SourcingAug 27, 2021
Petra Sells 2 Big Diamonds Into Partnership With Stargems for $14MSourcingSep 02, 2021
Gem Diamonds Sells Ghaghoo Diamond Mine for $4M
Okwa Diamonds will be the new owner of the Botswana mine as Gem Diamonds focuses on its Letšeng mine in Lesotho.
The Ghaghoo diamond mine in Botswana will soon be owned by Okwa Diamonds when a $4 million dollar deal is approved.
London—Gem Diamonds has sold the Ghaghoo diamond mine in Botswana.
The company recently announced it has entered into a binding share sale agreement with Okwa Diamonds for 100 percent of Gem Diamonds Botswana Proprietary Limited (GDB).
GDB’s primary asset is the Ghaghoo mine, which has been on care and maintenance since March 2017 due to market conditions.
As of Dec. 31, the gross assets of GDB were $3.5 million and the loss attributable to the company for the 12-month period was $3.3 million.
Under the deal, Okwa will pay a total of $4 million in two installments of $2 million each.
The transaction is subject to certain conditions, like relevant regulatory and competition authority approvals in Botswana, but Gem Diamonds said they’re expected to be fulfilled. The deal is slated for completion by the fourth quarter.
Gem Diamonds said it will use the sale proceeds for general corporate purposes.
Botswana-registered Okwa Diamonds is owned by mining and resource development company Vast Resources PLC and Botswana Diamonds PLC, a diamond exploration and project development company. Both are parties in the share sale agreement.
“This sale is in line with our strategic objective to dispose of non-core assets. Gem Diamonds remains focused on optimizing production and efficiency at the Letšeng mine in Lesotho,” said Gem Diamonds CEO Clifford Elphick.
“On behalf of Gem, we wish the Okwa Diamonds team well for the future, and I would also like to thank the government of Botswana for its assistance during the sale process.”
Gem Diamonds has tried to sell the Ghaghoo diamond mine a few times, including most recently entering into a purchase agreement with Pro Civil Ltd. in 2019, but the sale did not go through.
Gem Diamonds owns 70 percent of Letšeng, which is known for producing large gem-quality white and fancy color diamonds.
Last August, it uncovered a 442-carat Type II rough diamond at the mine.
Related stories will be right here …
The company recently announced it has entered into a binding share sale agreement with Okwa Diamonds for 100 percent of Gem Diamonds Botswana Proprietary Limited (GDB).
GDB’s primary asset is the Ghaghoo mine, which has been on care and maintenance since March 2017 due to market conditions.
As of Dec. 31, the gross assets of GDB were $3.5 million and the loss attributable to the company for the 12-month period was $3.3 million.
Under the deal, Okwa will pay a total of $4 million in two installments of $2 million each.
The transaction is subject to certain conditions, like relevant regulatory and competition authority approvals in Botswana, but Gem Diamonds said they’re expected to be fulfilled. The deal is slated for completion by the fourth quarter.
Gem Diamonds said it will use the sale proceeds for general corporate purposes.
Botswana-registered Okwa Diamonds is owned by mining and resource development company Vast Resources PLC and Botswana Diamonds PLC, a diamond exploration and project development company. Both are parties in the share sale agreement.
“This sale is in line with our strategic objective to dispose of non-core assets. Gem Diamonds remains focused on optimizing production and efficiency at the Letšeng mine in Lesotho,” said Gem Diamonds CEO Clifford Elphick.
“On behalf of Gem, we wish the Okwa Diamonds team well for the future, and I would also like to thank the government of Botswana for its assistance during the sale process.”
Gem Diamonds has tried to sell the Ghaghoo diamond mine a few times, including most recently entering into a purchase agreement with Pro Civil Ltd. in 2019, but the sale did not go through.
Gem Diamonds owns 70 percent of Letšeng, which is known for producing large gem-quality white and fancy color diamonds.
Last August, it uncovered a 442-carat Type II rough diamond at the mine.
More on Sourcing
The Latest
EditorsJan 12, 2026
Platinum, White Gold Rule the 2026 Golden GlobesAssociate Editor Natalie Francisco highlights her favorite jewelry moments from the Golden Globes, and they are (mostly) white hot.
GradingJan 12, 2026
Peter Yantzer, Former Executive Director of AGS Labs, Dies at 77 Yantzer is remembered for the profound influence he had on diamond cut grading as well as his contagious smile and quick wit.
