Dubai-headquartered AV Group, through its AV Globale arm, has acquired Australia’s Lucapa Diamond Company, which holds a 40% stake in Angola’s Lulo alluvial mine and full ownership of the Merlin Diamond Project in Australia.
Lulo is one of the world's most prolific sources of giant diamonds, having produced the 404.2-carat “4th February Stone” (the largest diamond ever publicly recorded in Angola) and the 170-carat “Lulo Rose” (reported as the largest pink diamond found anywhere in 300 years).
Since commercial production began in 2015, the mine has recovered more than 49 diamonds of over 100 carats each.
While exploration had identified more than 140 kimberlites across the concession by May 2024, the original source of Lulo’s alluvial stones is yet to be found.
The deal also includes the wholly owned Merlin Diamond Project in Australia’s Northern Territory.
Merlin produced a 104.73-carat white diamond in 2002, still the largest ever recovered in Australia.
A 2025 airborne electromagnetic survey identified two large base metal targets and 16 further potential kimberlite targets, with drilling of the base metal targets set to begin shortly.
“Lulo is one of the very few places on earth where a 100-carat diamond is not a once-in-a-lifetime event,” said AV Group chairperson Ashish Vijay.
“We arrive in Angola as long-term partners, in the week the country celebrates 51 years of independence, and we are committed to building value there for the Angolan people as much as for our Group.”
AV Globale is a member of the World Diamond Council and has run auctions and tenders of diamonds, coloured gemstones and high jewellery worth more than $100 million.
Mathew Nyaungwa, Editor-in-Chief, Rough & Polished
