https://www.miningweekly.com
Gaborone|HB Antwerp|Lucara Diamond|Okavango Diamond Company|Botswana|Karowe Mine|Diamond Mining|Botswana Diamond Workers Union|Boaz Lev|Mokgweetsi Masisi
||||||
gaborone|hb-antwerp|lucara-diamond|okavango-diamond-company|botswana|karowe-mine|diamond-mining|botswana-diamond-workers-union|boaz-lev|mokgweetsi-masisi

Belgian gem trader HB downsizes Botswana operations after failed supply deal

25th September 2026

By: Reuters

  

Font size: - +

GABORONE - Belgian gem trader HB Antwerp is scaling back its Botswana operations after failing to secure rough diamond supplies from State-owned Okavango Diamond Company (ODC), a senior company official told Reuters.

Former Botswana President Mokgweetsi Masisi announced a deal in 2023 to acquire a 24% stake in HB Antwerp and supply the trader with 10% of ODC's rough diamond output for five years.

HB Antwerp's managing partner Boaz Lev told Reuters the commitment announced in 2023 had yet to materialise despite repeated engagement with the government that took office in October 2024

"We are performing restructuring and resizing work to match with what we currently have, since whatever was foreseen in 2023 has not materialised to date," Lev said

He declined to provide numbers, but said the company would undergo "significant restructuring"

Botswana's mines ministry was not immediately available to comment

Last December, the company notified Botswana's Commissioner of Labour it could cut its workforce by up to 80% if it did not receive rough diamonds from ODC by the end of March 2026

Founded in 2020, HB Antwerp has partnered with Lucara Diamond Corporation, buying diamonds of 10 carats and above from the miner's Karowe mine in central Botswana at prices linked to the estimated polished value of each stone, determined using scanning and planning technology

HB Antwerp says this model, which it had hoped to replicate with ODC, allows Lucara to earn 40% more than selling at rough-diamond market prices

Lev said consultation on the restructuring had been under way for two months and was expected to conclude within days

"Our total technology and infrastructure investment exceeds $10-million. We are not sending any machine back to Belgium, and the people who will stay here will be able to operate everything," he said

The Botswana Diamond Workers Union did not immediately respond to a request for comment

Edited by Reuters

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Multotec
Multotec

Multotec, recognised industry leaders in metallurgy and process engineering help mining houses across the world process minerals more efficiently,...

VISIT SHOWROOM 
AutoX
AutoX

We are dedicated to business excellence and innovation.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 25 September 2026
Magazine round up | 25 September 2026
25th September 2026

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

➕

➕

➕

➕

➕

RESEARCH CHANNEL AFRICA

SUBSCRIBE

➕

➕

➕

➕

➕

➕

➕

➕

➕

➕

CORPORATE PACKAGES

CLICK FOR A QUOTATION

➕

➕







sq:0.029 0.052s - 150pq - 2rq
Subscribe Now