Industry News by Nemesis

Lulo Prices Slip During Angolan Wet Season

May 17, 2017

The latest sale of rough from Lucapa Diamond Company’s Lulo asset yielded an average price of $695 per carat — a drop from $1,317 at last month’s sale.

Total proceeds from the May sale amounted to $1.3 million for 1,878 carats, the company said Tuesday, adding that the Angola mine’s overall average for the year to date was $1,747 per carat. 

The value of goods sold was slightly lower than previous parcels because the “special” diamonds — those above 10.8 carats — were of lower quality than those at earlier sales, the miner explained. The goods came from lower-grade mining block 28, where Lucapa had been focusing its operations during the annual rainy period until ground conditions enable it to mine the more lucrative areas again. 

“With the Angolan wet season now over, Lucapa and its partners expect to resume alluvial mining operations at the high-value mining blocks later this month,” the company said. 

 

Source: Rapaport

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