• Lucara earned $125.2 million in the first nine months of 2025.
• Large high-quality stones drove 73 % of sales through the HB agreement.
• The company faces cash constraints as its Karowe expansion is delayed to 2028.

Canadian mining company Lucara Diamond, owner of the Karowe diamond mine in Botswana, generated $125.2 million in revenue during the first nine months of 2025. This is stable compared with the same period last year ($125.1 million), despite a 12 % drop in volumes sold (251,460 carats this year versus 286,970 carats in 2024).

These figures come from Lucara’s latest quarterly report published on Thursday, November 13. The company sells its diamonds through three mechanisms: its Ciara electronic platform, auctions, and a cutting and polishing agreement with diamond manufacturer HB for stones above 10.8 carats.

This last mechanism has strengthened its dominance this year, rising from 64 % of sales during the first nine months of last year to 73 % in 2025. In the third quarter of 2025, Lucara recovered 224 diamonds above 10.8 carats, compared with 244 during the same period last year. This total includes 8 diamonds over 100 carats, including two larger than 1,000 carats.

These discoveries help sustain stable, relatively strong revenue for Lucara, even as global demand for natural diamonds weakens, affecting prices. Lucara noted that large, high-quality stones show potential signs of stability due to limited global supply growth, while mid- and lower-quality stones continue to face price pressure due to high inventories, cautious consumers, and rising synthetic purchases.

While market conditions affect Lucara less than some competitors such as De Beers, the company is grappling with significant operational challenges. Since 2021, it has been expanding the Karowe mine to extend its life to 2040 through underground operations. Commissioning, initially planned for 2026, has been delayed to 2028.

In its latest report, Lucara added that it is currently facing financial pressures, and its cash and available resources may not cover all obligations in the coming months. The company is seeking waivers from financial partners and raising additional funds for the project.