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Special Diamonds from Lulo to be Sold in January at First-ever Tender Under New Angolan Marketing Law

Dec 07, 2018

Seven large and exceptional rough diamonds from the Lulo diamond project will be put on sale at the historic inaugural international tender in January 2019, the first ever to be held under Angola’s new diamond marketing laws.

This was announced today by Lucapa Diamond Company and its partners at the Sociedade Mineira Do Lulo (SML), which owns the mine, Empresa Nacional de Diamantes E.P. (“Endiama”) and Rosas & Petalas.

Under the policy, just approved by the President of Angola, His Excellency Joao Lourenco, and the Council of Ministers, the diamonds will be sold through an exceptional stone tender to be held in the offices of Sodiam (Angolan state diamond marketing company) in Luanda.

The seven Lulo diamonds to be offered at tender include Type IIa D-colour white gems of up to 114 carats and a 46 carat pink. These diamonds were held in inventory by SML in anticipation of the new marketing policy being introduced.

The specials were planned to be sold in the December 2018 Quarter. However, while meeting the timetable was achievable, it has been subsequently proposed and agreed that significant additional buying interest would be generated from holding the inaugural international tender in January 2019, when diamond pricing is traditionally stronger.

The Lulo partners, in conjunction with Sodiam, will invite major international diamantaires and large stone manufacturers to participate in this inaugural tender.

The new diamond marketing policy is among the measures being introduced by the new Angolan President with the express aim of increasing foreign direct investment into Angola’s diamond sector.

Lucapa Managing Director Stephen Wetherall said he was delighted that the Lulo tender would be the first conducted under Angola’s new marketing policy. “Lucapa and its partners are extremely excited and proud that diamonds from our Lulo mine have been selected to start a new chapter in Angola’s diamond mining history.”

Pic caption: The 46 ct pink diamond from Lulo which will be part of the January tender

Pic courtesy: Lucapa Diamond Company

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