Lucara Diamond Corp.’s revenue surged in 2024, driven by the sale of two massive rough diamonds from its Karowe mine in Botswana, which collectively fetched $54 million.
Annual revenue rose 18% to $203.9 million, with sales volume increasing 5% to 399,215 carats, the company reported Friday.
The higher revenue was attributed to a greater proportion of high-value stones, including the 549-carat Sethunya and the 1,080-carat Eva Star.
Lucara posted a $39.9 million profit, a sharp turnaround from the $20.2 million net loss in 2023. However, production for the year declined 8% to 361,673 carats.
Lucara unearthed two diamonds over 1,000 carats in 2024—the 2,488-carat Motswedi and the 1,094-carat Seriti—as well as 807 special-size stones above 10.8 carats, up from 602 in 2023.
Fourth-quarter revenue more than doubled to $78.8 million, compared to $36.3 million in the same period of 2023, while sales volume grew 1% to 112,615 carats. Production for the quarter fell 7% to 91,046 carats.
Looking ahead, Lucara expects 2025 revenue between $195 million and $225 million, with projected sales of 400,000 to 420,000 carats and production of 360,000 to 400,000 carats.
Despite market challenges, Lucara remains cautiously optimistic about long-term natural diamond prices. The company noted that while an influx of Angolan rough diamonds and weak demand for polished stones, particularly from China, have pressured prices—especially for smaller stones—the market may have reached its low in Q4 2024. A gradual recovery is expected, driven by rising demand for larger diamonds amid declining production.
After year-end, Lucara recovered a 1,476-carat rough diamond, though it is not gem-quality, the company added.
