Lucapa Diamond says the Lulo alluvial diamond resource estimate has been increased by 48% to 228,400 carats following exploration work undertaken in 2023. The company has taken into account a depletion of 30,585 carats.
Z Star Mineral Resource Consultants, a contract consultant, independently estimated the Lulo resource on an extension and depletion basis as of December 31, 2023.
According to Lucapa, approximately 200,000 carats of diamonds have been produced from the Lulo concession to date, with sales to Sociedade Mineira do Lulo (SML) for approximately $426 million at an average price of $2,122 per carat.
Lucapa said the estimate was impacted by lower rough prices in 2023.
“The modeled rough diamond value was calculated using the global rough diamond price index provided by GTD Consultants, an independent diamond valuation consultancy, as of December 31, 2023,” Lucapa said in a statement.
“The modeled weighted average rough diamond value decreased by approximately 5% from $2,000 per carat to $1,897 per carat,” the company added.
Meanwhile, Lucapa noted that Lulo rough diamond sales in 2023 were $77.3 million, with an average price of $2,700 per carat.