Terms of the deal have been agreed and the deal will be signed in the coming weeks, says President Mokgweetsi Masisi
The state gem trader will supply HB Antwerp with diamonds for five years, says President Mokgweetsi MasisiGaborone — Botswana will take a 24% stake in Belgian gem processing firm HB Antwerp as it seeks to gain more value from its diamonds, President Mokgweetsi Masisi said Monday, in a move that might start to loosen De Beers’ grip on the country’s diamond industry.
“The key commercial terms of the deal have been agreed and the deal will be signed in the coming weeks. Today is the dawn of a new era for the diamond industry in Botswana, as we begin this journey with HB Antwerp,” Masisi said during the official opening of HB Antwerp’s cutting and polishing facility in Gaborone.
The two partners are currently in talks to renew a 2011 sales and marketing agreement that entitles De Beers to 75% of the production from Debswana. Founded in 2020, HB Antwerp is currently in partnership with Lucara Diamond Corporation, buying stones of 10 carat quality and above from the Toronto-listed miner’s Karowe Mine in central Botswana at prices based on the estimated polished outcome of each diamond, determined through state-of-the-art scanning and planning technology.
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