Lucapa Diamond's Latest Sale of Angola Stones Earns $10M at $1,800 Per Carat

Rough Market
03/06/2019 17:19

Lucapa Diamond Co.'s latest sale of diamonds from the Lulo alluvial mine in Angola achieved gross revenues of US$10.0 million (A$14.5 million) from run of mine parcels totalling 5,573 carats, representing an average price of US$1,800 per carat. This took total sales of Lulo diamonds to date in H1 2019 to US$22.1 million achieving an average price per carat of US$3,668, "further underling Lulo’s status as the world’s highest average price alluvial diamond production," the miner writes.

The sale excluded several high-value diamonds which remain held in inventory by Lulo alluvial mining company Sociedade Mineira Do Lulo (“SML”) (Lucapa 40% and operator). These diamonds include the 130 carat Type IIa D-colour diamond and a 46 carat pink. As previously foreshadowed, SML is undertaking a self-funded expansion of its Lulo diamond mining operations to deliver a ~50% increase in annualised plant throughput to approximately 450,000 bulk cubic metres by 2020.