DiamondBuzz
Lucapa Reports 36% Revenue Growth and Stronger Diamond Prices in Q1 2025
Lucapa Diamond Company delivered a strong financial performance in the first quarter of 2025, reporting a 36% year-on-year increase in revenue. The company earned $12.8 million from three run-of-mine diamond sales and one tender of goods from its Lulo mine in Angola during the quarter ending March 31.
The average diamond price per carat rose by 42% to $1,523, reflecting improved market conditions and a focus on higher-grade mining zones. Lucapa recovered 6,027 carats in Q1, up 6% from the same period in 2024. A 74% rise in the grade of ore mined helped offset the impact of a temporary production halt caused by a community-led blockade.
Managing Director Alex Kidman attributed the strong start to continued operations in the higher-grade lezirias (floodplain areas) during the wet season, noting that the performance represents a marked improvement over the same period last year.
Despite the positive trends in pricing and production, Lucapa flagged potential risks ahead due to recently introduced U.S. import tariffs. Although the tariffs came into effect after the quarter closed, the company said market uncertainty remains, with some buyers pausing purchases amid ongoing trade tensions.
DiamondBuzz
Diamond Slump forces Debswana to diversify into copper, platinum and solar
Diamond-centric mining models is giving way to broader resource portfolios
Debswana Diamond Company, the 50–50 joint venture between the Botswana government and De Beers, is moving to diversify into copper, platinum and renewable energy as the prolonged downturn in natural diamond demand pressures earnings and forces the industry to rethink its growth strategy.
The company’s board has approved plans to invest in a portfolio of non-diamond projects after revenue fell 46% in 2024, the latest available financial year, highlighting the scale of the downturn in the global diamond market.
The move signals a strategic shift toward commodities with stronger long-term demand fundamentals, particularly copper, which is central to global electrification and energy-transition infrastructure.
Debswana’s diversification reflects a broader industry pivot as diamond producers confront weak consumer demand, rising competition from lab-grown stones and elevated inventories across the supply chain.
The shift is also visible among smaller exploration companies. Botswana Diamonds recently rebranded as Botswana Minerals, signalling its own strategic focus on copper exploration rather than diamonds.
Together, these moves underscore a growing consensus across the sector: the era of diamond-centric mining models is giving way to broader resource portfolios anchored in energy-transition metals.
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