AuctionsNov 20, 2025
Vanderbilt Jewels Shine at Phillips Sale, Pink Diamond WithdrawnA 43-carat sapphire brooch from the Vanderbilt collection was the top lot of the Geneva sale.
SourcingJul 21, 2020
Diamond Mine in Lesotho Closed for Foreseeable Future
Firestone Diamonds’ Liqhobong mine is on extended care and maintenance until at least April 2021.
The sun sets at Firestone Diamonds’ Liqhobong Diamond Mine in Lesotho. The mine went on extended care and maintenance in early April due to the global spread of COVID-19 and will remain closed until at least April 2021. (Photo courtesy of Firestone Diamonds)
London—One of the diamond mines in Lesotho known for producing large, valuable stones will remain shuttered until next spring, at least.
Firestone Diamonds Plc said Monday the Liqhobong Diamond Mine, which it operates in a 75-25 joint venture with the government of the Kingdom of Lesotho, has been on care and maintenance since April 9 due to COVID-19.
The mine will remain closed, with the majority of employees laid off, for at least 12 months as the company scrambles to save money in light of the uncertainty surrounding both diamond sales and prices.
“The company has gone through a painful process to implement the care and maintenance phase, which we believe is in the best interest of its shareholders and lenders,” CEO Paul Bosma said in the company’s quarterly report.
“We are determined to make our cash last as long as possible so operations can resume once the market recovers for the categories of diamonds predominantly recovered from Liqhobong.”
With the mine temporarily closed, the miner will focus on securing a capital deferral from its lender, ABSA bank, and working with its main shareholders and bondholders.
Firestone ended its fiscal year with a cash balance of $9.6 million, down from $17.3 million in Q3.
Closing the mine cost it $3.2 million, including termination costs of $1.9 million.
For those employees who remain, the company, which was looking for ways to cut costs even before COVID-19 hit, is reducing staff salaries by 25 percent, executive salaries by 40 percent and non-executive director salaries by half.
Firestone did not sell any diamonds in its fourth quarter.
The miner said it has 64,700 carats on hand, which it will sell in separate parcels to test the market and determine if it can achieve prices that make reopening the mine worthwhile.
It expects to sell the first parcel in calendar Q4 2020, though Firestone noted the global market outlook remains “uncertain,” as many countries still have to reach their COVID-19 infection peak and face the possibility of a second wave of infections.
The United States leads the world in both the number of coronavirus cases (3.4 million) and deaths (nearly 140,000, according to the latest data from the World Health Organization). Second is Brazil with 2.1 million cases and about 78,000 deaths.
In the U.S., cases are spiking in a number of states including Georgia, Florida, California, Texas and Arizona.
Firestone also noted: “De Beers and Alrosa continue to defer sales , which contribute to a buildup of inventory, which will delay the timing of a meaningful recovery in prices. Smaller producers that manage to sell on tender will likely continue to experience substantial discounts until such time as demand returns and excess inventory has reduced.”
Firestone Diamonds Plc said Monday the Liqhobong Diamond Mine, which it operates in a 75-25 joint venture with the government of the Kingdom of Lesotho, has been on care and maintenance since April 9 due to COVID-19.
The mine will remain closed, with the majority of employees laid off, for at least 12 months as the company scrambles to save money in light of the uncertainty surrounding both diamond sales and prices.
“The company has gone through a painful process to implement the care and maintenance phase, which we believe is in the best interest of its shareholders and lenders,” CEO Paul Bosma said in the company’s quarterly report.
“We are determined to make our cash last as long as possible so operations can resume once the market recovers for the categories of diamonds predominantly recovered from Liqhobong.”
With the mine temporarily closed, the miner will focus on securing a capital deferral from its lender, ABSA bank, and working with its main shareholders and bondholders.
Firestone ended its fiscal year with a cash balance of $9.6 million, down from $17.3 million in Q3.
Closing the mine cost it $3.2 million, including termination costs of $1.9 million.
For those employees who remain, the company, which was looking for ways to cut costs even before COVID-19 hit, is reducing staff salaries by 25 percent, executive salaries by 40 percent and non-executive director salaries by half.
Firestone did not sell any diamonds in its fourth quarter.
The miner said it has 64,700 carats on hand, which it will sell in separate parcels to test the market and determine if it can achieve prices that make reopening the mine worthwhile.
It expects to sell the first parcel in calendar Q4 2020, though Firestone noted the global market outlook remains “uncertain,” as many countries still have to reach their COVID-19 infection peak and face the possibility of a second wave of infections.
The United States leads the world in both the number of coronavirus cases (3.4 million) and deaths (nearly 140,000, according to the latest data from the World Health Organization). Second is Brazil with 2.1 million cases and about 78,000 deaths.
In the U.S., cases are spiking in a number of states including Georgia, Florida, California, Texas and Arizona.
Firestone also noted: “De Beers and Alrosa continue to defer sales , which contribute to a buildup of inventory, which will delay the timing of a meaningful recovery in prices. Smaller producers that manage to sell on tender will likely continue to experience substantial discounts until such time as demand returns and excess inventory has reduced.”
