Botswana Government Takes Stake in HB Antwerp
The news came as the diamond manufacturer officially opened a new factory in Gaborone, its first outside Antwerp.
The news came last week as HB Antwerp officially opened the doors of HB Botswana, its first diamond manufacturing facility outside Belgium.
It marked the milestone with an inauguration ceremony held in the nation’s capital, Gaborone, and attended by HB Antwerp executives and Botswana President Mokgweetsi E.K. Masisi.
HB Botswana is located in Gaborone’s Diamond Technology Park and is closely modeled after the company’s factory in Belgium.
HB Antwerp said its opening “fulfills the company’s promise to bring its cutting-edge, proprietary technologies to Botswana, supporting the country's transformation into a diamond knowledge center.”
“The HB Botswana facility in Botswana is the realization of close collaboration and partnership between the government of the Republic of Botswana and HB Antwerp,” President Masisi said during the inauguration.
“We are forging a brighter future for the next generation of Botswana, taking unprecedented ownership over our natural resources to realize their potential for our nation’s sustainable development fully.”
In addition to taking a 24 percent stake in HB Antwerp, Masisi said government-owned rough diamond trading company, the Okavango Diamond Company (ODC), will supply rough diamonds to HB Botswana for five years.
The plotting, cutting and polishing of those diamonds will take place in Botswana.
ODC is the company that bought and polished the 41-carat rough blue diamond recovered from the Orapa mine in May 2018. The stone was the centerpiece of an exhibition about diamonds from Botswana at the American Museum of Natural History in New York.
ODC is separate from Debswana, the mining company joint venture between the government of Botswana and De Beers Group.
Per the current sales agreement between the Botswana government and De Beers, Debswana has to sell 75 percent of its rough diamond output to De Beers, while the remaining 25 percent goes to ODC.
The deadline to renegotiate that contract, which dates back to January 2011, has been extended three times, with Masisi, who is up for re-election next year, stating publicly that Botswana could walk away from the decades-old partnership if his country doesn’t get a bigger cut.
The sales agreement is currently set to expire in June.
In a statement shared with National Jeweler this week, De Beers said it continues to work toward a new sales agreement for Debswana diamonds and the Debswana mining licenses.
It added, “We recognize there is significant interest regarding our negotiations with the Government of the Republic of Botswana to agree to a long-term mining license and sales agreement for Debswana.
“At the heart of these is a discussion on how best to broaden and deepen the unparalleled socio-economic growth our 54-year partnership has delivered with and for Batswana … With our proven and successful business model … we are proud of what we have delivered as a partner, and we are excited by our collective potential to ensure even more Batswana can add more value to, and generate more value from, their finite natural resource.”
HB Antwerp has a deal in place with another company that mines diamonds in Botswana, Lucara Diamond Corp.
After partnering on a couple of big, notable diamonds in 2020, the two companies inked a 10-year supply agreement in November 2022 covering the larger (10.8 carats and up) diamonds Lucara finds at its mine, Karowe.
Under the terms of the agreement, Lucara sells its big diamonds to HB Antwerp at prices based on the expected polished outcome of each diamond.
HB Antwerp determines the outcome using state-of-the-art scanning and planning technology, with a true-up paid on actual achieved polished sales, minus a fee and the cost of manufacturing.
At the time the companies reached the agreement, HB Antwerp co-founder Oded Mansori said, “The Lucara-HB agreement reflects the renewed commitment of both companies to embrace a new approach to sourcing, transforming, and distributing mineral resources—based on equity, transparency, and sustainability, providing meaningful benefits to all participants, including the people and communities of Botswana.”
The Latest
The report shows that couples are searching for vintage and antique rings, gold jewelry, pearls, and colorful pieces.
He’s remembered as a “font of passion,” leaving behind a legacy of dedication to his craft and community.
The first one will take place next month during the Jewelers of Louisiana’s and Mississippi Jewelers Association’s conventions.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
The redesigned boutique features interactive displays and a workshop space for hands-on learning about watchmaking.
A combination of factors is driving growth in the industry despite the precipitous drop in prices across the board.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
Ho Brothers offers scalable solutions for the future of custom jewelry.
The company plans to invest $25 million in marketing initiatives to boost awareness around its namesake and licensed brands.
Optimism about the current state of the economy was offset by anxiety around inflation and the political environment.
The former WJA executive director is MFM’s new managing director.
DDG encourages retailers to educate customers on the positive impact of purchasing natural diamonds.
Highlighting the most iconic Tiffany collections, it’s inspired by the company’s late window designer, Gene Moore.
Jen Cullen Williams and Duvall O’Steen explore how jewelers can save time and money by using AI to analyze engagement and create content.
The retailer previously turned down an $8.4 billion offer in 2018.
The Florida store’s owner Miguel Gonzalez is retiring.
The lab stresses the importance of accurate identification, as the difference in price is “substantial.”
The brand also plans to expand its retail footprint from 138 to 200 stores over the next three years.
One is reserved for a NAJA member, the other for a non-member.
Longtime employees Carie Lehrke and Megan Mattice have received promotions.
Three guests joined National Jeweler and Jewelers of America to discuss trending time periods, spotting reproductions, and more.
Chris Clipper and Robert Lepere join the company with 50 years of combined experience.
The trendy, metallic earrings wink at classic spring colors.
JSA said a man and woman pulled the safe out of an Oakland jewelry store but couldn’t quite get it into their van.
The miner’s March auction generated $19 million.
Helen McCluskey will succeed H. Todd Stitzer when he meets his 12-year term limit in June.
“Chopard x Julia Roberts” showcases the first gems cut from the 6,000-carat-plus “Insofu Emerald."