SourcingAug 01, 2025
Gemfields’ Auction Revenue Drops 50% in H1SourcingAug 19, 2025
Dubai’s Jemora Group Buys Diamond Miner Lucapa
The investment company, founded by Dev Shetty, has acquired the struggling miner and its assets, including the Lulo mine in Angola.
“The Lulo Rose” is a Type II, 170-carat diamond recovered at the Lulo alluvial mine in Angola in 2022 and was said to be the largest pink diamond recovered in hundreds of years. Gaston International, part of Dubai-based conglomerate Jemora Group, just acquired Lucapa, which holds a 40 percent stake in the mine.
Dubai—Gaston International, a mining investment company based in the United Arab Emirates, has acquired diamond mining and exploration company Lucapa and its interests, which include the Lulo diamond mine, for about $10 million.
ASX-listed Lucapa Diamond Company Ltd., which has assets in Angola and Australia, went into involuntary administration in May.
Richard Tucker and Paul Pracilio of KordaMentha Restructuring were appointed administrators. They assessed the company and led the sale process.
Lucapa holds a 40 percent stake in the Lulo alluvial diamond mine in Angola, with the remaining share split between government-owned Endiama and Rosas & Petalas, a private company.
The company also had a 70 percent stake in the Mothae mine in Lesotho until last May, when it sold its shares to a local company as part of a strategy to streamline its portfolio.
Lulo is the world’s highest dollar-per-carat diamond mine, according to Gaston, having achieved $2,806 per carat in 2021.
The mine has produced 48 Type IIa diamonds weighing more than 100 carats since mining commenced in early 2015.
These include the 404-carat “4 de Fevereiro”—Angola’s largest recorded diamond—and the “Lulo Rose,” a 170-carat pink diamond recovered in 2022.
Lulo contains a remaining estimated 249,000 carats of diamonds.
The mine is equipped with two processing plants capable of handling approximately 600,000 cubic meters of gravel annually and features the latest modern technology designed to assist in recovering large diamonds, according to Gaston.
Lucapa also holds a 39 percent stake in the Lulo Kimberlite Exploration Project, also with Endiama (51 percent) and Rosas & Petalas (10 percent).
Gaston said the project, which involves looking for primary source kimberlites at the Lulo concession, has a “considerable exploration upside.”
More than 100 kimberlites have been confirmed in the Lulo area, Gaston said. Some that were sampled contained Type IIa diamonds, indicating the source of the large Type IIa diamonds recovered from Lulo is likely within the project exploration area.
As part of the deal, Gaston also will acquire Lucapa’s assets in Australia.
These are the Merlin diamond mine and base metals project in the Northern Territory of Australia, which the miner took over in 2021, and the Brooking Diamond Project in Western Australia, a package of exploration tenements in which Lucapa holds 80 percent interest.
The Merlin mine produced Australia’s largest diamond, and 75 percent of its historical yield has been gem and near-gem quality stones, including yellow, pink, and blue diamonds.
Gaston will collaborate with Lucapa’s partners and management to fully realize the value and growth potential of these assets, it said.
The transaction is subject to several conditions, including the approval of creditors, obtaining the necessary regulatory approvals, and the court granting leave to the administrators to transfer the shares under section 444GA of the Corporations Act 2001 (Cth).
Related stories will be right here …
ASX-listed Lucapa Diamond Company Ltd., which has assets in Angola and Australia, went into involuntary administration in May.
Richard Tucker and Paul Pracilio of KordaMentha Restructuring were appointed administrators. They assessed the company and led the sale process.
Lucapa holds a 40 percent stake in the Lulo alluvial diamond mine in Angola, with the remaining share split between government-owned Endiama and Rosas & Petalas, a private company.
The company also had a 70 percent stake in the Mothae mine in Lesotho until last May, when it sold its shares to a local company as part of a strategy to streamline its portfolio.
Lulo is the world’s highest dollar-per-carat diamond mine, according to Gaston, having achieved $2,806 per carat in 2021.
The mine has produced 48 Type IIa diamonds weighing more than 100 carats since mining commenced in early 2015.
These include the 404-carat “4 de Fevereiro”—Angola’s largest recorded diamond—and the “Lulo Rose,” a 170-carat pink diamond recovered in 2022.
Lulo contains a remaining estimated 249,000 carats of diamonds.
