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HB Antwerp, a Belgian gem processing firm and trader, is hunting for more deals in Africa after securing a sales pact with Botswana, the world’s No. 1 diamond producer by value. The firm is looking for potential deals to process rough diamonds in countries including Namibia, South Africa, Lesotho, and the Democratic Republic of Congo, stated HB Antwerp’s co-founder.
HB Antwerp, a Belgian gem processing firm and trader, is hunting for more deals in Africa after securing a sales pact with Botswana, the world’s No. 1 diamond producer by value. The firm is looking for potential deals to process rough diamonds in countries including Namibia, South Africa, Lesotho, and the Democratic Republic of Congo, stated HB Antwerp’s co-founder.
HB Antwerp held initial talks and plans to enter serious negotiations with countries that are eager to elevate their industry governance status to the same level as Botswana. Increased supplies of rough diamonds could help HB Antwerp boost sales to over US$1 billion per annum in three to four years, up from under US$300 million last year. Namibia has hinted that it is looking at securing more revenue and share from local diamonds. The Namibian government and De Beers Group have a 10-year sales agreement, which will lapse in 2026 and is the longest sales agreement ever signed between the two partners.
This development follows the company’s sales pact with Botswana, the world’s leading diamond producer by value. The government of Botswana has acquired a 24% equity stake in the diamond manufacturer HB Antwerp, a partnership that the country’s president described as a potential game-changer. As part of the deal, the Botswana government is purchasing a 24% stake in HB Antwerp, and the state-owned Okavango Diamond Company will supply the gem trader and processing firm with an undisclosed quantity of rough diamonds for five years.
Founded in 2020, HB Antwerp has an existing agreement with another diamond mining company in Botswana, Lucara Diamond Corp. The deal with Lucara Diamond Corp allows HB Antwerp to purchase gems of 10-carat quality and above from the Canadian producer’s Karowe Mine in Botswana at prices based on the estimated polished outcome of each diamond.
Read Also:
https://trendsnafrica.com/worlds-first-5g-oriented-smart-diamond-mine-project-unveiled-in-botswana/
https://trendsnafrica.com/namibias-largest-diamond-mine-marks-83-spike-in-revenue/
https://trendsnafrica.com/namibias-diamond-production-goes-up-by-36/
HB Antwerp has rapidly expanded its operations and capitalises on selling bigger stones but is still a relatively new company with a limited track record, stated diamond analyst Paul Zimnisky. Producers from Africa, Canada, and Australia also face difficulties competing in the rough-to-polished manufacturing segment against India. The Indians have the infrastructure, skill sets, and labour costs that are world-leading in terms of diamond manufacturing, this is why over 90% of the world’s diamonds are cut and polished in India. Processing more diamonds in African countries could help shore up government revenues, create jobs and bolster transparency.
