Australian miner Lucapa Diamond Company has announced that the 404 carat diamond recovered from the Lulo Diamond Project in Angola earlier this year has been sold for A$ 22.5 million (US$ 16 mn).

This translates into a spectacular average price of AS$ 55,585 (US$ 39,580) per ct, which, the Company said, is a record price for a white diamond receivered from Lulo.

The company has recovered 60 large special diamonds from its alluvial mining operatios at Lulo since mining started there in August 2015. The 404-carat stone is largest to date, and is described as the 27th biggest diamond found in the world. The previous largest diamond recovered at Lulo weighed 133.4 carats.

Lucapa CEO Stephen Wetherall said, “The sale of a single diamond for US$ 16 mn underlies the huge potential of the Lulo diamond field to regularly produce gems which are both larger and of world class quality. We look to advancing the kimberlite exploration programme to locate the primary source of those gems.”

Lucapa has a 40% stake in the Lulo project. Its other partners are Endiama Angola's national mining partner, which has a 32% stake and private local partner Rosas & Petalas, which holds the remaining 28%. The project site is about 150 kms away from the Alrosa operated Catoca, which is the world's fourth biggest diamond mine and accounts for 75% of Angola production.