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Lucara’s Sixth 1,094-carat Diamond Recovery
Context:
Lucara Diamond Corp. recovered a 1,094-carat rough diamond from the Karowe Mine in Botswana, marking the company’s sixth stone over 1,000 carats.
More on News:
- The stone resembles the 692-carat diamond found in August 2023, polished by HB Antwerp and sold for over USD 13 million.
- Lucara confirmed HB Antwerp will polish the newly recovered 1,094-carat diamond under their ongoing partnership.
- The recovery highlights Karowe Mine’s consistent success in producing large, high-value diamonds from the EMPKS ore in the South Lobe.
Kimberley Process (KP):
- Objective: The Kimberley Process (KP) aims to eliminate conflict diamonds, which are used by rebel groups to fund wars against legitimate governments, from global trade.
- Establishment: Established in 2000, endorsed by the UN General Assembly and Security Council.
- Participants: KP includes governments (decision-makers), industry (represented by the World Diamond Council), and civil society (Observers).
Kimberley Process Certification Scheme (KPCS):
- Purpose: Launched in 2003, KPCS prevents the trade of conflict diamonds through compliance mechanisms enforced by participating countries.
- Trade Regulations: Only KP-compliant rough diamonds can be traded between industry members in KP Participant countries, certified by KP Authorities.
- Monitoring: Rough diamond shipments are monitored with official KP certificates, and customs officials can seize non-compliant diamonds.
- Minimum Requirements: KP Participant countries must enact national legislation, establish controlling authorities, ensure transparency, and facilitate data exchange.
- Non-Compliance: Failure to meet KP requirements can result in sanctions or expulsion.
Diamond Mining:
- Diamonds are found in about 35 countries, with Southern Africa as a leading producer.
- Major diamond-producing regions: Northern Band (Canada, Russia) and Southern Band (Botswana, South Africa, Namibia, Australia).