Lucapa Diamond Company, an Australian Securities Exchange (ASX)-listed diamond miner, has finalized its mineral investment contract (MIC) for the Lulo joint venture (JV) in Angola, increasing its stake in the project to 51%. The contract is now awaiting formal signature by the Angolan Ministry of Mineral Resources and Petroleum.

The Lulo JV, which focuses on exploring kimberlites at the Lulo concession, has seen Lucapa raise its ownership from 39% to a majority share. The contract finalization followed a three-day meeting in Angola, where Lucapa, along with JV partners Endiama, Rosas & Petalas, agreed on the remaining details.

Lucapa’s Managing Director and CEO, Alex Kidman, commented on the development, stating: “Securing a majority stake in the Lulo exploration JV is a critical milestone for Lucapa, as it will provide us with an increased share of any exploration success. The finalization of the MIC is something our shareholders have long awaited. This progress highlights Angola’s commitment to Lucapa and to the Lulo project, one of the most prominent diamond ventures in the country. We’re excited to continue working with our partners to uncover the source of Lulo’s extraordinary diamonds.”

Currently, the kimberlite bulk sampling program is underway at the Lulo concession, with stockpiling of samples from L130/01. Additional samples are being prepared from promising sites, including L349, L137, and L130.

Earlier in May 2024, Lucapa Diamond announced plans to divest a 70% interest in its Mothae diamond mine in Lesotho.

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The International Gemological Institute (IGI), a leading grading company in the lab-grown diamond market, has reported record financial performance for the calendar year (CY) 2024. The company achieved a 17% increase in revenue and a remarkable 29% growth in profit, driven largely by its dominant 65% share of the global lab-grown diamond grading market.

• Revenue: $120.8 million (INR 10.53 billion), marking a 17% increase compared to the previous year.
• Profit After Tax: $49 million (INR 4.27 billion), reflecting a substantial 29% year-over-year growth.
• Market Share: IGI continues to dominate the lab-grown diamond grading market with a 65% global share.

IGI’s strong financial performance has been supported by its market leadership and strategic business decisions. The company went public in December 2023 with an initial public offering (IPO) that valued IGI at $3.5 billion. This marked a significant valuation jump from its $570 million acquisition price when Blackstone, the world’s largest alternative asset manager, took ownership in May 2023.

Eashwar Iyer, IGI’s Global Chief Financial Officer (CFO), emphasized the company’s operational strength and strategic execution, attributing the record revenue and profit growth to IGI’s ability to capitalize on market opportunities and strengthen its competitive position.

IGI’s robust financial performance underscores the expanding demand for lab-grown diamonds and the growing importance of reliable certification in the industry. The company’s continued leadership in this segment reinforces its credibility and positions it for sustained growth in the future.

IGI’s record-breaking financial results in 2024 highlight its dominant market position, successful strategic initiatives, and ability to drive profitability. With a strong financial foundation and continued expansion, IGI remains at the forefront of the lab-grown diamond grading industry, setting benchmarks for excellence and growth.