Lucapa boosts diamond sales from Lulo and Mothae

Lucapa Diamond Company has earned $8.8 million in its latest diamond sales from the Lulo and Mothae mines in Africa.

This latest round takes the total sales from both mines to $50.2 million for the year to date.

Lulo’s run of mine parcel of 3558 carats of diamonds sold for gross proceeds of $6.3 million, representing an average price per carat of $US1234 ($1768).

It did not include the high-value 46 carat Lulo pink diamond, which is being considered for cutting and polishing by the Lulo partners to capture margins beyond the mine gate.

Total sales of Lulo diamonds to date have reached $US26.5 million ($39.2 million) at an average price per carat of $US2764.

Lulo alluvial mining company, Sociedade Mineira Do Lulo is planning a second diamond sale in the third quarter of 2019.

The parcel of 4376 carats of Mothae diamonds also sold for gross proceeds of $US1.8 million, representing an average price per carat of $US400 for the run of mine production and $US475 per carat for diamonds in the 11-plus sieve size fraction.

The sale result was impacted by the decision to withhold from selling the highest-value Mothae diamond in the tender: a 36 carat D-colour stone.

This diamond is also being considered for cutting and polishing to capture margins beyond the mine gate.

The latest sale took total Mothae sales to date in 2019 to $US9 million at an average price per carat of $US539 and $US661 for the 11-plus sieve size fraction.

The recent discoveries at Mothae have included a 64 carat D-colour Type Ila gem from the higher-margin southern pit.

Mothae is planning the next diamond sale for the third quarter this year.

To keep up to date with Australian Mining, subscribe to our free email newsletters delivered straight to your inbox. Click here.