SourcingSep 27, 2023
India Calls for 2-Month Moratorium on Rough Diamond Imports SourcingSep 29, 2023
Lucara Severs Ties With HB Antwerp
The two companies initially partnered during the pandemic and had just signed a 10-year sales agreement in November 2022.
A 692-carat rough diamond Lucara Diamond Corp. mined earlier this year at its Karowe mine in Botswana. Lucara had a 10-year agreement to sell all its “specials” (diamonds 10.8 carats and larger) to HB Antwerp for manufacturing but announced this week that it is terminating the agreement.
Vancouver, British Columbia—Lucara Diamond Corp. is severing ties with manufacturer HB Antwerp less than a year into the companies’ decade-long deal.
In a short statement released Wednesday, the mining company, which underwent a change in leadership last month, said it was exercising its right to terminate its agreement with HB Trading BV due to a “material breach of financial commitments” by HB.
Lucara declined to provide additional details on its decision to terminate the contract, stating only that it will provide the market with more information on its sales plans in the future.
HB Antwerp did not respond to request for comment.
Lucara and HB Antwerp first linked up in early 2020, pre-pandemic, when Lucara announced it would partner with the Antwerp-based diamond manufacturer and fashion giant Louis Vuitton to cut the 1,758-carat “Sewelô” diamond and turn it into a jewelry collection.
In July of that year, Lucara and HB Antwerp announced a “groundbreaking” partnership in which HB would purchase and manufacture all the 10.8-carat or larger rough coming out of Lucara’s Karowe mine for the rest of 2020.
Related stories will be right here …
In a short statement released Wednesday, the mining company, which underwent a change in leadership last month, said it was exercising its right to terminate its agreement with HB Trading BV due to a “material breach of financial commitments” by HB.
Lucara declined to provide additional details on its decision to terminate the contract, stating only that it will provide the market with more information on its sales plans in the future.
HB Antwerp did not respond to request for comment.
Lucara and HB Antwerp first linked up in early 2020, pre-pandemic, when Lucara announced it would partner with the Antwerp-based diamond manufacturer and fashion giant Louis Vuitton to cut the 1,758-carat “Sewelô” diamond and turn it into a jewelry collection.
In July of that year, Lucara and HB Antwerp announced a “groundbreaking” partnership in which HB would purchase and manufacture all the 10.8-carat or larger rough coming out of Lucara’s Karowe mine for the rest of 2020.
Under the agreement, the price paid was based on the expected polished outcome, minus a fee and the cost of manufacturing. The deal gave Lucara a consistent source of cash flow at a time when markets worldwide were at a standstill due to COVID-19.
Lucara announced a 24-month extension to the partnership in April 2021 and in November 2022, the two entered into a 10-year sales agreement.
For HB Antwerp, the end of the partnership follows a messy, ongoing divorce from one of its three co-founders, Oded Mansouri, and calls into question its future with the Government of Botswana, which planned to take a 24 percent stake in the company.
Botswana President Mokgweetsi Masisi said in a press conference broadcast live on Facebook Thursday the country was reassessing the situation in light of the latest news.
He also noted the government’s arrangement with HB Antwerp is an “agreement in principle” only, not a signed, final deal.
Editors' Picks
Sponsored by
The Lucara-HB Antwerp break-up is the second bit of negative news to emerge from the Antwerp diamond industry this week.
Earlier in the week, JCKOnline.com reported that Antwerp World Diamond Centre President David Gotlib had resigned.
His resignation comes after 16 major diamond companies with offices in Antwerp sent a letter to address to the AWDC board, Gotlib and CEO Ari Epstein expressing concerns about the organization’s lack of transparency, accountability, and inclusivity.
In the letter, which National Jeweler obtained, the companies accuse AWDC of not being transparent when it comes to elections and crafting “major policies” without consulting any of them, even when it impacts their businesses.
