Lucapa Diamond Company earned US$6.4 million (A$9.3 million) at the latest sale of diamonds from the Lulo alluvial mine in Angola and the Mothae kimberlite mine in Lesotho. This sales brings Lucapa's total 2019 sales of Lulo and Mothae diamonds to US$55.0 million (A$79.0 million), more than doubling their entire earnings of US$26.4 million a year ago.
At the most recent sale, Lucapa sold a total of 3,274 carats of Lulo diamonds for gross proceeds of US$3.4 million (A$5.0 million), representing an average price per carat of US$1,037. This took total 2019 sales of Lulo diamonds to US$38.5 million (A$55.2 million) at the exceptional average price per carat of US$1,918.
Recent recoveries from Lulo since the latest sale include an 84 carat gem, which will be offered at the next tender.
The most recent sale also included a total of 6,617 carats of Mothae diamonds sold for gross proceeds of US$3.0 million (A$4.3 million), representing an average price per carat of US$455. This took total 2019 sales of Mothae diamonds to US$16.5 million (A$23.8 million) at an average price per carat of US$575.
The 220 carat Mothae diamond recovered in November was withheld from the sale and is being considered for cutting & polishing, along with the 46 carat Lulo pink.
"The increased level of buyer interest noted by Lucapa in the latest Mothae tender is consistent with recent positive commentary from other global diamond producers, indicating a general improvement in industry sentiment after a challenging period in 2019," the miner noted.
For the full year of 2018, Lucapa achieved gross diamond sale revenues of US$26.4m in 2018 at an average price per carat of US$1,313/carat. These sales figures excluded seven large and premium-value diamonds which were produced in 2018 but set aside for sale via the inaugural international tender under Angola’s new diamond marketing policy: they sold in January for a US$16.7 million, representing an exceptional average price per carat of US$33,530.
The sale marked the beginning of a new era for the Angolan diamond mining industry, being the first Angolan production offered for sale via competitive tender under the new diamond marketing policy enacted by the Angolan President, Joao Lourenco.
In 2018 Lucapa completed construction of the new mine at Mothae and the commissioning phase for the 1.1Mtpa Mothae treatment plant was successfully completed in Q4 enabling commercial production to commence in January 2019.
Source: The Diamond Loupe