1st April 2026
Sello Motseta
Gaborone
Lucara Botswana which is synonymous with the largest diamond finds in the world, today unveiled one of the largest recorded blue diamond discoveries in the world at 36.92 carats.
Weak global demand and competition from synthetics have triggered this slump, forcing a pause in production and strengthening the need for economic diversification.
“Two or three years ago we recovered a 60 carat pink diamond. It was the largest recorded diamond recovery in the world,” said a delighted Naseem Lahri, Managing Director of LUCARA BOTSWANA.
She said, “We are known for the large diamonds and the large recoveries in the world. We have nine of the top 10 diamonds on the leaderboard.”
Based on the prices of 5 to 6 years ago Lahri believed blue diamond found would retail at about US$400,000 per carat.
This is significant because officials estimates show Botswana’s economy contracted by 2.8 percent in 2024, largely due to a sharp slowdown in diamond-related activities, compounded by limited economic diversification.
This contraction is expected to persist into 2025, with growth projected at -0.4 percent. Official estimates from Statistics Botswana indicate that economy remained sluggish after averaging 0.9 percent in the first three (3) quarters of 2025.
The non‑mining sector provided limited support, as key industries such as manufacturing, transport and storage, and construction slowed reflecting the economy’s strong dependence on diamond‑financed government spending.
The domestic economy is estimated to rebound to 3.1 percent in 2026. Rare diamond finds like the one unveiled today may fuel optimism that the market is turning the corner with Botswana experiencing sustained periods of negative growth and diversification efforts slow.
A situation that has been recently exacerbated by increasing fuel prices and fares for public transport.
Lahri was at pains to point out that selling rare blue diamond will not be affected by depressed global diamond sales and that the growing popularity of synthetics particularly in the US market.
“Synthetics cannot compete with us here on the large diamonds. They cannot create pink. These are rare finds. We are also not limited to the US market,” said Lahri.
She said, “We participate in a market that is willing to buy natural diamonds and they will pay the price for the natural diamonds and the provenance of where those diamonds come from.”
Lahri revealed that high net worth families that want rare diamonds like this.
“They want them because they are unique for their family and they can pay. It is largest blue diamond we have recovered,” noted Lahri.
Botswana’s sluggish economy will benefit 10% royalties from selling the blue diamond.
