Lucapa Recovers Another Diamond Over 100 Carats in Angola

Gem miner Lucapa Diamond (ASX:LOM) has announced the recovery of a 128-carat diamond from its Lulo mine in Angola.

The discovery of the giant gem marks the 12th time the company has unearthed a diamond of 100-carats or more from the African mine.

In addition to the 128-carat white diamond, the company also recovered a 7.5-carat purple-pink diamond from the same mining block as the larger find.

Testing completed by Lucapa on the 128-carat stone confirmed it is a top-color white IIa diamond, according to the Yehuda colorimeter.

Lucapa and its project partners, Empresa Nacional de Diamantes EP and Rosas & Petalas, plan to include both the large white diamond and the 7.5-carat dual toned gem in its next international tender, alongside a 75-carat diamond recovered during Q4 2018.

The stones will likely fetch a large amount when brought to sale. At a recent tender, seven large, top-quality Lulo diamonds were sold for US$16.7 million, with an average carat price of US$33,530.

The tender was the first international sales event under the country’s new diamond marketing regulations, which took effect earlier this year. The enhanced regulations were designed to increase transparency in the diamond sector, and combat the sale of conflict gems.

“Thanks to the positive marketing reforms introduced by Angolan President Lourenco and his Government, the competitive event scheduled to close on 31 January will mark a significant milestone for both the Lulo mine and Angola’s diamond mining sector,” Stephen Wetherall, Lucapa’s CEO, said in a January press release ahead of the diamond tender.

“Lulo diamonds have already established a reputation as being among the highest quality gems in the world. Together with our Angolan partners, Lucapa is delighted that SML will now start showcasing these exceptional diamonds to the strong interest shown by the world’s leading diamantaires.”

Thanks to the success of the tender and the more than a dozen 100+ carat diamonds recovered from Lulo, Lucapa and its project partners have announced plans to expand production at the Angolan site by 25 percent throughout 2019.

Lucapa shares were up 2.63 percent on Tuesday (February 19), trading at AU$0.19.

Image courtesy of Lucapa.

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