Lucara financials dip to P275m losses

Lucara Diamonds - Karowe Diamond Mine
Lucara Diamonds - Karowe Diamond Mine

Lucara Diamond’s yearend financial results released last week show that the diamond producer recorded loss of P275 million in net income for the year 2023.

The diamond miner’s sales fell through the cracks of a depressed diamond market that has been undergoing steep downturns.

Total revenues for the year totalled P2.4 billion compared to P2.9 billion recorded in 2022. The weak sales performance comes at the backdrop of a challenging year for rough diamonds with major diamond markets snubbing the shiny stones amid global recession fears throughout 2024. Lucara president and CEO, William lamb said the financials mirrored the business cycle posture of 2023 sighting resilience of the company at the clutch of the downturn. “Currently, slower than anticipated economic growth in China and a voluntary import ban on rough diamonds into India in Q4 2023 dampened the recovery of rough diamond prices towards the end of 2023.

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