Lucapa Diamond produced 16,588 carats during the period ending September 30, 2023, from its 40%-owned Lulo alluvial mine in Angola and 70%-owned Mothae mine in Lesotho.
This represents a decline of 20% compared to the 20,618 carats from the same period last year.
The Lulo mine recovered 7,578 carats in the third quarter, including a 96-carat white and a 66-carat pink, while Mothae produced 9,010 carats during the same period.
During the third quarter, Lucapa experienced an interruption of approximately two weeks in production at Lulo.
This hindrance stemmed from an illegal work stoppage.
Nevertheless, Lucapa effectively resolved the situation by solidifying a new agreement with a worker's union that will remain valid until 2026.
During the period, there were two sales of run-of-mine diamonds, totalling 8,657 carats.
However, a third sale of approximately 2,300 carats has been rescheduled for the fourth quarter.
Revenue across the two sales was $9.1 million at an average rough price of $1,052 per carat, a decline of 56% compared to $20.6 million at an average rough price of $1,499 a year earlier.
Revenue was down on the previous corresponding period due to seven of the high-value stones being held over for the tender, which took place post-quarter end.
“However, as the recent tender results confirmed, large, high-quality diamonds such as those produced at Lulo and Mothae are still attracting strong prices and are in high demand compared to the smaller goods used by mainstream jewellers,” said Lucapa managing director Nick Selby.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
