Lucara Diamond Corp, a Canadian diamond mining company, has discovered a rare 36.92-carat blue diamond in Botswana, highlighting the enduring value of high-quality stones even as the sector increasingly shifts toward copper and critical minerals amid weakening demand for natural diamonds.
The Canadian mining company, which focuses on high-value stones, stated that the diamond is classified as Type IIb, a rare category known for its blue color and high market value.
The stone was recovered using X-ray transmission (XRT) technology from historical stockpiles, a process that has enabled the company to identify and extract large diamonds that may have been overlooked in previous processing cycles.
Lucara Diamond Corp CEO William Lamb stated that the recovery “reinforces the special nature of this asset,” adding that stockpiles remain an important source of production.
High-value discoveries amid falling demand
The discovery comes at a challenging time for the diamond industry in Southern Africa, where demand for natural diamonds has been slowing in recent years.
Botswana, the world’s largest diamond producer by value, has faced pressure on sales due to lower global demand and growing competition from synthetic diamonds, which are cheaper and increasingly popular among consumers.
Lucara has also felt the impact of this slowdown. The company reported a 22% drop in revenue to $159.7 million in 2025, while profit fell 35% to $26.1 million, reflecting a lower number of large, high-value stones as well as weaker market conditions.
In this context, the recovery of rare stones, such as blue diamonds, is critical to sustaining revenue, as these gems fetch high prices on international markets.
Source: Business Insider Africa
