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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

CVD Synthetic Fashioned To Imitate A Rough Natural Diamond

The Near-Colorless Stone Is Believed To Be The First Time Creators Of A Synthetic Chemical Vapor Deposition (CVD) Diamond Have Shaped It To Resemble A Rough Diamond

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The 6.87-carat near-colorless CVD diamond was shaped to resemble a natural rough octahedral crystal but showed distinct synthetic features under microscopic and spectroscopic analysis.GIA’s tests confirmed the stone’s synthetic origin, noting polishing marks, facet junction roughness, and luminescence patterns inconsistent with natural diamonds.

No evidence currently suggests widespread substitution of synthetics for rough natural diamonds, but existing detection tools could be adapted if such cases increase.

The near-colorless stone is believed to be the first time creators of a synthetic chemical vapor deposition (CVD) diamond have shaped it to resemble a rough diamond, according to an article in the spring issue of the institute’s Gems & Gemology quarterly journal.

Upon investigation with the use of raman spectroscopy, the results confirmed that the material was a diamond, with its near-octahedral shape similar to that of a natural rough crystal. Further analysis showed that it was not a true octahedron, as only one set of opposing faces was parallel. Microscopic observation under differential interference contrast revealed extremely flat faces marked mainly by parallel polishing lines, unlike the growth steps and trigons typically seen on natural octahedral faces. The facet junctions were extremely rough, possibly due to measures taken to improve the color, after which the main faces appear to have been repolished, the institute explained.

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