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.
Editors' Picks
Sponsored by
More on Sourcing
The Latest
CollectionsApr 26, 2024
Piece of the Week: Jacquie Aiche’s Starry Galaxy NecklaceThe necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
Events & AwardsApr 26, 2024
AGS Conclave and GIA Symposium Are ConvergingThe two organizations will host a joint event, “Converge,” in September 2025.
Events & AwardsApr 25, 2024
Alexis Padis Takes Over as AGS Board President Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
Brought to you by
The Blueprint for Success in Scalable, Personalized Jewelry RetailWith Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
EditorsApr 25, 2024
5 Tips for Creating Fans from the Top (Savannah) Banana Jesse Cole, founder of Fans First Entertainment, shared the “five Es” of building a fan base during his AGS Conclave keynote.
Weekly QuizApr 26, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
WatchesApr 25, 2024
Audemars Piguet and John Mayer Partner on Limited Edition WatchThe Royal Oak Perpetual Calendar "John Mayer" was celebrated at a star-studded party in LA last week.
MajorsApr 25, 2024
Detroit Lions’ QB Jared Goff Keeps Going to JaredThe three-time Pro Bowler continues to partner with the retailer, donating to a Detroit nonprofit and giving watches to fans.
Brought to you by
How Jewelers of America Represents Your BusinessFor over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
CrimeApr 24, 2024
Jewelry Crime Declines Significantly, But Dollar Losses Remain High A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
CollectionsApr 24, 2024
Pippa Small Announces ‘Venus’ CollectionInspired by the Roman goddess of love, the designer looked to the sea for her new collection.
FinancialsApr 24, 2024
Kering’s Jewelry Brands a Bright Spot in Tough Q1The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
Events & AwardsApr 24, 2024
JCK Industry Fund Announces 2024 Grant RecipientsThe selected nine organizations have outlined their plans for the funds.
SourcingApr 24, 2024
Rio Tinto’s Q1 Production Drops Amid Pause to Honor Lost Colleagues The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
WatchesApr 24, 2024
These Are Rolex’s New Watches for 2024 The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
ColumnistsApr 23, 2024
The Smart Lab: Advanced Email Marketing Strategies for Mother’s DayEmmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
IndependentsApr 23, 2024
Hannoush Jewelers Opens New Store in New York Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
SourcingApr 23, 2024
Lucapa Sells 3 Diamonds for $10.5M in First Lulo Tender of 2024A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
GradingApr 23, 2024
GIA Has a New Book About William RuserRuser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
CollectionsApr 22, 2024
Jacquie Aiche’s New Campaign Stars Adam Levine, Behati PrinslooThe “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
EditorsApr 22, 2024
The 22 Best Quotes from AGS Conclave 2024 Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
SourcingApr 22, 2024
Virtual Diamond Boutique Rebrands as ‘VDB’The overhaul includes a new logo and enhanced digital marketplace.
MajorsApr 22, 2024
Signet Raises Nearly $9M for St. Jude Children’s Research HospitalThe money will go toward supporting ongoing research and aftercare programs for childhood cancer survivors.
CollectionsApr 19, 2024
Piece of the Week: Retrouvaí’s Treasure NecklaceA new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
CrimeApr 19, 2024
Grand Jury to Hear Case Against Jeweler Charged in Fatal Shove Following IJO ShowLast month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
MajorsApr 19, 2024
Unique Designs Acquires China PearlThe move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
GradingApr 19, 2024
AGS Ideal Report Now Available in Printed FormFrom now through mid-May, GIA will be offering the reports at a 50 percent discount.
SourcingApr 18, 2024
Diamond Trade Remains Cautious Amid Economic UncertaintyDe Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
