Top Canadian miner uncovers 36.92-carat blue diamond in Botswana amid shift to copper and rare earths

A Canadian diamond miner has uncovered a rare 36.92-carat blue diamond in Botswana, highlighting the enduring value of high-quality stones even as the industry shifts focus toward copper and critical minerals amid weakening demand for natural diamonds.

• Lucara Diamond Corp discovered a rare 36.92-carat blue diamond in Botswana, emphasizing the value of high-quality stones.
• The diamond, classified as Type IIb, was found using X-ray transmission technology from historical stockpiles.
• Falling diamond revenues and profits are pushing mining companies in Botswana to shift focus toward copper and critical minerals.
• This discovery comes amid weakening global demand for natural diamonds and increased competition from lab-grown alternatives.

Lucara Diamond Corp, a Canadian mining company focused on high-value stones, said the diamond is classified as a Type IIb, a rare category known for its blue colour and high market value.

The stone was recovered using X-ray transmission (XRT) technology from historic stockpile material, a process that has enabled the company to identify and extract large diamonds that may have been missed during earlier processing cycles.

Chief executive William Lamb said the recovery “reinforces the special nature of this asset,” adding that stockpiles remain an important source of production.

High-value finds amid falling demand

The discovery comes at a challenging time for the diamond industry in southern Africa, where demand for natural diamonds has softened in recent years.

Botswana, the world’s leading diamond producer by value, has faced pressure on sales due to weaker global demand and growing competition from lab-grown diamonds, which are cheaper and increasingly popular with consumers.

Lucara has also felt the impact of the downturn. The company reported that revenue fell 22% to $159.7 million in 2025, while profit declined 35% to $26.1 million, reflecting fewer large, high-value stones and softer market conditions.

Against this backdrop, the recovery of rare stones such as blue diamonds is critical for supporting revenues, as these gems command premium prices in international markets.

Shifting strategies across Africa’s mining sector

The slowdown in diamond demand is also influencing broader strategy across Africa’s mining industry, with companies increasingly diversifying into minerals tied to the global energy transition.

Recently, Botswana-focused exploration firm Botswana Minerals signalled a strategic shift away from diamonds toward copper exploration, as it reported continued losses but highlighted growing demand for base metals.

The company said Botswana “remains underexplored for base metals relative to its geological potential,” even as it maintained that diamonds remain part of its long-term identity.

At the same time, Canadian exploration firm Tsodilo Resources Limited has reported a significant discovery of rare earth and critical minerals at its Gchwihaba Metals project in Botswana.

The deposit includes all 15 rare earth elements alongside copper, cobalt, nickel, vanadium and silver, positioning the country within an intensifying global race for strategic minerals.

Taken together, these developments highlight a broader shift in Africa’s resource sector, where declining diamond demand is pushing investors toward copper, rare earths and other critical minerals with stronger long-term demand.

For Lucara, however, the recovery of rare, high-value diamonds remains central to its strategy, even as the industry adapts to changing market dynamics.