Lucapa secures $23m in historic diamond tender

A Lulo diamond. Image: Lucapa.

Lucapa Diamond Company, with its joint venture partners, has sold $US16.7 million ($22.9 million) of diamonds from its Lulo alluvial mine at a historic tender in Angola.

The seven large diamonds, weighing 498 carats, were offered for sale via electronic tender in Luanda, and delivered an average price of $US33,530 per carat.

“The exceptional sale prices achieved for the Lulo diamonds reflected the highly-competitive bidding from leading international diamantaires and large stone manufacturers from eight countries that participated in the tender,” according to Lucapa.

The sale marked the beginning of a new era for the Angolan diamond mining industry.

It was the first Angolan production offered for sale via competitive tender under a new diamond marketing policy introduced by Angolan President, Joao Lourenco.

Lucapa has now sold $US141 million of diamonds from Lulo at an average price per carat of $US2105.

The Western Australian-based company operates Lulo in a partnership with Empresa Nacional de Diamantes (Angola’s national diamond company) and Rosas & Petalas.

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