FinancialsNov 26, 2025
Movado CEO Talks Tariffs, Growing Interest in Accessible Luxury WatchesDuring its Q3 call, CEO Efraim Grinberg discussed the deal to lower tariffs on Swiss-made watches, watch market trends, and more.
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.
More on Sourcing
The Latest
TrendsNov 26, 2025
Piece of the Week: Rosior’s Pumpkin RingRosior’s high jewelry cocktail ring with orange sapphires and green diamonds is the perfect Thanksgiving accessory.
IndependentsNov 26, 2025
Greenwich St. Jewelers Launches Colorful Holiday CampaignThe “Embrace Your True Colors” campaign features jewels with a vibrant color palette and poetry by Grammy-nominated artist Aja Monet.
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.
MajorsNov 26, 2025
Serafino Consoli Names New VP of Sales, Brand Development for the AmericasLuxury veteran Alejandro Cuellar has stepped into the role at the Italian fine jewelry brand.
Weekly QuizNov 20, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsNov 26, 2025
Grandview Klein Presents 4 Scholarships in NamibiaThe company gave awards to four students at the Namibia University of Science & Technology, including one who is a Grandview Klein employee.
IndependentsNov 25, 2025
Pearl Stringer Margaret Hoisik DiesShe is remembered as an artist who loved her craft and was devoted to her faith, her friends, and her family.
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.
TrendsNov 25, 2025
Amanda’s Style File: Polka DotsThe polka dot pattern transcends time and has re-emerged as a trend in jewelry through round-shaped gemstones.
CrimeNov 25, 2025
Former Arizona AG Official Charged With Trafficking Stolen JewelryVanessa Hickman, 49, allegedly sold a diamond bracelet that was mistakenly sent to her home.
Events & AwardsNov 25, 2025
GIA Awards Susan Jacques With Its Highest HonorGIA’s former president and CEO was presented with the Richard T. Liddicoat Award for Distinguished Achievement.
Recorded WebinarsNov 24, 2025
Watch: Top Tips for Social Media EtiquetteSocial media experts spoke about protecting brand reputation through behaving mindfully online.
WatchesNov 24, 2025
Breitling Reveals Plans for Gallet, Universal GenèveIn 2026, the three will come together as “House of Brands,” with Gallet sold in Breitling stores and Universal Genève sold separately.
CollectionsNov 24, 2025
Muse Debuts a Wicked 'Have a Heart x Cynthia Erivo' SequelThe second drop, which includes more Elphaba-inspired pieces from additional designers, will continue to benefit nonprofit Dreams of Hope.
IndependentsNov 24, 2025
J.R. Dunn Jewelers Names New PresidentSecond-generation jeweler Sean Dunn has taken on the role.
MajorsNov 21, 2025
Natural Diamond Council Names New CEOAmber Pepper’s main focus will be on digital innovation and engaging younger consumers.
CollectionsNov 21, 2025
Piece of the Week: Melissa Kaye’s ‘Rocky Infinity’ NecklaceThe lariat necklace features a 4.88-carat oval-cut Zambian emerald in 18-karat yellow gold.
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.
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.
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.
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.
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.