The mine is equipped with two processing plants capable of handling approximately 600,000 cubic meters of gravel annually and features the latest modern technology designed to assist in recovering large diamonds, according to Gaston.
Lucapa also holds a 39 percent stake in the Lulo Kimberlite Exploration Project, also with Endiama (51 percent) and Rosas & Petalas (10 percent).
Gaston said the project, which involves looking for primary source kimberlites at the Lulo concession, has a “considerable exploration upside.”
More than 100 kimberlites have been confirmed in the Lulo area, Gaston said. Some that were sampled contained Type IIa diamonds, indicating the source of the large Type IIa diamonds recovered from Lulo is likely within the project exploration area.
As part of the deal, Gaston also will acquire Lucapa’s assets in Australia.
These are the Merlin diamond mine and base metals project in the Northern Territory of Australia, which the miner took over in 2021, and the Brooking Diamond Project in Western Australia, a package of exploration tenements in which Lucapa holds 80 percent interest.
The Merlin mine produced Australia’s largest diamond, and 75 percent of its historical yield has been gem and near-gem quality stones, including yellow, pink, and blue diamonds.
Gaston will collaborate with Lucapa’s partners and management to fully realize the value and growth potential of these assets, it said.
The transaction is subject to several conditions, including the approval of creditors, obtaining the necessary regulatory approvals, and the court granting leave to the administrators to transfer the shares under section 444GA of the Corporations Act 2001 (Cth).
Colored gemstone mining veteran Dev Shetty, who previously held executive roles at Gemfields and Fura Gems, heads Gaston.
It is a subsidiary of Jemora Group, a Dubai-based conglomerate Shetty founded in 2024 that specializes in metal and mining investments, trading precious metals and gemstones, and operating a gemstone auction house.
The new venture is focused on positioning the UAE as a key hub for mining investment.
On Aug. 4, Gaston announced the signing of a definitive agreement to acquire the Chacarilla Copper Mine in Bolivia.
Shetty, CEO of Gaston, said the Lucapa acquisition marks a defining moment for the group.
“After completing the transaction, we will focus on increasing Lulo mine production, accelerating kimberlite exploration in Angola, and carrying on with the strategic review of the Australian Merlin Mine,” he said.
“By leveraging our expertise and collaborating with Lucapa’s partners, we aim to unlock growth, create sustainable value, and strengthen Gaston’s leadership in the global diamond industry. We will also continue expanding our mining portfolio, with a focus on energy transition, precious metals, and gemstones.”
Ahmed Bin Sulayem, executive chairman and CEO of the Dubai Multi Commodities Centre (DMCC), called the Lulo mine a “strategic asset of worldwide importance.”
He said the Lucapa acquisition underscores Dubai as a leading global hub for the diamond trade, noting that Angola is a signatory of the Luanda Accord, an agreement signed last month by the governments of diamond-producing countries to invest in promoting natural diamonds.
“This milestone not only enhances Gaston’s standing in the precious stones market but also reinforces DMCC’s mission to attract, support, and grow world-class enterprises from Dubai,” Sulayem said.
“The UAE’s strategic location, strong infrastructure, and business-friendly environment continue to create unmatched opportunities for companies in the commodities sector, and Gaston’s achievement stands as proof of the strength of our platform and the trust global markets place in it.”
More on Sourcing
The Latest
EditorsAug 27, 2025
Taylor Swift’s Engagement Ring Is a Fairy Tale for Vintage Diamond CutsThe singer’s new bling, reportedly a natural old mine-cut diamond, is no paper ring.
SurveysAug 27, 2025
Consumer Confidence Slips in August Amid Job, Income WorriesPlans for dining out, booking vacations, and buying big-ticket items were down.
CollectionsAug 27, 2025
Mined + Found’s New Collection Gets Playful The “Play” collection centers on nostalgic toys that have kinetic elements to carry playfulness and wonder into adulthood.
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key IssuesJewelers of America is leading the charge to protect the industry amidst rising economic threats.
CollectionsAug 26, 2025
Does Your Jewelry Stack Need a Snack?Designer Christina Puchi, the creative force behind CCWW Designs, has created charms and pendants based on iconic candies and crackers.