The letter alludes to the recent proposal the Belgian government, which is backed by the AWDC, put forth regarding additional restrictions on Russian diamonds that are about to hit Western markets at the behest of the G7, a plan known as the “EU Proposal.”
According to the letter, the EU Proposal was formulated without their knowledge. It states: “In light of the Russian supply challenge, we’ve now seen through leaked documents that the AWDC CEO has crafted and pursued policies without consulting any key industry players (openly at least).”
It concludes by calling upon AWDC to start communicating with diamond companies in Antwerp and including them in decisions that are germane to their businesses.
“We need involvement in relevant events that have anything to do with the Antwerp diamond industry. We need to be consulted before major structural or legislative moves are proposed … We do not want to be the last to find out about issues that clearly affect us all,” it states.
The letter’s signatories were: AC Diam, Arjav Diamonds, Dharam Diam, Diacore, Dianco, Gemasia, IGC, Kiran Exports, Komal Gems, MID, Mishal, Pinchasi Diamonds, Rosy Blue, Samir Gems, Swintudiam, and Taché Diamonds.
AWDC declined to comment on Gotlib’s resignation or the letter.
Earlier in the week, JCKOnline.com reported that Antwerp World Diamond Centre President David Gotlib had resigned.
His resignation comes after 16 major diamond companies with offices in Antwerp sent a letter to address to the AWDC board, Gotlib and CEO Ari Epstein expressing concerns about the organization’s lack of transparency, accountability, and inclusivity.
In the letter, which National Jeweler obtained, the companies accuse AWDC of not being transparent when it comes to elections and crafting “major policies” without consulting any of them, even when it impacts their businesses.
The letter alludes to the recent proposal the Belgian government, which is backed by the AWDC, put forth regarding additional restrictions on Russian diamonds that are about to hit Western markets at the behest of the G7, a plan known as the “EU Proposal.”
According to the letter, the EU Proposal was formulated without their knowledge. It states: “In light of the Russian supply challenge, we’ve now seen through leaked documents that the AWDC CEO has crafted and pursued policies without consulting any key industry players (openly at least).”
It concludes by calling upon AWDC to start communicating with diamond companies in Antwerp and including them in decisions that are germane to their businesses.
“We need involvement in relevant events that have anything to do with the Antwerp diamond industry. We need to be consulted before major structural or legislative moves are proposed … We do not want to be the last to find out about issues that clearly affect us all,” it states.
The letter’s signatories were: AC Diam, Arjav Diamonds, Dharam Diam, Diacore, Dianco, Gemasia, IGC, Kiran Exports, Komal Gems, MID, Mishal, Pinchasi Diamonds, Rosy Blue, Samir Gems, Swintudiam, and Taché Diamonds.
AWDC declined to comment on Gotlib’s resignation or the letter.
More on Sourcing
The Latest
IndependentsJul 15, 2026
New Jersey Jeweler Barry Berman Dies at 81The founder of Fords Jewelers, Berman is remembered for his love of connecting with his community.
FinancialsJul 15, 2026
Watches of Switzerland’s US Sales Jump 18%, Declines to Comment on Sale Report The watch and jewelry retailer had a strong fiscal year despite what its CEO described as a “complex operating backdrop.”
Events & AwardsJul 15, 2026
Hamptons Jewelry Show to Return in JulyThe open-to-the-public luxury jewelry and timepiece show, in its second year, is slated for July 23-26.
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.
CollectionsJul 15, 2026
Pomellato’s New High Jewelry Is LiberatingBold color, expressive gem-setting, and sculptural form define the three chapters that make up “Stile Libero.”
Weekly QuizJul 09, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsJul 14, 2026
Foundrae Opens First Standalone Store Outside USThe New York-based jewelry brand has expanded overseas, opening a store in London’s Mayfair district.
ColumnistsJul 14, 2026
Sherry Smith: What Today’s Jewelry Consumer Is Telling Us Rising revenue does not automatically mean a healthy business, particularly in the current economic landscape, Smith writes.
