HB Antwerp, a technology company focused on the diamond supply chain, has entered into a new agreement with Lucara Diamond Corp.

Lucara is an independent producer of large Type IIa diamonds from its 100%-owned Karowe Mine in Botswana.

The new partnership will see the two companies, which previously allied last year, team up for a further 24 months.

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The agreement will see HB Antwerp purchase all of Lucara Diamond’s rough stones of over 10.8ct from the Karowe mine for at least the next two years.

Lucara claimed that these large, high-value diamonds from Karowe account for approximately 70% of Lucara Diamond’s annual revenues.

The purchase price paid for each diamond will be based on the estimated polished outcome, determined through scanning and planning technology.

Eira Thomas, CEO, commented: “The decision to sell our +10.8ct rough diamonds under a committed supply agreement with HB beginning in July of 2020 has helped support prices for this critical segment of our production amidst pricing uncertainty caused by the ongoing global pandemic.

“Not only have rough diamond prices experienced a positive rebound over the past two quarters, Lucara is also beginning to see the benefits of this strategy in accessing a broader marketplace.

“With this agreement we are creating better alignment between all participants and establish a healthier, more efficient global diamond supply chain.”