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
Supplier BulletinNov 05, 2026
Winning With GCAL 8X®: What’s Working at the CounterSponsored by GCAL by Sarine
SurveysNov 05, 2026
What Retailers Should Know About Holiday Shoppers This YearFrom shrinking budgets to AI elves, here are five takeaways from holiday reports by Bain, Adobe, Mastercard, NRF, and insights from YouGov.
CollectionsNov 05, 2026
Judi Powers, Russell Jones Unleash Joy With New CollaborationThe designers combined their talents for Little Pet Portraits, hand-painted miniatures of our best friends set in a piece of jewelry.
Brought to you by
How Overnight Mountings’ Bridal Builder Makes Custom Engagement Ring Design Easier to SellWith customization becoming more expected in engagement ring shopping, the Bridal Builder makes the process tangible.
FinancialsNov 05, 2026
Brilliant Earth Continued to Resonate With High-Income Shoppers in Q3Its non-bridal fine jewelry remains the star of the show, recently launching new collections inspired by Elizabeth Taylor and Jane Goodall.
Weekly QuizOct 29, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsNov 05, 2026
Ariana Grande Stars In Swarovski’s Holiday Campaign“Joy: The Swarovski Musical” features Ariana Grande as the leading lady in scenes inspired by classic musical montages.
GradingNov 05, 2026
GIA to Offer Next-Day Holiday ServicesThe lab will bring back its complimentary next-day service for some reports starting next week.
Brought to you by
A Diamond Is Forever Launches 2026 Holiday Campaign Championing Natural DiamondsA Diamond Is Forever's holiday campaign reimagines natural diamond icons for a new generation celebrating individuality.
CrimeNov 04, 2026
$250K+ in Undeclared Cartier Jewelry Seized at Philadelphia AirportA Pennsylvania woman failed to declare a ring and a bracelet, discarding the boxes and receipts to conceal the purchases, officials said.
FinancialsNov 04, 2026
Pandora’s Q3 Sales Up 7% Amid Focus on DesignNew collections and relevant marketing pushed the company forward, while Pandora’s lab-grown diamond sales continue to lag.
Events & AwardsNov 04, 2026
NYC Jewelry Week 2026 Is the Largest Edition YetThe citywide celebration, slated for Nov. 16-22, is set to host more than 175 events, including live jewelry-making demos.
MajorsNov 04, 2026
Bergdorf Goodman Names New PresidentLanessa Elrod, former president and CEO of Louis Vuitton Americas, has stepped into the role as the retailer celebrates 125 years.
AuctionsNov 03, 2026
Infinity Gauntlet Set With 170+ Carats of Colored Gemstones Up for AuctionA replica of one of the most powerful objects in the Marvel Cinematic Universe, the glove is heading to auction next month in Abu Dhabi.
IndependentsNov 03, 2026
Longtime Jewelry Marketer Arthur Klein Dies at 89Klein, who had his own marketing agency and worked for Gabriel & Co. and Trans American Diamond, is remembered as a kind man.
IndependentsNov 03, 2026
Zadok Jewelers Toasts To 50 Years With Diamond Bracelet GiveawayTo enter the giveaway, locals can purchase a featured beverage from one of eight participating restaurants in Houston and Austin, Texas.
Events & AwardsNov 03, 2026
David Yurman Gem Awards Grant Opens 2027 ApplicationsThe grant recipient will be awarded $50,000 as well as mentoring meetings with executives at David Yurman and other industry executives.
Events & AwardsNov 03, 2026
NAJA, Instappraise Name 2026 Scholarship WinnersThe winners include a non-NAJA member seeking training, a member beginning NAJA courses, and a member becoming a Certified Master Appraiser.
AuctionsNov 02, 2026
197-Carat ‘Romanov Sapphire’ Heads to Sotheby’s GenevaThe rare jewel, which has links to Russia’s Romanov dynasty, is estimated to fetch up to $2 million.
CrimeNov 02, 2026
Customs Seizes More Than 400 Fake Audemars Piguet WatchesIt is one of several seizures of counterfeit jewelry and watches by U.S. Customs and Border Protection officials in Louisville this year.
MajorsNov 02, 2026
Lawrence Bock, Caryl Capeci, Amanda Coleman-Phelps Join JA Board Jewelers of America announced the additions to its board of directors following its annual general meeting, held last week.
CollectionsNov 02, 2026
Olympian Kristi Yamaguchi, Heller Jewelers Expand ‘Always Dream’ CollectionThe jewelry collection supports Yamaguchi’s Always Dream foundation, which provides reading and educational resources to families in need.
Events & AwardsOct 30, 2026
Illuminating Carved Paraiba Pendant, Suite of Moonstones Wow at Spectrum AwardsSpectrum’s “Best of Show” honors went to a 101-carat Paraiba carved to look like Medusa that has a magnet-activated LED light.
TrendsOct 30, 2026
Edina Kiss’ Pendants Say ‘Eye’m Watching You’Our Halloween Pieces of the Week are four “Eye” pendants, each set with colorful gemstones.
MajorsOct 30, 2026
The RealReal Hires Former eBay Exec as New Chief Merchandising OfficerAlexis Hoopes expanded eBay’s “Authenticity Guarantee” program during her tenure.
WatchesOct 29, 2026
Bucherer Opens Rolex Boutique in Washington StateThe Rolex-owned retailer’s new 4,700-square-foot store’s façade honors the Pacific Northwest’s evergreen forests.
TrendsOct 29, 2026
Amanda's Style File: All Treats, No Tricks Get into the Halloween spirit with this roundup of 13 spooky jewels.
MajorsOct 29, 2026
Gesswein Hires Longtime Bench Jeweler, Educator Ann CahoonCahoon was appointed strategic account and educational program manager at Gesswein, which recently joined Continental Buying Group.
