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.”
Editors' Picks
Sponsored by
More on Sourcing
The Latest
Policies & IssuesJul 24, 2026
New Trump Tariffs: What They Mean for Jewelry The new sweeping slate of tariffs impacts 60 countries, including India, China, Thailand, Hong Kong, and the United Arab Emirates.
TrendsJul 24, 2026
Amanda’s Style File: Ode to ‘The Odyssey’From coin pendants to diamond shields, these old world-inspired jewels are the perfect accessory for an epic journey.
TrendsJul 24, 2026
Courtney Leidy’s Silk Cord Pendants Center Unexpected Pairings Our Piece of the Week pairs a checkerboard-cut amethyst with an ivy green silk cord.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
PodcastsJul 23, 2026
Episode 7: Reinhold Jewelers on the Power of RelationshipsMildred Marcano Abrams and Yael Reinhold join the podcast to talk community connections, holiday plans, and preserving Reinhold’s legacy.
Weekly QuizJul 23, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJul 23, 2026
Silvia Furmanovich’s New Collection Travels Back to the 1920s“Art Deco” fuses ancestral techniques, rare materials, and modern perspectives as a tribute to the optimism and curiosity of the movement.
IndependentsJul 23, 2026
Sissy's Log Cabin Opens Casino StoreThe jeweler’s newest store is inside Arkansas’ Saracen Casino Resort.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
WatchesJul 23, 2026
Movado Inks Licensing Deal With Kate Spade New YorkThe watch company will design, manufacture, and distribute Kate Spade New York watches.
Policies & IssuesJul 22, 2026
Trump to Put 50% Tariff on Canadian Goods The higher tax is set to go into effect in August and will apply to loose polished diamonds as well as precious and base metals jewelry.
CollectionsJul 22, 2026
Monica Rich Kosann’s High Jewelry Is FruitfulThe “Enchanted Garden” series features a cherry, lemon, and pear that each hold a little secret inside.
IndependentsJul 22, 2026
Liljenquist Beckstead Opens Rolex New BoutiqueIt’s located in Tysons Galleria, an upscale shopping center in the Washington, D.C., metro area.
Events & AwardsJul 22, 2026
NY Now Returns in August Under New OwnershipThe show, recently acquired by Rockview Management Group, will be held at New York City’s Javits Center from Aug. 2-4.
ColumnistsJul 21, 2026
Sherry Smith: Shattering the Illusion of the ‘Either/Or’ Diamond MarketSmith offers retailers guidance on creating an environment where natural and lab-grown diamonds can both thrive.
Events & AwardsJul 21, 2026
Apollo Funds Completes Emerald AcquisitionFormer Emerald President and CEO Hervé Sedky has transitioned to the role of senior advisor.
CollectionsJul 21, 2026
Graff’s New Butterfly High Jewelry Brooches MetamorphosizeThe 12-piece capsule collection transforms from brooches to pendants.
Policies & IssuesJul 20, 2026
Tariffs on Brazil to Increase But Rough Gemstones ExemptThe new tariff, imposed after a Trump administration study, is 25 percent and will stack on top of existing tariffs.
CollectionsJul 20, 2026
Vhernier Transforms ‘Freccia’ Collection Into High JewelryThe collection from 2014 has been reinterpreted into high jewelry with its signature triangular-shaped elements.
MajorsJul 20, 2026
Krista Collins Walters Promoted to Publisher of InstoreShe will also take on the role of vice president of jewelry for SmartWork Media, a newly created position.
Events & AwardsJul 20, 2026
TJS Accepting Speaker Proposals for 2027 EventOrganizers are looking for presentations on topics like manufacturing, technology and research, bench work, gemstones, and sustainability.
CollectionsJul 17, 2026
HOWL Taps Shailene Woodley for ‘Home Sweet Home’ CampaignWoodley is seen in the campaign wearing our Piece of the Week, the “Frida” collar featuring 13 pieces of hand-carved Venetian glass.
SourcingJul 17, 2026
U.K. Woman Pays £5 for £15K Diamond Ring at Car Boot SaleA WeBuyVintage jewelry expert uncovered how much the flea market find was actually worth.
SourcingJul 17, 2026
Diamond Dealer Jeff Pancis Pens MemoirThe founder of natural colored diamond wholesaler Pancis Gems shares stories from his five decades in the industry.
Events & AwardsJul 17, 2026
Gem Awards Opens 2027 Nomination PeriodSubmissions for the milestone 25th annual Gem Awards will be accepted across three categories from now through July 31.
EditorsJul 16, 2026
Q&A: Guzema’s Co-Owners On Its US Expansion, 10-Year AnniversaryValeriya Guzema and Mariana Lenha look back on the last decade and discuss the Ukrainian brand’s first U.S. store.
SourcingJul 16, 2026
Ekati to Close, Leaving Canada With One Diamond Mine The diamond mine, which opened nearly 30 years ago in Canada’s Northwest Territories, is expected to shut down by mid-August.
FinancialsJul 16, 2026
Richemont’s Jewelry Sales Soar for the Seventh Quarter in a RowJewelry sales for the company, which owns Cartier, Van Cleef & Arpels, Vhernier, and Buccellati, rose 21 percent in the first quarter.
