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
SurveysOct 09, 2026
These Will Be the 10 Busiest Days for In-Store Shopping This Holiday SeasonStores should expect to see the most customers on Nov. 27, and Christmas week is expected to be hectic too, as Dec. 25 falls on a Friday.
CollectionsOct 09, 2026
Elisa Solomon Collabs With Serendipity 3 on ‘Frozen Hot Chocolate’ CharmThe charm, our Piece of the Week, features brown diamond frozen hot chocolate topped with white diamond whipped cream and a ruby straw.
AuctionsOct 09, 2026
8-Carat Blue Diamond Goes Unsold at UK Jewelry Auction The top lot of Elmwood’s recent fine jewelry sale in London was a 1.84-carat, D color Tiffany & Co. solitaire diamond ring.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
WatchesOct 09, 2026
Movado to Sell Majority Stake in Ebel for $66.5MThe watch company agreed to sell a 95 percent interest to a group comprised of F.P. Journe, Chanel, and Swiss watch exec Pierre Jacques.
Weekly QuizOct 08, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Policies & IssuesOct 08, 2026
Third Wave of IEEPA Tariff Refunds Begins This round of tariff refunds is for importers that have sued over IEEPA tariffs in the Court of International Trade and won.
CollectionsOct 08, 2026
Brent Neale’s New Collection Goes ‘Back to Basics’It revisits the brand’s most requested silhouettes, from "Pillow"-set necklaces and bracelets to "Signature"-set rings and earrings.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
Events & AwardsOct 08, 2026
Pattons Fine Jewelry Sweeps Local Design ContestAra Chanakian, a jeweler at Pattons, took home top honors in every category at Jewelers of Louisiana’s annual jewelry design competition.
AuctionsOct 08, 2026
Reba McEntire’s Jewelry, Watches Head to Julien’s AuctionsThe live charity benefit sale in Nashville will also feature gowns, boots, and other memorabilia from the country music legend.
Supplier BulletinOct 08, 2026
Overnight Mountings’ Bridal Builder Helps Jewelers Turn Custom Design into a Hands-On Selling ExperienceSponsored by Overnight Mountings
Policies & IssuesOct 07, 2026
The Plumb Club Amplifies Its Voice as Geopolitical Pressures MountThe supplier organization recently joined JA and JVC to have more input on political issues affecting the jewelry industry.
CollectionsOct 07, 2026
Blue Nile, Royal Asscher Collection Highlights Natural Diamond BeautyBlue Nile, a Signet Jewelers-owned brand, is now Royal Asscher’s exclusive licensed retailer in North America.
CollectionsOct 07, 2026
4 Standout Pieces in Audemars Piguet’s First High Jewelry Collection “Royal Oak” pays homage to the brand’s most popular watch model using 18-karat gold as well as diamonds, emeralds, and sapphires.
MajorsOct 07, 2026
Empire Safe & Vault Promotes Juan Morales to CEOAs part of the transition, Joseph Nicosia has stepped into the role of COO.
CrimeOct 06, 2026
6 Charged in Connection to String of New Jersey Smash-and-GrabsThe alleged thieves used crow bars and sledgehammers to smash into jewelry stores across the state.
ColumnistsOct 06, 2026
Sherry Smith: Is the Consumer Really Trading Up?Ahead of the holidays, Smith urges jewelers to take a hard look at who’s buying jewelry, what they’re purchasing, and who’s stopped buying.
SourcingOct 06, 2026
DDG Taps Influencers for ‘My Diamond Does Good’ CampaignIn the new consumer-facing campaign, four fashion and lifestyle creators share the stories behind their natural diamond pieces.
MajorsOct 06, 2026
Frederick Goldman Names COO, CMOFGI President John Orrico is also leaving the company after more than 13 years.
Events & AwardsOct 06, 2026
JIS Fall Returns to MiamiThe 2026 edition will feature presentations on alternative materials and design trends, as well as pop-up activations on the show floor.
SourcingOct 05, 2026
De Beers to Take Full Ownership of Gahcho KuéIt is the last fully operational diamond mine in Canada following the recent closures of Ekati and Diavik.
AuctionsOct 05, 2026
The Star Cats of the Sandy Lerner AuctionThese jewels stood out at Bonhams’ sale of the cat-loving tech entrepreneur’s collection of objects depicting the feline form.
CollectionsOct 05, 2026
Sorellina Writes Another Love Letter for ‘Postscript’ CollectionThe fine jewelry brand has expanded the collection that debuted at Couture with four new designs based on its most popular styles.
SourcingOct 05, 2026
Bruce Bridges Joins CIBJO BoardThe AGTA president was elected for a two-year term on the board of directors.
SourcingOct 02, 2026
De Beers, National Geographic Society Renew Okavango Eternal Partnership The partnership, a pledge to protect Africa’s Okavango River Basin, has been extended for an additional five years.
MajorsOct 02, 2026
Pandora Opens New $150M Manufacturing Facility in VietnamThe new facility, its first outside of Thailand, will boost its manufacturing capacity by 50 percent.
TrendsOct 02, 2026
Hearts On Fire Celebrates 30th Anniversary With Heart PendantThe special-edition “Dream” pendant, our Piece of the Week, was created to mark Hearts On Fire’s 30-year milestone with 30 diamonds.
