CollectionsFeb 21, 2025
Piece of the Week: Jade Ruzzo’s ‘Tennessee’ Oval Drop EarringsHeidi Gardner, an SNL cast member, wore the smoky quartz earrings on the “SNL50: The Anniversary Special” red carpet on Sunday.
SourcingAug 11, 2020
Lucara’s Q2 Sales Drop as It Holds onto Big Stones
The diamond miner has inked a partnership with Antwerp-based cutter HB Group to buy all its diamonds weighing more than 10.8 carats for the rest of 2020.
Lucara Diamond Corp. operates the Karowe Mine in Botswana, shown here. Normally, about 70 percent of the company’s annual revenue comes from the large, high-value diamonds it recovers from its mine, but it deferred those sales in Q2 because of market weakness. (Photo courtesy of Lucara)
Vancouver, British Columbia—Revenue fell significantly in the second quarter for Lucara Diamond Corp., as the miner opted to hold onto 10-carat-plus diamonds in light of “weakened market demand,” CEO Eira Thomas said Monday.
Lucara, which operates the Karowe Mine in Botswana, recorded total revenue of $7.5 million in Q2 2020, or $109 per carat, down from $42.5 million ($417 per carat) in the same period last year.
The miner sold 68,979 carats in Q2, down from 101,931 carats in the second quarter 2019 as, beginning in early March, it opted to sell only diamonds below 10.8 carats.
The per-carat price garnered for these smaller diamonds reflects the overall erosion in prices for rough diamonds, Lucara said.
The company recorded a net loss of $13.9 million, down from net income of $700,000 in the same period last year.
Lucara continued to operate its Karowe Mine throughout the pandemic, with the mine’s managing director, Naseem Lahri, explaining in an earlier interview with National Jeweler how she adjusted operations to ensure employees could work remotely or were social distancing.
Lucara processed 0.71 million tons of ore and recovered 101,203 carats in Q2.
This included 201 “specials” (diamonds weighing more than 10.8 carats), with the miner finding nine diamonds weighing more than 100 carats and two weighing more than 200 carats.
Back in July, Lucara announced a new partnership agreement with Antwerp-based diamond cutter HB Group, the same company that is cutting Sewelô, the 1,758-carat diamond Louis Vuitton is slated to make into jewelry.
For the rest of 2020, HB Group will buy all the diamonds from Karowe that weigh more than 10.8 carats.
Under the supply agreement, the miner’s 10.8-carat-plus production will be sold at prices based on the estimated polished outcome of each diamond, which will be determined through state-of-the-art scanning and planning technology.
A true-up (match) will be paid on actual achieved polished sales, less a fee and cost of manufacturing.
As of June 30, HB Group paid Lucara a deposit of $13.5 million for a portion of the goods to be delivered under the agreement.
Editors' Picks
Sponsored by
More on Sourcing
The Latest
MajorsFeb 21, 2025
24 Karat Club of New York Names New PresidentThe organization also announced its newly elected officers and directors.
SourcingFeb 20, 2025
Harry Winston’s Son Donates Fancy Red Diamond to the SmithsonianRonald Winston is giving the 2.33-carat “Winston Red” to the Smithsonian, 67 years after his father donated the Hope Diamond.
Brought to you by
Get Ready for the JA New York Spring ShowThis year will feature a new MJSA Showcase and partnership with Piazza Italia.
SourcingFeb 20, 2025
GJEPC Names New Chairman, Vice ChairmanKirit Bhansali, a partner in Smital Gems and chairman of India Jewellery Park, will take on the role of chairman.
Weekly QuizFeb 21, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsFeb 20, 2025
IJO Elects 4 New Board MembersAlisha Cornett, Nic Faini, Eric Stevens, and Seth Shipley have joined the organization’s board of directors for a three-year term.
CrimeFeb 19, 2025
Brink’s to Pay $42M After Admitting to Illegally Transporting MoneyThe company has to pay the Justice Department and FinCEN for violating the Bank Secrecy Act, the U.S.’s main anti-money laundering law.
