SourcingNov 17, 2022
De Beers’ Oct/Nov Rough Sales Total $450MSourcingNov 30, 2022
Firestone Restarts Operations of Lesotho Diamond Mine
Liqhobong has been in a care-and-maintenance period since the start of the pandemic.
An aerial view of the Liqhobong Diamond Mine’s main pit
London—Firestone Diamonds has resumed operations at its Liqhobong Diamond Mine in Lesotho.
The company, which operates the mine in a 75-25 joint venture with the government of the Kingdom of Lesotho, shuttered Liqhobong in April 2020 due to the coronavirus outbreak and laid off most of its employees.
The mine has been in a care-and-maintenance period since then.
But the company announced in its latest quarterly update that its bridge loan from debtholder Absa was increased from about $2 million to about $11.6 million to fund the restart.
It is also working with Absa on a restructuring plan for its $82.4 million debt, which includes an outstanding balance of $67.6 million.
Firestone said it rehired 97 percent of the staff to their previous positions.
Operations at the mine started on Oct. 1, with the first blast of ore taking place Oct. 8.
Its first sale since restarting operations ended Oct. 14, totaling $2 million in proceeds from the sale of 25,224 carats for an average of $80.60 per carat, which Firestone said was about 10 percent higher than its historical average even though the sale included fewer better quality, higher value diamonds.
For its 2023 guidance, the miner said it expects diamond recovery to be between 620,000 and 650,000 carats.
“The company’s financial position remains very challenging with its high debt levels, and whilst we seek to repay this heavy debt burden over time, subject to continuing favorable market conditions, we expect this to take a considerable length of time,” said CEO Rob de Pretto.
“Notwithstanding this, I am pleased to report on the successful recommencement of operations at Liqhobong after a two-and-a-half-year period of care and maintenance. The smooth ramp-up is testament to the excellent work that was done by a small on-site maintenance team during the care and maintenance period.”
Related stories will be right here …
The company, which operates the mine in a 75-25 joint venture with the government of the Kingdom of Lesotho, shuttered Liqhobong in April 2020 due to the coronavirus outbreak and laid off most of its employees.
The mine has been in a care-and-maintenance period since then.
But the company announced in its latest quarterly update that its bridge loan from debtholder Absa was increased from about $2 million to about $11.6 million to fund the restart.
It is also working with Absa on a restructuring plan for its $82.4 million debt, which includes an outstanding balance of $67.6 million.
Firestone said it rehired 97 percent of the staff to their previous positions.
Operations at the mine started on Oct. 1, with the first blast of ore taking place Oct. 8.
Its first sale since restarting operations ended Oct. 14, totaling $2 million in proceeds from the sale of 25,224 carats for an average of $80.60 per carat, which Firestone said was about 10 percent higher than its historical average even though the sale included fewer better quality, higher value diamonds.
For its 2023 guidance, the miner said it expects diamond recovery to be between 620,000 and 650,000 carats.
“The company’s financial position remains very challenging with its high debt levels, and whilst we seek to repay this heavy debt burden over time, subject to continuing favorable market conditions, we expect this to take a considerable length of time,” said CEO Rob de Pretto.
“Notwithstanding this, I am pleased to report on the successful recommencement of operations at Liqhobong after a two-and-a-half-year period of care and maintenance. The smooth ramp-up is testament to the excellent work that was done by a small on-site maintenance team during the care and maintenance period.”
Editors' Picks
Sponsored by
More on Sourcing
The Latest
Policies & IssuesJul 24, 2026
New Trump Tariffs: What They Mean for Jewelry The new sweeping slate of tariffs impacts 60 countries, including India, China, Thailand, Hong Kong, and the United Arab Emirates.
TrendsJul 24, 2026
Amanda’s Style File: Ode to ‘The Odyssey’From coin pendants to diamond shields, these old world-inspired jewels are the perfect accessory for an epic journey.
TrendsJul 24, 2026
Courtney Leidy’s Silk Cord Pendants Center Unexpected Pairings Our Piece of the Week pairs a checkerboard-cut amethyst with an ivy green silk cord.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
PodcastsJul 23, 2026
Episode 7: Reinhold Jewelers on the Power of RelationshipsMildred Marcano Abrams and Yael Reinhold join the podcast to talk community connections, holiday plans, and preserving Reinhold’s legacy.
