The Lucapa Diamond Company, a small miner based in Perth, has found a fifth diamond larger than 100 carats.

The latest, a 103 carat type IIa gem, was recovered from the Lulo diamond project in Angloa.

Lucapa shares are up almost 7% today to $0.385.

The company is essentially finding diamonds as it digs trenches in search of the core of the diamond source, the kimberlite pipe, a type of rock deposit where diamonds form.

Lucapa in February reported finding the largest diamond ever recovered in Angola, a 404.2 carat stone, weighing about 80 grams.

That diamond, the largest recovered by an Australian company, sold for $US16 million ($A22.5 million), an average price of $US55,585 ($A72,682) per carat.

The previous record for Angola’s largest diamond belonged to the Angolan Star, a 217.4 carat gem recovered in 2007.

The company’s most recent sale, a parcel of 3,642 carats of diamonds, gained a combined of $US4.4 million ($A5.8 million), or an average of $US1,212 ($A1,606) per carat.

Earlier this month, the miner recovered a 38.6 carat pink diamond, the largest fancy coloured diamond found so far at Lulo. The previous biggest was a 28.5 carat light pink diamond included in the company’s most recent sale parcel.

Source: Business Insider Australia