HomeMarket NewsMiningLucapa Diamond Discovers Third-Largest Diamond at Lulo Mine

Lucapa Diamond Discovers Third-Largest Diamond at Lulo Mine

Actionable Trade Ideas

always free

In an exhilarating development, Lucapa Diamond has unearthed the third-largest diamond ever found at the Lulo mine. This remarkable discovery comes hot on the heels of their retrieval of a 123-carat, type IIa rough diamond earlier in October.

The Lulo mine is renowned for producing the world’s highest dollar-per-carat alluvial diamonds. Since its commencement of commercial production in January 2015, the mine has achieved extraordinary success. In a remarkable feat, it yielded the largest diamond ever recovered in Angola merely a year later. Weighing an incredible 404 carats, this white diamond was subsequently named the “4th February Stone.”

Lucapa finds Lulo mine’s third-largest diamond
The image showcases the second 100-carat-plus diamond discovered at Lulo in October. (Image courtesy of Lucapa Diamond.)

Through the course of its operation, the Lulo mine has yielded an impressive total of 39 diamonds, each weighing over 100 carats.

Lucapa Diamond holds a significant 40% stake in the Lulo mine, with the remaining ownership divided between Angola’s national diamond company, Endiama, and Rosas & Petalas, a private entity.

Angola currently ranks as the world’s fifth-largest diamond producer in terms of value and sixth in terms of volume. The country’s diamond industry, which traces its roots back to the era of Portuguese colonial rule a century ago, is progressing steadily towards liberalization and modernization.

Swing Trading Ideas and Market Commentary

Need some new swing ideas? Get free weekly swing ideas and market commentary from Jonathan Bernstein here: Swing Trading.

Explore More

Weekly In-Depth Market Analysis and Actionable Trade Ideas

Get institutional-level analysis and trade ideas to take your trading to the next level, sign up for free and become apart of the community.