Brought to you by
3 Ways to Capitalize on America’s Newfound Love of Colored GemsColored stones are stepping into a jewelry spotlight typically reserved for diamonds—are you ready to sell color?
SourcingFeb 19, 2025
Diamond Mining Company CEO Steps Down Amid Sales Slump, LayoffsPetra Diamonds Ltd. CEO Richard Duffy resigned as the diamond miner reported a 30 percent drop in sales to start its fiscal year.
ColumnistsFeb 19, 2025
The Smart Lab: Maximizing Your Jewelry Brand on PinterestPinterest is a potential gold mine for jewelry brands, Emmanuel Raheb writes, provided they follow these five tips.
MajorsFeb 19, 2025
Cartier Opens New Store Inside LAXThe boutique is the French luxury brand’s first airport store on the West Coast.
CollectionsFeb 19, 2025
Swarovski’s NYC Flagship Celebrates Ariana Grande CollabThe store’s facade now features the iconic swan logo and campaign images of the “Wicked” star.
Policies & IssuesFeb 18, 2025
New Customs Requirements for Diamond Imports: What We KnowBeginning in April, companies importing diamonds into the United States will have to list the country in which the diamonds were mined.
AuctionsFeb 18, 2025
A Menagerie of Fabergé Coming to Sotheby’sAround 30 whimsical Fabergé animal carvings will go up for auction at Sotheby’s Geneva in May.
SourcingFeb 18, 2025
Celine Assimon Stepping Down as CEO of De Beers JewellersAssimon will be leaving at the end of February after nearly five years with De Beers.
CollectionsFeb 18, 2025
Tabayer Debuts Its First Men’s Jewelry SelectionsDesigns from the brand’s “Oera” collection have been reimagined with modern masculinity in mind.
SourcingFeb 14, 2025
Navneet Gems Now Offering Unheated Montana SapphiresThe wholesale collection features material from the Rock Creek mine in a variety of colors.
CollectionsFeb 14, 2025
Carolyn Rafaelian Partners with ‘Long Island Medium’ StarThe “Divinely Guided” collection, created in collaboration with Theresa Caputo, features symbols that celebrate the power of connection.
CollectionsFeb 14, 2025
Piece of the Week: Lorraine West’s Diamond ‘Open Heart’ RingShow some love on Valentine’s Day with this 14-karat yellow gold ring that features pavé diamonds.
CrimeFeb 13, 2025
Macy’s Employee Foils $1.5M Jewelry Theft The employee confronted the thief, causing the suspect to flee and leave behind the suitcases full of jewelry.
SourcingFeb 13, 2025
Namibian Diamond Co. Suspends CEO, COO After Deadly Heist Namib Desert Diamonds also put its security manager on leave following last month’s robbery that left one employee dead.
Events & AwardsFeb 13, 2025
AGTA Announces Buyer’s Choice Award Winners for Spectrum, Cutting EdgeAGTA recently concluded its 2025 GemFair event in Tucson and is already gearing up for next year’s show, set for Feb. 2-6, 2026.
CollectionsFeb 13, 2025
Royal Chain Releases Its Spring 2025 CatalogMore than 400 new pieces are featured in the supplier’s latest catalog.
TrendsFeb 13, 2025
Amanda’s Style File: Hearts for Valentine’s DayThis curation celebrates love with heart-shaped jewelry of all shapes and sizes.
Policies & IssuesFeb 13, 2025
Jewelers Relief Fund Reopened to Aid Victims of LA Fires The fund is collecting money for jewelry businesses damaged by the wildfires in Los Angeles County.
TrendsFeb 12, 2025
5 Engagement Ring Trends Expected to Rule 2025From chunky bands to vintage diamond cuts and bezel settings, these are the trends experts are seeing take over the bridal market.
EditorsFeb 12, 2025
Q&A: Marion Fasel on the History of Diamond Engagement RingsFasel discusses researching her new book, the most enduring engagement ring styles, and the diamond shape Taylor Swift will pick.
