GradingFeb 21, 2024
GIA’s Same-Day Service Now Available EverywhereSourcingFeb 22, 2024
Lucara, HB Group Partnership Revived
It is another 10-year sales agreement in which all the larger rough recovered from the Karowe mine will go to HB Group for manufacturing.
The 813-carat “Constellation” diamond, recovered from Lucara’s Karowe Diamond Mine in Botswana. Lucara has revived its partnership with manufacturer HB Group, less than six months after calling off their previous 10-year big-diamond deal. (Photo courtesy of Lucara Diamond Corp.)
Vancouver, British Columbia—Mining company Lucara Diamond Corp. and Antwerp-based HB Group are getting back together.
Earlier this week, Lucara announced that the two companies had signed another 10-year sales agreement, less than six months after severing the previous agreement inked in November 2022.
As with the companies’ past agreements, the new diamond sales agreement means HB Group will purchase all 10.8-carat or larger rough diamonds that come out of Lucara’s Karowe mine in Botswana.
The price will be based on an agreed-upon estimate of the diamonds’ polished outcome with a “top-up” paid to Lucara based on how much the polished actually sells for (if applicable), less a fixed margin paid to HB Group.
“This pricing mechanism is expected to deliver regular cash flow for this important segment of the company’s production profile at better-than-conventional diamond industry tender prices,” Lucara said.
The cash flow will help the mining company continue to fund Karowe’s underground expansion, which is expected to cost an estimated $683 million.
Related stories will be right here …
Earlier this week, Lucara announced that the two companies had signed another 10-year sales agreement, less than six months after severing the previous agreement inked in November 2022.
As with the companies’ past agreements, the new diamond sales agreement means HB Group will purchase all 10.8-carat or larger rough diamonds that come out of Lucara’s Karowe mine in Botswana.
The price will be based on an agreed-upon estimate of the diamonds’ polished outcome with a “top-up” paid to Lucara based on how much the polished actually sells for (if applicable), less a fixed margin paid to HB Group.
“This pricing mechanism is expected to deliver regular cash flow for this important segment of the company’s production profile at better-than-conventional diamond industry tender prices,” Lucara said.
The cash flow will help the mining company continue to fund Karowe’s underground expansion, which is expected to cost an estimated $683 million.
The revival of the deal follows a rough year for Lucara.
Sales fell 17 percent year-over-year in 2023 amid a slowdown in the diamond market. The company recorded a net loss of $20.2 million, compared with net income of $40.4 million in 2022.
Commenting on the new agreement, Lucara President and CEO William Lamb said, “As we navigate through the ever-evolving landscape of the diamond industry, I’m pleased to announce Lucara’s strategic decision to re-enter into a long-term supply agreement with HB Antwerp.
“This partnership reflects our commitment to ensuring stability and sustainability in our operations.”
Lucara and HB Antwerp first entered into a sales partnership in July 2020, agreeing that HB would purchase and manufacture all Karowe’s 10.8-carat or larger rough for the remainder of the year.
Lucara announced a 24-month extension to the partnership in April 2021.
In November 2022, the two entered into a 10-year sales agreement, the agreement Lucara then terminated in September 2023 citing HB Group’s “material breach of financial commitments.”
Editors' Picks
Sponsored by
More on Sourcing
The Latest
Supplier BulletinJan 22, 2026
The Rise of Centralized Sourcing in the Colored Gemstone MarketSponsored by RapNet
MajorsJan 22, 2026
Lugano Diamonds Finds a BuyerInvestment firm Enhanced Retail Funding, a division of Gordon Brothers, was the successful bidder.
MajorsJan 22, 2026
Swarovski Appoints New North America PresidentRetail veteran Sindhu Culas has stepped into the role.
Brought to you by
How Jewelers Can Fight Back Against Cell JammersCriminals are using cell jammers to disable alarms, but new technology like JamAlert™ can stop them.
MajorsJan 22, 2026
Stuller Names New Chief Merchandising, Marketing, Sales OfficerTaylor Burgess, who has been at Stuller since 2013, was promoted to the newly created role.
