Russia to continue buying diamonds through state fund in 2025
The Russian budget for 2025-2027 has set aside $1.55 billion for the purchase of precious metals and gems.
Canadian diamond explorer and mining company, Lucara Diamond Corp. (TSX: LUC), is planning to expand its interest in Africa as it continues to recover large, extremely rare coloured stones from its Karowe mine in Botswana.
Only in the past year, the Vancouver-based firm discovered three major diamonds that prompted the company to hold a special auction of rough diamonds in May that fetched almost $25 million.
Now the miner, whose shares have climbed 42% since announcing in March the discovery of the 239-carat rough diamond as well as stones weighing 124 and 71.1 carats, is set to hold its second diamond tender next month and, according to Bloomberg, it is on the hunt for new properties.
Lucara said it has selected 16 diamonds, including an exquisite small pink diamond and five other gems larger than 100 carats, to showcase in its upcoming tender, expected to close on September 2.
Based Bloomberg’s estimates, Lucara share performance has outpaced competitors such as U.K.-based Petra Diamond Ltd. and Gem Diamonds, making the company the third-best performer this year among publicly traded Canadian metal and mining firms.
In addition to the Karowe mine in Botswana, the Africa-focused miner holds 75% of the Mothae project in Lesotho, which recently completed its trial mining stage.
Image courtesy of Lucara Diamonds
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