Lucapa Diamond

What Lucapa Diamond does

Lucapa Diamond Company Limited (ASX:LOM, incorporated in Western Australia, headquartered in Subiaco) is a diamond mining and development company whose assets prior to August 2025 sat in Angola, Australia, and previously Lesotho. Its flagship is the Lulo Alluvial Mine in Angola's Lunda Norte province, held through the SML joint venture (Lucapa 40%, Endiama 32%, Rosas & Petalas 28%), which is documented as achieving the highest price per carat for alluvial diamonds globally and has produced over 35 +100 carat stones since 2015, including the 404 carat '4th February Stone' and the 170 carat 'Lulo Rose'. Technical infrastructure at Lulo includes a 1.1 million tonne per annum alluvial processing facility and X-Ray Transmission (XRT) diamond recovery technology capable of recovering individual stones up to 1,100 carats.

The portfolio also comprises the Lulo Kimberlite Exploration program (with a bulk sampling plant commissioned in 2022 and over 560 geophysical anomalies identified), the Merlin Diamond Project in Australia's Northern Territory (acquired in May 2021 for A$8.5M through wholly owned subsidiary Australian Natural Diamonds Pty Ltd; JORC classified resource of 4.35 million carats), and the early-stage Brooking Lamproite exploration in Western Australia. Lucapa makes money from rough diamond sales routed through Sodiam (Angola's national diamond company) tenders and run-of-mine sales, with a Safdico International (Graff subsidiary) preferred-buyer agreement covering up to 60% of Lulo annual rough production, plus downstream cutting-and-polishing margin capture via the Safdico partnership.

In 2025 the company entered voluntary administration, executed a Deed of Company Arrangement, was removed from the ASX official list, and was acquired by Gaston International DMCC - representing a complete change of control and exit from public markets.

Name

Lucapa Diamond

Legal name

Lucapa Diamond Company Limited

Website

https://lucapa.com.au

Company type

Public

Founded year

2004

Operating status

Acquired

Headcount range

11–50 employees

Short description

Lucapa Diamond Company Limited is an ASX-listed diamond miner operating the Lulo Alluvial Mine in Angola (40% interest) and developing the Merlin Diamond Project in Australia, marketing rare large Type IIa rough diamonds through Sodiam tenders and a Safdico International preferred-buyer partnership.

Ownership category

akta.pro rank

Product category

Diamond Mining

NAICS

Nonmetallic Mineral Mining and Quarrying (2123), Other Nonmetallic Mineral Mining and Quarrying (21239)

SIC

Wholesale-Jewelry, Watches, Precious Stones & Metals (5094)

akta.pro primary industry

Rough Diamond Trading & Brokerage (CRAKAJAC)

akta.pro secondary industries

Diamond Jewelry (CRAKAAAA), Diamond Cutting & Polishing (Manufacturing) (CRAKAJAA)

Keywords

• Rough diamond mining
• Alluvial diamond recovery
• Kimberlite exploration
• Diamond ore processing
• Gemstone resource extraction

Headquarters

HQ city

Subiaco

HQ country

Australia

HQ region

Oceania

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Technology or R&D, Supply Chain, Marketing or Sales

Revenue model

1. Rough Diamond Sales: Revenue from selling rough diamonds through regular run-of-mine sales, special stone tenders organised by Sodiam, and negotiated sales. Exceptional high-value diamonds sold via special tenders.
2. Cutting & Polishing Partnerships: Partnership with Safdico International enables additional revenue from cutting and polishing margins on Lulo diamonds

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Lucapa Diamond Company is a diamond mining and exploration company that recovers and sells rough diamonds from alluvial and kimberlite sources. Its flagship operation, the Lulo Alluvial Mine in Angola, produces large, high-value Type IIa diamonds and fancy coloured stones. The company also holds the Merlin Diamond Project in Australia (development stage), the Brooking Lamproite exploration project in Western Australia, and the Lulo Kimberlite Exploration program. Rough diamonds are monetised through run-of-mine sales, special stone tenders via Sodiam, and a preferred-buyer partnership with Safdico International (Graff subsidiary) that extends into cutting and polishing.

Product overview

Lucapa Diamond Company is a diamond mining and exploration company with a portfolio of operating and development assets. The core operations center on the Lulo Alluvial Mine in Angola (40% interest through SML partnership with Endiama and Rosas & Petalas), which produces large, premium Type IIa diamonds achieving the highest price per carat for alluvial diamonds globally. The company also operates the Lulo Kimberlite Exploration program to discover the primary source of these alluvial diamonds. Development-stage assets include the Merlin Diamond Project in Australia's Northern Territory and the Brooking Lamproite Exploration Project in Western Australia. The downstream strategy includes cutting and polishing partnerships through Safdico International, generating additional margins beyond raw diamond sales.

