Luanda: Australian explorer, the Lucapa Diamond Company, has discovered another multi-million dollar, pink diamond at its Lulo project in Angola. The 38.6-carat stone is the largest colored diamond recovered to date from Lulo, handily beating the 28.5-carat light pink diamond the company sold earlier this week. That stone was sold in a parcel of other diamonds for a total of $5.8 million. Lucapa’s latest find has not yet been valued.

Lucapa and its Angolan-based partners are still searching for the source of the alluvial diamonds it has been discovering at Lulo. Chief Executive Stephen Wetherall said the company had set its near-term sights on using a just-launched drilling program to target high priority kimberlite targets on the concession and was exploring options to increase its 40 percent shareholding in Lulo.

In February, Lucapa announced the discovery of the biggest ever recorded diamond in Angola, a 404-carat white gem. The stone was 27th biggest recorded diamond in the world and the biggest diamond ever discovered by an Australian company. In February, Lucapa announced the discovery of the biggest ever recorded diamond in Angola, a 404-carat white gem.