Dubai-headquartered AV Group has acquired Australia’s Lucapa Diamond Company, owner of a 40% stake in Angola’s Lulo alluvial mine, one of the most prolific sources of giant diamonds in the world.

Lulo 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, roughly one every three months.

The deal, made through the Group’s AV Globale arm, also brings in Lucapa’s 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.

The acquisition comes days before Angola marks 51 years of independence on 11 November, and 78 years after AV Group was founded as a gemstone business in New Delhi.

The stones that made Lulo famous

Lulo sits more than 600 kilometres east of Luanda in Lunda Norte province, on a concession of 3,000 square kilometres. Beyond its giant white stones, it has yielded rare yellow diamonds and premium Type IIa stones, the chemically purest category of natural diamond.

The biggest finds may still be ahead. Exploration had identified more than 140 kimberlites across the concession by May 2024. Kimberlite pipes are the volcanic rock that carries diamonds to the surface from deep in the earth, and the original source of Lulo’s alluvial stones is yet to be found.

Chairman’s comment

Mr Ashish Vijay, Chairman of AV Group, said:

“Lulo is one of the very few places on earth where a 100-carat diamond is not a once-in-a-lifetime event. It has given the world the largest diamond in Angola’s history and the most important pink diamond found in three centuries, and we believe its greatest discoveries are still in the ground.

“My grandfather started this business trading gemstones in New Delhi in 1948. Four generations later, we are going to the source. 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.”

Australia’s record holder, and what lies beneath it Merlin lies about 720 kilometres south-east of Darwin and has produced around 500,000 carats. Its 104.73-carat record stone, recovered in March 2002, was named Jungiila Bunajina by the Traditional Owners.

The project may hold more than diamonds. The first geophysical survey of the site in 25 years, an airborne electromagnetic survey reported in 2025, identified two large base metal targets and 16 further potential kimberlite targets. Merlin lies about 50 kilometres from the McArthur River zinc-lead mine. Drilling of the base metal targets will begin shortly.

Four generations of collectors among the world’s rarest stones

Ashish Vijay is a Director of the International Colored Gemstone Association, a member of the Forbes Business Council and was named in Entrepreneur Middle East’s The 100. He has owned some of the rarest stones on earth, including the AV Rose, a 1.05-carat fancy purplish red diamond shown on a world tour in 2023, and the Scarlet Chakra, a 1.01-carat fancy red. Red is the rarest of all diamond colours.

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 USD 100 million.

Giving back

Through Gems of Hope, part of the Bliss Foundation, AV Group directs proceeds from precious stones to cancer research and patient care. The Group says it will work with its Angolan partners and stakeholders to support long-term, sustainable development in the country.

Notes to editors

About AV Group

Founded in New Delhi in 1948, AV Group is a Dubai-headquartered international conglomerate spanning finance, real estate, hospitality, mining, gemstones and diamonds. Now in its fourth generation, the family business began in gemstone trading.

Its diamond and jewellery businesses include Tiara Gems, specialists in rare diamonds and gemstones; the DIFC-based fine jewellery brand Meraki by Tiara Gems; 103 Jain Jewellery; AV Globale DMCC, which conducts diamond and gemstone auctions and tenders; DiamondXE, a digital marketplace for the diamond trade; and the AV Museum of rare and museum-grade stones.

The Group’s wider interests include the AV Private Equity Investment Fund, AV Real Properties, AV Coinvest and AV Luxury Homes, covering investment, property development, co-investment and hospitality services in the UAE.

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