ASX-listed Lucapa is preparing to sell its first diamonds from the Lucapa mine through the new marketing channels that Angola is establishing as part of the government’s diamond sector reforms.
Large premium-valued diamonds, including six top-colour Type IIa white diamonds, weighing a total of 449 ct, along with a 46 ct pink diamond, will be the first Lulu production to be sold through the new marketing channels aimed at increasing investment in the sector.
Diamond miners say they have struggled to make money in Angola owing to a marketing system that obliged them to sell at below international prices. According to Reuters, the new plan will set the price of rough diamonds against an international benchmark and give producers greater influence to pick their own buyers.
The diamonds up for sale were extracted from run-of-mine production and held over from a recent parcel of 2 531 ct in anticipation of the new marketing policy.
“The discussions with our Angolan partners regarding the policy changes taking place in the Angolan diamond sector have reached a stage where we are now able to plan for the sale of these large premium-value Lulo diamonds held over from previous sales,” Lucapa MD Stephen Wetherall commented.
Meanwhile, Lucapa announced the first diamond exports from its Mothae kimberlite mine in Lesotho. A parcel of 2 500 ct has been exported to Antwerp, Belgium, for cleaning and valuation.
The company stated that the parcel included yellow diamonds weighing 89 ct and 25 ct, as well as other special diamonds of up to 28 ct.