Weekly QuizAug 22, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
WatchesAug 26, 2025
Nick Jonas Gets Nostalgic in New Fossil CampaignThe Jonas Brothers star showed off new timepieces against the backdrop of his favorite spots in his home state of New Jersey.
IndependentsAug 26, 2025
Hinkamp Jewelers Celebrates 70 YearsThe family-owned jeweler in Fayetteville, North Carolina, is in the hands of the second generation.
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
ColumnistsAug 26, 2025
Back to School, Back to Style: Why August is Prime Time for Self-GiftingIn his latest column, Emmanuel Raheb shares tips for encouraging customers to treat themselves to new jewelry.
WatchesAug 25, 2025
London Jewelers Brings Rolex to Historic Hamptons HomeThe new stand-alone Rolex boutique is housed in the former Odd Fellows Hall, a landmark built in 1897.
CollectionsAug 25, 2025
Tennis Star Madison Keys Has the Perfect Necklace for the US OpenThe Brilliant Earth ambassador co-designed a diamond medallion featuring meaningful symbols.
TrendsAug 25, 2025
Amanda’s Style File: That’s a WrapWrap jewelry is more than just a trend; it’s the perfect motif for the coming season of layering, scarves, and pumpkin spice.
WatchesAug 25, 2025
WatchTime NY Show Returns for 10th Anniversary EditionThe three-day watch collector show, coming this October, will feature 44 exhibiting brands, as well as a new dinner experience.
GradingAug 22, 2025
Former Head of GIA India Promoted to Oversee Global Operations Sriram “Ram” Natarajan is now GIA’s senior vice president of laboratory operations and is based out of the lab’s headquarters in Carlsbad.
CollectionsAug 22, 2025
Piece of the Week: Retrouvaí’s ‘Diamond Vein Bond’ CollarThe one-of-a-kind collar represents the beauty of imperfection and the strength to rebuild.
MajorsAug 22, 2025
Kendra Scott Returns as CEO of Her Jewelry EmpireThree C-suite executives, including former CEO Tom Nolan, have resigned as part of what the company describes as a “transition.”
MajorsAug 21, 2025
Claire’s Finds Buyer, Could Save up to 950 StoresThe retailer, which recently filed Chapter 11, inked a deal to sell its North American business and intellectual property.
MajorsAug 21, 2025
Target Names New CEO as Sales Continue to Lag Target CEO Brian Cornell will step down in February and be replaced by the company’s chief operating officer, Michael Fiddelke.
Policies & IssuesAug 21, 2025
JA, IDMA Talk Tariffs With Execs in DC The group met with the president's senior trade advisor earlier this week to express the industry’s concerns about the effects of tariffs.
MajorsAug 21, 2025
Tiffany & Co. Pops Up at 2025 US OpenThe pop-up will display this year's Tiffany & Co. Singles Championship trophies along with a diamond-encrusted tennis racket and ball.
IndependentsAug 20, 2025
Bellman’s Jewelers Opens Second Store After COO's TikTok Takes OffThe New Hampshire-based store has expanded to Boston, propelled by the success of Alex Bellman’s TikTok page, “The Truthful Jeweler.”
CrimeAug 20, 2025
Another CA Jewelry Store Rammed With Car, RobbedThe latest incident happened Monday at a store in Oakland, California, continuing a pattern JSA first warned about last month.
WatchesAug 20, 2025
Oris Launches Watch Benefiting NYC Harbor Oyster RestorationThe new aqua green New York Harbor Limited Edition II is the watchmaker’s second collaboration with the Billion Oyster Project.
Events & AwardsAug 20, 2025
Take the Jewelers for Children ‘Trinity of Purpose’ ChallengeParticipants who attend any three Rings of Strength events will be awarded a special medal.
ColumnistsAug 19, 2025
Peter Smith: The Arrival Fallacy and Jewelry RetailSmith shares wisdom he gleaned from a podcast he was listening to one morning while being walked by his dog, a Malshi named Sophie.
CrimeAug 19, 2025
Customs Seizes 7,300 Pairs of Fake ‘Alhambra’ EarringsThe counterfeit Van Cleef & Arpels jewels would have been worth more than $30 million if genuine.
MajorsAug 19, 2025
MJSA Apprenticeship Program Is Nationally RecognizedThe MJSA Mentor & Apprenticeship Program received the Registered Apprenticeship Program designation by the U.S. Department of Labor.
