Revenue fell 43% year-on-year in July-September
The company's rough diamond revenue for the three months was US$14.6 million, which is down 43% year-on-year. Lucapa sold 16,588ct during the period, which is a 24% year on year drop. The company made the decision to hold high-value stones over for the December quarter tender, which has resulted in a timing issue for the flow of funds, it said.
"However, as the recent tender results confirmed, large, high-quality diamonds such as those produced at Lulo and Mothae are still attracting strong prices and are in high demand compared to the smaller goods used by mainstream jewellers," Lucapa's managing director Nick Selby said. The Mothae mine is in Lesotho and Lucapa is also working to reopen the Merlin mine in Australia's Northern Territory.
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