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.
SourcingSep 18, 2019
De Beers to Offload Another Diamond Mine
It’s sold the Elizabeth Bay Mine to a Namibian company in a deal initially valued at $8 million to $12 million.
Namdeb announced it has found a buyer for the Elizabeth Bay diamond mine, pictured here. There was “significant” interest in buying the operation, which Namdeb put up for sale in early 2018. (Photo courtesy of De Beers Group)
Windhoek, Namibia—Namdeb, the 50/50 joint venture between De Beers Group and the Namibian government, announced it has sold the Elizabeth Bay Mine to a Namibian company.
A member of the Lewcor Group, a 100 percent Namibian-owned consortium, bought the diamond mine and its associated marine assets in a transaction valued at $120 million to $180 million Namibian dollars ($8.1 million to $12.2 million).
As part of the deal, Namdeb Holdings (Proprietary) Ltd. also will receive a cut of revenue earned from the sale of rough diamonds from now-dormant marine mining sites that Lewcor has indicated it will bring into production in the near future.
Located in the coastal town of Lüderitz in southwest Namibia, the Elizabeth Bay Mine was commissioned in 1991 and operated until 2009, when it was mothballed during the recession.
It reopened in 2011 and remained in operation until September 2018, when Namdeb permanently closed the mine because it was no longer economically viable. The mine produced 200,000 carats in its final full year of operation (2017), making it one of De Beers’ smaller operations.
Namdeb has been trying to find a buyer for Elizabeth Bay since February 2018, and said the sale to Lewcor Group, an “experienced and well-regarded” company in the Namibian mining and civil contracting industry, was the best way to secure its future.
In reopening the mine, Lewcor Group will rehire some of Elizabeth Bay’s 160 employees, and the revival of the mine will also bring jobs to Lüderitz. As a condition of the sale, Elizabeth Bay employees also can be transferred to another Namdeb operaton, a company spokesperson said.
Commenting on the sale, Namdeb CEO Riaan Burger said: “I am hugely appreciative and grateful for the commitment of our employees over many years and wish to thank them for their dedication. Although the decision to sell the mine has not been easy, it was the right thing to do for its future, its employees and the Lüderitz community at large.”
The transaction with Lewcor is subject to customary suspensive conditions, which all parties hope to conclude without delay, De Beers said.
Elizabeth Bay is one of a number of mines De Beers has offloaded or closed in recent years.
Its sale leaves De Beers with the following operations worldwide: four diamond mines in Botswana, one diamond mine in Canada and one in South Africa and, in Namibia, six marine
A member of the Lewcor Group, a 100 percent Namibian-owned consortium, bought the diamond mine and its associated marine assets in a transaction valued at $120 million to $180 million Namibian dollars ($8.1 million to $12.2 million).
As part of the deal, Namdeb Holdings (Proprietary) Ltd. also will receive a cut of revenue earned from the sale of rough diamonds from now-dormant marine mining sites that Lewcor has indicated it will bring into production in the near future.
Located in the coastal town of Lüderitz in southwest Namibia, the Elizabeth Bay Mine was commissioned in 1991 and operated until 2009, when it was mothballed during the recession.
It reopened in 2011 and remained in operation until September 2018, when Namdeb permanently closed the mine because it was no longer economically viable. The mine produced 200,000 carats in its final full year of operation (2017), making it one of De Beers’ smaller operations.
Namdeb has been trying to find a buyer for Elizabeth Bay since February 2018, and said the sale to Lewcor Group, an “experienced and well-regarded” company in the Namibian mining and civil contracting industry, was the best way to secure its future.
In reopening the mine, Lewcor Group will rehire some of Elizabeth Bay’s 160 employees, and the revival of the mine will also bring jobs to Lüderitz. As a condition of the sale, Elizabeth Bay employees also can be transferred to another Namdeb operaton, a company spokesperson said.
Commenting on the sale, Namdeb CEO Riaan Burger said: “I am hugely appreciative and grateful for the commitment of our employees over many years and wish to thank them for their dedication. Although the decision to sell the mine has not been easy, it was the right thing to do for its future, its employees and the Lüderitz community at large.”
The transaction with Lewcor is subject to customary suspensive conditions, which all parties hope to conclude without delay, De Beers said.
Elizabeth Bay is one of a number of mines De Beers has offloaded or closed in recent years.
Its sale leaves De Beers with the following operations worldwide: four diamond mines in Botswana, one diamond mine in Canada and one in South Africa and, in Namibia, six marine
mining vessels (one for exploration and sampling, the SS Nujoma, and five for diamond recovery) and three “recovery areas” on land: the Daberas, Sendelingsdrif and Southern Coastal mines.
More on Sourcing
The Latest
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.
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.
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.
Weekly QuizAug 22, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
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.
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.
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.
IndependentsAug 20, 2025
Bellman’s Jewelers Opens Second Store After COO's TikTok Takes OffThe New Hampshire-based store has expanded to Boston, propelled by the success of Alex Bellman’s TikTok page, “The Truthful Jeweler.”
CrimeAug 20, 2025
Another CA Jewelry Store Rammed With Car, RobbedThe latest incident happened Monday at a store in Oakland, California, continuing a pattern JSA first warned about last month.
WatchesAug 20, 2025
Oris Launches Watch Benefiting NYC Harbor Oyster RestorationThe new aqua green New York Harbor Limited Edition II is the watchmaker’s second collaboration with the Billion Oyster Project.
Events & AwardsAug 20, 2025
Take the Jewelers for Children ‘Trinity of Purpose’ ChallengeParticipants who attend any three Rings of Strength events will be awarded a special medal.
ColumnistsAug 19, 2025
Peter Smith: The Arrival Fallacy and Jewelry RetailSmith shares wisdom he gleaned from a podcast he was listening to one morning while being walked by his dog, a Malshi named Sophie.
CrimeAug 19, 2025
Customs Seizes 7,300 Pairs of Fake ‘Alhambra’ EarringsThe counterfeit Van Cleef & Arpels jewels would have been worth more than $30 million if genuine.
MajorsAug 19, 2025
MJSA Apprenticeship Program Is Nationally RecognizedThe MJSA Mentor & Apprenticeship Program received the Registered Apprenticeship Program designation by the U.S. Department of Labor.
