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The disrupter disrupted: HB Antwerp’s reality check

Friday, October 20, 2023 | 1190 Views |

Going deeper: Karowe is due to go underground by 2028 PIC: LUCARADIAMONDCORP.COM

This year’s steep fall in diamond prices, particularly the gap between rough and polished stones, squeezed margins at HB Antwerp.

As a result this saw the firm falling behind in payments to Lucara and led to the recent shock termination of a 10-year deal between the two, Mmegi can reveal.

Highly placed insiders who witnessed the final days of a deal hailed as an industry disruptor, described a frenetic few weeks of talks on the settlement of outstanding dues by HB Antwerp to Lucara.

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The disrupter disrupted: HB Antwerp’s reality check

This year’s steep fall in diamond prices, particularly the gap between rough and polished stones, squeezed margins at HB Antwerp.