Lucara Sells World’s Second-Largest Rough Diamond

Lucara Diamond has sold the 2,488-carat Motswedi, the world’s second-largest rough diamond, for an undisclosed price, IDEX Online reports. The sale was disclosed alongside Lucara’s second-quarter results, which showed total revenue of $41.0 million, down 6% year-over-year, according to IDEX. That figure spans sales across Lucara’s HB Trading, tender and Clara channels; the company did not break out how much came from Motswedi specifically.

The stone was recovered in August 2024 at Lucara’s Karowe mine in Botswana and ranks second in size only to the 3,106-carat Cullinan diamond. It was originally reported at 2,492 carats before cleaning and analysis trimmed it slightly.

According to IDEX, the sale had drawn speculation for months. In February 2025, several museums reportedly expressed interest in acquiring the stone in its rough form rather than having it cut and polished. Lucara CEO William Lamb had said at the time that Motswedi wasn’t as colorless as the 1,109-carat Lesedi La Rona, another Karowe find that sold to Graff Diamonds for $53 million in 2017, and that it contained inclusions with brown tones. Lucara has not said whether Motswedi went to HB, a museum, another collector or a different buyer.

IDEX reports the stone fell under Lucara’s agreement with Antwerp-based HB, which handles the company’s diamonds over 10.8 carats, though Botswana retains the right to exempt “legacy stones” valued above $10 million from that arrangement.

Last month, Lucara announced the recovery of a 1,305.4-carat diamond at Karowe — its 10th stone over 1,000 carats since full-scale open-pit mining began, per IDEX.

The sale lands amid a broader supply squeeze at the top end of the market. Independent diamond analyst Paul Zimnisky has forecast that global natural rough diamond supply will fall below 95 million carats in 2026, the lowest output since 1987. Miner Alrosa reported record customer interest in May, with diamond viewings more than doubling year-on-year to an eight-year high, concentrated in stones above 10.80 carats and rare fancy colors. Against that backdrop, large, exceptional rough stones like Motswedi are commanding heightened attention even as overall producer revenue comes under pressure.