Industry News by Nemesis

Lucapa To Tender Angola Diamonds In Line With New Diamond Marketing Law

December 10, 2018

 

Lucapa Diamond Company says that diamonds from the Lulo mine in Angola will feature in an historic inaugural international tender under Angola’s new diamond marketing laws recently approved by the President of Angola, Joao Lourenco, and the country's Council of Ministers.

 

Sociedade Mineira Do Lulo, of which Lucapa is a partner, will showcase and sell seven large and exceptional Lulo diamonds that it has in inventory through an exceptional stone tender to be held by Angola's state diamond marketing company Sodiam in Luanda next month.

 

The tender will mark a significant milestone for the Angolan diamond mining industry, being the first Lulo diamonds offered for sale at international tender under Angola’s new diamond marketing policy.

 

The Lulo partners, in conjunction with Sodiam, will invite major international diamantaires and large stone manufacturers to participate in the inaugural tender of Lulo’s exceptional diamonds.

 

The new diamond marketing policy is among the measures being introduced by Lourenco with the aim of increasing foreign direct investment in Angola’s diamond sector.

 

The seven Lulo diamonds to be offered at tender include Type IIa D-color white gems of up to 114 carats and a 46-carat pink (pictured above). These diamonds were held in inventory by SML in anticipation of the new marketing policy.

 

The Lulo partners had originally expected the diamonds would be sold in the December quarter. However, while meeting the timetable was achievable, it has been agreed that significant additional buying interest would be generated by holding the inaugural international tender in January 2019, when diamond pricing is traditionally stronger.

 

Lucapa Managing Director Stephen Wetherall said: “Lucapa and its partners are extremely excited and proud that diamonds from our Lulo mine have been selected to start a new chapter in Angola’s diamond mining history. The world’s leading diamantaires will be invited to Lulo’s exceptional diamond tender as Angola and Lulo begin to showcase diamonds to the international diamond community.”

 

Source: Idex

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