A tiny Australian mining company has found another massive diamond

Image: Supplied.

The Perth-based Lucapa Diamond Company has found another massive diamond, this time a 227 carat gem, the second largest ever found in Angola and worth millions of dollars.

The largest recovered by Lucapa and its partners Empresa Nacional de Diamantes E.P. and Rosas & Petalas was a 404 carat stone found a year ago at the same Lulo Diamond Project.

A short time ago, Lucapa Diamond’s shares were up 6% to $0.40.

Testing confirmed the latest find as a premium-quality Type IIa D-colour gem. It is the 7th 100-plus carat diamond recovered from the Lulo project.

The project has been yielded the highest dollar per carat prices from a diamond mine in the world. The company has been averaging $US1276 ($A1671) per carat from the sale of its diamonds.

The latest find will sell for a huge premium because of its size and quality. The 404 carat gem sold for $US16 million.

“It is fitting that within a week of the anniversary of recovering Angola’s biggest diamond, the 404 carat 4th February Stone, we have now recovered Angola’s second biggest diamond on record, our 227 carat Lulo gem,” says Lucapa managing director Stephen Wetherall.

“Both were recovered during the Angolan wet season.”

He says the find further underlines the potential for the remainder of the 50km stretch of the Cacuilo River to continue to produce large valuable alluvial diamonds.

Some of the 100-plus carat diamonds found at the mine:

Image: Supplied.

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