Lucara Revenue Falls as Average Price of Small Stones Drops

Sales at Lucara Diamond Corp. dropped in the second quarter as the miner sold less, and smaller stones brought in a lower average price.

Revenue from the Karowe mine in Botswana slipped 6% year on year to $41 million for the three months that ended June 30, the company reported last week. The decrease was primarily the result of a 24% decline in sales volume and a fall in the average price per carat for rough under 10.8 carats, the company explained.

The decline comes despite the sale of the 2,488-carat Motswedi diamond, which Lucara recovered in 2024. During the same period a year ago, the miner sold the 1,094-carat Seriti diamond.

Revenue from Lucara’s Clara online platform dipped 11% to $1.7 million, as the average price fell 17%. Tender sales slid 31% to $5.4 million, with the average price down 5%, while rough sold into the company’s offtake agreement with HB Antwerp remained flat at $33.9 million.

Net profit for the second quarter advanced 25% year on year to $15.6 million. Meanwhile, output from direct mining operations grew 6% to 90,082 carats, including 6,973 carats from processed ore tailings.

The number of 10.8-carat or larger diamonds the company unearthed during the period fell 27% year on year to 176 stones, from 242 a year earlier.  

Sales for the first half of 2026 dropped 15% to $62.8 million, while profit plunged 92% to $1 million, from $12.4 million in 2025.

After the end of the second quarter, Lucara recovered a 1,303 carat, D-color, type IIa diamond, its 10th over 1,000 carats to date.

The miner has maintained its full-year revenue outlook of $100 million to $130 million, while both output and sales volume are likely to reach between 340,000 and 360,000 carats.

Image: The Karowe mine in Botswana. (Lucara Diamond Corp.)