PHOTO: Another huge diamond has been found by a small Australian miner

The new find, a 104 carat diamond. Image: Supplied

The Lucapa Diamond Company, a small miner based in Perth, has found a fifth diamond larger than 100 carats.

The latest, a 103 carat type IIa gem, was recovered from the Lulo diamond project in Angloa.

Lucapa shares are up almost 7% today to $0.385.

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 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.

The latest pink diamond find. Image: Supplied.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.