Lucapa Diamond Company has entered voluntary administration and is now pursuing a dual-track process of recapitalization and potential sale. The company’s administrators, KordaMentha, will conduct an urgent review of Lucapa’s operations, which span across several diamond projects including Brooking Diamonds, Heartland Diamonds, and Australian Natural Diamonds.

Among Lucapa’s most valuable assets is its 51% stake in the high-value Lulo mine in Angola. Other key interests include the Merlin diamond project and the Brooking exploration project in Australia. Earlier, Lucapa had divested its Mothae mine in Lesotho to streamline operations amid industry headwinds and weak diamond demand.

The move into administration follows a difficult year for Lucapa, with the company reporting a net loss of $1.5 million in 2024 and a 31% drop in revenue to $54.5 million, driven by falling diamond prices. In response, the company had raised $1.9 million through a share placement and purchase plan.

Despite financial pressures, Lucapa increased its stake in the Lulo mine from 39% to 51% in March, aiming to boost returns from the project. The company is now actively seeking investors or buyers for its assets, with administrators inviting expressions of interest. Meanwhile, the Australian Securities Exchange has suspended trading of Lucapa shares, citing concerns over the company’s financial viability.

De Beers aims to open 100 Forevermark stores in India by 2030, as it taps into the world’s second biggest market for natural diamond jewelry after the US.It expects demand in India, currently at around $10bn, to double in that time.

De Beers plans to open 15 of its prestige Forevermark stores in Delhi and Mumbai in 2025, with a goal of reaching 100 stores in 40 cities by 2030.

India’s natural diamond jewellery market is currently valued at around $10 billion and is expected to double to $20 billion by 2030, with an annual growth rate of about 12%. This robust growth is fueled by rising incomes, a young population, increasing financial independence among women, and a cultural affinity for jewellery.

The aggressive expansion by De Beers and other major players is expected to accelerate the penetration of diamond jewellery in India, which, while growing, still lags behind gold in terms of household adoption.

Al Cook, the company’s CEO, , said: “We’re very confident in the future of India. It has become the second largest market for natural diamond jewellery globally, overtaking China last year.”We’ve seen double-digit growth for the last few years, and we actually see natural diamond demand in India, which is growing at 12 per cent annually, to double over the next five years by 2030.”

India’s natural diamond market is poised for a major leap, with De Beers Group CEO Al Cook projecting the market will double in value—from nearly $10 billion today to $20 billion by 2030. Cook shared this vision during his first official visit to India, speaking at a press event held at Taj Lands End, Mumbai.

“India is the heart and home of diamonds, and it’s now leading the world in diamond demand,” Cook said. Highlighting a 12% annual growth in demand, he credited the rise to India’s expanding middle class, increasing disposable incomes, and deep cultural affinity for natural diamonds. India currently processes 90% of the world’s diamonds and supports over one million jobs in the sector.

To tap into this momentum, De Beers is rolling out an ambitious, India-focused strategy. Its Forevermark brand will launch in Mumbai and Delhi in 2025, with plans to expand to over 100 outlets nationwide. The company will use a “cluster-based” approach, combining company-run and franchise stores with strong e-commerce integration. The offerings will target aspirational consumers, with an average ticket size of ₹2.5 lakh.

De Beers is also ramping up marketing efforts. Its “Love From Dad” campaign, celebrating family milestones, has resonated strongly with Indian consumers. Strategic partnerships with the Indian Premier League (IPL) and top jeweller Tanishq are deepening brand presence. De Beers is training thousands of Tanishq sales staff through its Institute of Diamonds in Surat to help customers understand the rarity and ethical sourcing of natural diamonds.

A major new initiative, INDRA, will launch in August in partnership with the Gem & Jewellery Export Promotion Council (GJEPC), with 1,700 retailers already showing interest. “We are shifting from ‘from and by India’ to ‘to and for India,’” said Cook, stressing the growing domestic appetite for natural diamonds.

Addressing the rise of lab-grown diamonds (LGDs), Cook noted that LGD prices have dropped by 90% and are now available for as little as $299 in the US. De Beers has since closed its Lightbox LGD business in the US. “Our job to distinguish natural diamonds from LGDs is done,” he said, underlining the brand’s renewed focus on natural stones.

To reinforce consumer trust, De Beers has introduced Diamond Proof, a tool that can verify natural diamonds in just three seconds with 100% accuracy. “It’s critical that consumers know what they’re buying,” Cook emphasized.

Sustainability remains central to De Beers’ growth model, with a company-wide goal of achieving carbon neutrality by 2030. Cook highlighted the adoption of solar energy by Indian diamond polishers in Surat, and De Beers’ own green energy initiatives in South Africa and Namibia, including a new wind energy deal.

Additionally, De Beers’ synthetic diamond arm, Element Six, is exploring applications for advanced technology sectors like 6G and quantum computing. Cook said India’s rapid emergence as a tech leader makes it an ideal partner, pointing to potential investments in the country’s semiconductor industry.

Cook also addressed global trade concerns, expressing optimism over securing tariff exemptions on natural diamond imports in the US-India trade talks. With no domestic diamond production in the U.S., such tariffs function only as consumer taxes, he argued.

De Beers’ vision for India goes beyond business. “India fell in love with diamonds 2,000 years ago, and that bond is stronger than ever,” Cook concluded, affirming De Beers’ long-term commitment to making India the epicenter of global natural diamond consumption.