Lulo Mine in Angola Yields 7, Over 50 Carats Diamonds

Lulo Mine in Angola Yields 7, Over 50 Carats Diamonds , News 99

Monday, August 28, 2017

For some, the year 2017 is spinning gold, and for others, its diamonds. A number of miners have made headlines since the start of this years for exploiting massive rough diamonds from their deposits all over the year. While some exceeded expectations in the redemption price, others had to be withhold for not meeting the expectations of the sellers.
This month, another giant diamond miner came into spotlight for a very similar reason. Lucapa Diamond Company, an Australian heavyweight in the diamond industry stole all the attention off every other rival when it announced the news that it has in its possession 7 stones over the weight of 50 carats from a recent mining expedition.

The news travelled swifter than most and went viral instantly all over the internet in a flash. After the word got out, the company made an announcement on Thursday, confirming the report. It is during this announcement that the company revealed that two of these seven stones are IIa type. They weigh 83 and 68 carats respectively.
The gems have been recovered from the Lulo diamond mine in Angola.

Lucapa has decided to send away all of the seven stones to Socieda de Mineira Do Lulo, aka SML that is the official owner of the diamond deposit wherefrom the gems have been exploited. Records tell that Lucapa has about 40% stake in Lulo.

The diamonds are scheduled to be brought to public display and put up for sell some time in the month of September. Though dates have not been confirmed yet, the producers say that it should be brought out during the next month.

All of these gems weigh over 50 carats and have been mined from the same place, the lucky block 8 of the Lulo mine in Angola. Lucapa, the company responsible for mining the diamonds for Lulo has restarted alluvial operation in block 8 recently. As the monsoon season has come to an end, it’s safe again to reopen the operations, says the miners.
The Section 8 of the Angola mine of Lulo is said be particularly yielding, what with most is turning out some of the high-value and sizeable roughs that Lucapa has unearthed. On the record, the largest stone mined by Lucapa is from this Angola mine. It was found in the month of February, 2016. The stone weighed 404 carats and was named the 4
thFebruary Stone. The jewel was sold for a whopping $16 million.

After that record breaking sale, another diamond that came closest was a rough that fetched Lulo $1.5 million.
So this is going to be Lulo’s largest sale so far this year. While loyalist all over the world are waiting to catch a glimpse of the diamonds on its inauguration event with pulsating enthusiasm, collectors are already buckling up to make their claims. Expectedly, the type IIa diamonds will hammer the highest price while others will follow close by.

For now, keep an eye and an ear out for the upcoming Lulo auction. 


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