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Christmas came early for Lucara CEO William Lamb, and it took the shape of a near-tennis-ball-sized diamond that captured the world’s imagination and the market’s attention.
Lucara shares surged 49 cents, or 30.43%, to a close of $2.10 on heavy trading Thursday on the Toronto Stock Exchange, adding about $200 million to the company’s market capitalization.
Lamb sounded a bit like a proud father on a Thursday morning conference call, albeit one who is still trying to get his head around the “historical significance” of the new arrival, uncertain what the future holds.
“I saw some of the facial expressions … it’s a bit of a shock and awe” effect, Lamb said of the reaction of colleagues who had yet to hear the news when he told them about the gem.
The “baby” – which doesn’t have a name yet but let’s call it “The Lucara” for now – is the second largest gem-quality diamond ever discovered. Only the 3,106-carat Cullinan diamond – which was cut into several polished gems that form part of the British Crown jewels – was larger. That diamond, dubbed the “Star of Africa,” was discovered in South Africa 100 years ago.