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Karowe Mine Feasibility Study Reflects Shifting Market Dynamics

Lower rough values lead to reserve revisions and lobe exclusions at Karowe mine

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Lucara Diamond Corp.’s latest feasibility study for the Karowe mine in Botswana highlights the impact of softening demand on high-value rough diamonds, with prices declining across key production zones over the past two years.

According to the study conducted in September, rough diamonds from the EM/PK(s) open-pit region of the south lobe were valued at $695 per carat, marking a 16% decline from the $828 per carat recorded in Lucara’s June 2023 feasibility assessment. The M/PK(s) portion experienced a sharper correction, with values falling 26%, from $707 per carat to $520 per carat.

In response to the current pricing environment, Lucara has removed the north and center lobes from the revised study, stating that these areas are no longer economically viable under prevailing market conditions. The two lobes together accounted for approximately 170,000 carats, as outlined in the 2023 study.

The feasibility update also shows a notable reduction in underground reserves at Karowe. Total reserves have declined 30%, from 5.2 million carats in 2023 to 3.7 million carats, reflecting a strategic shift toward prioritising higher-margin mining zones.

Lucara indicated that the revised reserve estimate is largely the result of focusing operations on more profitable areas, as lower rough prices continue to influence mine planning and long-term development strategies.

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DiamondBuzz

De Beers – The New Power Move: Why Natural Diamonds Are The Definitive Daily Essential For The Modern Indian Man

Natural Diamonds Are Emerging As the Ultimate Symbol Of Personal Style, Achievement, and Everyday Luxury For India’s Modern Male Consumer.

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Masculine style in 2026 has a new focal point. The conversation around men’s jewellery has moved away from traditional ceremonial wear toward a more personal, everyday expression of identity. Whether it is a signature chain, a sculptural pendant, or a bold ring, natural diamonds have become the primary medium for this new aesthetic.

The data confirms this shift: recent industry research shows that 52% of acquired diamonds in India are now worn every day.

This cultural transformation is most visible where performance meets high-profile style. Indian cricketers are leading the charge, wearing natural diamonds both on and off the field as a mark of their personal journey and quiet confidence. From training sessions to post-match press conferences, icons like Suryakumar Yadav, Abhishek Sharma, and Hardik Pandya treat their bespoke diamond pieces as an extension of their professional “armour.”

This ease with luxury is mirrored globally; Formula 1 icons like Lewis Hamilton have long made natural diamonds central to their paddock style, while the red carpet has seen a surge in unconventional masculine styling. Recent appearances by Jay-Z, who wore a vintage diamond brooch at the collar, highlight that natural diamonds are a core part of the modern fashion vocabulary.

The primary driver of this shift is the Gen Z and Millennial male. Broadly the 18 to 38 age group, this demographic is urban, digitally fluent, and possesses a strong personal aesthetic. Gen Z alone now generates 51% of the total natural diamond market value in India, a 19% increase since 2022.

Most importantly, self-purchase is replacing gifting as the dominant entry point. Men are now research-driven and decisive, choosing to buy natural diamonds to mark professional achievements or simply to refine their daily personal brand.

While Tier 1 metros remain the primary base, aspiration is expanding rapidly into Tier 2 and Tier 3 cities. As high-income Indian households are forecast to grow by 16% through 2030, the male natural diamond consumer of tomorrow is younger, more stylistically confident, and far more willing to invest in himself.

This demand is also shaping a new design language. The lone solitaire stud is being replaced by architectural silhouettes, layered chains, chunky bracelets, and rings with clean, geometric lines. Princess and baguette cuts are increasingly preferred for their sharp, masculine appeal.

As we look toward the next decade, this momentum is only set to accelerate. What began as a styling choice on the cricket pitch has matured into a cultural standard of authenticity and permanence. For the modern Indian man, a natural diamond is more than a luxury, it is an enduring signature of his unique journey.

In an era of fleeting trends, this shift toward the rare and the timeless signals a future where masculinity is defined by a legacy that stays forever.

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JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.

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