IndependentsOct 14, 2026
Retailer Hall of Fame 2026: Coleman and Mitchell ClarkFourth-generation jewelers Coleman and Mitchell Clark exemplify the best qualities of their predecessors: humility, modesty, and confidence.
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.”
Editors' Picks
Sponsored by
More on Sourcing
The Latest
FinancialsOct 14, 2026
LVMH’s Jewelry Brands Turn in ‘Very Good’ Performance in Q3 Tiffany & Co. continued its full-scale store renovation project while Bulgari’s high jewelry collection generated “record-breaking revenue.”
Events & AwardsOct 14, 2026
Chicago Responsible Jewelry Conference Releases 2026 ProgramThis year’s sessions feature leading voices from human rights, legal, and conservation organizations.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
MajorsOct 13, 2026
David Webb Owner Purchases Lugano JewelryThe high-end jewelry retailer was sold to private investment firm Middle West Partners and a group of longtime clients.
Weekly QuizOct 08, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Lab-GrownOct 13, 2026
Stephanie Gottlieb Takes Lab-Grown Diamond Collection WholesaleThe jewelry designer has partnered with Sofer Jewelry to distribute her 85-piece lab-grown diamond collection.
IndependentsOct 13, 2026
Retailer Hall of Fame 2026: Sean DunnDunn, this year’s Single-Store Independent inductee, is passionate about innovation and telling the story of natural diamonds.
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.
AuctionsOct 13, 2026
Christie's Geneva To Auction 'Bulgari Pink' DiamondThe 24-carat fancy intense pink diamond ring could fetch up to $18 million at the November sale.
IndependentsOct 13, 2026
Greenwich St. Jewelers’ New Candle Smells Like HomeThe “Island Jewel” candle honors New York City and Puerto Rico and raises money for the island’s water relief efforts.
TechnologyOct 13, 2026
GemFind Is a New JA Member Benefit Partner The partnership will give JA members access to preferred pricing, exclusive benefits, technology solutions, education, and resources.
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.
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.
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.
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.
SourcingOct 07, 2026
AGTA Extends Deadline for 2026 Spectrum Awards EntriesParticipants now have until Oct. 14 to complete their submissions.
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.
