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Category: Diamonds / Mining Industry

WA company Lucapa sells massive Angola diamond for $22.5 million

Monday, 29 Feb 2016 13:13:04

Proceeds from the sale of the diamond will be used to expand Lucapa's operations in Angola, its chairman says. (Supplied: Lucapa Diamond Company)

A giant diamond discovered by a Perth-based company in Angola has sold for $22.5 million.

Lucapa Diamond Company found the massive 404-carat diamond at its Lulo Diamond Project in Angola's Lunda Norte province, in the country's north-east.

In a statement, Lucapa said the sale "represents a spectacular average price of A$55,585 (US$39,580), which is a record price for a white diamond recovered from Lulo and is further evidence of the positive sentiment in the market for large high-quality gems like those being recovered at Lulo".

The diamond is the largest ever found in Angola.

Lucapa has a 40 per cent stake in the project, together with state-run company Endiama, which owns 32 per cent, and private local company Rosas and Petalas.

"The sale of a single diamond for $US16 million underlines the huge potential of the Lulo diamond field to regularly produce gems which are both large and of world-class quality," Lucapa chief executive Stephen Wetherall said.

Lucapa chairman Miles Kennedy said earlier this month the cash from the sale would allow the company to expand its operations in the area.

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