Lucara Diamond Corp. reported a decline in revenue for the year following a reduced recovery and sale of large, high-value rough diamonds from its flagship Karowe Mine in Botswana.

The diamond producer generated revenue of approximately $159.7 million in 2025, down from $203.9 million in 2024, reflecting the lower number of exceptional stones recovered and sold during the year. Lucara sold 353,302 carats of rough diamonds in 2025, compared with 399,215 carats in the previous year.

The company’s production profile is heavily dependent on the recovery of large, high-value diamonds, often referred to as “specials”, which weigh 10.8 carats or more. These stones typically account for a substantial share of Lucara’s revenue due to their significantly higher per-carat value compared with smaller diamonds.

Lucara markets a portion of its production through a long-term agreement with HB Antwerp, which links the sale of rough diamonds to the value of the resulting polished stones. The arrangement is designed to maximise returns on large, high-quality diamonds recovered from the Karowe mine.

Despite the year-on-year revenue decline, the Karowe mine remains one of the world’s most significant sources of large, high-quality diamonds. The operation has historically produced several notable stones and continues to be a key contributor to global supply of large Type IIa diamonds.

Lucara is also progressing with the Karowe underground expansion project, which is expected to extend the mine’s life and provide access to additional high-value diamond resources.