Lucara Diamond Corp is seeing encouraging signs of stabilisation in the natural diamond market, following a prolonged period of weakness that has affected miners and economies such as Botswana in the past three years.
Reporting on the company’s second quarter performance, directors said larger, rarer and higher-value goods were showing stronger price performance, supported by constrained supply and resilient demand, while smaller commercial categories were recovering more gradually and continue to face pricing pressure.
However, encouragingly, positive price movement is becoming evident across rough and polished markets, suggesting that conditions are beginning to stabilise after a prolonged downturn. The directors noted that while macroeconomic uncertainty and lab-grown substitution remain headwinds particularly in price-sensitive categories, tightening natural diamond supply, improving sentiment and emerging price momentum provide an increasingly positive outlook for the remainder of 2026.
Lucara, whose main asset is the world renowned Karowe Diamond Mine in the Boteti sub-district, saw its Q2 2026 revenue down to $41.0 million from $43.7 million in the prior corresponding period. Directors said the decrease was primarily driven by lower carats sold through tender and a lower average dollar-per-carat from stones less than 10.8 carats.
