Lucara happy with diamond market so far

“We end the second quarter with a stronger, more positive outlook on the diamond market, our business, and our plans for growth. With a fully financed underground project now confirmed, we are excited to be ramping up on our expansion plans at Karowe in the second half of the year. Sales through Clara also continued strong in Q2, demonstrating a great need for this transformational technology as modernization of the diamond supply chain continues. In respect of mining, Karowe delivered another record quarter in respect of diamonds >10.8 carats in size, including 21 diamonds >100 carats, 3 diamonds > 300 carats and our 3rd diamond over 1,000 carats. This remarkable resource continues to improve the deeper we mine, consistent out to at least 2040.” Eira Thomas, President & CEO of Lucara Diamond Corporation commented.

With the COVID-19 still posing a real threat, the Company continues to operate under its approved crisis management plan, designed to protect the health and well-being of its employees as well as the financial well-being of the business. This include COVID-19 screening as prescribed by the government.

Owing to Corona Virus Disease (COVID-19) sponsored economic blow, minerals were some of the hard hit sectors, and diamonds were not an exception. As the situation stand, the diamond market continues to be strong and stable in 2021 following a very strong start to the year, where we have seen price increases in virtually all sizes and quality of diamonds. The key dominant retail markets for diamonds in the US and China remain buoyant, and the market continues to be supported from lower supply from producers, and a pick up in capacity in the midstream in India.

With most western countries vaccinating majority of their populations, it is with hope that soon the market will bounce back to normal to allow the mineral industry to fully rebound.

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