“Shell Auranova” is the next generation of the brand’s bridal line, featuring half-bezel engagement rings with bold and fluid designs.
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.

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.
The Latest

Boucheron and Pomellato performed well in an otherwise bleak quarter for Kering amid struggles at Gucci.

Designer Deborah Meyers created her birds from oxidized sterling silver, rose-cut diamond eyes, and Akoya Keshi pearl feathers.

Six new retail businesses were selected for the 2025 program, which began in January.

Sponsored by the Gemological Institute of America


Simon Wolf shares why the time was right to open a new office here, what he looks for in a retail partner, and why he loves U.S. consumers.

A third-generation jeweler, Ginsberg worked at his family’s store, Ginsberg Jewelers, from 1948 until his retirement in 2019.

The risk of laboratory-grown diamonds being falsely presented as natural diamonds presents a very significant danger to consumer trust.

The company failed to file its quarterly reports in a timely manner.

Charms may be tiny but with their small size comes endless layering possibilities, from bracelets to necklaces and earrings.

Located in Valenza, the now 355,000-square-foot facility includes a new jewelry school that’s open to the public, Scuola Bulgari.

Paola Sasplugas, co-founder of the Barcelona-based jewelry brand, received the Fine Jewelry Award.

A platinum Zenith-powered Daytona commissioned in the late ‘90s will headline Sotheby’s Important Watches sale in Geneva next month.

The basketball stars wear men’s jewelry from the “Curb Chain” collection.

The Signet Jewelers-owned retailer wants to encourage younger shoppers to wear fine jewelry every day, not just on special occasions.

The 21 pieces, all from a private collector, will be offered at its Magnificent Jewels auction next month.

Lilian Raji answers a question from a reader who is looking to grow her jewelry business but has a limited marketing budget.

GCAL by Sarine created the new role to sharpen the company’s focus on strategic partnerships and scalable expansion.

The Indiana jeweler has acquired Scottsdale Fine Jewelers in Scottsdale, Arizona.

“Cartier: Design, Craft, and Legacy” opened earlier this month at the Victoria and Albert Museum in London.

Van Cott Jewelers in Vestal, New York, is hosting a going-out-of-business sale.

Industry veteran Samantha Larson has held leadership roles at Borsheims, McTeigue & McClelland, Stuller, and Long’s Jewelers.
The two organizations will hold the educational event together this fall in Mississippi.

The entrepreneur and “Shark Tank” star will share his top tips for success.

The Ukrainian brand’s new pendant is modeled after a traditional paska, a pastry often baked for Easter in Eastern European cultures.

The jeweler has announced a grand reopening for its recently remodeled location in Peoria, Illinois.

The “Strong Like Mom” campaign features moms who work at Tiffany & Co. and their children.