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.”
More on Sourcing
The Latest
Events & AwardsJan 08, 2026
Ana Khouri To Receive 2026 Gem Award for High Jewelry ExcellenceFounded by jeweler and sculptor Ana Khouri, the brand is “expanding the boundaries of what high jewelry can be.”
TrendsJan 08, 2026
Stuller’s Color of the Year Is a Stark Contrast to Pantone’s WhiteThe jewelry manufacturer and supplier is going with a fiery shade it says symbolizes power and transformation.
CollectionsJan 08, 2026
Gracie Abrams To Front New Chanel Jewelry CampaignThe singer-songwriter will make her debut as the French luxury brand’s new ambassador in a campaign for its “Coco Crush” jewelry line.
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.
MajorsJan 08, 2026
Diamond Council of America Names New Board DirectorsThe nonprofit’s new president and CEO, Annie Doresca, also began her role this month.
Weekly QuizDec 23, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
ColumnistsJan 07, 2026
Peter Smith: Physical Retail—The Beginning or the End?As the shopping mall model evolves and online retail grows, Smith shares his predictions for the future of physical stores.
Events & AwardsJan 07, 2026
Melee Adds 13 New Designers to NYC ShowThe trade show is slated for Jan. 31-Feb. 2 at The Lighthouse in New York City's Chelsea neighborhood.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
TrendsJan 07, 2026
Amanda’s Style File: Go for GarnetJanuary’s birthstone comes in a rainbow of colors, from the traditional red to orange, purple, and green.
CrimeJan 06, 2026
2 Jewelers Arrested After TraxNYC Diamond District BrawlFootage of a fight breaking out in the NYC Diamond District was viewed millions of times on Instagram and Facebook.
MajorsJan 06, 2026
Rio Grande Says These Are the Top Personalization Tools for 2026The supplier has a curated list of must-have tools for jewelers doing in-house custom work this year.
MajorsJan 06, 2026
Zales Tests Out A New LookThe Signet Jewelers-owned store, which turned 100 last year, calls its new concept stores “The Edit.”
MajorsJan 06, 2026
LeachGarner Appoints New Director of SalesLinda Coutu is rejoining the precious metals provider as its director of sales.
TrendsJan 05, 2026
Amanda’s Style File: New Year’s EditionSparkle with festive diamond jewelry as we celebrate the beginning of 2026.
IndependentsJan 05, 2026
Jeweler Ben Nighthorse Campbell Dies at 92The master jeweler, Olympian, former senator, and Korean War veteran founded the brand Nighthorse Jewelry.
TrendsJan 05, 2026
Pinterest 2026 Trend Report: Brooches, Bold Gold, Cool BlueIn its annual report, Pinterest noted an increase in searches for brooches, heirloom jewelry, and ‘80s luxury.
MajorsJan 02, 2026
Marc Metrick Out as CEO of Saks Global Executive Chairman Richard Baker will take over the role as rumors swirl that a bankruptcy filing is imminent for the troubled retailer.
Events & AwardsJan 02, 2026
Jan Mohr, Couture’s ‘North Star,’ Dies at 71Mohr had just retired in June after more than two decades as Couture’s retailer liaison.
SourcingJan 02, 2026
IDCA Elects New President, Board of DirectorsShekhar Shah of Real Gems Inc. will serve as president of the Indian Diamond & Colorstone Association in 2026.
CollectionsJan 02, 2026
Lalaounis’ 2026 Good Luck Charm Speaks to ResilienceThis year’s good luck charm features the mythical horse Pegasus, and is our first Piece of the Week of the new year.
EditorsDec 31, 2025
The Top 5 Stories of 2025Articles about crime, engagement rings, and a necklace worn in the World Series generated the most interest among readers.
MajorsDec 30, 2025
Becka Johnson Kibby to Lead Edge Retail AcademyAs part of the leadership transition, Sherry Smith will take on the role of vice president of coaching strategy and development.
SourcingDec 30, 2025
India Chosen as KP Chair for 2026It marks the third time the country has headed the Kimberley Process. Ghana will serve as vice chair.
WatchesDec 30, 2025
Bulova, Stetson Collab on Watches With Western FlairThe new Bulova x Stetson designs highlight two animals often associated with the American West—the bison and the Texas Longhorn.
CollectionsDec 30, 2025
Rahaminov Diamonds Pops Up in FloridaIts residency at Yamron Jewelers will run through May 2026.
IndependentsDec 29, 2025
In Memoriam: Industry Friends We Lost in 2025From influential executives to innovative designers, we pay tribute to the people we said goodbye to this year.
MajorsDec 29, 2025
Tanishq Opens New Stores in Florida, VirginiaThe retailer is expanding into areas with large Indian and South Asian populations.
