A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
De Beers to Offload Another Diamond Mine
It’s sold the Elizabeth Bay Mine to a Namibian company in a deal initially valued at $8 million to $12 million.
A member of the Lewcor Group, a 100 percent Namibian-owned consortium, bought the diamond mine and its associated marine assets in a transaction valued at $120 million to $180 million Namibian dollars ($8.1 million to $12.2 million).
As part of the deal, Namdeb Holdings (Proprietary) Ltd. also will receive a cut of revenue earned from the sale of rough diamonds from now-dormant marine mining sites that Lewcor has indicated it will bring into production in the near future.
Located in the coastal town of Lüderitz in southwest Namibia, the Elizabeth Bay Mine was commissioned in 1991 and operated until 2009, when it was mothballed during the recession.
It reopened in 2011 and remained in operation until September 2018, when Namdeb permanently closed the mine because it was no longer economically viable. The mine produced 200,000 carats in its final full year of operation (2017), making it one of De Beers’ smaller operations.
Namdeb has been trying to find a buyer for Elizabeth Bay since February 2018, and said the sale to Lewcor Group, an “experienced and well-regarded” company in the Namibian mining and civil contracting industry, was the best way to secure its future.
In reopening the mine, Lewcor Group will rehire some of Elizabeth Bay’s 160 employees, and the revival of the mine will also bring jobs to Lüderitz. As a condition of the sale, Elizabeth Bay employees also can be transferred to another Namdeb operaton, a company spokesperson said.
Commenting on the sale, Namdeb CEO Riaan Burger said: “I am hugely appreciative and grateful for the commitment of our employees over many years and wish to thank them for their dedication. Although the decision to sell the mine has not been easy, it was the right thing to do for its future, its employees and the Lüderitz community at large.”
The transaction with Lewcor is subject to customary suspensive conditions, which all parties hope to conclude without delay, De Beers said.
Elizabeth Bay is one of a number of mines De Beers has offloaded or closed in recent years.
Its sale leaves De Beers with the following operations worldwide: four diamond mines in Botswana, one diamond mine in Canada and one in South Africa and, in Namibia, six marine
The Latest
Inspired by the Roman goddess of love, the designer looked to the sea for her new collection.
The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The selected nine organizations have outlined their plans for the funds.
The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
Emmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
Ruser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
The “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
The overhaul includes a new logo and enhanced digital marketplace.
The money will go toward supporting ongoing research and aftercare programs for childhood cancer survivors.
A new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
From now through mid-May, GIA will be offering the reports at a 50 percent discount.
De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Sponsored by the Las Vegas Antique Jewelry & Watch Show
The Patek Philippe expert will serve as personal curator for the brand-focused company.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
NDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
LVMH said the company performed well despite an uncertain geopolitical and economic environment.
B&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
It’s ultra-feminine and filled with gold, pearls, and soft pastels.