Category Archives: ROUGH DIAMONDS

Lucapa finds another massive diamond at Lulo, biggest pink yet

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Australian Lucapa Diamond (ASX:LOM) has unearthed yet another massive, this time a  38.6-carat pink diamond, at its Lulo project in Angola.

The coloured stone is the largest “fancy” pink diamond recovered to date from Lulo, surpassing the 28.5-carat, said the company, which sold it earlier this week as part of a parcel of other rocks for a total of $5.8 million.

The Lulo diamond project, located 150km from Alrosa’s Catoca mine, the world’s fourth largest diamond mine, hosts type-2a diamonds which account for less than 1% of global supply.

The 38.6-carat pink diamond was sold earlier this week as part of a parcel of other rocks for

a total of $5.8 million.

Lucapa holds a 35-year license for the project, which recently bore a 404.2-carat white diamond, considered the largest diamond ever recovered in Angola and the biggest diamond ever found by an Australian company.

Angola is the world’s No.4 diamond producer by value and No.6 by volume. Its industry, which began a century ago under Portuguese colonial rule, is successfully emerging from a long period of difficulty as a result of a civil war that ended in 2002.

Earlier this year, the government reduced taxes and cut state ownership requirements to rekindle the industry after the global financial crisis forced mines to close.

The world’s biggest pink diamond found to date was unearthed at Rio Tinto’s Argyle mine, weighing 13 carats.

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Henry Sapiecha

Alrosa unearths 241.21-carat diamond, one of largest ever found in Russia

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The diamond was found the Nyurbinsky open-pit mine, in Nakyn. (Image courtesy of ALROSA)

Russia’s Alrosa (MCX:ALRS), the world’s top diamond producer by output in carats, has unveiled the discovery of a 241.21-carat rough diamond at its Nyurbinsky open-pit mine.

The diamond is one of the largest ever recovered in Russia.

The precious rock, said the company, is one of the largest rough diamonds ever recovered in Russia and the third largest among those found by the company’s Nyurba Mining and Processing Division.

The massive diamond measures 38.64 mm by 27.34 mm by 25.46 mm, and is translucent with a grey hue. Traces of dissolution–etching channels and caverns–are observed on the surface.

The intermediate and peripheral zones have large cracks and the crystal contains graphite and sulphide inclusions, Alrosa said.

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The massive diamond measures 38.64 mm by 27.34 mm by 25.46 mm, and is translucent with a grey hue. (Image courtesy of ALROSA)

The Nyurbinsky has been in operations since 2001. Identified reserves January last year amounted to 36.9 million carats.

The Nyurba Mining and Processing Division is one of Alrosa’s youngest divisions, in charge of the Nakyn ore field as well as the Nyurbinsky and Botuobinsky open-pit mines.

The state-owned diamond miner may be privatized as soon as this summer, Russian Economy Minister Alexei Ulyukayev said at the St Petersburg International Economic Forum on Thursday, according to Reuters.

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Henry Sapiecha

Second largest diamond in the world does not reach reserve at auction

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The world’s second largest diamond – the size of a tennis ball –  has failed to sell at Sotheby’s auction in London on Wednesday.

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Initially valued at more than CAD$90million, the highest bid for the 1109-carat diamond reached only $61 million.

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The diamond, dubbed ‘Lesedi La Rona’, was discovered at Lucara Diamond Corp’s Karowe mine in Botswana last year and translates to ‘our light’ in the local language.

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Its size is second only to the Cullinan diamond which was cut into nine pieces to form part of the UK crown jewels.

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Henry Sapiecha

Petra finds yet another huge diamond at its very productive Cullinan mine

petra-finds-another-massive-diamond-at-its-cullinan-mine 121.26-carat white rock image www.worldwidediamonds.info

London-listed Petra Diamonds (LON:PDL), already known for its major findings of recent months, has just unearthed a 121.26-carat white rock from its Cullinan mine in South Africa.

The gem is a Type II diamond “of exceptional colour and clarity”, the company said, and is “an outstanding example of the large, high quality diamonds for which the mine is known.”

The 121.26-carat white diamond, along with a number of other high quality stones, will be sold in the last tender of Petra’ 2016 financial year.While Petra did not provide a value estimation, it did say the freshly found rock, along with a number of other high quality stones, will be sold in the last tender of its 2016 financial year.

Last week, a 24.18-carat intense blue diamond known as The Cullinan Dream, which Petra found in 2014, sold for $25.4 million in New York, breaking all records and becoming the most expensive gem of its kind ever sold at auction.

