05 Aug 2021
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15.2 ct Polished Pink Lulo Diamond
Main diamond cut & polished from the 46 carat pink coloured Lulo rough diamond
By: Diamond World News Service
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Dec 5 2020 10:36AM
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Reference: 25297  

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Lucapa Diamond Company Limited announced the result of cutting & polishing the 46 carat pink coloured rough diamond recovered by Sociedade Mineira Do Lulo at the Lulo Diamond Project in Angola. As per the ASX announcement 24 March 2020, the gem-quality 46 carat pink rough diamond was sold by SML into a cutting & polishing partnership with SML’s preferred buyer, Safdico International Limited (“Safdico”).

Under the partnership agreement, SML retained a share in the margin to be generated from the sale of the resultant polished diamonds. The Lulo partners are pleased to advise the results delivered from cutting & polishing the 46 carat diamond. The rough diamond delivered 3 polished diamonds - a 15.2 carat Heart and two Pear shaped diamonds weighing 3.3 carats and 2.3 carats.

The main delivery, a 15.2 carat Heart shaped diamond was graded by the Gemmological Institute of America (“GIA”) as Fancy Intense Orangy Pink, with a clarity grade of VVS1 and Excellent gradings for both polish and symmetry. The 46 carat pink coloured diamond is the largest gem-quality coloured rough diamond recovered to date from Lulo mining operations.

The transformational marketing regulations enacted in Angola in 2019 provides SML with the ability to sell diamonds into other value accretive channels and partnerships whereby SML is able to attract additional value over and above the normal rough price achieved at mine gate. This partnership channel materially enhances the value SML delivers to all its stakeholders, including the Angolan economy.

Dr Ganga Junior, Chairman of the Board of Endiama, commented: “The results obtained from this diamond are a reflection of the new Government policies for the Angolan diamond sub-sector. They also constitute physical and visible evidence of the great potential of the Lulo mine, which due to the quality and characteristics of the diamonds it has produced, boosts our confidence in the future of the national diamond industry.”

Stephen Wetherall, Lucapa Chief Executive and Managing Director, commented: “The recent enactment of the Angolan diamond marketing regulations is having the desired effect. New permitted diamond marketing channels, such as this partnership initiative implemented at SML, are starting to show the real and significant additional benefitthat can be derived from the diamonds produced at Lulo.” “Pink coloured diamonds are rare and constitute less than 0.1% of global diamond production. With the recent closure of the renowned Argyle underground mine in Australia, which produced ~90% of the world’s natural pink diamonds, these diamonds are about to become even more scarce. This bodes well for the sale of the 15.2 carat polished pink diamond and other diamonds derived from this unique value accretive polishing partnership”.

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