A huge diamond found by a tiny Australian miner has just sold for $22.5 million

The 404.2 Lulo diamond. Image: Sepplied

The Perth-based Lucapa Diamond Company just sold the 404.2 carat gem it found in Angola for $US16 million ($A22.5 million).

CEO Stephen Wetherall says this represents a spectacular average price of $55,585 per carat.

“The sale of a single diamond for $US$16 million underlines the huge potential of the Lulo diamond field to regularly produce gems which are both large and of world-class quality,” says Wetherall.

A short time ago, the company’s share price was down 2.3% to $0.41.

The find, the biggest diamond ever unearthed in Angola, weighs about 80 grams and is the fourth 100+ carat diamond recovered from the Lulo diamond project in Angola’s Lunda Norte province.

A 90.32 carat D colour Type IIa diamond and fancy pink and yellows from Angola.

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

Lucapa is the operator of the Lulo project and has a 40% interest in the alluvial diamond mining operations. Endiama has a 32% interest with private Angolan partner Rosas & Pétalas holding 28%.

The alluvial Mining Block 8 at Lulo 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.

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