Lucara Diamond saw a surge in both diamond production and revenue in 2024, setting new records at its Karowe mine in Botswana. The Canadian miner increased its processed ore to 2.9 million tonnes, up from 2.8 million tonnes in the previous year, and recovered an unprecedented number of large diamonds, leading to a 15.7% jump in its stock price.
The company reported the recovery of 807 diamonds larger than 10.8 carats, known as specials, compared to 602 in 2023. These larger stones made up 7.6% of the total recovered carats, an increase from 5.3% the previous year. Among the most significant recoveries were the 2,488-carat Motswedi diamond, the largest found in over a century, and the 1,094-carat Seriti diamond.
Lucara’s shares reached 44 cents at midday trading in Toronto, giving the company a market capitalization of $197 million. The stock has fluctuated within a 52-week range of 28 to 63 cents.
Major Diamond Discoveries
Lucara’s Karowe mine continued to yield some of the world’s largest diamonds. The Motswedi diamond, recovered in August, is the largest unearthed in over 100 years. Named after the Setswana word for “water spring” the stone symbolizes the resurgence of underground water. The Seriti diamond, recovered in September, translates to “aura” or “presence” reflecting cultural heritage and identity.
The trend of large diamond discoveries continued into 2025, with the recovery of a 1,476-carat non-gem diamond in January. These findings further solidify Karowe’s reputation as one of the world’s most productive sources of large, high-value diamonds.
Revenue Growth and Sales Performance
Lucara sold 399,215 carats in 2024, generating $203.9 million in revenue an 18% increase from $172.4 million in the previous year. The company attributed this growth to the continued recovery of large diamonds and stable production levels at Karowe.
Since its inception, the mine has produced several record-breaking diamonds, including the 1,758-carat Sewelõ in 2019, the 1,109-carat Lesedi La Rona in 2015, and the 813-carat Constellation in 2015. Karowe has also been the source of Botswana’s largest fancy pink diamond, the Boitumelo.
Karowe Underground Expansion
Lucara is progressing with an underground expansion at Karowe, with shaft sinking marking a key milestone in the project. The expansion is expected to extend the mine’s life and contribute to future production growth, with commercial operations slated to begin in early 2028.
Karowe remains one of the highest-margin diamond mines globally, producing an average of 300,000 high-value carats annually. With ongoing discoveries and expansion efforts, Lucara continues to strengthen its position in the global diamond industry.
The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.
The post Lucara Diamond Reports Record-Breaking Production and Revenue Growth in 2024 appeared first on MiningFeeds.