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.
TrendsJul 14, 2026
Amanda’s Style File: Shoulder Dusters These long, fluid drop earrings are sure to catch the eye.
CrimeJul 14, 2026
Man Charged in $1M Jewelry Store Heist Lands on FBI Most Wanted ListAlberto Perez-Elias is one of four men charged with robbing a Cape Coral, Florida, jewelry store and is the only one still at large.
Events & AwardsJul 14, 2026
Conference on Mining, Sustainability Kicks Off in NYCInitiatives in Art and Culture is hosting its 16th annual Gold and Diamond Conference, with the theme of “Resilience.”
Lab-GrownJul 13, 2026
Stephanie Gottlieb Changes Her Mind on Lab-Grown DiamondsThe designer, who once said she’d never sell lab-grown diamonds, debuted two capsule collections designed to be fun and easy to wear.
Events & AwardsJul 13, 2026
Registration Opens for JIS Fall 2026 ShowThe annual trade-only buying event is slated for Oct. 16-19 in Miami Beach, Florida.
Events & AwardsJul 13, 2026
AGTA Accepting Entries for Spectrum 2026AGTA also has announced the lineup of judges for the colored gemstone cutting and jewelry design contest’s various categories.
TechnologyJul 10, 2026
There’s a New Blind Box for Luxury Watches Collectibles platform Arena Club’s new Time Boxes could contain a Rolex or Patek Philippe watch.
TrendsJul 10, 2026
Jade Trau Creates a Constellation of DiamondsThe “Constellation Plié” collar, our Piece of the Week, features diamonds arranged in a constellation of shining stars.
SourcingJul 10, 2026
CFO of De Beers’ Consumer-Facing Division Leaves Company Shaun Wills joined the company in 2024 and was chief financial officer of the De Beers Brands and Consumer Markets division.
WatchesJul 10, 2026
Brilliant Earth Expands Into WatchesIn honor of its 20th anniversary, the jewelry brand has released a limited-edition collection of Swiss-made timepieces.
CollectionsJul 09, 2026
Boucheron’s New High Jewelry Collection Is an Ode to the Human Touch“Human Being” highlights the similarities and differences between us through five sets of jewelry that celebrate fine craftsmanship.
WatchesJul 09, 2026
Damiani Group Finalizes Acquisition of Baume & MercierRichemont will continue to provide operational services for the watch brand for a period while the group prepares to integrate it.
AuctionsJul 09, 2026
Pharrell Williams’ Joopiter Hires Former Bonhams Exec to Head New Watch DivisionNate Borgelt will lead the digital auction house and content platform’s new division as head of watches.
Events & AwardsJul 09, 2026
Halstead Names 2026 Grant WinnerEnoch Platero, founder and designer behind Enoch Michael, is the first Native American jeweler to win the award.
Events & AwardsJul 09, 2026
AGS, GIA Name 2026 Beatrice Shipley Scholarship WinnerAGS also announced the recipient of its “Women in Leadership” scholarship.
MajorsJul 08, 2026
Kendra Scott Joins ‘Shark Tank’ As Permanent Investor The founder of the billion-dollar jewelry and lifestyle brand will debut as a full-time “Shark” on the upcoming season of the show.
SurveysJul 08, 2026
Signet Jewelers Falls 5 Spots on NRF’s ‘Top 100’ Retailers ListPlus, why retailers should be ready to adjust as the U.S. population may decline this year for the first time since the Great Depression.
CrimeJul 08, 2026
Here’s What Thieves Stole From the Lalique Museum René Lalique’s “Woman Dragonfly With Open Wings” pendant, the first piece the museum acquired, was one of the jewels taken.
MajorsJul 08, 2026
Richline Group Promotes 2 ExecsArien Gessner and Moss Makhoulian have been elevated into newly created roles.
