  High energy resolution, hard X-ray spectroscopies are powerful element
selective probes of the electronic and local structure of matter, with diverse
applications in chemistry, physics, biology and materials science. The routine
application of these techniques is hindered by the complicated and slow access
to synchrotron radiation facilities. Here we propose a new, economic, easily
operated laboratory high resolution von H\'amos type X-ray spectrometer, which
offers rapid transmission experiments for X-ray absorption, and is also capable
of recording X-ray emission spectra. The use of a cylindrical analyzer crystal
and a position sensitive detector enabled us to build a maintenance free,
flexible setup with low operational costs, while delivering synchrotron grade
signal to noise measurements in reasonable acquisition times. We demonstrate
the proof of principle and give examples for both measurement types. Finally,
tracking of a several day long chemical transformation, a case better suited
for laboratory than synchrotron investigation, is also presented.
