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.
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.”
The Latest
The men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
Concerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
May’s birthstone is beloved for its rich green hue and its versatility.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
The brand also created a 100-carat lab-grown diamond necklace in honor of its centennial.
Tim Schlick has been promoted from his previous position as COO.
It’s the second year for the event, slated to take place in October in Toronto.
Supplier Spotlight Sponsored by GIA
“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
The retailer is moving to a newly designed space in the same shopping center.
Gifts that are unique and thoughtful are top of mind this year, according to the annual survey.
The necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
The two organizations will host a joint event, “Converge,” in September 2025.
Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
Jesse Cole, founder of Fans First Entertainment, shared the “five Es” of building a fan base during his AGS Conclave keynote.
The Royal Oak Perpetual Calendar "John Mayer" was celebrated at a star-studded party in LA last week.
The announcement came as the company reported a 23 percent drop in production in Q1.
The three-time Pro Bowler continues to partner with the retailer, donating to a Detroit nonprofit and giving watches to fans.