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.”
More on Sourcing
The Latest
Events & AwardsMar 17, 2026
The Best Moments From the 2026 Gem Awards Held just before the Oscars, the jewelry industry’s big awards show had its share of standout jewelry, gowns, and acceptance speeches.
TrendsMar 17, 2026
Natalie Portman Is Tiffany & Co.’s New AmbassadorThe Academy Award-winning actress stars in Tiffany & Co.’s latest commercial, which debuted Sunday night during the Oscars.
MajorsMar 17, 2026
Kering Establishes Jewelry Division, Appoints CEOThe organizational change follows Kering’s promise of a transformation after declining sales in 2025.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
EditorsMar 16, 2026
2026 Oscars Jewelry: One Necklace After AnotherNatalie Francisco rounds up the top Oscars jewels, including Rose Byrne’s Taffin necklace with a more than 20-carat yellow-brown diamond.
Weekly QuizMar 12, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
WatchesMar 16, 2026
TAG Heuer Has a New CEOBéatrice Goasglas has been with TAG Heuer since 2018. She is the first woman to head the 166-year-old, LVMH-owned watch brand.
IndependentsMar 16, 2026
Ben Bridge Debuts New Honolulu BoutiqueThe store features the first in-store build for the jeweler’s in-house “Bella Ponte” bridal brand.
Brought to you by
DCA Enters a New Chapter in Jewelry EducationWith refreshed branding, a new website, updated courses, and a pathway for growth, DCA is dedicated to supporting retail staff development.
AuctionsMar 16, 2026
Bonhams Paris To Offer Antique, Signed Jewels The live fine jewelry auction will take place later this week, showcasing antique pieces, rare gemstones, and signed jewels.
CollectionsMar 13, 2026
A Trio of Jewels from the 3 Gem Award Nominees for Jewelry DesignOur Pieces of the Week honor the 2026 nominees for the Gem Award for Jewelry Design, Silvia Furmanovich, Cece Fein-Hughes, and Catherine Sarr.
WatchesMar 13, 2026
Citizen, Vera Wang to Launch Watch CollectionThe 24-piece watch collection is set to debut in spring 2027.
MajorsMar 13, 2026
24 Karat Club of New York’s Banquet to Return to Waldorf AstoriaThe reopening of the Waldorf Astoria means a homecoming for the industry group’s annual event, which will take place Saturday.
CollectionsMar 12, 2026
Jessica McCormack Sends Gold, Gemstones Into ‘Orbit’McCormack looked to the 19th century’s “golden age” of astronomy when designing her new celestial-themed collection.
Events & AwardsMar 12, 2026
Johnny Nelson Wins David Yurman Gem Awards GrantNelson will be honored as the inaugural grant winner at the Gem Awards gala on Friday.
TechnologyMar 12, 2026
Caratwise Launches, Names Former Signet Exec CEO The new smart design software allows jewelers to configure, price, and confirm a custom engagement ring in real time for in-store customers.
SourcingMar 12, 2026
Grandview Klein Opens New Factory in South Africa The 10,000-square-foot diamond manufacturing facility officially opened in late February and employs 50 people.
Events & AwardsMar 12, 2026
MJSA ‘Future of Jewelry Making’ Scholarship Applications OpenThe MJSA Education Foundation’s scholarships support students pursuing jewelry careers.
AuctionsMar 11, 2026
‘Spectacular’ 26-Carat Diamond Going Up for Auction in London The largest white diamond to come to market in the U.K. in more than a decade, the VVS1, I-color stone is expected to top $1 million.
TechnologyMar 11, 2026
Cast Jewelry’s Rachel Skelly on Coming Back Online Only Skelly shares her plans for reimagining the fine jewelry retailer she re-acquired after it faltered last year.
CollectionsMar 11, 2026
Pyrrha Highlights ‘The Space Between’ In New CollectionThe collection takes inspiration from the emotional space between people, moments, and experiences.
IndependentsMar 11, 2026
From the Jazz Age to the Information Age: London Jewelers Turns 100In 2026, the jewelry retailer is celebrating a milestone only a small percentage of family-owned businesses survive to see.
IndependentsMar 11, 2026
Virginia Jewelers Raise Nearly $30K for Children’s HospitalThe group of jewelers held a jewelry raffle in support of the Children’s Hospital of Richmond at VCU.
FinancialsMar 10, 2026
Signet Jewelers’ Q4 Sales Fall Flat The jewelry giant released preliminary results for the fourth quarter and full year on Monday, with final results slated to come next week.
MajorsMar 10, 2026
Saks Global to Close 15 More StoresThe retailer also gave an update on its vendor partnerships.
TrendsMar 10, 2026
Messika Names Julianne Moore as AmbassadorThe award-winning actress is the “epitome of modern allure,” the brand said.
CollectionsMar 10, 2026
Gemstones ‘Bloom’ in Sorellina’s New CollectionThe “Bloom” collection draws from the flower power movement of the 1960s and ‘70s with inlay pendants offered in eight colorways.
Events & AwardsMar 10, 2026
Diamond-Studded Painting Shines at RJO Foundation AuctionThe unique piece was one of the custom works offered at the foundation's recent silent art auction, which garnered nearly $15,000 in total.
