Sale of 1,094ct. Rough Secures Revenue Increase for Lucara 

Sales and earnings at Lucara Diamond Corp. rose in the second quarter as the miner sold a 1,094-carat rough into its supply deal with HB Antwerp for an initial value of $12 million. 

Revenue from the Karowe mine in Botswana grew 6% year on year to $41.3 million for the three months that ended June 30, the company reported last week. Net profit advanced 5% to $12.5 million. 

The increase was the result of Lucara’s arrangement with manufacturer HB, with which it has a contract to buy all stones of 10.8 carats or larger. Sales from that agreement jumped 15% year on year to $34 million, the company said. Among those larger rough stones was the 1,094-carat Seriti, which the miner recovered in September and for which it received an initial $12 million. HB will also pay Lucara an additional percentage of the polished profits. 

The number of 10.8-carat or larger diamonds the company recovered during the quarter increased 17% year on year to 242 stones from 206 a year earlier. Of those, 15 were over 100 carats, including two that clocked in at more than 200 carats.  

Revenue from Lucara’s Clara online platform dipped 15% to $7.8 million. Tender sales dropped 27% to $1.9 million. 

During the period, Lucara recovered 85,024 carats, producing 82,555 through direct ore from its pit and another 2,469 from processed tailings. The miner recently retrieved a 2,036-carat near-gem-quality stone, which it claims is the third-largest rough ever unearthed and the second-largest from Botswana. 

Sales for the first half of 2025 fell 8% year on year to $74 million, while profit more than doubled to $12.4 million from $5 million a year ago.

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