Lucapa Sells 371-Carat Parcel From Lulo Diamond Concession

(IDEX Online News) – Lucapa Diamond Company has sold a 371-carat parcel of diamonds from its Lulo concession in Angola for gross proceeds of $2.7 million.

"The sale represents an exceptional average price per carat of $7,285. The sale was conducted via tender through Angolan government diamond sales agency SODIAM in Luanda. It follows the sale in July 2013 of a parcel of 496 carats for $2.90 million.

"In total, the two sales of rough diamonds from Lulo have generated gross proceeds of $5.60 million for an average sale price per carat of approximately $6,440.

"Subject to confirmation, Lucapa expects its share of the latest diamond sale proceeds to total approximately $2.3 million once various fees, commissions and taxes related to the sale are deducted. This will be paid into the Lulo project’s bank account in Angola to fund ongoing exploration."

Lucapa Managing Director Miles Kennedy said the latest sale was further evidence that the alluvial diamonds being recovered from Lulo through the company’s new Dense Media Separation (DMS) plant were world-class gems.

“The fact we have achieved average sale prices of almost $7,285 per carat in two sales proves that Lulo diamonds are in the top-tier of diamonds globally,” he said. “This adds to the excitement of our search for the kimberlite pipe, or pipes, within the Lulo concession which are the primary source of these rare and valuable alluvial gems. That search is well advanced.”