The Cullinan mine, located north-east of Pretoria, has yielded several massive gems, including the largest rough gem diamond ever discovered — the Cullinan. The 3,106-carat stone was cut into two highly significant diamonds, which can be found in the Crown Jewels of the Queen of England.

Petra, which operates four diamond mines in South Africa and one in Tanzania, posted a loss for the first half of its financial year in February, due to fewer sales demand and a glut of supply that pushed rough diamond prices down by 9%.

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Henry Sapiecha

This is the 68-carat diamond Lucapa just found at its Lulo mine in Angola Africa

this-is-the-68-carat-diamond-lucapa-just-found-at-its-lulo-mine-in-angola image www.worldwidediamonds.info

Australia-based Lucapa Diamond (ASX:LOM) has recovered another major rock from trial mining at E46 alluvial terraces — a new area at its Lulo mine, in Angola.

The 68.1-carat gem-quality diamond is one of eight “significant” rocks found at the site, located about 10 km upstream from the alluvial Mining Block 8 and 6, from which Lucapa has been mining diamonds since the firm began commercial operations in January last year.

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(Image courtesy of Lucapa Diamond)

According to the miner, the finding highlights the potential for widespread recovery of large gems from its Lulo mine, considering the largest individual diamond recovered from the initial exploration bulk sampling phase conducted in the area weighed just 6.9 carat.

Lulo, about 700 kilometers (435 miles) east of Angola’s capital Luanda, is a joint venture between the company and the Angolan government. Lulo is located 150km from Alrosa’s Catoca mine, the world’s fourth largest diamond mine.

The mine hosts type-2a diamonds which account for less than 1% of global supply and, according to Lucapa, the world’s most famous large, white, flawless diamonds belong to this category.

lucapa-exploration-at-lulo-map image www.worldwidediamonds.info

(Image courtesy of Lucapa Diamond)

Angola is the world’s No.4 diamond producer by value and No.6 by volume. Its industry, which began a century ago under Portuguese colonial rule, is successfully emerging from a long period of difficulty as a result of a civil war that ended in 2002.

The government has recently reduced taxes and cut state ownership requirements as it seeks to rekindle the industry after the global financial crisis forced mines to close.

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Henry Sapiecha

Petra Diamonds just sold this ‘exceptional pink’ rough gem for a whopping $15m

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Petra Diamonds (LON:PDL) shares recovered some sparkle Thursday after the company announced it had sold an ‘exceptional pink’ diamond for $15 million, or $463,965 per carat.

The stock was up more than 2% in afternoon trading in London to 109.75p, and it has gained about 25% to date since the beginning of 2016.

It was found in November at Petra’s Williamson mine in Tanzania.The 32.33-carats diamond was recovered in November from the firm’s Williamson mine in Tanzania.

Golden Yellow Diamonds purchased the rock on behalf of Israel-based diamond manufacturer, M.A. Anavi Diamond Group, which specializes in large and unique coloured diamonds.

Petra Diamonds, known for major findings in recent months, said it would retain a 10% interest in the polished proceeds.

The company, which owns the Finsch and Cullinan mines, posted last month a loss for the first half of its financial year as fewer sales demand and a glut of supply pushed rough diamond prices down by 9%.

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Henry Sapiecha

A small Australian diamond miner just found this huge gemstone in Angola

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The 404.2 carat Type IIa D-colour Lulo gem

An Australian mining company has just announced the discovery of an enormous 400-carat diamond, and its shares are going wild.

The find – the biggest diamond ever unearthed in Angola – was announced by the Perth-based Lucapa Diamond Company. A short time ago, the company’s shares were up 32% to $0.425.

The gem is 404.2 carats, or about 80 grams, in weight and is the fourth 100+ carat diamond recovered from the Lulo diamond project in Angola’s Lunda Norte province.

The diamond is the 27th biggest recorded in the world and the biggest discovered by an Australian company.

The previous record for Angola’s largest diamond belonged to the Angolan Star, a 217.4 carat gem recovered in 2007.

Based on recent average prices, the latest diamond is worth more than $800,000 just on its weight alone. Cut and mounted into a piece of jewellery, the price would run into many millions.

The alluvial Mining Block 8 at Lulo, which has already produced more than 60 large special diamonds since mining started there in August 2015. The previous largest diamond recovered at Lulo weighed 133.4 carats.

Over the 12 months since the company started operations at Lulo, 10,372 carats have been recovered, not including the latest find. In the December quarter, the company recorded diamond revenues of $8.1 million at record quarterly average selling prices of $2141 per carat.

CEO Stephen Wetherall says Lucapa and its partners Endiama and Rosas & Pétalas are extremely proud to have recovered such an exceptional world-class diamond.

