News Bureau

Unsold rough increased of 89% at Lucapa in Q1

Lulo Diamond Project, Angola of Lucapa diamonds announced Q1 2017 result says, their diamond production remained up 33% to 4,098 carats & Specials recovered stones are up 65% to 38. This quarter also recovered Angola’s second largest diamond on record at 227 carats.

During the Quarter, SML sold two parcels of Lulo alluvial diamonds weighing a total of 4,498 carats for total gross proceeds of US$10.7 million, representing an increase of 133% in carat sales on the comparative quarter at an exceptional average price per carat of US$2,370.

The 2017 Quarter sales were lower than the comparative quarter as a result of the recovery and sale of the record 404 carat 4th February Stone for US$16 million in the comparative quarter. The unsold diamond inventory at Quarter end stood at 2,545 carats while in 2016 that was of 1,346 carats shows an increase of 89%.

Subsequent to the Quarter, SML sold a third parcel of Lulo diamonds for US$2.5 million, taking gross sales to date in 2017 to US$13.2 million. The diamond inventory for the next sale includes a 92 carat gem. The Quarter saw Lulo achieve further milestones, with total gross sales now exceeding A$100 million and total weight of Specials that is diamonds weighing more than 10.8 carats, produced from the mining campaign now exceeding 10,000 carats. 

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