The Perth-based Lucapa Diamond Company has just sold another 1,349 carats of diamonds from the Lulo Diamond project in Angola for $9.6 million.
The sale brings to $32.5 million the revenue generated from the sale of Lulo diamonds in the March quarter, including the record 404 carat gem, which sold for $22.5 million.
That diamond was the biggest unearthed in Angola and the the fourth 100+ carat gem recovered from the Lulo project in Angola’s Lunda Norte province. The diamond is also the 27th biggest recorded in the world and the biggest discovered by an Australian company.
The latest sale achieved an average price of $7,126 per carat.
“The sale prices achieved in the March Quarter continue to highlight the diamonds we are mining at Lulo are, on average, among the best quality gems in the world,” says Lucapa CEO Stephen Wetherall.
In total, the Lulo partners have sold 12,125 carats of Lulo alluvial diamonds for total proceeds of $51.3 million.
The company is systematically exploring to find the kimberlite source of the diamonds. Kimberlite is a type of rock deposit where diamonds form.
The Lucapa Diamond Company is essentially finding diamonds as it digs trenches in search of the core of the diamond source, the kimberlite pipe.
LOM Price at posting:
42.5¢ Sentiment: Buy Disclosure: Held
