CrimeMay 03, 2024
Second Suspect Arrested in Murder of Colorado JewelerWheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
SourcingSep 18, 2019
De Beers to Offload Another Diamond Mine
It’s sold the Elizabeth Bay Mine to a Namibian company in a deal initially valued at $8 million to $12 million.
Namdeb announced it has found a buyer for the Elizabeth Bay diamond mine, pictured here. There was “significant” interest in buying the operation, which Namdeb put up for sale in early 2018. (Photo courtesy of De Beers Group)
Windhoek, Namibia—Namdeb, the 50/50 joint venture between De Beers Group and the Namibian government, announced it has sold the Elizabeth Bay Mine to a Namibian company.
A member of the Lewcor Group, a 100 percent Namibian-owned consortium, bought the diamond mine and its associated marine assets in a transaction valued at $120 million to $180 million Namibian dollars ($8.1 million to $12.2 million).
As part of the deal, Namdeb Holdings (Proprietary) Ltd. also will receive a cut of revenue earned from the sale of rough diamonds from now-dormant marine mining sites that Lewcor has indicated it will bring into production in the near future.
Located in the coastal town of Lüderitz in southwest Namibia, the Elizabeth Bay Mine was commissioned in 1991 and operated until 2009, when it was mothballed during the recession.
It reopened in 2011 and remained in operation until September 2018, when Namdeb permanently closed the mine because it was no longer economically viable. The mine produced 200,000 carats in its final full year of operation (2017), making it one of De Beers’ smaller operations.
Namdeb has been trying to find a buyer for Elizabeth Bay since February 2018, and said the sale to Lewcor Group, an “experienced and well-regarded” company in the Namibian mining and civil contracting industry, was the best way to secure its future.
In reopening the mine, Lewcor Group will rehire some of Elizabeth Bay’s 160 employees, and the revival of the mine will also bring jobs to Lüderitz. As a condition of the sale, Elizabeth Bay employees also can be transferred to another Namdeb operaton, a company spokesperson said.
Commenting on the sale, Namdeb CEO Riaan Burger said: “I am hugely appreciative and grateful for the commitment of our employees over many years and wish to thank them for their dedication. Although the decision to sell the mine has not been easy, it was the right thing to do for its future, its employees and the Lüderitz community at large.”
The transaction with Lewcor is subject to customary suspensive conditions, which all parties hope to conclude without delay, De Beers said.
Elizabeth Bay is one of a number of mines De Beers has offloaded or closed in recent years.
Its sale leaves De Beers with the following operations worldwide: four diamond mines in Botswana, one diamond mine in Canada and one in South Africa and, in Namibia, six marine
A member of the Lewcor Group, a 100 percent Namibian-owned consortium, bought the diamond mine and its associated marine assets in a transaction valued at $120 million to $180 million Namibian dollars ($8.1 million to $12.2 million).
As part of the deal, Namdeb Holdings (Proprietary) Ltd. also will receive a cut of revenue earned from the sale of rough diamonds from now-dormant marine mining sites that Lewcor has indicated it will bring into production in the near future.
Located in the coastal town of Lüderitz in southwest Namibia, the Elizabeth Bay Mine was commissioned in 1991 and operated until 2009, when it was mothballed during the recession.
It reopened in 2011 and remained in operation until September 2018, when Namdeb permanently closed the mine because it was no longer economically viable. The mine produced 200,000 carats in its final full year of operation (2017), making it one of De Beers’ smaller operations.
Namdeb has been trying to find a buyer for Elizabeth Bay since February 2018, and said the sale to Lewcor Group, an “experienced and well-regarded” company in the Namibian mining and civil contracting industry, was the best way to secure its future.
In reopening the mine, Lewcor Group will rehire some of Elizabeth Bay’s 160 employees, and the revival of the mine will also bring jobs to Lüderitz. As a condition of the sale, Elizabeth Bay employees also can be transferred to another Namdeb operaton, a company spokesperson said.
