Lucapa Diamond Company recorded solid financial growth in the first quarter of 2025, with revenue up 36%.
During the period that ended March 31, the company garnered $12.8 million from three run-of-mine sales and one tender of goods from its Lulo mine in Angola, it said last week. The average price per carat jumped 42% to $1,523.
Lucapa recovered 6,027 carats, a 6% increase from the same period last year. A 74% improvement in the grade of ore mined helped offset the effects of a temporary shutdown due to a community-led blockade.
“The quarter marks a much-improved start to the year compared with 2024, with revenues up…due to mining being maintained in the higher-grade lezirias [floodplains] during the wet season,” noted Lucapa managing director Alex Kidman.
While diamond prices improved during the quarter, uncertainty remains over the long-term impact of import tariffs the US introduced after the quarter’s close. The full effects are not yet clear, with some buyers holding off purchases amid ongoing trade instability, Lucapa said.
In response to the current diamond-market conditions, the miner conducted a corporate expenditure review during the period, leading to a 50% cut in corporate office staff.
Image: Rough diamonds. (Lucapa Diamond Company)