MajorsJan 12, 2026
These 14 Macy’s Locations Will Close This YearThe store closures are part of the retailer’s “Bold New Chapter” turnaround plan.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
MajorsJan 12, 2026
Jewelers Mutual Acquires AI-Powered Event Insurance ProgramThrough EventGuard, the company will offer event liability and cancellation insurance, including wedding coverage.
Weekly QuizJan 08, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsJan 09, 2026
Kendra Scott Taps Activewear Exec as CEO Chris Blakeslee has experience at Athleta and Alo Yoga. Kendra Scott will remain on board as executive chair and chief visionary officer.
SurveysJan 09, 2026
U.S. Holiday Retail Sales Up 4%, Visa, Mastercard SayThe credit card companies’ surveys examined where consumers shopped, what they bought, and what they valued this holiday season.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
AuctionsJan 09, 2026
Christie’s Names New Global Managing Director for LuxuryKimberly Miller has been promoted to the role.
CollectionsJan 09, 2026
Piece of the Week: Lionheart’s ‘Serenity’ Opal CharmThe “Serenity” charm set with 13 opals is a modern amulet offering protection, guidance, and intention, the brand said.
CollectionsJan 08, 2026
Pandora’s New ‘Bridgerton’ Jewels Celebrate Bees, Bows, and Blooms“Bridgerton” actresses Hannah Dodd and Claudia Jessie star in the brand’s “Rules to Love By” campaign.
Events & AwardsJan 08, 2026
Ana Khouri To Receive 2026 Gem Award for High Jewelry ExcellenceFounded by jeweler and sculptor Ana Khouri, the brand is “expanding the boundaries of what high jewelry can be.”
TrendsJan 08, 2026
Stuller’s Color of the Year Is a Stark Contrast to Pantone’s WhiteThe jewelry manufacturer and supplier is going with a fiery shade it says symbolizes power and transformation.
CollectionsJan 08, 2026
Gracie Abrams To Front New Chanel Jewelry CampaignThe singer-songwriter will make her debut as the French luxury brand’s new ambassador in a campaign for its “Coco Crush” jewelry line.
MajorsJan 08, 2026
Diamond Council of America Names New Board DirectorsThe nonprofit’s new president and CEO, Annie Doresca, also began her role this month.
ColumnistsJan 07, 2026
Peter Smith: Physical Retail—The Beginning or the End?As the shopping mall model evolves and online retail grows, Smith shares his predictions for the future of physical stores.
Events & AwardsJan 07, 2026
Melee Adds 13 New Designers to NYC ShowThe trade show is slated for Jan. 31-Feb. 2 at The Lighthouse in New York City's Chelsea neighborhood.
TrendsJan 07, 2026
Amanda’s Style File: Go for GarnetJanuary’s birthstone comes in a rainbow of colors, from the traditional red to orange, purple, and green.
CrimeJan 06, 2026
2 Jewelers Arrested After TraxNYC Diamond District BrawlFootage of a fight breaking out in the NYC Diamond District was viewed millions of times on Instagram and Facebook.
MajorsJan 06, 2026
Rio Grande Says These Are the Top Personalization Tools for 2026The supplier has a curated list of must-have tools for jewelers doing in-house custom work this year.
MajorsJan 06, 2026
Zales Tests Out A New LookThe Signet Jewelers-owned store, which turned 100 last year, calls its new concept stores “The Edit.”
MajorsJan 06, 2026
LeachGarner Appoints New Director of SalesLinda Coutu is rejoining the precious metals provider as its director of sales.
TrendsJan 05, 2026
Amanda’s Style File: New Year’s EditionSparkle with festive diamond jewelry as we celebrate the beginning of 2026.
IndependentsJan 05, 2026
Jeweler Ben Nighthorse Campbell Dies at 92The master jeweler, Olympian, former senator, and Korean War veteran founded the brand Nighthorse Jewelry.
TrendsJan 05, 2026
Pinterest 2026 Trend Report: Brooches, Bold Gold, Cool BlueIn its annual report, Pinterest noted an increase in searches for brooches, heirloom jewelry, and ‘80s luxury.
MajorsJan 02, 2026
Marc Metrick Out as CEO of Saks Global Executive Chairman Richard Baker will take over the role as rumors swirl that a bankruptcy filing is imminent for the troubled retailer.
Events & AwardsJan 02, 2026
Jan Mohr, Couture’s ‘North Star,’ Dies at 71Mohr had just retired in June after more than two decades as Couture’s retailer liaison.