Weekly QuizJul 23, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJul 23, 2026
Silvia Furmanovich’s New Collection Travels Back to the 1920s“Art Deco” fuses ancestral techniques, rare materials, and modern perspectives as a tribute to the optimism and curiosity of the movement.
IndependentsJul 23, 2026
Sissy's Log Cabin Opens Casino StoreThe jeweler’s newest store is inside Arkansas’ Saracen Casino Resort.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
WatchesJul 23, 2026
Movado Inks Licensing Deal With Kate Spade New YorkThe watch company will design, manufacture, and distribute Kate Spade New York watches.
Policies & IssuesJul 22, 2026
Trump to Put 50% Tariff on Canadian Goods The higher tax is set to go into effect in August and will apply to loose polished diamonds as well as precious and base metals jewelry.
CollectionsJul 22, 2026
Monica Rich Kosann’s High Jewelry Is FruitfulThe “Enchanted Garden” series features a cherry, lemon, and pear that each hold a little secret inside.
IndependentsJul 22, 2026
Liljenquist Beckstead Opens Rolex New BoutiqueIt’s located in Tysons Galleria, an upscale shopping center in the Washington, D.C., metro area.
Events & AwardsJul 22, 2026
NY Now Returns in August Under New OwnershipThe show, recently acquired by Rockview Management Group, will be held at New York City’s Javits Center from Aug. 2-4.
ColumnistsJul 21, 2026
Sherry Smith: Shattering the Illusion of the ‘Either/Or’ Diamond MarketSmith offers retailers guidance on creating an environment where natural and lab-grown diamonds can both thrive.
Events & AwardsJul 21, 2026
Apollo Funds Completes Emerald AcquisitionFormer Emerald President and CEO Hervé Sedky has transitioned to the role of senior advisor.
CollectionsJul 21, 2026
Graff’s New Butterfly High Jewelry Brooches MetamorphosizeThe 12-piece capsule collection transforms from brooches to pendants.
Policies & IssuesJul 20, 2026
Tariffs on Brazil to Increase But Rough Gemstones ExemptThe new tariff, imposed after a Trump administration study, is 25 percent and will stack on top of existing tariffs.
CollectionsJul 20, 2026
Vhernier Transforms ‘Freccia’ Collection Into High JewelryThe collection from 2014 has been reinterpreted into high jewelry with its signature triangular-shaped elements.
MajorsJul 20, 2026
Krista Collins Walters Promoted to Publisher of InstoreShe will also take on the role of vice president of jewelry for SmartWork Media, a newly created position.
Events & AwardsJul 20, 2026
TJS Accepting Speaker Proposals for 2027 EventOrganizers are looking for presentations on topics like manufacturing, technology and research, bench work, gemstones, and sustainability.
CollectionsJul 17, 2026
HOWL Taps Shailene Woodley for ‘Home Sweet Home’ CampaignWoodley is seen in the campaign wearing our Piece of the Week, the “Frida” collar featuring 13 pieces of hand-carved Venetian glass.
SourcingJul 17, 2026
U.K. Woman Pays £5 for £15K Diamond Ring at Car Boot SaleA WeBuyVintage jewelry expert uncovered how much the flea market find was actually worth.
SourcingJul 17, 2026
Diamond Dealer Jeff Pancis Pens MemoirThe founder of natural colored diamond wholesaler Pancis Gems shares stories from his five decades in the industry.
Events & AwardsJul 17, 2026
Gem Awards Opens 2027 Nomination PeriodSubmissions for the milestone 25th annual Gem Awards will be accepted across three categories from now through July 31.
EditorsJul 16, 2026
Q&A: Guzema’s Co-Owners On Its US Expansion, 10-Year AnniversaryValeriya Guzema and Mariana Lenha look back on the last decade and discuss the Ukrainian brand’s first U.S. store.
SourcingJul 16, 2026
Ekati to Close, Leaving Canada With One Diamond Mine The diamond mine, which opened nearly 30 years ago in Canada’s Northwest Territories, is expected to shut down by mid-August.
FinancialsJul 16, 2026
Richemont’s Jewelry Sales Soar for the Seventh Quarter in a RowJewelry sales for the company, which owns Cartier, Van Cleef & Arpels, Vhernier, and Buccellati, rose 21 percent in the first quarter.
