Mmegi

Lucara revenues defy diamond downturn

Shining on: Karowe’s large stones are helping Lucara survive the diamond downturn  PIC: LUCARA DIAMONDS
Shining on: Karowe’s large stones are helping Lucara survive the diamond downturn PIC: LUCARA DIAMONDS

Lucara Diamonds posted revenues of $80.8 million for the half year ended June 30, marginally higher than the corresponding period last year, despite the depressed market conditions affecting diamonds.

Lucara directors said the resilient performance was helped by large, high-value stones recovered at Karowe Diamond Mine, while the company’s overall financial health was assisted by cost recovery initiatives and the strong dollar.

Every quarter, Lucara’s revenues ticked up to $41.3 million in the three months to June 30, from the sale of 76,387 carats, compared to $41.1 million in the three months to March 31, 2024, from 93,560 carats.

Editor's Comment
Get back what was stolen, and lock the door

That a single private law firm pocketed P6.5 million for just four cases, out of a total P11.1 million paid for 25 matters, reeks of a system that was not merely disorganised but open to abuse.Bayford has taken a welcome first step by telling the Public Accounts Committee the truth. Now he must act decisively to ensure it never happens again and that any money lost to wrongdoing is recovered.The figures are staggering. Whilst ordinary Batswana...

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