ColumnistsJan 07, 2026
Peter Smith: Physical Retail—The Beginning or the End?As the shopping mall model evolves and online retail grows, Smith shares his predictions for the future of physical stores.
SourcingNov 07, 2019
Lucara Looking to Double Life of Botswana’s Karowe Mine
It’s the mine that produced the 1,109-carat chunk of rough as well as the 813-carat “Constellation” diamond.
The open-pit Karowe diamond mine in Botswana, which may be expanded into an underground operation, produced the most expensive rough diamond ever sold, the $63.1 million, 813-carat “Constellation.”
Vancouver, Canada—Lucara Diamond Corp. plans to move forward with an underground expansion of Karowe, the Botswana mine that’s made headlines for producing some of the biggest rough diamonds in history.
The Vancouver, Canada-based mining company said Tuesday results of a recent feasibility study were positive, indicating an underground expansion would extend the life of the mine to 2040 and generate “significant” revenue and cash flow.
The original design for Karowe from 2010 had the open pit being mined out by 2025, so the underground expansion would double the mine’s life.
In a news release, Lucara President and CEO Eira Thomas said the feasibility study “has outlined a much larger economic opportunity than first envisaged in the 2017 PEA (preliminary economic assessment).”
She added that the expansion, which has an estimated pre-production cost of $514 million, is expected to pay for itself in less than three years, as the underground will give the mining company access to the highest-value part of the orebody first and generate more than $5.25 billion in gross revenue.
Both Thomas and Zara Boldt, Lucara’s chief financial officer, are bullish on diamond prices going forward as supply continues to dwindle.
“Diamond deposits are rare and getting rarer,” Thomas said in the release. “In this context, we are extending a mine that is in a class of its own, having produced 15 diamonds in excess of 300 carats, including two greater than 1,000 carats in just seven years of production.”
Lucara recovered the 1,109-carat diamond later named “Lesedi La Rona” in November 2015 and found a 1,758-carat diamond at the mine this past July. That stone, called Sewelô or “rare find,” is said to be of “near-gem of variable quality.”
Graff Diamonds paid $53 million for Lesedi La Rona, and another huge diamond from Karowe, the 813-carat “Constellation,” went for $63.1 million, the most ever paid for a rough diamond.
Lucara said in the first half of 2020, it will move forward with detailed engineering and early procurement initiatives for the underground expansion.
It said the money needed to begin the expansion next year represents less than 10 percent of the pre-production capex estimate and can be funded out of its anticipated cash flow. In the meantime, it will be looking for financing options for the bulk of the project.
More on Sourcing
The Latest
Events & AwardsJan 07, 2026
Melee Adds 13 New Designers to NYC ShowThe trade show is slated for Jan. 31-Feb. 2 at The Lighthouse in New York City's Chelsea neighborhood.
TrendsJan 07, 2026
Amanda’s Style File: Go for GarnetJanuary’s birthstone comes in a rainbow of colors, from the traditional red to orange, purple, and green.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
CrimeJan 06, 2026
2 Jewelers Arrested After TraxNYC Diamond District BrawlFootage of a fight breaking out in the NYC Diamond District was viewed millions of times on Instagram and Facebook.
Weekly QuizDec 23, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsJan 06, 2026
Rio Grande Says These Are the Top Personalization Tools for 2026The supplier has a curated list of must-have tools for jewelers doing in-house custom work this year.
MajorsJan 06, 2026
Zales Tests Out A New LookThe Signet Jewelers-owned store, which turned 100 last year, calls its new concept stores “The Edit.”
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
MajorsJan 06, 2026
LeachGarner Appoints New Director of SalesLinda Coutu is rejoining the precious metals provider as its director of sales.
TrendsJan 05, 2026
Amanda’s Style File: New Year’s EditionSparkle with festive diamond jewelry as we celebrate the beginning of 2026.
IndependentsJan 05, 2026
Jeweler Ben Nighthorse Campbell Dies at 92The master jeweler, Olympian, former senator, and Korean War veteran founded the brand Nighthorse Jewelry.
TrendsJan 05, 2026
Pinterest 2026 Trend Report: Brooches, Bold Gold, Cool BlueIn its annual report, Pinterest noted an increase in searches for brooches, heirloom jewelry, and ‘80s luxury.
MajorsJan 02, 2026
Marc Metrick Out as CEO of Saks Global Executive Chairman Richard Baker will take over the role as rumors swirl that a bankruptcy filing is imminent for the troubled retailer.
Events & AwardsJan 02, 2026
Jan Mohr, Couture’s ‘North Star,’ Dies at 71Mohr had just retired in June after more than two decades as Couture’s retailer liaison.
SourcingJan 02, 2026
IDCA Elects New President, Board of DirectorsShekhar Shah of Real Gems Inc. will serve as president of the Indian Diamond & Colorstone Association in 2026.
CollectionsJan 02, 2026
Lalaounis’ 2026 Good Luck Charm Speaks to ResilienceThis year’s good luck charm features the mythical horse Pegasus, and is our first Piece of the Week of the new year.
EditorsDec 31, 2025
The Top 5 Stories of 2025Articles about crime, engagement rings, and a necklace worn in the World Series generated the most interest among readers.
MajorsDec 30, 2025
Becka Johnson Kibby to Lead Edge Retail AcademyAs part of the leadership transition, Sherry Smith will take on the role of vice president of coaching strategy and development.
SourcingDec 30, 2025
India Chosen as KP Chair for 2026It marks the third time the country has headed the Kimberley Process. Ghana will serve as vice chair.
WatchesDec 30, 2025
Bulova, Stetson Collab on Watches With Western FlairThe new Bulova x Stetson designs highlight two animals often associated with the American West—the bison and the Texas Longhorn.
CollectionsDec 30, 2025
Rahaminov Diamonds Pops Up in FloridaIts residency at Yamron Jewelers will run through May 2026.
IndependentsDec 29, 2025
In Memoriam: Industry Friends We Lost in 2025From influential executives to innovative designers, we pay tribute to the people we said goodbye to this year.
MajorsDec 29, 2025
Tanishq Opens New Stores in Florida, VirginiaThe retailer is expanding into areas with large Indian and South Asian populations.
MajorsDec 29, 2025
Nanis Opens First Flagship Store The Italian brand has opened its first flagship amid the peaks of the Dolomites in Madonna di Campiglio, Italy.
SourcingDec 29, 2025
‘Unearthed: Raw Beauty’ Exhibition Opens at LA MuseumThe new curation at the Natural History Museum of Los Angeles County showcases rare gem and mineral specimens in their uncut, natural state.
CrimeDec 24, 2025
LA Jewelry District Couple Pleads Guilty to Hiding Millions from IRSThe couple pleaded guilty to concealing at least $127 million in cash transactions at its precious metals businesses.
SurveysDec 24, 2025
Consumer Confidence Falls Again in DecemberConsumers shared concerns about prices, inflation, tariffs, trade, and politics in the survey’s write-in response section.
