The Lulo Diamond Project is located in the Republic of Angola, which ranks as the fifth largest producer of diamonds globally and one of the most prospective countries in the world for new diamond discoveries.
Since being elected in 2017, new Angolan President João Lourenço has made it a top priority to create a new legislative framework to attract more foreign investment in Angola’s diamond sector. The changes being advocated by President Lourenço include allowing diamonds mined in Angola to be sold at international tender and allowing foreign companies to take majority stakes in diamond projects.
Speaking during a visit to the world’s diamond trading centre of Antwerp, Belgium, in June 2018, President Lourenço declared: “We recognise that the policies for this sector, established by us, do not best serve the interests of the country, nor of the producers.”
“We will soon announce the new framework for the diamond industry and we believe that with this, the big diamond mining companies will return to Angola.”
The legislative changes advocated by President Lourenço are part of a plan to double Angola’s diamond production to 14 million carats in the next four years.
Angola is an official signatory of the Kimberley Process Certification Scheme and occupied the position of Chair of the Kimberley Process in 2015.
Angola’s biggest recorded diamond is the 404 carat 4th February Stone recovered at Lulo in February 2016 and which sold for US$16 million.