“We have always emphasised the very special nature of the Lulo diamond field and this recovery — together with the other 100 carat-plus diamonds recovered this year alone — is further evidence of that,” he says.

“And while we continue mining these exceptional alluvial gems from Mining Blocks 6 and 8 at Lulo, we are also continuing to advance our systematic exploration program to find the kimberlite source of these diamonds.”

Kimberlite is a type of rock desposit where diamonds form.

The company is essentially finding diamonds as it digs trenches in search of the core of the diamond source, the kimberlite pipe.

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Henry Sapiecha

Rio uncovers large diamond as prices set for decline

diavik-foxfire.rio tinto rough diamond image www.worldwidediamonds.info

Rio Tinto has unveiled a 187.7 carat rough diamond, as miners predict a decline in rough diamond prices ahead.

The diamond, one of the largest ever discovered in Canada, has been called the Diavik Foxfire, and was uncovered at the Diavik mine just 220 kilometres south of the Arctic Circle.

The unveiling of the rough diamond comes as prices for the stones decline.

Rio Tinto Diamonds managing director, Jean-Marc Lieberherr, explained the reduction in demand from China coupled with a lack of available credit in the industry has wreaked havoc on the sector.

“There is a need for the rough prices to adjust to the economic value of the polished price and that trend is in motion at the moment,” Lieberherr told Bloomberg.

Prices for rough diamonds have fallen by nearly a fifth this year, and expected to continue falling for a sixth quarter.

However there is an expectation that this current situation will reverse mid-next year, as traders and cutters begin releasing supply.

“The polished pipeline is a little bit overloaded and it will probably take until about the middle of next year to come back to normal levels,” Lieberherr stated.

“The last 12 to 18 months have been tough for the industry.”

The larger producers, De Beers and Rio Tinto, have all lowered production in an effort to support prices, while Australian diamond magnates are facing financial difficulties in the low market.

Late last month the second largest single diamond ever – a 1111 carat stone – was uncovered.

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Henry Sapiecha

Rio Tinto unveils one of largest diamonds ever found in Canada

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The rough diamond was found at Canada’s Diavik mine, located 220km south of the Arctic Circle.

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The Diavik Foxfire will be showcased in London before returning to Antwerp for careful assessment and planning for the next stage of its journey.

The Diavik mine, located 220km south of the Arctic Circle, is a significant contributor to Canada’s northern economy. Since 2000, Diavik has spent Cdn$4.8 billion with local businesses and Cdn$2.5 billion of this with northern Aboriginal businesses and their joint ventures.

Dominion Diamond Corp owns the remaining stake in Diavik mine.

Mining giant Rio Tinto (LON:RIO) unveiled Wednesday its 187.7-carat Diavik Foxfire diamond, one of the largest precious stones ever unearthed in Canada, found at the remote at the company’s 60% owned Diavik Mine, in the Northwest Territories.

The two billion-year-old Diavik Foxfire diamond, showcased during an exclusive preview at Kensington Palace in London, has also been bestowed an indigenous name — Noi?eh Kwe — to honour the area of the Caribou crossing, the company said in a statement.

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Rough-diamond prices have fallen about 18% this year and are heading for a sixth straight quarterly decline

Rough-diamond prices have fallen about 18% this year and are heading for a sixth straight quarterly decline, the longest streak since at least 2004, according to data from U.K.-based WWW International Diamond Consultants.

Cooling demand for diamond jewellery in China, the largest buyer after the U.S., and a credit crunch in the industry has weakened demand for the gems.

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Henry Sapiecha

Lucapa finds massive rare diamond

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Lucapa Diamond Company Limited has announced that it has recovered its largest diamond yet since alluvial mining commenced at the Lulo Diamond Project in Angola in January 2015.

On the Yehuda rough diamond colorimeter, the 90.32 carat gem is D colour and a Type 2A gem, one of the rarest categories of diamond in the world.

Lucapa also discovered a 63.05 carat Type 2A diamond in April 2015 and two Type 2A diamonds, weighing in at 131.4 and 95.45 carats, in January 2014. To date, the Lulo alluvial diamonds have averaged sale prices of $1,668 per carat, valuing Lucapa’s new find at over $150,000.

As well as the 90.32 carat gem, Lucapa and its partners have found a total of 31 special diamonds and 33 preliminary bulk sampling results from Mining Block 8 since mining commenced in August 2015.

Lucapa and its partners are conducting systematic pitting programs which aim to expand the Mining Block 8 alluvial diamond field.

Last month, Lucara Diamond recovered a 336 carat Type 2A diamond from its Karowe Mine in Botswana, following the find of another Type 2A 341.9 carat diamond in April 2015.

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Henry Sapiecha