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Lucara and HB Extend Sales Deal for 10 Years

November 17, 2022  |  Joshua Freedman
Lucara 1280

Lucara Diamond Corp. and Belgian manufacturer HB Trading have signed a sales agreement that will see the pair partner on large stones through December 2032.

The renewed deal is “consistent” with the terms of the previous one, but with refinements to reflect how the parties have been working together, Lucara said Thursday.

Since 2020, the miner has been selling all of its diamonds weighing 10.8 carats or more to HB — which also refers to itself as HB Antwerp — and receiving a proportion of the polished revenues. The rough sale price is based on the estimated polished outcome, with HB paying a “true-up” once the actual polished sale value is known, minus a fee and the cost of manufacturing.

The goods are from Lucara’s Karowe mine in Botswana, famous for its high-value production. Historically, the deposit’s exceptional stones have accounted for approximately 60% to 70% of Lucara’s annual revenues, the company said.

Image: Diamond sorters at the Karowe mine. (Lucara Diamond Corp.)


Lucara 1280 Lucara and HB Extend Sales Deal for 10 Years

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