Huge diamonds keep coming out of Lucapa’s Lulo mine in Angola

Australia’s Lucapa Diamond (ASX:LOM) has found yet another large sparkler at its prolific Lulo mine in Angola — a 114-carat diamond, the eleventh 100-plus carat diamond recovered to date and the third this year.

The 114-carat diamond is the eleventh 100-plus carat recovered to date and the third this year.

The company said the stone will be added to an inventory of large diamonds being held for sale at a later date.

Last week, the junior miner said Lulo had yielded 118 special diamonds in the first half of 2018, including a 46-carat pink stone, the largest coloured gem-quality rock ever recovered there.

Lucapa has a 35-year license for the project, which in February bore a massive 404.2-carat white diamond, considered the largest diamond ever recovered in Angola and the biggest ever found by an Australian company.

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

Angola is the world’s No.4 diamond producer by value and No.6 by volume. Its industry, which began a century ago under Portuguese colonial rule, is successfully emerging from a long period of difficulty as a result of a civil war that ended in 2002.

Findings at Lucapa’s Lulo diamond project jump on record mined volumes

Selection of Lulo Specials in the unsold diamond inventory. (Image courtesy of Lucapa Diamond.)