Lucapa Diamonds Sells Fourth Lulo Parcel for $2.3 Million

(IDEX Online News) – Lucapa Diamond Company’s latest sale generated $2.3 million. The parcel, the fourth, from the Lulo Diamond Concession contained 1,539 carats, which sold for an average of $1,500 per carat (p/c).

The sale brought the gross proceeds generated across the four parcels to more than $7.5 million and represented more than 12 times the average global diamond sale price of $120 p/c. The parcel included the 63.05-carat Type IIa D-colour diamond recovered in April 2015 from Lulo and several other special (+10.8-carat) stones. As of the end of April 2015, Lucapa and its partners had recovered 30 special diamonds from Lulo with an average size of 27.8 carats.

“The sale prices we are achieving highlight the financial significance of recovering large special diamonds on a regular basis – as we are doing at Lulo – and gives us further confidence that we are on track to achieve our previously stated objective of becoming cash flow positive by the end of this quarter,” said CEO Stephen Wetherall.

“We hope to be in a position to offer our next parcel of Lulo diamonds for sale in June 2015, in line with our strategy of generating sustainable long-term cash flows from regular diamond sales,” said CEO.