(jckonline.com) - On July 15, Lucara Diamond, owner of the Karowe mine in Botswana, announced it had forged a “groundbreaking” deal with Antwerp Belgium’s HB Group. The deal calls for Lucara to sell all its “special” (more than 10.8 ct.) diamonds to HB through the end of the year. That’s a big deal for HB, as Karowe has unearthed a lot of very special specials, including the 1,109 ct. Lesedi La Rona. But it’s also a big deal for Lucara, which derives 70% of its income from larger stones. But the interesting thing is how this deal is structured. It calls for HB to initially pay Lucara an estimate of the diamond’s eventual polished price—determined through “state-of-the-art scanning and planning technology”—minus HB’s manufacturing costs and an unspecified commission, which it’s also called a “fee.” HB will pay Lucara that initial estimate within 60 days of receiving the stone—a rare instance of a diamond miner extending credit.
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