Perth-based explorer Lucapa Diamond Company has discovered another multi-million dollar, pink diamond at its Lulo project in the West African country of Angola.

The 38.6-carat stone is the largest “fancy” coloured diamond recovered to date from Lulo, surpassing the 28.5-carat light pink diamond the company announced it had sold earlier this week. That stone was sold in a parcel of other diamonds for a total of $5.8 million. The biggest pink diamond found to date at Rio Tinto's Argyle diamond mine is 13 carats.

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.

Speaking at a mining conference in Perth today, 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 per cent shareholding in Lulo

He told delegates at the conference Lucapa’s revenue for the calendar year was up 240 per cent on a year ago to $32 million and that the company was considering a possible listing on London’s Alternative Investment Market (AIM).

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.

Lucapa is chaired by Perth mining veteran Miles Kennedy.

Shares in the company closed flat at 34.5 cents.

The West Australian

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