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Lesotho:“The exceptional diamonds manufactured under our first profit-sharing cutting & polishing partnership represent another milestone for Lucapa’s growth as a global diamond group as we progress along the diamond value chain. This strategy was implemented to maximise the rough value of our diamond production from our Mothae and Lulo mines and to access additional revenues streams for Lucapa and our mining partners into the future.”
Stephen WetherallManaging DirectorLucapa Diamonds
Lucapa Diamond Company Limited has announced the successful outcome of the Company’s first cutting & polishing partnership, marking a milestone for Lucapa’s move along the diamond value chain.
The 36 carat rough diamond from the Mothae kimberlite mine in Lesotho (Lucapa 70%; Government of the Kingdom of Lesotho 30%) was manufactured into six polished D-colour diamonds under a cutting & polishing partnership with a leading international diamantaire.
The two largest polished diamonds produced from the 36 carat Mothae stone were both graded as D-colour and Flawless by the Gemological Institute of America (“GIA”), including the exceptional 8.88 carat Pear diamond pictured below. The market value of the polished diamonds represents a significant increase over the rough stone.
Under the partnership agreements, net profits from the sale of the polished diamonds are shared equally with the diamantaire. Lucapa’s share of the profits will be recorded in the Company’s annual accounts in accordance with IFRS.
Lucapa Managing Director Stephen Wetherall said he was delighted that the first diamond placed into the cutting & polishing strategy had produced such spectacular results.
“The exceptional diamonds manufactured under our first profit-sharing cutting & polishing partnership represent another milestone for Lucapa’s growth as a global diamond group as we progress along the diamond value chain. This strategy was implemented to maximise the rough value of our diamond production from our Mothae and Lulo mines and to access additional revenues streams for Lucapa and our mining partners into the future.”
Lucapa and its Lulo partners are expected to soon announce the first results from the cutting & polishing of Lulo production – made possible following the significant diamond sector reforms enacted by the Angolan Government in 2019