Lucara’s Strategic Partnership with HB Antwerp to Revolutionise Stability in a Dynamic Market

In an effort to continue its excellence performance, Lucara Diamond Corp has unveiled a new diamond sales agreement with HB Group based in Antwerp, Belgium, concerning all qualifying diamonds over 10.8 carats from its Karowe Diamond Mine in Botswana. This 10-year partnership promises a pricing structure that combines cutting-edge technology with historical sales data, ensuring Lucara benefits from fair and consistent revenue streams surpassing industry standards.

The agreement is poised to bring numerous advantages to Lucara, including reliable cash flow to support ongoing development projects, substantial revenue potential particularly for large and intricate rough diamonds, and alignment with Botswana’s downstream diversification strategy. Moreover, streamlined evaluation processes and the establishment of an efficient, high-quality diamond supply chain enhance operational efficiency and market responsiveness. Pending approval from project lenders, this agreement is set to retroactively take effect from 1 December 2023, signifying Lucara’s proactive approach in securing stability and sustainability amidst dynamic industry dynamics.

Lucara’s President and Chief Executive Officer, William Lamb noted, “Our strategic move to re-enter a long-term supply agreement with HB Antwerp, emphasises our commitment to operational stability and sustainability in the ever-evolving diamond industry. The collaboration with HB Antwerp is seen as an opportunity to strengthen Lucara’s market position, drawing on past knowledge and recognising the exceptional quality of polished diamonds from the Karowe mine. Despite external pressures, Lucara remains dedicated to delivering outstanding quality and premium value to all stakeholders, upholding the company’s legacy of excellence in the diamond industry.