SourcingJun 25, 2024
Miriam ‘Mimo’ Caplan Joins Family Business as VPSourcingJun 26, 2024
Lucapa Sells Stake in Mothae Mine
The Australian miner has signed over its 70 percent share in the diamond deposit to Lesotho company Lephema Executive Transport.
Lucapa’s decision to shed its stake in the Mothae Diamond Mine in Lesotho is part of a strategy to streamline its portfolio and focus on developing assets in Angola and Australia.
Subiaco, Western Australia— Australian miner Lucapa Diamond Co. Ltd. has announced it will sell its 70 percent stake in the Mothae Diamond Mine to local Lesotho company Lephema Executive Transport.
Lephema has provided long-term mining services for the deposit, which is located in Lesotho, a small, landlocked kingdom encircled by South Africa.
It will give Lucapa a nominal fee of 10,000 Australian dollars ($6,660) for the share. Lephema will also assume all liabilities and guarantee obligations relating to the Mothae mine, the mining company said.
Site owner Mothae Diamonds will pay Lucapa AU$1 million ($665,900) in outstanding technical services payments.
Following the completion of the agreement, which is expected to finalize Sept. 30, Lucapa will continue to provide technical services to Mothae for a minimum of three months.
Lucapa said the Australian Securities Exchange confirmed shareholder approval is not required for the deal.
Conditions of the sale include an approval from the Lesotho Ministry, as well as Lephema’s continuation of the off-take agreement Lucapa signed with Graff subsidiary Safdico, under which the manufacturer purchases 100 percent of the rough from Mothae.
Related stories will be right here …
Lephema has provided long-term mining services for the deposit, which is located in Lesotho, a small, landlocked kingdom encircled by South Africa.
It will give Lucapa a nominal fee of 10,000 Australian dollars ($6,660) for the share. Lephema will also assume all liabilities and guarantee obligations relating to the Mothae mine, the mining company said.
Site owner Mothae Diamonds will pay Lucapa AU$1 million ($665,900) in outstanding technical services payments.
Following the completion of the agreement, which is expected to finalize Sept. 30, Lucapa will continue to provide technical services to Mothae for a minimum of three months.
Lucapa said the Australian Securities Exchange confirmed shareholder approval is not required for the deal.
Conditions of the sale include an approval from the Lesotho Ministry, as well as Lephema’s continuation of the off-take agreement Lucapa signed with Graff subsidiary Safdico, under which the manufacturer purchases 100 percent of the rough from Mothae.
Mothae started mining and processing operations in January 2019.
It has produced several high-value diamonds, including a 215-carat rough in 2021 and a 204-carat rough stone in 2022, as well as various fancy colored diamonds.
Lucapa announced in May that it was looking to offload its stake in the mine, which it owns in part with the Lesotho government, later calling it a non-core asset.
Lucapa Managing Director and CEO Nick Selby, who stepped into the role last summer, said the divestment is a “key step” in the company’s plan to streamline its portfolio and focus on developing its assets in Angola and Australia.
“This agreement is the result of a period of offer and negotiation involving Lucapa and several interested parties,” Selby said. “Lucapa wanted to, as far as possible, see this mine continue to operate and [Lephema is] best placed to achieve this.”
Lucapa owns a 40 percent stake in the Lulo alluvial diamond mine in Angola, with the remaining share split between state-owned Endiama and Rosas & Petalas, a private company.
The miner was conducting feasibility studies at the Merlin Diamond Project in Australia’s Northern Territory, though the large-scale initiative was put on hold in November 2023.
It’s also exploring for diamonds in Botswana and Western Australia.
Editors' Picks
Sponsored by
More on Sourcing
The Latest
AuctionsAug 29, 2025
Sotheby’s UAE Sale to Feature 32-Carat Fancy Vivid Orangy Pink DiamondThe highlight of a single-owner jewelry and watch collection, it’s estimated to fetch up to $7 million at auction this December.
FinancialsAug 29, 2025
Movado’s Q2 Sales Rebound Despite Tariff ImpactCEO Efraim Grinberg noted a resurgence in the fashion watch market.
CollectionsAug 29, 2025
Piece of the Week: Mark Davis’ ‘Bullseye’ Necklace The “Bullseye” necklace, with vintage bakelite and peridot, August’s birthstone, is the perfect transitional piece as summer turns to fall.
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key IssuesJewelers of America is leading the charge to protect the industry amidst rising economic threats.
