Lucara Diamond Corp delivered robust performance in the third quarter of 2025, signalling resilience amid shifting dynamics in the global diamond market.

The company reported revenues of US$51.2 million from the sale of 101,422 carats, representing a 16 per cent upsurge from year-ago figures. Growth was driven primarily by a 37 per cent year-on-year increase in sales through the company’s partnership with HB Trading BV, which accounted for 74 per cent of total quarterly revenue.

Lucara’s Karowe mine also yielded a massive rough in Q3 – its ninth stone weighing over 1,000 carats – alongside 224 other special diamonds or those larger than 10.8 carats.

“Operational performance at Karowe remained robust this quarter, supported by continued strong recoveries and steady progress on the Karowe Underground Project,” said Lucara President and CEO William Lamb.

Despite improved revenues, Lucara said it remains under financial pressure, prompting management to pursue additional funding options to secure long-term viability.

Looking forward, the company expects the long-term outlook for natural diamond prices to be clouded by structural changes and falling lab-grown prices.

The company said the diamond industry continues to face pricing pressures in the mid-range and lower-grade stones due to high inventories, cautious sentiment and the surge in purchase of lab-grown diamonds. However, there are signs of price stability for large, premium natural diamonds, supported by limited global supply growth.