Lucara Diamond Corp, Canada, has reported a significant year-on-year growth in revenue for the first quarter 2016, driven by strong demand for high quality stones and production assortments from its Karowe mine in Botswana.
The company said its revenues rose to US$50.6 million (US$649 per carat) as compared to US$29.6 million (US$278 per carat) in Q1 2015. Following the end of Q1, the first exceptional stone tender achieved US$51.3 million, resulting in year to date revenue exceeding US$100 million.
William Lamb, president and CEO, commented: "Lucara's high quality stones and production assortment has resulted in strong customer demand for our product generating revenues of over US$100 million this year. With management's focus on cost control we continue to achieve high operating margins and returns…The sale of the Lesedi La Rona diamond, the 1,109 carat stone discovered in November has commenced and is resulting in a great deal of interest and excitement for this magnificent, historic stone, culminating in an auction during the month of June." The stone will be going up for auction at Sotheby’s London on 29 June and is expected to sell for more than US$70 million. (Photo courtesy: Forbes)
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