Lucara Diamond Corporation has sold the 2,488-carat Motswedi diamond, recovered from its Karowe mine in Botswana, but has not disclosed the buyer, transaction value or intended use of the stone. The sale was confirmed in the Canadian miner’s second-quarter results, which reported revenue of $41 million for the three months ending 30 June 2026.
Sale Included in Quarterly Revenue
Lucara’s quarterly revenue declined by 6% from $43.7 million in the corresponding period of 2025. The company attributed the reduction primarily to fewer carats sold through tender and lower average prices for diamonds weighing less than 10.8 carats.
The $41 million total included revenue from Lucara’s supply agreement with HB Trading, its conventional tender business and the Clara digital sales platform. Lucara did not specify how much of the total related to Motswedi.
Revenue from HB amounted to $33.9 million and represented 83% of quarterly sales. Tender sales generated $5.4 million, while Clara accounted for $1.7 million. Lucara sold 58,553 carats during the quarter, compared with 77,167 carats a year earlier. Average tender prices fell by 5%, while prices achieved through Clara declined by 17%.
Buyer and Future of the Stone Remain Unknown
Motswedi was recovered at Karowe in August 2024 and was initially reported as weighing 2,492 carats. Its weight was subsequently revised to 2,488 carats following cleaning and the removal of material for analysis.
It is the second-largest gem-quality rough diamond on record after the 3,106-carat Cullinan, discovered in South Africa in 1905.
Lucara has not confirmed whether Motswedi was acquired by HB Trading, a museum, a private collector or another buyer. Museums had previously expressed interest in retaining the diamond in its rough form. Its size and internal characteristics would also need to be assessed before any decision to cut and polish it.
The stone was covered by Lucara’s agreement with Antwerp-based HB, through which diamonds larger than 10.8 carats are valued and sold according to their polished outcome. Initial payments may later be adjusted through “top-up” or “top-down” payments when the final polished selling value differs from the original estimate. Botswana may exempt certain “legacy stones” valued at more than $10 million from the agreement.
As neither the price nor the proposed use has been disclosed, the transaction does not provide the trade with a public valuation benchmark for rough diamonds of this size or for any polished stones that may be produced from Motswedi.
Comparison With Previous Karowe Diamonds
Motswedi is larger than the 1,109-carat Lesedi La Rona, which Lucara sold to Graff Diamonds for $53 million in 2017. Lucara chief executive William Lamb previously indicated that Motswedi was less colourless than Lesedi La Rona and contained inclusions producing brown tones. These characteristics would be among the factors considered when assessing its value and potential polished yield.
The previous year’s second-quarter revenue included the sale of the 1,094-carat Seriti. That stone was sold through HB at an initial polished value of $12 million, with Lucara subsequently recognising a further $7.9 million from the polished outcome during 2025.
Different Pricing Trends Across Diamond Categories
Lucara recovered 90,082 carats during the latest quarter, including 176 stones weighing more than 10.8 carats. In July, it also recovered a 1,303-carat D-colour Type IIa diamond, its tenth stone exceeding 1,000 carats since production began at Karowe.
Lamb said: “The quality of the Karowe resource is undeniable, as reaffirmed by the recovery of our tenth diamond weighing more than 1,000 carats, a stunning D-colour, Type IIa white diamond.”
The sale comes as market conditions continue to differ between diamond categories. Lucara reported pricing pressure for mid-range and lower-grade rough, while larger, rarer and higher-value stones recorded stronger price performance.
Independent diamond analyst Paul Zimnisky forecasts that natural rough production will fall below 95 million carats in 2026, its lowest level since 1987 and almost 40% below production recorded less than a decade ago. He attributes the reduction to production cuts, mine suspensions and closures.
For jewellers, the figures indicate that supply and pricing conditions for large, rare diamonds differ from those affecting commercial-size goods. However, without details of Motswedi’s buyer, price or intended use, it is not yet possible to assess whether the stone will enter the polished market.
