Friday 24 May 2013

Lucara Sells 239-Carat Diamond for $5.75 Million

Lucara Sells 239-Carat Diamond for $5.75 Million

(IDEX Online News) – Lucara Diamond Corp. sold a 239-carat diamond for $5.75 million at its first tender of large and exceptional diamonds. The tender of Karowe diamonds, which consisted of 15 single stone lots, sold for gross revenues of $24.85 million ($30,468 per carat).

Four other diamonds recovered from the Botswana mine each sold for more than $2.5 million.

"We are ecstatic with the results of this special tender and it confirms the quality of diamonds currently being produced from Karowe,” said CEO and President William Lamb.

“The recovery of large and exceptional diamonds cannot accurately be predicted, but the recovery of blue diamonds and now a population of large diamonds are making Karowe a remarkable deposit. To be in a position to hold a large stone tender within the first year of production is exceptional, especially when considering that all the diamonds sold, were recovered from a regular production cycle.”

He added that in the past few weeks, additional large diamonds have been recovered and management is currently considering options for holding an additional tender of large stones later this year.

The company said that modifications to the top size of material that the process plant treats has already been increased, ensuring the continued recovery of larger than expected diamonds.