SalesLongtime industry executive Beth Miller has taken on the role.
AuctionsAug 11, 2026
Verdura Unicorn Brooch With Royal Connection Up for Auction The brooch was owned by Virginia Fortune Ryan Ogilvy, who served as a lady of the bedchamber to Queen Elizabeth II for nearly 50 years.
MajorsAug 11, 2026
Signet Jewelers Selects Mattel Exec to Lead Zales, BanterJamie Cygielman will take on the role on Aug. 24.
IndependentsAug 11, 2026
Polly’s Fine Jewelry Co-Owner Richard Moore Dies at 69Moore, Polly’s husband, is remembered as a family man with an easygoing spirit and a love for sports and the outdoors.
ColumnistsAug 11, 2026
Creative Connecting: How to Sell Colored Gemstones to Gen ZDuvall O’Steen and Jen Cullen Williams share the best ways to display, present, and explain colored gemstones to younger customers.
Events & AwardsAug 11, 2026
NAJA Announces Lineup For 2026 Fall Virtual ConferenceThe mid-year conference for jewelry and watch appraisers will take place Sept. 5-6 on Zoom.
TechnologyAug 10, 2026
Colorado Jeweler Launches Customization Tool He Built HimselfHonest Hands Ring Co. Founder Benjamin Bosworth shared his thoughts on jewelry technology and why AI can never replace the human element.
MajorsAug 10, 2026
QVC Exits Chapter 11 Bankruptcy, Names New Interim CEOQVC Group President and CEO David Rawlinson is temporarily being replaced by a familiar face, former QVC CEO Mike George.
CollectionsAug 10, 2026
State Property Puts a Ripple in the ‘The Voyager’ CollectionThe brand also added two one-of-a-kind brown diamond pieces to the “Sanssouci” series of its “Gardens” collection.
MajorsAug 10, 2026
And IJO’s 2026 Vendor of the Year Is … Ostbye took home top vendor honors at the Independent Jewelers Organization’s show, held last month in Kentucky.
Supplier BulletinAug 07, 2026
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsSponsored by Stratus Estate Buyers
MajorsAug 07, 2026
Retail Veteran Pam Cloud Appointed President of Blue NileCloud, who will officially join Blue Nile on Monday, spent 26 years at Tiffany & Co. and founded jewelry brand Roseate.
MajorsAug 07, 2026
Pandora Appoints Paulo Garcia as New CFO Garcia will take over from the company’s current CFO, Anders Boyer, who is retiring at the end of November.
MajorsAug 07, 2026
Etsy to Lay Off 12% of WorkforceEtsy CEO Kruti Patel Goyal explained why the company is letting go more than 200 employees as its performance improves.
TrendsAug 07, 2026
Look Ahead with Syna’s Binoculars PendantThe “Star Gazer” pendant, our Piece of the Week, is Syna’s tribute to curiosity and the discovery of something new.
CrimeAug 06, 2026
Lalique Museum to Remain Closed Following $5M HeistMuseum officials are looking to the public to help cover the “exceptional” costs involved in recovering from the July 5 smash-and-grab.
MajorsAug 06, 2026
Claire’s Revamps Piercing Services for Second Time in Three Years The overhaul includes enhanced employee safety training and trendy earring styles, including lab-grown diamond studs.
FinancialsAug 06, 2026
Brilliant Earth’s Q2 Sales Up 6%, Driven by High-Income ShoppersThe retailer said it had its biggest Mother’s Day ever, with strong demand for higher-priced jewelry.
