Lucara Diamond Sells Motswedi, the World's Second-Largest Rough Diamond

Lucara Diamond Corporation has finalized the sale of the Motswedi diamond, an extraordinary 2,488-carat rough gem, marking a significant event in the global diamond market. While the exact transaction value remains undisclosed, this sale was made public alongside the company's second-quarter earnings report, which indicated a slight year-over-year revenue decrease of 6%, totaling $41.0 million. This revenue encompassed sales from various channels including HB Trading, tenders, and Clara, although the specific contribution from Motswedi was not separately itemized.

Lucara Diamond's Strategic Sale Amidst Market Shifts

In August 2024, the magnificent Motswedi diamond was unearthed at Lucara's renowned Karowe mine in Botswana. Initially weighing 2,492 carats, its mass was marginally reduced following comprehensive cleaning and analysis. This impressive stone now stands as the second-largest rough diamond ever recorded, with only the legendary 3,106-carat Cullinan diamond exceeding its size. For several months, industry observers had keenly anticipated the fate of this colossal gem. Reports in February 2025 suggested that numerous museums had expressed interest in acquiring the diamond in its raw state, preferring it uncut and unpolished. Lucara's CEO, William Lamb, had previously noted that the Motswedi, unlike the 1,109-carat Lesedi La Rona (another Karowe discovery sold to Graff Diamonds for $53 million in 2017), exhibited brown tones and contained inclusions, suggesting it was not entirely colorless. The buyer's identity – whether HB, a museum, another private collector, or a different entity – has not been disclosed by Lucara.

According to industry reports, the Motswedi's sale fell under Lucara's existing agreement with Antwerp-based HB, a firm specializing in diamonds exceeding 10.8 carats. However, it is important to note that Botswana maintains the authority to exempt certain "legacy stones" valued over $10 million from this specific arrangement. This sale comes at a pivotal time for the diamond industry. Just last month, Lucara announced another significant find: a 1,305.4-carat diamond recovered at Karowe, marking the tenth such stone over 1,000 carats since open-pit mining operations commenced. Concurrently, the high-end diamond market is experiencing a notable supply crunch. Independent diamond analyst Paul Zimnisky projects that the global supply of natural rough diamonds will fall below 95 million carats in 2026, a level not seen since 1987. This scarcity is further evidenced by miner Alrosa's report of a record surge in customer interest in May, with diamond viewings more than doubling year-over-year to an eight-year high, particularly for stones above 10.80 carats and rare fancy colors. Against this backdrop, exceptional large rough diamonds like Motswedi are drawing considerable attention, even as overall revenue for producers faces pressure.

The successful sale of such a monumental diamond as Motswedi underscores the enduring allure and value of rare natural treasures in a dynamic global market. It highlights the strategic importance of responsible mining practices and robust sales channels, especially as the industry navigates evolving supply and demand trends. This event also emphasizes the unique position of companies like Lucara, whose discoveries continue to captivate collectors and institutions worldwide, even amidst broader market shifts. The sustained interest in extraordinary diamonds, even those with unique characteristics like Motswedi's inclusions and color tones, suggests a resilient demand for true geological wonders, offering valuable insights into the future trajectory of the luxury diamond sector.