Lucapa Unearths 170ct. Pink from Lulo

The 170-carat pink diamond.

Lucapa Diamond Company has recovered one of the largest pink diamonds in history: a 170-carat stone from the Lulo mine in Angola.

The type IIa rough, named the Lulo Rose, is “believed to be the largest pink diamond recovered in the last 300 years,” Lucapa said Wednesday. It is also the fifth-largest diamond from Lulo, and the deposit’s 27th over 100 carats since commercial production began in 2015. Lucapa plans to sell the diamond through an international tender conducted by Angolan state diamond-marketing company Sodiam, it noted.

“The record-breaking Lulo diamond field has again delivered a precious and large gemstone, this time an extremely rare and beautiful pink diamond,” said José Manuel Ganga Júnior, chairman of the board of state-owned Endiama, one of Lucapa’s partners in the deposit. “It is a significant day for the Angolan diamond industry.”

In addition to the pink, Lulo is also the source of Angola’s largest diamond, a 404-carat rough named the 4th February Stone.

Lucapa has begun bulk sampling at “priority kimberlites” as it searches for the primary source of Lulo’s diamonds, managing director Stephen Wetherall added.

Source: Diamonds.net

Lucapa Angola Tender Rakes In $17M USD

Lulo mine Lucapa Angola Diamond Sale

Lucapa Diamond Company sold $16.7 million worth of rough stones from its Lulo mine at the first diamond tender under Angola’s new sales rules.

“The exceptional sale prices achieved for the Lulo diamonds reflected the highly competitive bidding from leading international diamantaires and large-stone manufacturers from eight countries that participated in the tender,” the company said Friday.

The miner sold seven special-size stones through an electronic tender in Luanda organized by state-owned diamond-marketing company Sodiam. Six white stones weighing 114.94, 85.24, 75.62, 70.08, 62.05 and 43.25 carats, and a 46.77-carat pink, fetched a combined average price of $33,530 per carat at the sale, which took place January 30 to 31. Lucapa has been withholding the stones from sale throughout the year to sell them under the reformed rules, which were designed to improve transparency and pricing.

Under the previous regulations, miners were required to sell their diamonds to a list of buyers Sodiam selected, limiting competition for the stones and causing pricing to fall below market levels. The new system allows companies to offer 60% of their production to clients of their choice.

Lucapa has now sold $141 million worth of rough Lulo diamonds since it began commercial operations in 2015, at an average price of $2,105 per carat.

The company’s share price rose 8% Friday following the announcement.

Source: Diamonds.net

Lucapa Diamonds highest dollar per carat miner dazzles the market

Lucapa Diamonds

Lucapa Diamond Company is well advanced with a strategic plan to unlock greater wealth from its asset portfolio by expanding production of large, premium value diamonds and continuing exploration programmes to make new discoveries.

Its operations include an extensive exploration programme at its 40% owned Lulo alluvial mine to locate the hardrock source or sources of the exceptional alluvial diamonds and the development of a second high value diamond mine at Mothae in Lesotho.