Though its website has been down for a week, Christie’s proceeded with its jewelry and watch auctions on May 13-14, bringing in nearly $80 million.
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.
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
The Latest
Despite the absence of “The Allnatt,” Sotheby’s Geneva jewelry auction totaled $34 million, with 90 percent of lots sold.
Lilian Raji gives advice to designers on how to make the most of great publicity opportunities.
Despite the rising prices, consumers continue to seek out the precious metal.
Why do so many jewelers keep lines that are not selling? Peter Smith thinks the answer lies in these two behavioral principles.
The “Argyle Phoenix” sold for more than $4 million at the auction house’s second jewels sale.
The annual list recognizes young professionals making an impact in jewelry retail.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
Owner David Mann is heading into retirement.
While overall sales were sluggish, the retailer said its non-bridal fine jewelry was a popular choice for Valentine’s Day.
Christie's is selling one of the diamonds, moving forward with its Geneva jewelry auction despite the cyberattack that took down its website.
The ad aims to position platinum jewelry as ideal for everyday wear.
Retailers can customize and print the appraisal brochures from their store.
The move follows a price-drop test run in Q4 and comes with the addition of a “quality assurance card” from GIA for some loose diamonds.
The site has been down since Thursday evening, just ahead of its spring auctions.
The late former U.S. Secretary’s collection went for quadruple the sale’s pre-sale estimate.
Three fifth graders’ winning designs were turned into custom jewelry pieces in time for Mother’s Day.
Kimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
As a token of womanhood, this necklace depicts when Venus was born from the sea.
The deal gives the retailer control over the distribution of Roberto Coin jewelry in the U.S., Canada, Caribbean, and Central America.
Show your mother some love with a piece of fine jewelry.
The company’s Easton location will remain open.
Brian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.
Sponsored by the Las Vegas Antique Jewelry and Watch Show
Tobak, author of “Ice Cold: A Hip-Hop Jewelry History,” shares how the exhibition came to be, and the pieces people may be surprised to see.
Stars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.