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☆ Botswana reassessing HB Antwerp deal after Lucara Diamond cuts ties
▼ + stars: | 2023-09-28 | by ( Brian Benza | ) www.reuters.com time to read: +2 min

An over 1,000-carat uncut stone by Lucara Diamond is pictured during a press availability in New York City, New York, U.S., September 20, 2021. Lucara Diamond said on Thursday it had ended its agreement with HB Trading BV, a unit of HB Antwerp, following what it called "a material breach of financial commitments by HB". Diamond processor and trader HB Antwerp earlier this month removed one of its three co-founders, Oded Mansori, from management following differences over strategy. Mansori, who co-founded HB Antwerp in 2020 with partners Shai de Toledo and Rafael Papismedov, said he was taking them to court over his removal. HB and Lucara first entered into a diamond sales agreement in 2020, which was extended for 10 years in 2022.

Persons: Lucara Diamond, David, Dee, Delgado, Mokgweetsi Masisi, Masisi, Oded, Shai de Toledo, Rafael Papismedov, Lucara, Brian Benza, Nelson Banya, Mark Potter, Jan Harvey Organizations: REUTERS, Rights, HB Antwerp, HB Trading, HB, Okavango Diamond Company, Lucara, Thomson Locations: New York City , New York, U.S, Rights GABORONE, Belgian, Botswana

☆ Botswana, De Beers agree 'in principle' to new diamond sales deal
▼ + stars: | 2023-07-01 | by ( Brian Benza | ) www.reuters.com time to read: +2 min

An interim sales agreement is in place until the new pact is finalised, the two partners said in a statement. "The transformational new agreements between Botswana and De Beers reflect the aspirations of the people of Botswana, propels both Botswana and De Beers forward, and underpins the future of their Debswana joint venture through long-term investment," the statement said. Botswana, the world's second largest diamond producer after Russia by output, supplies 70% of De Beers' rough diamonds. Diamond sales, almost entirely from Debswana, account for two-thirds of Botswana's foreign currency receipts and a fifth of its gross domestic product. Debswana's diamond sales hit a record $4.6 billion last year, compared to $3.5 billion in 2021.

Persons: De Beers, Lefoko Moagi, Debswana, De, Okavango Diamond, Mokgweetsi Masisi, Masisi, Felix Njini, Nelson Banya, Edwina Gibbs Organizations: Botswana Mines, De Beers, De, HB Antwerp, Thomson Locations: Botswana, Russia, Nairobi, Harare, Nilutpal

July 1 (Reuters) - Botswana and De Beers Group have agreed a new diamond sales deal in which the African country, the world's No. 1 diamond producer by value, gradually increases the share of rough stones it gets from their joint venture Debswana over the next decade to 50%, the government and the mining company said on Saturday. The Botswana government and De Beers said they had agreed on a 10-year sales deal for Debswana's rough diamond production through to 2033, and on a 25-year Debswana mining licence valid until 2054. The Botswana-De Beers agreement allows the partners to advance the investment required to secure Debswana's position as one of the world's leading gem producers, De Beers said. Botswana, where De Beers has been present for 50 years, is heavily reliant on diamonds, with two-thirds of its foreign currency receipts coming from mining, sales and ancillary activities linked to the precious stone.

Persons: De Beers, Debswana, Mokgweetsi Masisi, weren't, Felix Njini, Promit Mukherjee, Nelson Banya, Leslie Adler, David Holmes Organizations: De Beers Group, Okavango, Thomson Locations: Botswana, Debswana, pula, Nairobi, Harare, Nilutpal

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