Lucara Sales Improve as HB Buys More Large Diamonds

Lucara Diamond Corp.’s revenue rose in the third quarter as the miner increased its supply of large rough stones to Belgian manufacturer HB Trading.

Group sales climbed 16% year on year to $51.2 million, even as the volume declined 13% to 101,422 carats, Lucara reported last Thursday.

The average price jumped 32% to $505 per carat, according to Rapaport calculations, reflecting growth in sales of 10.8-carat and larger goods to HB. The two companies operate an offtake agreement granting the Antwerp-based cutter access to almost all diamonds of that size from Lucara’s Karowe mine in Botswana.

Sales to HB surged 37% to $38 million as the manufacturer bought 3,735 carats of large stones, compared with 2,774 carats a year earlier.

Lucara recorded a net profit of $7.4 million in contrast to a loss of $527,000 for the same three months of 2024. This reflected higher income from mining operations, lower administration expenses, and exchange-rate fluctuation. Production declined 1% to 95.3 million carats.

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