Lack of Large Stones Dents Lucara Revenue

Lucara Diamond Corp.’s revenue fell in 2025 as the company sold fewer high-quality rough diamonds.

Revenue for the year dropped 22% to $159.7 million, with sales volume sliding 12% to 353,302 carats, the company said Tuesday. During the year, the miner earned $19.9 million from the sale of the 1,094-carat Seriti, compared to 2024, when it sold the 549-carat Sethunya diamond and the 1,080-carat Eva Star for $54 million in total.

Profit for the full year came to $26.1 million, compared to $39.9 million in 2024. Production from the Karowe mine in Botswana slipped 2% to 354,467 carats.

During the year, Lucara unearthed 772 special-sized stones, down from 807 in 2024. These included 31 diamonds over 100 carats, among them three that weighed more than 1,000 carats. The miner also recovered a 37.42-carat, pink, type IIa stone.

In the fourth quarter, revenue plunged 56% year on year to $34.5 million, while sales volume dipped 10% to 101,842 carats. Production for the three months declined 5% to 86,110 carats.

The miner forecast that revenue for 2026 would reach $100 million to $130 million from the sale of 340,000 to 360,000 carats. Production will come to between 340,00 and 360,000 carats, it predicted.

Management has evaluated the company’s ability to continue operating as a going concern after it failed to meet obligations to repay loans that were due in July 2025. The lenders have extended the repayment deadline to mid-July of this year, but the company currently does not have sufficient funds to cover the payment. If the new deadline is not met, the company will be in breach of the agreement and will either need to secure additional financing to cover the outstanding balance or to seek a further extension of the due date, it stated.

“The long-term outlook for natural-diamond prices remains cautious amid ongoing structural changes in the market,” Lucara said. “Lab-grown diamond prices have continued to decline through 2025, with production outweighing demand. Global natural-diamond production is forecasted to decrease, following significant production guidance cuts by the major diamond producers.”

Image: The Karowe mine at dusk. (Lucara Diamond Corp.)