Distinctly different groundmass mineralogy characterise the hypabyssal facies, Mesoproterozoic diamondiferous P3 and P4 intrusions from the Wajrakarur Kimberlite Field, southern India. P3 is an archetypal kimberlite with macrocrysts of olivine and phlogopite set in a groundmass dominated by phlogopite and monticellite with subordinate amounts of serpentine, spinel, perovskite, apatite, calcite and rare baddeleyite. P4 contains mega- and macrocrysts of olivine set in a groundmass dominated by clinopyroxene and phlogopite with subordinate amounts of serpentine, spinel, perovskite, apatite, and occasional gittinsite, and is mineralogically interpreted as an olivine lamproite. Three distinct populations of olivine, phlogopite and clinopyroxene are recognized based on their microtextural and compositional characteristics. The first population includes glimmerite and phlogopite–clinopyroxene nodules, and Mg-rich olivine macrocrysts (Fo 90–93) which are interpreted to be derived from disaggregated mantle xenoliths. The second population comprises macrocrysts of phlogopite and Fe-rich olivine (Fo 81–89) from P3, megacrysts and macrocrysts of Fe-rich olivine (Fo 85–87) from P4 and a rare olivine–clinopyroxene nodule from P4 which are suggested to have a genetic link with the precursor melt of the respective intrusions. The third population represents clearly magmatic minerals such as euhedral phenocrysts of Fe-rich olivine (Fo 85–90) crystallised at mantle depths, and olivine overgrowth rims formed contemporaneously with groundmass minerals at crustal levels. Close spatial association and contemporaneous emplacement of P3 kimberlite and P4 lamproite is explained by a unifying petrogenetic model which involves the interaction of a silica-poor carbonatite melt with differently metasomatised wall rocks in the lithospheric mantle. It is proposed that the metasomatised wall rock for lamproite contained abundant MARID-type and phlogopite-rich metasomatic veins, while that for kimberlite was relatively refractory in nature.