RapNet


Rapaport News

 

Mining

 

Advanced search
Latest Articles
Videos
Features
News
Mining
Rough Markets
Polished Markets
Manufacturing
Retail

Lucapa Inks Polishing Partnership for Mothae

Unnamed diamantaire buys first 3,963 carats for $2 million.
Apr 16, 2020 9:10 AM   By Rapaport News
Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT... Lucapa Diamond Company has created a partnership with a high-end diamantaire to cut and polish a portion of rough from the Mothae mine in Lesotho.

The miner sought the deal after coronavirus lockdowns halted sales of its diamonds through regular tenders in Belgium, the company said Tuesday. The diamantaire purchased 3,963 carats from Mothae for $2 million, or $505 per carat. That included a high-quality, 64-carat rough diamond.

Under the terms of the agreement, Lucapa received the fee for the rough up front, and will also get half of the purchase price of the polished when it is sold.

“It was pleasing to still see some demand for the higher-quality Mothae-type production despite the current macroeconomic uncertainty brought about by COVID-19 hindering the marketing of diamonds and prices generally,” said Lucapa CEO Stephen Wetherall. “The sale of diamonds into the cutting and polishing partnership in this environment provides Mothae with a level of price protection in that Mothae should receive additional margins from the onward sale of these diamonds.”

Lucapa also has a partnership with Graff-owned subsidiary Safdico for the manufacturing of rough from its Lulo deposit in Angola.

Image: The Mothae mine. (Luapa Diamond Company)
Tags: Graff, lucapa, Lucapa Diamond Company, Lulo, Mothae, Mothae Mine, Rapaport News, Safdico, Stephen Wetherall
Similar Articles
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First



Call Us: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    Privacy Policy  
  
twitter twitter
About Rapaport
Advertise with us