Lucapa Sales Slump with Fewer Big Diamonds

RAPAPORT... Lucapa Diamond Company's sales fell 38% in 2017, after theprevious year's figures received a boost from the sale of a huge rough stone. Proceeds from diamonds the company extracted at its Lulomine in Lesotho declined to $31.6 million last year, the miner reported Monday.While the 2016 total of $51 million included $16 million from a 404-carat rough,last year's sales dropped even discounting that amount. The overall averageprice slid 44% to $1,669 per carat. Production declined 6% to 18,706 carats, with the company recovering238 special-size stones - those above 10.8 carats - compared with 269 theprevious year. Out of six diamonds above 50 carats that it found during 2017, thelargest two were type-IIa, D-color diamonds weighing 129 carats and 78 carats. The company plans to sell those two stones in early 2018,hoping to maximize proceeds due to the stronger demand during that periodas manufacturers look to replenish their stocks. Aside from Lulo, Lucapa intends to start commercial productionat its Mothae mine in Lesotho in the second half of 2018, and is carryingout exploration at the Brooking lamproite project in Western Australia.