Diamond Buyers Club

Australia’s Lucapa Diamond (ASX:LOM) has discovered more large diamonds at its prolific Lulo project in Angola, including a 43-carat yellow stone, the largest coloured gem-quality rock ever recovered at the mine.

The company also found a 116-carat low-quality diamond, the tenth +100 carat stone recovered from Lulo since mining operations began two years ago. It’s also the second +100 carat rock recovered so far this year.

Miner also dug the tenth 100+ carat diamond recovered from Lulo and the second within the first three weeks of 2018.

“Though a low-quality boart stone, the 116-carat diamond continues to underline the special large-stone nature and potential of the project,” managing director Stephen Wetherall said in the statement.

Only last week, Lucapa recovered two diamonds — a 103-carat and an 830-carat — at Lulo. The operation has so far bored massive gems, including a 404.2-carat white rock found last year, which is considered the largest diamond ever recovered in Angola and the biggest ever found by an Australian company.

Lulo is located 150 km from Alrosa's Catoca mine, the world's fourth largest diamond operation. It hosts type-2a diamonds, which account for less than 1% of global supply.

Lucapa also has a 70% interest in the Lesotho-based Mothae project, located within 5 km of Gem Diamonds' (LON:GEMD) Letšeng mine, and which earlier this week yielded a 910-carat rock, the fifth biggest gem-quality diamond ever found.

The Australian firm said Mothae remains on track for commissioning in the second half of the year, delivering Lucapa a second complementary high-value production source to Lulo.

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