Angola Rough Tender Brings In More Than $56M

RAPAPORT... An auction of special rough by Angola's state-owned diamond trader garnered $56.6 million, led by the sale of seven diamonds from Lucapa's Lulo mine.The National Diamond Trading Company, known as Sodiam, also offered rough from Alrosa's Catoca and Luele mines at its third tender in Luanda, which ran from June 9 to 23, it said last week. In addition, the sale included special stones from the Uari mine, which is run by Endiama.The tender of Lulo stones was the largest single-sale event ever for rough from the mine, Lucapa noted. Together, the seven diamonds weighed 620 carats and included four stones over 100 carats, as well two pinks weighing 40 and 27 carats. In total, the Lulo diamonds fetched $21.4 million at an average price of $34,548 per carat."The prices achieved for the Lulo diamonds reflect the strong diamond market post the height of the pandemic in 2020, where rough diamond prices have continued to strengthen on the back of low rough supplies and returning consumer demand," Lucapa said.More than 50 companies participated in the Angolan auction, with the results reflecting the highest value at a tender of special rough, despite Covid-19 restrictions, Sodiam explained. The company held its first tender in February 2019, and the second in December of the same year. It was not able to run any sales in 2020 due to the pandemic.Image: Six of the Lulo rough diamonds offered at the Angola tender. (Lucapa Diamond Company)