Lucapa Diamond temporarily halted the delivery of the Merlin Diamond Project feasibility study in response to challenging diamond and capital market conditions.

The company is redirecting its focus towards a smaller-scale, lower-cost development alternative, aiming to enhance the balance sheet in the short term.

Given the prevailing market dynamics and a softening in diamond prices for 2023, Lucapa considers it prudent to prioritise a study that explores more cost-effective production and capital options.

The smaller-scale development option is well-progressed, building upon the groundwork in the original feasibility study.