Lucara Diamond Corp has generated US$44.3 million in revenues during the quarter ending September 30, 2024, with demand for larger stones or 10.8 carats and up supporting steady performance. 

The quarter in review also saw recoveries of two exceptional diamonds larger than 1,000 carats, including an epic 2,488-carat diamond and a 1,094-carat diamond. Meanwhile, a total of 116,221 carats of diamonds from Lucara’s Karowe mine in Botswana were sold during the quarter.

A total of 104,390 carats were recovered from Karowe in Q3 2024, including 244 so-called “Specials” or rough diamonds larger than 10.8 carats. 

William Lamb, president and CEO, commented, “The third quarter of 2024, again, proved to be transformative for Lucara, marked by two extraordinary discoveries that underscore our preeminent position in the exceptional stone segment of the diamond industry.”

The mine’s large, high-value diamonds have historically accounted for approximately 60 per cent to 70 per cent of Lucara’s annual revenues. Karowe diamonds are sold through three sales channels: A diamond sales agreement concluded with HB Antwerp; on the Clara digital sales platform; and through quarterly tenders. 

Lucara maintains a resilient diamond price outlook due to favourable supply and demand dynamics as production volumes from major mines slow down. Demand for smaller-sized stones, however, remains soft on account of a weak Asian market and the increasing uptake of laboratory-grown diamonds. 

“Demand for stones larger than 10.8 carats remains robust, as reflected in the company’s sales in the plus 10.8 carats category,” noted Lucara.