Lulo Diamonds

Lucapa offloads 7 diamonds for $28.3M in record sale

Lucapa Diamond Company Limited (ASX: LOM) has announced the sale of seven ‘Lulo alluvial mine’ diamonds for a total of AUD $28.3M via tender. The price represents the largest ever single sale event for the Perth-based miner.

The seven diamonds, comprisED of a combination of high-grade and fancy-coloured stones weighed 620 carats in total

The seven diamonds, comprised of a combination of high-grade and fancy-coloured stones weighed 620 carats in total, representing a price of AUD $45,603 per carat. Lucapa’s total sales for the previous six months sit at AUD $50.6M with an average price of AUD $4,272 per carat

Lucapa reports that prices for rough diamonds are continuing to rise on the back of post-COVID demand, coupled with a market undersupply.

Lulo alluvial mine

The Lulo alluvial mine is a 3,000km2 concession approximately 630km east of the Angolan capital of Luanda, held in partnership with Endiama (Angola’s national diamond company) and Rosas & Petalas. The project has been operating commercially since 2015 and contains over 100 known kimberlite pipes.

The operation has produced in excess of twenty +100 carat diamonds to date.

Management comments

Lucapa Diamond Company’s Managing Director, Stephen Wetherall, commented “The exceptional sale result, which is the largest single sale event ever for Lulo, demonstrates the strong demand for unique, large and high- quality natural diamond productions such as those of Lulo and Mothae.”

Images: Lucapa Diamond Company Limited
Written By Jonathan Norris
Jonathan is a founder of and has been covering the resources industry since 2018. With over 17 years experience in print, broadcast and online media, Jonathan has seen first hand the transformative effect of online niche media.