Total carats at the Lulo diamond mine in Angola dropped to 48,200 as of Jan. 31, down from the initial estimate of 51,000 carats as of Oct. 31, 2015, 40%-owner Lucapa Diamond Co. Ltd. said March 27.

Lulo is a joint venture with Endiama EP owning 32% and Rosas & Petalas SA holding the remaining 28%.

The company noted that resources have increased 10% in volume from the initial resource, notwithstanding mining depletion, to 606,600 cubic meters.

The updated estimate also includes a 54% increase in the average modeled diamond value, to US$1,246 per carat, representing increased revenues.

Lulo is expected to continue alluvial mining operations for another four years at a rate of 20,000 bulk cubic meters per month.