Memorial Foundation of Carl Fabergé continues to fulfill its tasks

Valentin Skurlov, Ph. D., who is an Honorary Academician of the Russian Academy of Arts, professor, scientific secretary of the Fabergé Memorial Foundation, consulting researcher studying the Fabergé heritage at the Russian department of the Christie's...

30 march 2020

Gaetano Cavalieri: We need to protect the long-term health of our industry

The World Jewellery Confederation (CIBJO) represents the entire jewelry industry embracing a whole variety of companies, from those mining precious metals and gems to those, which are manufacturing and selling final products. The confederation...

23 march 2020

Sierra Leone mulls setting up entity to buy diamonds from artisanal miners

Sierra Leone will revise its Mines and Minerals Act that will, among other issues, pave way for the establishment of a State entity that can buy diamonds from artisanal miners, an official has said. The National Minerals Agency of Sierra Leone director-general...

16 march 2020

David Block, CEO of Sarine Technologies believes that AI will play a bigger role in the industry in the next few years

Armed with an MBA degree from the Kellogg-Recanati School of Business, and a Bachelor's degree in Computer Science from the Tel Aviv-Jaffo Academic College in Israel, David Block is the present CEO of Sarine Technologies, a worldwide leader in the...

10 march 2020

Botswana wants to fully participate in research and development led by De Beers

Although the government of Botswana has refused to review its latest demands from the ongoing negotiations for a new sales and marketing deal with De Beers, it has indicated its desire to fully participate in research and development led by the diamond...

02 march 2020

Lucapa’s Lulo diamond resource jumps 25% to 100,700 ct

16 march 2020

Lucapa Diamond says the in-situ resource carats at Lulo mine, in Angola has increased by 25% to 100,700 carats.
The new diamond resource, it said, equates to more than five times Lulo’s production of about 19,000 carats in 2019, the fifth consecutive year of commercial alluvial production.  

news_29112019_lulo.png
Image credit: Lucapa Diamond


The Lulo diamond resource was independently estimated and reconciled on a depletion and addition basis as at 31 December 2019 by external consultants, Z Star Mineral Resource Consultants, updating the previous resource dated 31 December 2018.
In addition, the estimate further puts the average dollar per carat value for Lulo diamonds modelled at $1,620, representing a 14% increase on the previous modelled estimate of $1,420 per carat. 
Overall sales of Lulo diamonds to date total about $168 million at an average price per carat of $1,900.
“The updated Lulo Diamond Resource is the result of another significant workstream undertaken by the Lulo partners throughout 2019 in parallel with the ongoing alluvial mining and kimberlite exploration programmes,” said Lucapa managing director Stephen Wetherall. 
“Together with the positive diamond marketing reforms introduced in Angola in 2019, the latest increase in both in-situ resource carats and average modelled price supports the investment made by the Lulo partners to expand diamond production and cash generation from 2020.”  
He said Lucapa was confident that it can continue to build on the alluvial resource given the vast areas along the Cacuilo River valley which remain unexplored. 
“With that in mind, and with the recent arrival on site of two additional auger rigs, we will see a significant step up in our resource-definition drilling and pitting programmes in 2020,” said Wetherall. 

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished