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Massive Diamond Boosts Lucara’s 2016 Sales
Dec 11, 2016 6:48 AM
By Rapaport News
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RAPAPORT... Lucara Diamond Corp. expects revenue to hit $295
million in 2016, implying a 32 percent surge from a year ago, following the sale
of the most expensive rough diamond in history.
The Canada-based miner sold
the 813-carat Constellation diamond for a record $63.1 million, or $77,649 per
carat, to Dubai-based Nemesis International in May. Full-year revenue including
that stone is expected to come in at an average of $823 per carat, the company
said.
Sales excluding the Constellation diamond are anticipated at
$232 million, or $649 per carat. This includes the miner’s recently closed
fourth regular tender of the year, as well as an exceptional stone tender in
November that fetched
$38.7 million.
“Our final sale of the year has shown strong demand for our
larger, higher-quality diamonds and also a sustainable demand for the
smaller-size diamonds,” said William Lamb, Lucara’s president and chief
executive officer.
Lucara extracts diamonds from the Karowe mine in Botswana,
best known for the 1,109-carat Lesedi
La Rona, the second-largest rough diamond in history which failed to sell at a Sotheby's auction this year. Sales from the mine
since its launch in June 2012 exceeded the billion mark at this year’s fourth
regular tender, hitting $1.02 billion, or an average of $566 per carat. Total
production from the mine is 1.8 million carats over the four
years.
Revenue in 2017 is expected to be $200 million to $220
million, excluding sales of exceptional diamonds such as the Lesedi La Rona,
which is yet to be sold. The company envisages more
lucrative mining next year as it shifts excavation to a part of Karowe that holds potential for higher-value production.
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Tags:
Canada, Constellation, Dubai, Karowe, Karowe mine, Lesedi La Rona, lucara, Lucara Diamond Corp., Nemesis International, Rapaport News, rough diamond, William Lamb
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