- Lucapa Diamond Company (LOM) and its partners have banked around $3.2 million from the latest sale of diamonds from the Lulo alluvial mine in Angola
- Lucapa, Empresa Nacional de Diamantes and Rosas & Petalas sold a total of 3477 carats at an average price of $911 per carat
- The recent sale price is less than half the yearly average of $1892 per carat, which the company attributes to the prevalence of small stones in the lot
- The company believes increasing diamond prices and record recoveries at Lulo will see better numbers in the second half of 2020
- Lucapa closed Thursday’s session grey at 6.4 cents
Lucapa Diamond Company (LOM) and its partners have banked around $3.2 million from the latest sale of diamonds from the Lulo alluvial mine in Angola.
Lucapa, Empresa Nacional de Diamantes and Rosas & Petalas sold a total of 3477 carats at an average price of $911 per carat.
The recent sale price is less than half the yearly average of $1892 per carat, which the company attributes to the prevalence of small stones in the lot.
Lucapa Managing Director Stephen Wetherall says things are looking better for the next phase at Lulo.
“SML has delivered strong operational performances soon after recommencing operations following the lockdown,” Stephen said.
“Although the average diamond size in this sale parcel was smaller than average, the encouraging signals being seen in the industry currently have led to upward price movements across a number of diamond categories,” he continued.
“That together with the record recoveries from the Leziria areas suggests Lulo should have a much improved second half in 2020,” he added.
So far this year, Lucapa and its partners have banked around $23.2 million from the sale of 12,266 carats of Lulo diamonds.
The search for the source of the alluvial diamonds is ongoing.
Stephen Weatherall says Lucapa will “work through as many of the priority kimberlites and targets as possible in the Canguige catchment area and greater Cacuilo valley this dry season.”
Lucapa Diamond closed Thursday’s session grey at 6.4 cents.