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 Hámos 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 robust, 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.