Four Lulo Diamonds Sell for $17m
December 11, 23
(IDEX Online) - Lucapa says it has sold four diamonds from the Lulo mine, in Angola, for a total of $17m.
The Type II gems, with a combined weight of 609 carats, achieved an average $28,000 per carat at tender.
The Australian miner, which holds a 40 per cent stake in the alluvial deposit, said it was a very positive result.
It said a 208.78 carat diamond fetched the highest price, although it did not provide a breakdown. The other gems weighed 14.23 carats, 123.83 carats and 235.47 carats.
"The outcome of this tender is very encouraging as it once again clearly indicates the strength of the market for these exceptional, rare and high value stones of which Lulo is a consistent producer," said Nick Selby, Lucapa's CEO and managing director.
"With India about to resume rough diamond imports and Russian diamonds potentially having a restricted flow into the market in 2024, we are optimistic that we will see improvement and stability in diamond prices across all sectors of the market in the new year."
Lulo commands the highest price per carat for alluvial diamonds in the world. Last month the mine yielded its 39th and 40th +100-ct diamonds since commercial operations began in January 2015.
Angola's national diamond company Endiama holds a 32 per cent stake in Lulo and private Angolan company Rosas & Petalas owns 28 per cent.
Pic courtesy Lucapa