Sourcing

Dubai’s Jemora Group Buys Diamond Miner Lucapa

SourcingAug 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.

Lulo Rose pink diamond
“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 … 

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.” 

The Latest

Pandora executives Alexander Lacik and Berta de Pablos-Barbier
MajorsSep 30, 2025
Pandora CEO to Retire in 2026, Hand Reins to CMO

Alexander Lacik has led Pandora since 2019. Berta de Pablos-Barbier will succeed him, the first woman to head the company.

Gavel near stacks of books
CrimeSep 30, 2025
2 Suspects Charged in $300K Sleight-of-Hand Jewelry Store Scam

Two men allegedly used counterfeit bills to purchase luxury watches and jewelry from a North Carolina jeweler.

Billie Eilish and Finneas O’Connell John Hardy Lovestruck Collection
CollectionsSep 30, 2025
Billie Eilish, Finneas Partner with John Hardy

The “Lovestruck” collection, designed with the Academy and Grammy award-winning siblings, is the brand’s first lab-grown diamond offering.

gia-edu main image.png
Brought to you by
A Brilliant Future Is Here

Online education from GIA experts.

Spinelli Kilcollin Market Highland Park
IndependentsSep 30, 2025
Spinelli Kilcollin Announces Residency in Dallas

The brand, celebrating its 15th anniversary, has popped up at Market, a luxury fashion destination in Highland Park Village.

Weekly QuizSep 25, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Nina Pugliese Henne Jewelers
IndependentsSep 29, 2025
Nina Pugliese, Longtime Henne Jewelers Employee, Dies at 65

She was remembered as a creative and generous woman of faith, who also had a sweet tooth.

Kwait White and Yellow Gold Diamond Earrings
TrendsSep 29, 2025
Amanda’s Style File: Ear Focus

Move over neck mess, the ear story is the way to make a layering statement today.

reDollar-fine-jewelry-department.jpg
Brought to you by
reDollar.com Is Rolling Out the Next Level Jewelry, Diamond & Watch Consignment Program

With their unmatched services and low fees, reDollar.com is challenging some big names in the online consignment world.

Mark Henry Leandra Medine Cohen
IndependentsSep 29, 2025
Mark Henry Jewelry to Debut in Canada

The New York-based brand is set to launch a limited-time offering for the holiday season at Holt Renfrew in Toronto.

Overnight volume 7 bridal catalog
MajorsSep 29, 2025
Overnight Releases New Bridal Catalog

The “Volume 7” bridal catalog features best-selling engagement rings, trending styles, and a new section highlighting anniversary bands.

Hand holding holiday shopping bags
SurveysSep 26, 2025
Online Shopping, Influencers to Drive Holiday Spending, Mastercard Says

Holiday sales growth is expected to slow as consumers grapple with inflation and tariff-related uncertainty.

Austin Shines Jewelry Award
Events & AwardsSep 26, 2025
Winners of Austin Jewelry Design Contest Announced

Jamie Turner Designs is among the winners of the local “Austin Shines” contest, hosted by Eliza Page, a jewelry store in Austin, Texas.

Kwit Square Signet Pinky Ring in Red and Azure
TrendsSep 26, 2025
Piece of the Week: Kwit Jewelry’s Square Signet Pinky Ring

The red and azure colorway is one of many fun enamel pairings offered, bringing whimsy to the classic style of a monogramed signet ring.

Jewelers of America Fly In
Policies & IssuesSep 25, 2025
JA CEO Provides Tariff Update Following Annual Fly-In

A trade deal with Switzerland seems probable, but reaching an agreement with India remains a challenge, David Bonaparte said.

Kira Jewels Growing Rowing Machines
Lab-GrownSep 25, 2025
Kira Jewels Expands Lab-Grown Diamond Production

The manufacturer is adding 1,400 chemical vapor deposition (CVD) reactors to its growing facility in India.

Alex Moss SoHo store
IndependentsSep 25, 2025
Alex Moss’ New Flagship Brings Bold Jewels to SoHo

The jeweler to the stars has worked with Drake, A$AP Rocky, Tyler the Creator, and other celebrities.

Matthew Wilson, Kavin Kulamavalava, and a Elmasolvex VA
WatchesSep 25, 2025
Wilson & Son Jewelers Donates to the Horological Society of New York

The Scarsdale, New York-based jeweler donated a professional-grade watch cleaning machine.

Representatives of India’s Gem and Jewellery Export Promotion Council and Indian government leaders
Policies & IssuesSep 24, 2025
Tariffs Throw Diamond Trade Into Disarray

The 50 percent tariffs on diamonds shipped from India to the U.S. have pushed midstream manufacturers to the edge.

Policies & IssuesSep 24, 2025
For Jewelry Manufacturers, Higher Tariffs Create Long-Term Worries

They are trying to balance the need to sustain well-established relationships with the pressure higher tariffs have put on margins.

Guest lecture for people with disabilities at the Jewelex factory
SourcingSep 24, 2025
A Helping Hand: An Effort to Boost Inclusivity in the Industry

Jewelry manufacturer Jewelex has partnered with JOSH, an industry training center, on a program for people with disabilities.

Greenwich St. Jewelers Estate Capsule Campaign
CollectionsSep 24, 2025
Greenwich St. Jewelers Goes Back in Time With First Estate Collection

The collection includes pieces dating back to the Victorian and Art Deco periods as well as mid-century and late 20th-century designs.

Marcus ter Haar
Policies & IssuesSep 24, 2025
Diamonds Do Good Names Marcus ter Haar as President-Elect

He previously served as co-chair of the nonprofit’s beneficiary committee.

Jane Goodall Brilliant Earth campaign
CollectionsSep 24, 2025
Brilliant Earth’s New Jane Goodall Collection Calls for Peace

Its second collaboration with the conservationist features jewelry with dove and olive branch motifs.

SRK Kriam Pharma
SourcingSep 24, 2025
SRK Launches Kriam Pharma

The diamond manufacturer’s new company will provide accessible and affordable high-quality medicines across India.

Emmanuel Raheb, CEO of Smart Age Solutions and National Jeweler columnist
ColumnistsSep 23, 2025
Quiet Luxury: What Fall’s Top Trend Means for Jewelers

Emmanuel Raheb shares tips on how a jeweler’s showcases, marketing, and social media presence can whisper, instead of shout.

Claire’s storefront
MajorsSep 23, 2025
Ames Watson Completes $140M Acquisition of Claire’s

The private equity firm has a plan to revive the mall staple.

Super Smalls Super Book of Gems, Maria Dueñas Jacobs, and Bianca Gottesman
SourcingSep 23, 2025
Super Smalls’ New Book Introduces Kids to Gems, Fine Jewelry

The “Super Book of Gems” dives into the Mohs Hardness Scale, the Four C’s, and designs from jewelers like Cartier and Bulgari.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy