Lucara Diamond Corp recorded revenues of $203.9 million (P2.8bn) from sales at its Karowe Mine in 2024, up 18% from 2023 and helped by the discovery of several large and special stones.
According to the financials shared with investors recently, the Canadian firm sold a total of 399,215 carats last year, with the revenues received including a $44 million payment for the 1,080-carat Eva Star diamond and 549-carat Sethunya diamond.
Directors said in 2024, all key operational and financial metrics from Lucara’s revised guidance were achieved, with a new production record of 2.9 million tonnes of ore processed set during the year. Commenting on the performance, Lucara CEO and president, William Lamb, described 2024 as “another great year for Lucara,” noting the recovery of the 2,488-carat Motswedi, the largest diamond to be recovered in the last century, followed by the recovery of the remarkable 1,094 carat Seriti.
He said together with the overall recovery of 807 special stones, Karowe continues to confirm its status as an exceptional asset, while Lucara assets its expertise in large diamonds and innovative mining practices. Lucara’s performance was achieved despite market difficulties for diamonds, which have largely affected smaller-sized stones.
Directors said the long-term outlook for natural diamond prices remains cautiously optimistic and industry sentiment was that the market may have reached its bottom during the fourth quarter of 2024. They said a gradual recovery is expected to be driven by increasing demand for larger diamonds due to reduced production, and the overall long-term demand for natural diamonds.
