Lucapa Enjoys Revenue Boost as Diamond Prices Rise

Lucapa Diamond Company saw strong financial gains in the third quarter of 2024, with revenue from its Lulo mine increasing 86% to $16.9 million.

The average price for rough from the Angola site nearly tripled year on year to $3,033 per carat, the company reported Tuesday.

Despite late-season flooding, production volume at the mine remained in line with third-quarter rates from 2023, totaling 7,058 carats.

During the period, which ended September 30, the company held two run-of-mine sales and one special tender. The tender amassed $12.4 million for six diamonds weighing a total of 447 carats.

A 176-carat, type IIa diamond that Lucapa recovered during the quarter sold for $3 million after the period’s end date.

On July 31, the company finished divesting its 70% stake in the Mothae mine in Lesotho, which had produced 2,751 carats of rough during that month. Lucapa’s rough sales for Mothae during the quarter totaled $1.8 million for 4,186 carats, an average of $420 per carat.

Image: The 176-carat rough. (Lucapa Diamond Company)