Australia’s Lucapa paid $22.5m for 404-carat diamond
http://www.theaustralian.com.au/bus...d/news-story/f67ed8598359292c790def853eeb9141
A huge 404-carat diamond unearthed by Perth-based Lucapa Diamonds has sold for a whopping $US16 million ($22.5m).
The stone, which is around 7cm long, was found by Lucapa earlier this month at its Lulo project in Angola.
Lucapa has developed a reputation for unearthing large, high-quality diamonds from its alluvial workings at Lulo but the 404-carat stone is by far the biggest unearthed by the company to date.
It’s the biggest diamond found in Angola, the biggest ever found by an Australian company and, according to Lucapa, ranks as the 27th biggest diamond found in the world.
The sale price reflects the rarity of diamonds of such a size, translating to more than $US55,500 per carat. Uncut diamonds generally sell for around $US200 to $US400 a carat.
While the proceeds from the sale mean Lucapa and its partners will be able to continue alluvial diamond work well into the future, it will also help Lucapa’s hunt for the original source of the diamonds.
Lucapa has identified a geological structure near its alluvial workings that it believes could be the original kimberlite pipe that introduced diamonds to the region.
It will test the structure in the weeks ahead when a drill rig arrives on site.
The find came months after another company, Lucara Diamond, found a 1111 carat diamond in Botswana. It is said to be the world’s second-largest diamond, behind the 3106 carat Cullinan diamond found in South Africa in 1905.
