Angola's second-largest diamond discovered by Australian firm

A 227-carat diamond, the second-largest ever found in Angola, has been discovered at the Lulo Diamond Project mine east of the capital Luanda, Australian miner Lucapa Diamond said on Monday.

Lucapa, along with Angolan state firm Empresa Nacional de Diamantes E.P., co-own the mining concession.

A 404-carat stone was discovered in 2007, Lucapa said.

"The recovery underlines the significant potential of the Lulo Kimberlite drilling programme," the Australian company said in a statement.

Angola is the world's fourth-largest diamond producer by value. It is keen to find alternative exports to oil, following a sharp drop in global crude prices over the last two years which has forced it to borrow to cover a shortfall in revenue.