Industry News by Nemesis

Sales Deferral Hits Lucapa Proceeds

November 19, 2018

 

Lucapa Diamond Company garnered $4.2 million at its November tender as the miner continued to hold back higher-value goods for sale later in the year. 

The company sold 3,411 carats of alluvial rough from its Lulo mine in Angola, fetching an average price of $1,220 per carat. 

The sale excluded a parcel of seven large, top-quality stones from Lulo, including four type IIa white diamonds weighing 43 carats, 70 carats, 75 carats and 114 carats, and a 46-carat colored diamond. The company has been withholding these goods for several months, and will offer them in the fourth quarter when Angola’s reformed diamond-marketing policy is in effect. 

The African country’s new sales policy is likely to add significant value to Lucapa’s sales of special diamonds, the miner explained last month. 

The miner has sold a combined $24.5 million worth of rough this year at an average price of $1,353 per carat. 

Image: Rough diamonds from the Lulo mine. (Lucapa Diamond Company)

 

Source: Rapaport

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