DiamondBuzz
WDC President urges KP to ‘cross the line’ on modernized definition of conflict diamonds
Feriel Zerouki, President of the World Diamond Council (WDC), opened the 2025 Kimberley Process (KP) Plenary with a decisive call for participants to support a modernized definition of “conflict diamonds,” marking a pivotal moment for the international certification scheme.
Zerouki highlighted three years of hard work, drafting and negotiation led by the WDC and honoured the leadership of African Diamond Producers Association (ADPA) and Civil Society Coalition. “It is clear that Africa wants progress,” she said.
The 2025 Kimberley Process Plenary is being held in Dubai, United Arab Emirates, from 17 to 22 November, hosted under the chairmanship of the United Arab Emirates, which holds the KP Chair for the 2025 cycle.
The Plenary brings together representatives from 86 participating governments, the World Diamond Council, the Civil Society Coalition, the African Diamond Producers Association, and a wide range of observer organizations and technical experts.
Over the course of the week, delegates will review the work of KP working groups, negotiate the proposed expansion of the conflict-diamond definition, and address governance, monitoring and compliance issues that shape the integrity of the global rough-diamond trade.
The WDC President, whose term will end in May 2026, stressed that the expanded definition would extend protection to 1.5 million artisanal diamond miners and allow KP intervention where communities are vulnerable.
DiamondBuzz
Lucara Secures $50 Million Equity Boost for Karowe Underground Expansion
Lundin Family Trusts back CAD 70 million private placement to fund 2026 development plans
Lucara Diamond Corp. has raised CAD 70 million (approximately $50.5 million) through a private placement of equity to support the advancement of its Karowe Underground Project (UGP) and strengthen its working capital position.
The company issued around 437.5 million shares at a price of CAD 0.16 per share, with the Lundin Family Trusts subscribing to the entire offering. The Lundin family controls Nemesia, Lucara’s largest shareholder, reinforcing its long-term commitment to the miner’s flagship Botswana operation.
Proceeds from the financing will be primarily used to progress the Karowe UGP, a key growth initiative aimed at extending the life and value of the mine, alongside general corporate and working capital requirements.
Commenting on the transaction, Lucara President and CEO William Lamb said the support from the Lundin Family Trusts highlights the strategic importance of the underground expansion. He added that the funding will position the company to accelerate critical project milestones planned for 2026.
The private placement is subject to customary regulatory approvals, including acceptance by the Toronto Stock Exchange, and does not require shareholder approval. Lucara expects the transaction to close by the end of the month.
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