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404-carat 'virtually flawless' diamond worth up to $14M found in Angola

By Ed Adamczyk Follow @adamczyk_ed Contact the Author   |   Feb. 16, 2016 at 1:06 PM

PERTH, Australia, Feb. 16 (UPI) -- A massive 404-carat diamond worth up to $14 million has been discovered in southern Africa, the Australia-based Lucapa Diamond Corp. announced.

Miles Kennedy, Lucapa chairman, called the white diamond of near flawless quality a "spectacular" find.

"We're not used to valuing 400-carat diamonds, but if we look at other diamonds slightly less weight than this, you're looking in the order of $20 million [USD14 million]," he said.

The 7-centimeter diamond, the size of a credit card but considerably thicker, was found at Lucapa's Lulo Diamond Project, a 1,158-square-mile field in Angola's Lunda Norte province. The field has produced 60 "large, special diamonds" so far, the company said.

New York diamond retailer Yehuda tested the stone for color and clarity and pronounced it a virtually flawless "Type IIa" stone.

Sale of stock in the small diamond exploration company was suspended in advance of Monday's announcement, but the stock price jumped 30 percent afterward.

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