Billionaire Leviev Adds Zambia Emeralds to Diamond Portfolio – by Matthew Hill, Thomas Biesheuvel, Denver Kisting and Taonga Clifford Mitimingi (Bloomberg News – June 1, 2017)

https://www.bloomberg.com/

Billionaire Lev Leviev, who made his fortune undercutting De Beers’ former diamond monopoly, has bought half of one of Africa’s biggest emerald mines.

Leviev bought into the Grizzly emerald mine in Zambia’s Copperbelt province, which borders the Democratic Republic of Congo, Kombadayedu Kapwanga, managing director Leviev’s Namibian unit, said by phone. The operation has been renamed Gemcanton Investments Holdings.

A spokesperson for Africa Israel Investments Ltd., a listed company controlled in which Leviev is the biggest shareholder, didn’t return phone calls and emails seeking comment. A spokesperson at LLD Diamonds, Leviev’s jewelry business, didn’t return calls either. Leviev used his Israel-based diamond unit to purchase half of Grizzly, Kapwanga said, without providing further details.

The move into emeralds marks a change of course for Leviev. Born in Soviet Uzbekistan before fleeing to Israel in 1971, he worked as an apprentice in a diamond-polishing plant and established his own factory, striking deals with diamond-producing countries such as Russia and Angola.

He went on to own an 18 percent stake in Angola’s Catoca diamond mine, one of the world’s biggest, before selling to Chinese investors to focus on the Luminas mine in the African country. As well as his Leviev jewelry company, he controls a real estate empire from Moscow to New York through Africa-Israel Investments Ltd.

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