Supplier BulletinAug 28, 2025
Clientbook Is Helping Jewelers Turn Clienteling Challenges into Wins with Hands-On Training and CoachingSponsored by Clientbook
Weekly QuizAug 29, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
GradingAug 28, 2025
GIA’s New ‘Quality Assessment’ for Lab-Grown Diamonds Is Coming It will classify lab-grown stones into one of two categories, “premium” or “standard,” in lieu of giving specific color and clarity grades.
MajorsAug 28, 2025
Borsheims Names New Jewelry BuyerFormer Free People buyer Afton Robertson-Kanne recently joined the retailer.
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
IndependentsAug 28, 2025
Sissy’s Log Cabin Donates School Supplies to Memphis StudentsThe jeweler teamed up with two local organizations for its inaugural “Back to School and Bling” event.
EditorsAug 27, 2025
Taylor Swift’s Engagement Ring Is a Fairy Tale for Vintage Diamond CutsThe singer’s new bling, reportedly a natural old mine-cut diamond, is no paper ring.
SurveysAug 27, 2025
Consumer Confidence Slips in August Amid Job, Income WorriesPlans for dining out, booking vacations, and buying big-ticket items were down.
CollectionsAug 27, 2025
Mined + Found’s New Collection Gets Playful The “Play” collection centers on nostalgic toys that have kinetic elements to carry playfulness and wonder into adulthood.
CollectionsAug 26, 2025
Does Your Jewelry Stack Need a Snack?Designer Christina Puchi, the creative force behind CCWW Designs, has created charms and pendants based on iconic candies and crackers.
WatchesAug 26, 2025
Nick Jonas Gets Nostalgic in New Fossil CampaignThe Jonas Brothers star showed off new timepieces against the backdrop of his favorite spots in his home state of New Jersey.
IndependentsAug 26, 2025
Hinkamp Jewelers Celebrates 70 YearsThe family-owned jeweler in Fayetteville, North Carolina, is in the hands of the second generation.
ColumnistsAug 26, 2025
Back to School, Back to Style: Why August is Prime Time for Self-GiftingIn his latest column, Emmanuel Raheb shares tips for encouraging customers to treat themselves to new jewelry.
WatchesAug 25, 2025
London Jewelers Brings Rolex to Historic Hamptons HomeThe new stand-alone Rolex boutique is housed in the former Odd Fellows Hall, a landmark built in 1897.
CollectionsAug 25, 2025
Tennis Star Madison Keys Has the Perfect Necklace for the US OpenThe Brilliant Earth ambassador co-designed a diamond medallion featuring meaningful symbols.
TrendsAug 25, 2025
Amanda’s Style File: That’s a WrapWrap jewelry is more than just a trend; it’s the perfect motif for the coming season of layering, scarves, and pumpkin spice.
WatchesAug 25, 2025
WatchTime NY Show Returns for 10th Anniversary EditionThe three-day watch collector show, coming this October, will feature 44 exhibiting brands, as well as a new dinner experience.
GradingAug 22, 2025
Former Head of GIA India Promoted to Oversee Global Operations Sriram “Ram” Natarajan is now GIA’s senior vice president of laboratory operations and is based out of the lab’s headquarters in Carlsbad.
CollectionsAug 22, 2025
Piece of the Week: Retrouvaí’s ‘Diamond Vein Bond’ CollarThe one-of-a-kind collar represents the beauty of imperfection and the strength to rebuild.
MajorsAug 22, 2025
Kendra Scott Returns as CEO of Her Jewelry EmpireThree C-suite executives, including former CEO Tom Nolan, have resigned as part of what the company describes as a “transition.”
MajorsAug 21, 2025
Claire’s Finds Buyer, Could Save up to 950 StoresThe retailer, which recently filed Chapter 11, inked a deal to sell its North American business and intellectual property.
MajorsAug 21, 2025
Target Names New CEO as Sales Continue to Lag Target CEO Brian Cornell will step down in February and be replaced by the company’s chief operating officer, Michael Fiddelke.
Policies & IssuesAug 21, 2025
JA, IDMA Talk Tariffs With Execs in DC The group met with the president's senior trade advisor earlier this week to express the industry’s concerns about the effects of tariffs.
MajorsAug 21, 2025
Tiffany & Co. Pops Up at 2025 US OpenThe pop-up will display this year's Tiffany & Co. Singles Championship trophies along with a diamond-encrusted tennis racket and ball.