Weekly QuizJan 15, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
PodcastsJan 21, 2026
Episode 1: High Gold Prices, the Diamond Dilemma, & What’s NextWas 2025 a good year for jewelers? Did lab-grown diamonds outsell natural? Find out on the first episode of the “My Next Question” podcast.
EditorsJan 21, 2026
6 Jewelry Designers Poised to Have a Breakout Year in 2026Whether you recognize their jewels or are just discovering them now, these designers’ talent and vision make them ones to watch this year.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
CrimeJan 21, 2026
4 Men Charged in $1.7M California Smash-and-Grab Jewelry Store RobberyPlus, JSA’s Scott Guginsky discusses the need for jewelers to take more precautions as the gold price continues to climb.
IndependentsJan 21, 2026
Delaware Jeweler Felice Morris Dies at 91Morris’ most cherished role was being a mother and grandmother, her family said.
CollectionsJan 21, 2026
Bulgari Weaves New Collection of ‘Vimini’ Creations“Vimini” is the first chapter of the “Bulgari Eternal” collection that merges archival pieces with modern creations.
Events & AwardsJan 21, 2026
Jewelers Mutual’s ‘Conversations’ Retreat Returns to Discuss AIThe third edition will be held in Half Moon Bay, California, in April.
Events & AwardsJan 20, 2026
These Are the 5 Finalists for the David Yurman Gem Awards GrantThe grant is in its first year and was created to recognize an exceptional fine jewelry designer whose star is on the rise.
ColumnistsJan 20, 2026
First-Party Data Is the Most Valuable Asset Jewelers Have in 2026Data built on trust, not tracking, will be key to success going forward, as the era of “borrowed attention” ends, Emmanuel Raheb writes.
MajorsJan 20, 2026
Borsheims Hires New Assistant Facilities ManagerHeath Yarges brings two decades of experience to the role.
EditorsJan 16, 2026
Remembering Pete Yantzer for His Contributions and His Kindness Pete’s boundless curiosity extended beyond diamond cut and he was always eager to share his knowledge with others, no matter the topic.
FinancialsJan 16, 2026
Richemont’s Jewelry Brands Shine in Q3Cartier, Van Cleef & Arpels, Buccellati, and Vhernier had another successful holiday season, Richemont reported this week.
TrendsJan 16, 2026
Diane Lane's Brooch Buzzes at the 2026 Golden GlobesOur Piece of the Week is Lagos’ “Bee” brooch that was seen on the red carpet for the first time on Sunday.
CrimeJan 15, 2026
D.C. Rapper ‘Taliban Glizzy’ Sentenced to 18+ Years for Jewelry Store RobberiesTrevor Jonathan Wright led a crew in a string of armed robberies targeting South Asian-owned jewelry stores on the East Coast.
Events & AwardsJan 15, 2026
Jewelers of Americas’ ‘20 Under 40’ Nominations Now OpenThe program recognizes rising professionals in the jewelry industry.
Events & AwardsJan 15, 2026
Registration for JCK Las Vegas 2026 Is Now OpenA new lifestyle section and a watch showcase have been added to this year’s event.
TrendsJan 15, 2026
Don’t Double-Dip With This Golden ChipAvocados From Mexico is celebrating those who love to double-dip in game day guacamole with a 14-karat yellow gold tortilla chip necklace.
SourcingJan 15, 2026
Nearly 42-Carat Blue Diamond Discovered in South AfricaPetra Diamonds unearthed the 41.82-carat, Type IIb blue diamond at the Cullinan Mine.
CollectionsJan 14, 2026
Marie Lichtenberg Lassos Leather for New BraceletsThe brand is trading its colorful fabric cords for Italian leather in its “Lasso” baby locket bracelets.
TechnologyJan 14, 2026
“My Next Question” Enters Its Podcast Era National Jeweler and Jewelers of America’s popular webinar series is evolving in 2026.
MajorsJan 14, 2026
Saks Files for Bankruptcy, Names New CEOThe department store chain owes millions to creditors like David Yurman, Roberto Coin, Kering, and LVMH.
CollectionsJan 14, 2026
Boucheron Names Colman Domingo as Brand AmbassadorThe award-winning actor’s visionary approach and creativity echo the spirit of Boucheron, the brand said.
