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
AuctionsJun 18, 2026
Paraíba Tourmalines Sell for $3.4M at Sotheby'sThe recent high jewelry auction, which also featured the sale of a 10-carat blue diamond, was “a celebration of color.”
CollectionsJun 18, 2026
Michelle Obama Wears Almasika Earrings Symbolizing Feminine PowerShe wore the “Le Cauri Endiamanté” earrings, our Piece of the Week, in the Obamas’ first dual portrait for the Obama Presidential Center.
PodcastsJun 17, 2026
Episode 6: Las Vegas 2026-Trends, Traffic, Broken BathroomsCouture’s Michelle Orman joins Amanda Gizzi and Michelle Graff for this special post-Market Week episode of My Next Question.
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.
GradingJun 17, 2026
SSEF Issues Warning on Refilled EmeraldsThe lab is seeing emeralds with filler added post-testing enter the market, accompanied by reports that indicate little to no treatment.
Weekly QuizJun 17, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
WatchesJun 17, 2026
Patek Philippe’s ‘Visionary’ Leader Philippe Stern Dies at 88 The third generation of the Stern family to head Patek Philippe, he navigated the “quartz crisis” and preserved the brand’s independence.
MajorsJun 17, 2026
James Avery to Revamp In-Store Retail ExperienceThe Texas-based jeweler is gradually rolling out a new experience-forward layout in its stores.
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.
MajorsJun 17, 2026
Seahawks’ Super Bowl Ring Blends Meaningful Design, Technical CraftsmanshipThe Super Bowl LX champions were honored with diamond and blue sapphire rings by Jason of Beverly Hills.
Policies & IssuesJun 17, 2026
Community for Ethical Jewelry Names New Executive DirectorMarianna Smirnova previously spent a decade working with the Responsible Minerals Initiative, in addition to other relevant roles.
MajorsJun 16, 2026
5 Things to Know About the 2026 NBA Championship TrophyThe New York Knicks took home the Larry O'Brien Trophy crafted by Tiffany & Co.
TrendsJun 16, 2026
Post-Vegas Jewelry Trend Report: Big Beads, Western Flair, White MetalsAssociate Editor Natalie Francisco lists the trends she spotted during Jewelry Market Week that will dominate the second half of 2026.
MajorsJun 16, 2026
Sasha Primak Hires New Design DirectorThe manufacturer has tapped Alicia Arnold, the former director of custom design at Tiny Jewel Box.
IndependentsJun 15, 2026
DeBoulle Diamond & Jewelry to Renovate Dallas FlagshipThe revamped, elevated space will feature a two-story Patek Philippe atelier and a rooftop patio for parties.
WatchesJun 15, 2026
G-Shock, Coca-Cola Partner on Bottle-Inspired WatchThe special-edition piece marks the 140th anniversary of the iconic beverage brand.
TrendsJun 15, 2026
Amanda’s Style File: Tiny Charms Are TrendingHere are 13 small charms to inspire your layered looks this summer.
AuctionsJun 12, 2026
16th-Century ‘Hogback’ Diamond Ring Going Up for Auction in LondonFound by a metal detectorist, the ring likely belonged to a wealthy, possibly royal, owner, said Noonans.
CollectionsJun 12, 2026
Chouette Designs To Launch Collection Celebrating All Types of LoveOur Pride Month Piece of the Week, the “Margaux” ring, is part of the wife-and-wife team’s new “Lovestoned” collection.
Events & AwardsJun 12, 2026
CBG Announces Plans for Phoenix ShowThe group has named the keynote speaker and announced a new pavilion for its next event, which is slated for September.
EditorsJun 11, 2026
This Was the Best Animal Jewelry in Las Vegas From lions and hippos to snails and fish, Senior Editor Lenore Fedow wrangles her picks for cutest jewelry critters in Las Vegas.
MajorsJun 11, 2026
Former Cartier Creative Director To Head Chanel’s Jewelry Creation StudioMarie-Laure Cérède will join Chanel as the new director of its jewelry creation studio, starting in October.
Lab-GrownJun 11, 2026
Smiling Rocks’ ‘Wish Jar’ Generates 100+ Wishes in Las Vegas At the JCK show, the lab-grown diamond brand teamed up with Jewelers for Children to support Make-A-Wish India.
SourcingJun 11, 2026
Signet Jewelers Exec Joins Diamonds Do Good BoardIlana McCabe is Signet’s vice president of public relations and brand communications.
AuctionsJun 10, 2026
31.62-Carat ‘Azure Blue’ Diamond Sells For $8M+ at Christie’sIt was a banner day for blue gemstones, with another blue diamond topping $8 million and a 41-carat sapphire going for $2.3 million.
MajorsJun 10, 2026
Saks Global Receives Bankruptcy Court Approval for ReorganizationThe approval means the retailer is on track to exit bankruptcy proceedings this summer.
CrimeJun 10, 2026
2 Suspects Arrested in Texas Jewelry Store RobberyThe men are believed to be part of the group of several masked suspects that robbed Marc Robinson Jewelers in April.
CollectionsJun 10, 2026
Sylvie Debuts ‘Elevated’ Bridal Collection Inspired By Designer’s RingThe bridal-focused brand is also launching its Custom Atelier this summer, a digital custom design tool for its authorized retailers.
