Sales Deferral Hits Lucapa Proceeds

RAPAPORT... Lucapa Diamond Company garnered $4.2 million at its Novembertender as the miner continued to hold back higher-value goods for sale later inthe year. The company sold 3,411 carats of alluvial rough from itsLulo mine in Angola, fetching an average price of $1,220 per carat. The sale excluded a parcel of seven large, top-qualitystones from Lulo, including four type IIa white diamondsweighing 43 carats, 70 carats, 75 carats and 114 carats, and a 46-carat coloreddiamond. The company has been withholding these goods for severalmonths, and will offer them in the fourth quarter when Angola'sreformed diamond-marketing policy is in effect. The African country's new sales policy is likely to addsignificant value to Lucapa's sales of special diamonds, the miner explainedlast month. The miner has sold a combined $24.5 million worth of roughthis year at an average price of $1,353 per carat. Image: Rough diamonds from the Lulo mine. (Lucapa Diamond Company)