In a brief statement yesterday, the two founders said the company’s direction had shifted away from its original mission, but did not provide details.
“When we founded HB, our ambition was clear: to build a new blueprint for the diamond industry — one that returned value creation to producing countries, starting with our partnership in Botswana,” said de Toledo and Papismedov. “We believed in a model anchored in local transfer of knowledge and long-term impact. “But as the company’s direction shifted away from that mission, we knew it was time to step back — and step into new ventures that continue to pursue our vision.”
Late yesterday afternoon, HB Antwerp released a statement thanking to two founders and announcing Roy Seber as managing director, alongside Oded Mansori and Boaz Lev. Mansori is a co-founder of HB Antwerp while Lev joined in September 2020 shortly after the company’s establishment.
"We are deeply grateful to Rafael and Shai. Since co-founding HB in 2020 alongside Oded and Boaz, they have helped build Europe’s largest diamond ecosystem, guiding the company through one of the industry's most challenging periods,” the company said. “As we move forward, HB remains fully committed to the principles that define us: radical transparency, fairness, and the equitable distribution of wealth.”
In Botswana, HB Antwerp has invested in a cutting-edge diamond valuation and processing firm near the Sir Seretse Khama International Airport, employing dozens of Batswana in processing activities. The company has a 10-year arrangement with Lucara Diamonds for the processing and sale of stones from Karowe Mine.
Earlier this month, HB announced that it was expanding its local operations, with “a growing number of diamonds scanned, evaluated, and processed by skilled Batswana professionals”.
However, the diamond start-up has faced a difficult period of late, with its long-planned equity deal with government, apparently falling by the wayside after the change in government in October.
Former President Mokgweetsi Masisi, was championing the bid for government to take a 24% stake in HB Antwerp, a move sharply criticised by legislators and others who questioned the valuation process and procurement methods applied for the deal.
Speaking in March 2023 at the launch of HB’s local factory, Masisi announced that government had decided to take up equity in HB Antwerp and provide the firm with a portion of the Okavango Diamond Company's (ODC) rough diamonds supply for five years.
Recently, Minerals and Energy minister, Bogolo Kenewendo, told Bloomberg that the previous administration had been doing due diligence on the deal, but had never closed on any agreement.
“There was never anything signed on the dotted line and so we have nothing really to progress,” she said in an interview.
