Connect with us

Headlines

Diamond Company Is Close to Finding ‘Mother Lode,’ Chairman Says

He believes ‘huge wealth’ is well within reach.

mm

Published

on

The chairman of Lucapa Diamond Company told stockholders Monday that his exploration team is closer than ever to striking the mother lode at the flagship Lulo site in Angola.

While Lulo already has a reputation for turning out large, high-quality diamonds at its alluvial deposit, chairman Miles Kennedy believes the prospect of “huge wealth” is well within reach.

“There are no silver bullets in the kimberlite exploration game…” Kennedy said. “But the patient and methodical approach adopted by our exploration team is narrowing down and confining the search areas of our quest. It may take us another couple of years, but I am more confident than ever that we can indeed find the diamond source at Lulo.”

“And while kimberlite exploration can by nature be painstakingly slow,” he added, “I am equally of the view that we are closer than ever to finding the mother lode…”

The Lulo mining area, which comprises 1,100 square miles along the length of the 31-mile Cacuilo River, has already generated a series of high-quality, impressive finds. The largest to date was discovered in 2016 and named “4 de Fevereiro.” The 404.20-carat rough gem was eventually sold for $16 million to luxury jeweler De Grisogono, which cut it into a flawless 163.41-carat emerald-cut diamond.To identify and protect sizable diamonds that might otherwise be damaged in the sorting process, Lucapa installed a $3.5 million state-of-the-art XRT large-diamond recovery system in 2017. The system uses advanced X-ray transmission technology (XRT) and larger screens (55mm) so diamonds up to 1,100 carats can be cherry picked. XRT technology is also more efficient at recovering low-luminescing, ultra-pure Type IIa diamonds. Diamonds from the Lulo site typically sell for $2,000 per carat.

Lucapa has a 40% stake in the Lulo mine and holds an exploration license that runs until April 2023. The mining firm maintains two partners in the project — Empresa Nacional de Diamantes EP and Rosas & Petales.

Advertisement

Howard Cohen is the Shoreham, NY-based editor of The Jeweler Blog, a daily blog ghost-written for retail jewelers. Cohen, a long-time industry veteran, is dedicated to making social media tasks simple and affordable for every jeweler. For more information, visit thejewelerblog.com or contact Cohen at 631-821- 8867, [email protected]. Websites: thejewelerblog.com, thejewelerblog.wordpress.com.

Advertisement

SPONSORED VIDEO

Wilkerson Testimonials

Why This Fourth-Generation Jeweler Chose Wilkerson for a Very Special Sale

Parian & Sons of Franklin Lakes, NJ was founded in the early part of the 20th century. But even stores that have successfully made it through the Great Depression, a World War and the Woodstock Generation must come to an end. With no family wanting to continue the tradition, the time was right for Glenn Parian and his wife, Maria, to retire. And what better way to do so than by hiring Wilkerson to help with the store’s liquidation sale. As Glenn puts it, with his credit card machine humming to the tune of up to 200 transactions a day, he couldn’t have done it without Wilkerson. “This is what they do,” he says. “This is what they do for everybody.”

Promoted Headlines

Most Popular