More on Sourcing
The Latest
CollectionsNov 20, 2025
Rebecca Rau Jewels Debuts With ‘Then & Now’ CollectionRau is a fourth-generation art and antique dealer from M.S. Rau gallery whose first jewelry collection merges artifacts with modern design.
Policies & IssuesNov 20, 2025
RJC Names New Executive DirectorFormer De Beers sustainability leader Purvi Shah will take over the role in February 2026.
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.
WatchesNov 20, 2025
LVMH Takes Minority Stake in Citizen Group-Owned Movement Maker La Joux-Perret is based in La Chaux-de-Fonds, Switzerland, and makes solar quartz as well as mechanical watch movements.
Weekly QuizNov 13, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
GradingNov 20, 2025
Julia Griffith Joins SSEF as Head of EducationShe previously taught at Gem-A and is the founder of The Gem Academy.
CollectionsNov 19, 2025
Larkspur & Hawk Celebrates 25 Years With Helena Bonham Carter CampaignThe British actress and her daughter modeled pieces from the brand’s new “Palette” capsule for its “Once Upon a Time” holiday campaign.
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.
TechnologyNov 19, 2025
Google Has a New Form for Reporting ‘Review Bombing’ Attacks Plus, the tech giant shares the steps retailers should take if they believe they’re a victim of a review extortion scam.
IndependentsNov 19, 2025
Houston Jeweler Keith Shaftel Retires, Next Generation Steps In Danny and Gaby Shaftel are now Shaftel Diamonds’ CEO and chief operating officer, respectively.
TrendsNov 19, 2025
Midas Chain Releases 2025 Holiday Style GuideThe jewelry manufacturer’s seasonal offering features its new “Melodie” bangles, as well as mini stud earrings and layering pieces.
Events & AwardsNov 18, 2025
NYC Jewelry Week 2025: 12 Must-See EventsWith more than 140 activations taking place in New York City now through Nov. 23, these 12 events are can’t-miss moments.
MajorsNov 18, 2025
Lugano Diamonds Files for Bankruptcy, Looking for BuyerThe Chapter 11 filing follows the resignation of CEO Moti Ferder, who stepped down after an investigation into the company’s finances.
Events & AwardsNov 18, 2025
A Giant, Bejeweled Moldy Berry Is on Display in LAThe artwork is part of an exhibition featuring works by Kathleen Ryan, an artist known for her gemstone-studded rotting fruit sculptures.
CrimeNov 17, 2025
Police Searching for 2 Suspects in Murder of Father, Son Jewelers Faustino Alamo Dominguez and his son, 25-year-old Luis Angel Alamo, were gunned down following an armed robbery at their jewelry store.
GradingNov 17, 2025
IGI Announces New President of North AmericaTiffany & Co. veteran Jeffrey Bennett has stepped into the role.
MajorsNov 17, 2025
Look Inside Robbins Brothers Fine Jewelers’ New Pasadena FlagshipThe showroom is located in a historic 1920s building in the Playhouse District.
Policies & IssuesNov 14, 2025
U.S., Switzerland Reach Deal That Drops Tariff to 15%The Swiss government announced the deal, which cuts the tax on Swiss imports by more than half, on social media Friday morning.
AuctionsNov 14, 2025
Napoleon’s Diamond Brooch Blows Away Auction Estimates A buyer paid $4.4 million for the piece, which Napoleon wore on his hat for special occasions and left behind when he fled Waterloo.
FinancialsNov 14, 2025
Richemont’s Q2 Jewelry Sales Up 12%Plus, how tariffs and the rising price of gold are affecting its watch and jewelry brands.
CollectionsNov 14, 2025
Piece of the Week: Silvia Furmanovich’s ‘Butterflies in Flight’ Jewelry BoxFurmanovich designed the box to hold Mellerio’s “Color Queen,” a high jewelry collection consisting of 10 rings.
Events & AwardsNov 14, 2025
JCK Names New Event DirectorJennifer Hopf, who has been with JCK since 2022, will lead the execution of the long-running jewelry trade show.
IndependentsNov 13, 2025
127-Year-Old New Orleans Jeweler to CloseAdler’s Jewelry is set to close its two stores as 82-year-old owner Coleman E. Adler II retires.
IndependentsNov 13, 2025
Green Lake Jewelry Works to Move to New Seattle StudioFounder Jim Tuttle shared how a dedication to craftsmanship and meaningful custom jewelry fueled the retailer’s double-digit growth.
MajorsNov 13, 2025
Vahan Jewelry Founder Leon ‘Sacha’ Der Calousdian Dies at 85The third-generation jeweler is remembered as a passionate creative with a love of art, traveling and sailboat racing.
CrimeNov 12, 2025
Father, Son Jewelers in Chicago Victims in Double Homicide JSA and Cook County Crime Stoppers are both offering rewards for information leading to the arrest of the suspect or suspects involved.
AuctionsNov 12, 2025
‘Mellon Blue’ Diamond Sells for $7M Less Than It Did a Decade AgoA buyer paid $25.6 million for the diamond at Christie’s on Tuesday. In 2014, Sotheby’s sold the same stone for $32.6 million.
