ColumnistsMay 12, 2026
It’s Official: We’re Getting ‘Brain Rot’ From Watching Short-Form Videos Peter Smith gives tips on leading meetings, developing marketing, and making trade show appointments in the age of short attention spans.
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
CollectionsMay 12, 2026
Jessica McCormack Debuts Antique Coin-Inspired Medallions for SummerThe 11-piece “Medallions” capsule collection features five motifs: a crying eye, a heart on fire, a spiral, a flower, and a swallow.
IndependentsMay 12, 2026
State of Retail: 6 Things Retailers Should Know About Consumers TodayFrom Gen Z’s view of luxury to “doom spending,” these are the six consumer trends to note this year.
Brought to you by
How Modern Training Is Becoming a Competitive Advantage for Jewelry RetailersWith the trade and customer trust in mind, GIA® developed NextGem™ – on-demand training designed specifically for retail.
Events & AwardsMay 12, 2026
The Tiffany & Co. x CFDA Jewelry Designer Award Is BackThe partners have announced the second cycle of the program, which has expanded to include a $25,000 student scholarship.
Weekly QuizMay 07, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsMay 11, 2026
Kansas Jeweler Closing After 70 YearsThe owners of Staats Jewelers are heading into retirement.
TrendsMay 11, 2026
Former Macy’s CEO Joins Signet Jewelers BoardJeffrey Gennette, who retired in 2024 after 41 years with Macy’s, is the newest member of the jewelry retailer’s board of directors.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
TrendsMay 11, 2026
Amanda’s Style File: Lucky May May babies are lucky to have emeralds, a gemstone admired for centuries, as their birthstone, writes Amanda Gizzi.
TechnologyMay 11, 2026
Clientbook’s New Tool Helps Jewelers Plan In-Store EventsThe new module allows retailers to plan, promote, and measure the success of events from a single dashboard.
Lab-GrownMay 08, 2026
NDC Publicly Criticizes Pandora Over ‘Misleading’ Natural Diamond ClaimsNDC said in an open letter that Pandora’s statements about the carbon footprint of lab grown versus natural diamonds are inaccurate.
TrendsMay 08, 2026
Rihanna Chooses ‘Desert Diamonds’ for 2026 Met GalaShe wore our Piece of the Week, Glenn Spiro’s “Old Moghul Golconda” earrings, featuring fancy brown-yellow diamonds totaling 51.90 carats.
Events & AwardsMay 08, 2026
JA Announces 2026 CASE Award WinnersTwo pieces were named “Best in Show,” one from the retail category and one from the supplier category.
FinancialsMay 07, 2026
Brilliant Earth Appeals to Higher-Income Shoppers in Q1The jewelry retailer noted resilience among its higher-end customers while demand softened for its lower-priced offerings.
AuctionsMay 07, 2026
‘Spectacular’ Kashmir Sapphire Headlines Heritage Spring Jewelry SaleLed by the 6.59-carat sapphire, the sale garnered $9.7 million, a record total for a Heritage jewelry auction.
MajorsMay 07, 2026
Gannon & Scott Names New Regional Account ExecutiveIn his new role, sales specialist Billy Welshoff will focus on the eastern United States.
WatchesMay 07, 2026
Chrono24 Names New CEOJosé Gaztelu has been promoted to the role, which has been vacant since last year.
Events & AwardsMay 07, 2026
JA Accepting Applications for 2026 Scholarship ProgramIt has also opened the application period for the Seymour & Evelyn Holtzman Bench Scholarship through June 30.
FinancialsMay 06, 2026
Pandora to Add Carbon Footprint Info to Lab-Grown DiamondsThe company announced the change alongside its Q1 results, which showed that the jewelry brand’s year is off to a shaky start.
MajorsMay 06, 2026
Saks Global Begins Layoffs, Reorganization Plans Closer to ApprovalThe retailer will cut 16 percent of its corporate workforce as part of its plan to exit bankruptcy.
AuctionsMay 06, 2026
Steve McQueen’s Heuer Monaco Watch Heads to Sotheby'sOf the many examples used in the filming of “Le Mans,” this one is believed to have spent the most time on Steve McQueen’s wrist.
EditorsMay 05, 2026
This Ohio Designer’s Jewelry Made It to the Met GalaMegan Piccione dressed Lauren Wasser in layers of diamond jewelry, making her stand out in a crowd that included celebrities like Beyoncé.
SourcingMay 05, 2026
Doug Hucker Returns to His RootsFollowing decades of association leadership, the “semi-retired” colored gemstone expert is turning his focus to gemstone education.
Events & AwardsMay 05, 2026
AMNH to Showcase Famous Jewelry, Trophies in Sports HistoryThe museum’s new exhibition will feature one of Jesse Owen’s Olympic medals, Yogi Berra’s crown, Super Bowl rings, and more.
Events & AwardsMay 05, 2026
JIS Launches Brand Exposure ProgramThe new program provides access to media exposure and editorial opportunities for exhibitors and retailers.
CollectionsMay 04, 2026
Melanie Georgacopoulos Turns Pearls Into Light for ‘Eclipse’ CollectionThe “Eclipse” jewelry collection captures the fleeting moment where light and shadow align though onyx, diamonds, and freshwater pearls.
ColumnistsMay 04, 2026
The Key Mindset for Better Trade Show BuyingBuying discipline at trade shows starts with clarity about your inventory levels, Smith writes.
