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Diamond values jump at Lucara's Botswana mine
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7th December 2011
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TORONTO ( – Lucara Diamond Corp on Tuesday said prices for the gems contained in the AK6 mine it is building in Botswana had risen 24% to $301/ct.

The Vancouver-based company said the jump was a result of the strong growth in demand for the type and quality of diamonds the project will produce, starting in the first quarter of next year.

“We are fully committed to building one of the best new mines in the industry and look forward to being a major employer and contributor to the local communities in which we will work for many years to come,” Lucara CEO William Lamb said in a statement.

Diamond prices collapsed in the immediate wake of the 2008 financial crisis, causing nearly all operators outside of Russia to curtail production or temporarily close mines. Prices then staged a roaring comeback over late 2009 and into mid-2011, reaching record levels before correcting in August.

Since then, producers such as Harry Winston have held back sales as a result of the impact market jitters were having on buyers.

Toronto-, New York- and Gabarone-listed Lucara aims to produce over 400 000 ct/y at AK6.

Consultancy Bain & Co said last week in a report that diamond demand would climb faster than supplies until the end of the decade.

Edited by: Creamer Media Reporter


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