See Lucara’s Latest Find, the 62-Carat Fancy Pink ‘Boitumelo’

SourcingJul 15, 2021

See Lucara’s Latest Find, the 62-Carat Fancy Pink ‘Boitumelo’

And hear one diamond industry analyst’s estimate of its potential value.

Lucara recently uncovered the 62.7-carat fancy pink diamond “Boitumelo” in Botswana.
Vancouver, British Columbia—Lucara keeps raking in the big diamond finds, this time recovering a 62.7-carat fancy pink diamond from its Karowe mine in Botswana. 
It is the largest fancy pink gem to found in Botswana, according to the diamond miner, and one of the largest rough pink diamonds on record in the world. 
The stone has been named “Boitumelo,” which means joys in Setswana. 
Measuring 26 x 17 x 16 mm, it is described as a high-quality fancy pink Type IIa gem. 
Lucara uncovered it from the direct ore milling at the EM/PK(S) unit of the South Lobe, the site of many of its biggest finds. 
The company said a 22.21-carat fancy pink gem of similar quality was found during the same production period, as were two more pink gems of similar color weighing 11.17 carats and 5.05 carats. 
Asked if those additional small pink diamonds could’ve broken off from the same piece as the 62.7-carat diamond, a company spokesperson said: “As the diamonds all came from a similar production period it may be possible, but we cannot confirm this at this time. Further detailed analysis needs to be carried out to confirm if they did indeed originally stem from one diamond.”
Regarding the find, CEO Eira Thomas said, “Lucara is delighted to announce another historic diamond with the recovery of the Boitumelo, and very pleased to demonstrate the continued potential for large, colored diamonds from the South Lobe production.
“These remarkable pink diamonds join a collection of significant diamond recoveries in 2021 produced from the EM/PK(S), which forms a key economic driver for the proposed underground mine at Karowe.”

 Related stories will be right here … 

Other notable finds at Karowe include the 1,174.76-carat rough diamond of variable quality dug up last month, a 470-carat “top” light brown diamond in June, a 341-carat gem-quality diamond described as top white in color in January, and a 998-carat high white clivage diamond last November. 
It was also, of course, the recovery site of the now-well-known Lesedi La Rona.
Graff Diamonds, the London-headquartered company headed by billionaire diamantaire Laurence Graff, purchased the 1,109-carat rough for $53 million, or about $47,777 per carat, in 2017.
Diamond industry analyst and consultant Paul Zimnisky thinks this new 62.7-carat fancy pink rough diamond could outdo the Lesedi La Rona in value. 
He explained to National Jeweler in an email that while it it is difficult to say for sure until color and clarity have been established, based on the image supplied and Lucara’s initial evaluation, he believes “this could absolutely be an eight-figure diamond.”
Fancy color diamonds have been selling for a premium of late. 
Large fancy color stones with good color and quality are extremely rare and always in high demand, Zimnisky added, especially pinks and blues.
Pinks, reds, and violets will only be more so now that the Argyle mine has closed.
Notably, Petra Diamonds just sold an “exceptional” 39.34-carat blue diamond from South Africa to De Beers Group/Diacore International for $40.2 million, or $1 million per carat. 
Zimnisky also said he believes recovery of the 62.7-carat pink is “very important for the company,” because of what it could indicate about the site’s potential. 
It’s not clear if this 63-carat pink was broken as they also recovered a 22-carat, 11-carat, and 5-carat of similar color, but if it was, it could indicate that the orebody could host 100-plus-carat fancy colored stones, which is quite exciting.”
Brecken Branstratoris the senior editor, gemstones at National Jeweler, covering sourcing, pricing and other developments in the colored stone sector.

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