Lulo Rose: Largest pink diamond found in 300 years in Angola

A 170-carat pink diamond discovered in Angola could be the largest such gemstone found in 300 years, Australian mining company Lucapa Diamond Company said.

The diamond, named “Rose Lulo”, was found at the Lulo alluvial diamond mine in the Lunda Norte region of Angola. Africathe company said in a statement on Wednesday, along with its partners, the state-owned diamond mining company Endiama and Rosas & Petalas, a private Angolan company.

According to the Gemological Institute of America, a diamond mining researcher, Angola’s mines are among the ten largest diamond producers in the world. In alluvial diamond mining, stones are extracted from gravel and sand found in riverbeds.

According to Steven Weatherall, Managing Director of Lucapa Diamond Company, only one in 10,000 diamonds found is colored.

“And only one in every 100 diamonds is over 10.8 carats, so finding a 170 carat pink diamond means we’re dealing with an extremely rare item,” Weatherall told CNN.

“We used to extract pink diamonds, but finding diamonds of this size is extremely rare,” he said.

 "Lulu Rose" is still being assessed to determine its approximate value before being sold at auction.

“Rose Lulo” is still being evaluated to determine its approximate value before being sold at auction. Credits: Lucapa Diamond Company

The pink gemstone is expected to be auctioned off by Angolan state-owned diamond trading company Sodiam. Wetherall declined to give an estimate of its value because the diamond is still being explored and valued.

The Angolan government also welcomed the “historic” extraction of the gem.

“The record and impressive pink diamond mined at Lulo continues to showcase Angola as an important player in the global diamond mining scene and demonstrates the potential and value of commitment and investment in our growing diamond industry,” said Diamantino Azevedo, Minister of Angola. minerals, oil and gas.

Large colored diamonds have been selling at auctions for record high prices in recent years. Last April 15.10 carats Diamond “Blue Cullinan De Beers” sold for $57.5 million at Sotheby’s in Hong Kong. It nearly broke the record set by the 14.62-carat Oppenheimer Blue diamond, which sold for just under $70,000 in 2016.

Angola’s largest diamond, dubbed the February 4th Birthstone, was mined at the Lulo mine in February 2016, according to Lucapa. The 404.2 carat stone was sold for $16 million.