Commenting on the sale, Namdeb CEO Riaan Burger said: “I am hugely appreciative and grateful for the commitment of our employees over many years and wish to thank them for their dedication. Although the decision to sell the mine has not been easy, it was the right thing to do for its future, its employees and the Lüderitz community at large.”
The transaction with Lewcor is subject to customary suspensive conditions, which all parties hope to conclude without delay, De Beers said.
Elizabeth Bay is one of a number of mines De Beers has offloaded or closed in recent years.
Its sale leaves De Beers with the following operations worldwide: four diamond mines in Botswana, one diamond mine in Canada and one in South Africa and, in Namibia, six marine
mining vessels (one for exploration and sampling, the SS Nujoma, and five for diamond recovery) and three “recovery areas” on land: the Daberas, Sendelingsdrif and Southern Coastal mines.
More on Sourcing
The Latest
CollectionsMay 03, 2024
A Sneak Peek Into PGI’s Couture Platinum Spotlight ProgramPGI partnered with four new and seven returning designers for its annual platinum capsule collection.
MajorsMay 03, 2024
Kristie Nicolosi Joins WJA Board AgainNicolosi, president and CEO of The Kingswood Company, previously sat on WJA’s board from 2011 to 2018.
Brought to you by
Rio’s Reimagined Podcast: For the Love of JewelersMeet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
CollectionsMay 03, 2024
Piece of the Week: A “Bit of LUV” for the DerbyKarina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
Weekly QuizMay 02, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
CrimeMay 02, 2024
4 Indicted in Burglary Ring Targeting Indian, South Asian FamiliesThe men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
CollectionsMay 02, 2024
Foundrae Launches ‘Horizon’ Collection“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
Brought to you by
The Blueprint for Success in Scalable, Personalized Jewelry RetailWith Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
FinancialsMay 02, 2024
Pandora Raises Guidance After Strong Q1The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
IndependentsMay 02, 2024
Oklahoma Jeweler Glenn Lewis Dies at 68The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
AuctionsMay 02, 2024
Vintage Baume & Mercier With Ties to Elvis Sells for $7K Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
SurveysMay 01, 2024
Consumer Confidence Falls in AprilConcerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
TrendsMay 01, 2024
Amanda’s Style File: All Eyes on EmeraldsMay’s birthstone is beloved for its rich green hue and its versatility.
CrimeMay 01, 2024
Grand Jury to Hear Case Against Jeweler Charged in Fatal Shove Following IJO ShowLast month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
CollectionsApr 30, 2024
12 Otherworldly Pieces From Tiffany & Co.’s 2024 Blue BookThe “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
MajorsApr 30, 2024
Zales Celebrates 100 Years With New CampaignThe brand also created a 100-carat lab-grown diamond necklace in honor of its centennial.
MajorsApr 30, 2024
Platinum Guild International Appoints New CEOTim Schlick has been promoted from his previous position as COO.
Events & AwardsApr 30, 2024
Canadian Jewellers Association Brings Back the Summit It’s the second year for the event, slated to take place in October in Toronto.
Recorded WebinarsApr 29, 2024
Watch: Diamond Identification and Evaluation - How to Protect your BusinessSupplier Spotlight Sponsored by GIA
CollectionsApr 29, 2024
Simone I. Smith Mixes Denim and Diamonds in New Collection“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
IndependentsApr 29, 2024
Venus Jewelers Relocating After 45 YearsThe retailer is moving to a newly designed space in the same shopping center.
SurveysApr 29, 2024
Mother’s Day Jewelry Spending to Reach $7B, Says NRFGifts that are unique and thoughtful are top of mind this year, according to the annual survey.
CollectionsApr 26, 2024
Piece of the Week: Jacquie Aiche’s Starry Galaxy NecklaceThe necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
Events & AwardsApr 26, 2024
AGS Conclave and GIA Symposium Are ConvergingThe two organizations will host a joint event, “Converge,” in September 2025.
SourcingApr 26, 2024
Anglo American Reportedly Shopping De Beers as BHP Eyes Anglo Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
Events & AwardsApr 25, 2024
Alexis Padis Takes Over as AGS Board President Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
