A tiny Australian miner has found another huge diamond

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The Lucapa Diamond Company, a small miner based in Perth, has found a sixth diamond larger than 100 carats, its second big find in less than a week.

The latest, a 172.67 carat type IIa gem, was recovered from the Lulo diamond project in Angola. Last week, the company announced finding a 103 carat gem.

Lucapa shares were up 6.5% today to $0.41.

The company is essentially finding diamonds as it digs trenches in search of the core of the diamond source, the kimberlite pipe – a type of rock deposit where diamonds form.

Lucapa in February reported finding the largest diamond ever recovered in Angola, a 404.2 carat stone, weighing about 80 grams.

That diamond, the largest recovered by an Australian company, sold for $US16 million ($A22.5 million), an average price of $US55,585 ($A72,682) per carat.

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

The company’s most recent sale, a parcel of 3,642 carats of diamonds, gained a combined total of $US4.4 million ($A5.8 million), or an average of $US1,212 ($A1,606) per carat.

Earlier this month, the miner recovered a 38.6 carat pink diamond, the largest fancy coloured diamond found so far at Lulo. The previous biggest was a 28.5 carat light pink diamond included in the company’s most recent sale parcel.