Gem

ASX:LOM

Australia-based Lucapa Diamond has recovered a large gem-quality 46-carat pink diamond from its Lulo diamond project in Angola.

Lucapa Diamond (ASX:LOM) and its partners, Empresa Nacional de Diamantes and Rosas & Petalas, recovered a large gem-quality 46-carat pink diamond from the Lulo diamond mine in Angola, the company announced on Thursday (May 3).

This is the third large diamond discovered by Lucapa at Lulo in the last year and half. Earlier this year, a 43-carat yellow diamond was unearthed, and a 39-carat pink diamond was discovered in September 2016.

“The frequent recovery of large and premium-value diamonds from new areas along the Cacuilo River valley continues to illustrate the uniqueness and potential of the Lulo diamond concession,” Lucapa said in a press release.

“Lulo has already recovered 10 +100 carat diamonds to date, including Angola’s two biggest recorded white Type IIa gems weighing 404 carats and 227 carats,” it added.

Lucapa is focused on diamond production, development and exploration in Angola, the world’s fourth-largest diamond producer, as well as Lesotho, Australia and Botswana. The company experienced a strong Q1 thanks in part to the US$1.7 million it brought in after selling its Lulo findings in March.

The Lulo mine is located in area well known for diamond discoveries. Just 150 kilometers away is the Catoca mine, the world’s fourth-largest diamond mine. Both areas host type IIa diamonds, which account for less than 1 percent of global supply.

The largest diamond discovered at the site, the 404-carat Lulo alluvial diamond, sold for US$16 million in early 2016, and is considered the largest gem ever found in Angola, as well as the largest diamond ever found by Lucapa.

“The sale of a single diamond for US$16 million underlies the huge potential of Lulo diamond field to regularly produce gems which are both large and world-class quality,” Lucapa’s chief executive, Stephen Wetherall, said at the time.

Following news of the pink diamond discovery, Lucapa’s share price briefly climbed on Thursday, but pulled back to close neutral at AU$0.26 in Sydney.

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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

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