Differentiator

Problem solved

Functional benefit

Products and services

• Lulo Alluvial Mine A prolific alluvial diamond mine in Angola's Lunda Norte province (40% Lucapa interest via the Sociedade Mineira do Lulo joint venture with Endiama and Rosas & Petalas), renowned for producing exceptional large, high-value Type IIa diamonds that command the highest price per carat for alluvial diamonds globally.
• Lulo Kimberlite Exploration Exploration program searching for the primary kimberlite sources of the high-value alluvial diamonds recovered at Lulo; operated through a joint venture (Endiama 51%, Lucapa 39%, Rosas & Petalas 10%).
• Merlin Diamond Project Mine-development project in Australia's Northern Territory approximately 720km south-east of Darwin, intended to put Australia back on the global diamond production map; held through wholly owned subsidiary Australian Natural Diamonds Pty Ltd.
• Brooking Lamproite Exploration Project Early-stage lamproite exploration project in Western Australia's West Kimberley region with a history of diamond production, focused on the Little Spring Creek discovery.
• Rough Diamond Sales (Run-of-Mine & Special Stone Tenders) Sale of Lucapa's rough diamond production to diamond trading companies and luxury jewellery manufacturers via Sodiam-organised run-of-mine sales and special stone tenders for exceptional high-value diamonds.
• Diamond Cutting & Polishing Partnership Downstream partnership with Safdico International (a subsidiary of Graff) for cutting and polishing Lulo diamonds, generating additional revenue through polishing margins beyond raw diamond sales.

Quantifiable outcome

• Highest price per carat achieved globally for alluvial diamonds
• +1 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Four partnerships are on record, tiered core.

• Australian Natural DiamondscoreStrategic or Co-development Partner · 1 January 2021Wholly owned subsidiary of Lucapa Diamond Company that acquired the Merlin Diamond Project in 2021 for A$8.5 million. Holds the mineral lease and exploration licence for Merlin in Northern Territory, Australia.
• Endiama (Angola)coreStrategic or Co-development Partner · 1 January 2015Angola's national diamond company. SML partnership: Lucapa 40%, Endiama 32%, Rosas & Petalas 28%. Project Lulo JV (kimberlite exploration): Endiama 51%, Lucapa 39%, Rosas & Petalas 10%. Long-standing strategic partner for Lulo operations.
• Rosas & PetalascoreStrategic or Co-development Partner · 1 January 2015Private Angolan company and co-operator of Lulo Alluvial Mine (SML: Lucapa 40%, Endiama 32%, Rosas & Petalas 28%) and Project Lulo JV for kimberlite exploration.
• Safdico International (Graff)coreChannel Partner/ Reseller/ DistributorPreferred buyer agreement with high-end diamantaire Safdico International, subsidiary of renowned fine jeweller Graff. Eligible to purchase up to 60% of Lulo's annual rough production. Partnership extends to cutting and polishing activities, providing additional revenue through polishing margins.

Scale indicators6 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Mountain Province Diamonds: Diamond producer at Gahcho Kué mine in Canada's Northwest Territories, a JV with De Beers. Similar mid-cap diamond producer with analogous production profile and offtake-driven revenue model.
• Gem Diamonds: Operator of the Letšeng mine in Lesotho (adjacent to Mothae where Lucapa previously operated) producing some of the world's highest-value rough diamonds. Directly comparable mid-cap operator focused on large, high-quality diamonds.
• Lucara Diamond Corp: Canadian diamond miner operating the Karowe mine (Botswana), renowned for large exceptional stones including the 1,109ct Lesedi La Rona and 2,492ct Motswedi. Closest comparable mid-cap diamond producer with similar focus on large gem-quality diamonds and similar scale asset base.
• Petra Diamonds: Mid-tier diamond producer operating Cullinan, Finsch and Koffiefontein mines in South Africa, also focused on large exceptional stones and historically tied to the Williamson/Tiffany partnership. Highly comparable scale, asset type and product focus to Lucapa.
• Firestone Diamonds: UK-listed diamond miner that operated the Liqhobong mine in Lesotho — adjacent geography and similar mid-cap size to Lucapa, comparable product and operating environment.
• Gemfields Group: Mid-tier colored gemstone miner (emeralds in Zambia, rubies in Mozambique) with similar mine-to-market brand building and auction-based sales model. Comparable in scale, governance and listed-mining profile; Dev Shetty (Lucapa NED) previously COO.
• Stornoway Diamond Corporation: Canadian diamond producer at Renard mine in Quebec. Comparable mid-tier producer profile and previously listed-mining structure to Lucapa's ASX-listed history.

Broad incumbents

• Alrosa: Russian state-backed diamond miner producing the majority of the world's rough diamonds by volume, with broad exploration and production portfolio. Significantly larger incumbent operating across the same commodity value chain as Lucapa.
• De Beers Group (Anglo American): The world's leading diamond producer by value with operations spanning exploration, mining, sorting and downstream brands (Forevermark). Broader incumbent; Anglo American board also features Richard Price (ex-De Beers) who is a Lucapa Executive Director.

Others

• Safdico International (Graff): Luxury diamantaire and Lucapa's preferred buyer of up to 60% of Lulo rough, extending to cutting & polishing partnership. Listed here as an ecosystem participant — buyer rather than producer, but defines Lucapa's commercial offtake path.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights6 records

Customer concentration

• Xtwitter.com/Lucapa_LOM
• YouTubeyoutube.com/channel/UC21iSxibAs_9pSyrSat5ytA
• LinkedInlinkedin.com/company/lucapa-diamond-company

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lucapa Diamond