(Ecofin Agency) - Despite industry challenges, Lucara Diamond generated $172 million in revenue during 2023 through the sale of 379,287 carats, benefiting from the superior quality of its diamonds.

Last year, Lucara Diamond earned $203.9 million from its Botswanese output. This is against $172.4 million in 2023, an 18% difference. Lucara’s performance contrasts with a steep decline in diamond prices and demand, in 2024. 

The firm’s results were driven by a 5% increase in diamond sales, reaching 399,215 carats. Lucara's success can be attributed to the quality of its diamonds, particularly the stones from the Karowe mine, known to deliver large, high-value stones. 

Diamonds weighing over 10.8 carats account for 60-70% of Lucara's annual revenues. The company recovered 807 such stones. That is 7.6% of all diamonds produced in 2024, against 5.3% in 2023.

Lucara expects its revenues to grow further this year–reaching between $195 million and $225 million. This forecast assumes that 79% of the carats recovered will come from a part of Karowe housing large diamonds.

Though Lucara’s earnings grew last year, they were behind the amount initially forecast for the period. Lucara first expected to earn between $220 million and $250 million, but later revised to projections. The firm’s latest forecasts are based on better market conditions and are subject to change.

This article was initially published in French by Emiliano Tossou

Edited in English by Ola Schad Akinocho