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Lucara nets  $54m from two stones from Karowe mine

The luxury brand’s new boutique at the Taj Krishna in Banjara Hills highlights its celebrated fine jewellery and global couture collections.

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Lucara raised $54m from the sale of two exceptional stones – weighing 1,080 carats and 549 carats – both recovered at its Karowe mine, in Botswana, it said this week. The 549 carat Type IIa Sethunya diamond was recovered in February 2020 and was sold to the French luxury maison Louis Vuitton.The 1,080 carat Eva Star, recovered in August 2023, was acquired by an unnamed buyer.

Canadian miner Lucara, 100 per cent owner of the mine, said it was “delighted” to announce details of the sales, now that final payments had been received and the goods had been delivered. It did not specify the price achieved by the diamonds individually, but said they’d sold for a combined sum of $54m and had recognized $44m in revenue net of fees, excluding royalties.

“The company received $20m in previous years and following this sale, a further $24m was due, of which $16m and $8m were received in Q4 2024 and Q1 2025 respectively,” Lucara said in a statement. “The sale of these two extraordinary diamonds further validates our investment in the Karowe underground project,” said William Lamb, president and CEO of Lucara. “The unique characteristics of Karowe’s kimberlite, particularly in the South Lobe, continue to amaze us with its ability to produce diamonds of exceptional size and quality.”

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DiamondBuzz

Divine Solitaires Taps UAE’s Growing Demand For High-End Natural Diamond Jewellery

~India’s Most Trusted Natural Diamond Solitaire Brand Introduces A Differentiated Proposition Centred On Transparency, Measurable Quality Standards and Consumer Assurance Through Strategic Retail Partnerships With Siroya and Maha Al Sibai~

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The UAE has long been one of the world’s most significant diamond and jewellery markets, with consumers known for their sophistication, knowledge and appreciation of quality. As purchasing decisions become increasingly informed and intentional, there is growing demand for greater transparency, stronger quality assurance and a clearer understanding of the value behind every diamond purchase.

It is this evolution in consumer expectations that makes the UAE a strong market for Divine Solitaires. India’s most trusted natural diamond solitaire brand is strengthening its presence in the region through strategic retail partnerships with Siroya and Maha Al Sibai, introducing a differentiated solitaire proposition built around measurable quality standards, transparent pricing and complete product traceability. Through dedicated Shop-in-Shop counters at both retail destinations, consumers will now have access to a buying experience designed to provide greater confidence and clarity in one of life’s most meaningful purchases.

At the heart of the Divine Solitaires proposition is a commitment to making diamond buying more transparent and informed. Every solitaire is evaluated against the brand’s proprietary 123 quality parameters, significantly exceeding conventional industry grading standards. Consumers can also access detailed information about their diamond through a dedicated QR code, including quality specifications, certification details and the prevailing market value of their purchase. Together, these features create a level of assurance, transparency and confidence that is distinctive within the solitaire category.

The move comes at a time when the UAE’s jewellery sector continues to expand. The UAE Luxury Jewellery Market is valued at approximately USD 1.24 billion in 2025 and is projected to reach USD 2.24 billion by 2030. The country’s natural diamond jewellery market, currently estimated at USD 1.3 billion, is also expected to see sustained growth, supported by rising disposable incomes, luxury tourism and increasing demand for jewellery that combines emotional significance with enduring value.

For Divine Solitaires, however, the opportunity extends beyond market size. The brand believes that as consumers become more knowledgeable, trust and transparency will play an increasingly important role in purchasing decisions. Its proposition is designed to address these evolving expectations by offering consumers a deeper understanding of the quality, craftsmanship and value behind every solitaire, while reinforcing confidence in natural diamonds as enduring symbols of life’s most meaningful moments.

With its established reputation in India, where the brand has built strong consumer trust across 200+ retail stores in 100+ cities, Divine Solitaires identified the UAE as a natural market for international expansion. Since entering Dubai, the brand has witnessed strong consumer response, driven by its differentiated approach to diamond quality, transparency and consumer assurance. The response reflects growing resonance with buyers seeking greater confidence and clarity in their purchasing journey.

Today, consumers are increasingly gravitating towards purchases that mark milestones, celebrations and personal achievements. Solitaires continue to hold enduring appeal because of the emotional significance they carry. At the same time, physical retail remains an important part of the customer journey, particularly for high-value purchases where consumers seek expert guidance and a deeper understanding of quality. The Shop-in-Shop format allows customers to experience the product firsthand, understand the distinctions in quality and craftsmanship, and engage with the brand’s unique quality proposition in a more immersive environment while benefiting from the established credibility and customer relationships of both Siroya and Maha Al Sibai.

As part of the strategic expansion initiative, Jignesh Mehta, MD & Founder, Divine Solitaires, along with Hari Garg, National Business Head, engaged with key retail partners in the UAE to strengthen the brand’s presence in the market. They met with Chandu Siroya and Rohan Siroya of Siroya Jewellers, as well as Mrs. Maha Al Sibai, to discuss the long-term vision for the partnerships and opportunities to further elevate the natural diamond solitaire experience for consumers in the region.

Commenting on the expansion, Jignesh Mehta, MD & Founder, Divine Solitaires, said,

“The UAE has always been a strategically important market for us because of its position as a global jewellery hub and the sophistication of its consumers. As buyers become increasingly informed, they are seeking greater transparency, stronger quality assurance and more confidence in their purchasing decisions. We recognised an opportunity to introduce a differentiated proposition that addresses these evolving expectations.

Through our proprietary 123 quality parameters, Hearts & Arrows precision standards, transparent pricing framework and product traceability, we aim to give customers complete confidence in one of life’s most meaningful purchases. The response we have received in Dubai reinforces our belief that consumers increasingly value assurance, trust and transparency alongside exceptional quality.”

Chandu Siroya said:

“Consumers today are far more informed than they were a decade ago. They want to understand what they are buying, what sets it apart and why it deserves their trust.” To this, Rohan Siroya added, “Divine Solitaires brings a strong quality proposition and a level of transparency that resonates with these expectations. We believe the brand will be a valuable addition to our offering.”

Maha Al Sibai said,“There is a growing appreciation among consumers for jewellery that combines craftsmanship with credibility. Divine Solitaires has built a strong reputation around quality and consumer trust, making it a natural fit for our customers and our business. We are excited to introduce the brand’s solitaire collections to the market through this partnership.”

The UAE expansion forms part of Divine Solitaires’ broader international growth strategy, with the brand continuing to strengthen its presence through carefully selected retail partnerships across key global markets. As consumer expectations continue to evolve globally, Divine Solitaires believes the future of the solitaire category will be shaped not only by product excellence, but also by transparency, accountability and measurable quality standards. The UAE expansion marks an important milestone in bringing this philosophy to one of the world’s most influential jewellery markets and establishing Divine Solitaires as a global symbol of confidence in natural diamonds.

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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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