Two of Antwerp-based diamond firm HB’s cofounders will part ways with the company, less than two years after a third partner exited and then returned.
Rafael Papismedov and Shai de Toledo will step down from day-to-day leadership of the company, the two said in a joint statement on Monday seen by Rapaport News. The two will remain shareholders in the business but will focus on new opportunities, they stated.
“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.”
The move is curious given that the pair’s third cofounder and managing partner, Oded Mansori, left the company in September 2023, citing contrasting views on the direction of the business. The following month, Mansori was back, reinstated as both managing partner and director, with the company leaders claiming they were “united in their mission.”
At the time, questions surrounded Mansori’s exit and return, especially after Lucara Diamond Corp., with which HB has a rough-diamond sales agreement, ended its supply contract with the manufacturer shortly after his removal. The parties reinstated the deal a few months later.
The split with Lucara also caused the Botswana government to pause a proposed deal with HB to acquire a 24% stake in the manufacturer’s business, through which it would feed rough from state-owned trader Okavango Diamond Company (ODC). In its 2024-’25 budget, Botswana allocated BWP 890 million ($65 million) for the project.
Roy Seber, who has been with HB from the start, will become a managing director, joining Mansori and fourth cofounder Boaz Lev at the helm. The Belgian manufacturer did not mention whether de Toledo’s and Papismedov’s exit would affect its deals with Lucara or the Botswana government.
Image: Rafael Papismedov (left) and Shai de Toledo. (HB Antwerp)
