Gem Diamonds Recovers 101ct. Stone

Gem Diamonds has unearthed a 100.50-carat diamond from its Letšeng mine in Lesotho, it said Friday.

The white, type IIa stone is the 11th over 100 carats the miner has recovered from the asset so far this year.

Gem Diamonds owns 70% of the Letšeng mine, with the state holding the remaining shares. The company also owns the Ghaghoo mine in Botswana, which it plans to sell.

Source: DCLA 

Gem Diamonds Recovers 101ct. Stone

Gem Diamonds has unearthed a 100.50-carat diamond from its Letšeng mine in Lesotho, it said Friday.

The white, type IIa stone is the 11th over 100 carats the miner has recovered from the asset so far this year.

Gem Diamonds owns 70% of the Letšeng mine, with the state holding the remaining shares. The company also owns the Ghaghoo mine in Botswana, which it plans to sell.

Source: DCLA 

Dubai Police recover $20 million diamond stolen from UAE-based company

Police analysed thousands of hours of CCTV footage and questioned over 100 people to investigate the daring theft of a $20 million diamond from the vault of a Dubai based company.

Police were alerted about a robbery of a rare stone 9.33 carat after an unknown person broke through three security gates to get to the company’s vault on May 25. “The security system of the vault requires a group of employees to open the last gate simultaneously.

Despite the precautionary measures, the suspect managed to steal the diamond.

In a major operation, Dubai Police recovered the diamond from Sri Lanka after it was smuggled out of the UAE in a shoe box by sea, an official said.

 

The suspect, a guard working with the money transfer company, was arrested in the UAE. After stealing the diamond, he gave it to a relative who smuggled the precious stone out of the UAE by hiding it in a sports shoe box, the police said.

The Asian suspect, who worked for the company. was arrested in a neighbouring emirate, had managed to break through three security gates to the vault to steal the diamond.

Source: DCLA 

Dubai Police recover $20 million diamond stolen from UAE-based company

Police analysed thousands of hours of CCTV footage and questioned over 100 people to investigate the daring theft of a $20 million diamond from the vault of a Dubai based company.

Police were alerted about a robbery of a rare stone 9.33 carat after an unknown person broke through three security gates to get to the company’s vault on May 25. “The security system of the vault requires a group of employees to open the last gate simultaneously.

Despite the precautionary measures, the suspect managed to steal the diamond.

In a major operation, Dubai Police recovered the diamond from Sri Lanka after it was smuggled out of the UAE in a shoe box by sea, an official said.

 

The suspect, a guard working with the money transfer company, was arrested in the UAE. After stealing the diamond, he gave it to a relative who smuggled the precious stone out of the UAE by hiding it in a sports shoe box, the police said.

The Asian suspect, who worked for the company. was arrested in a neighbouring emirate, had managed to break through three security gates to the vault to steal the diamond.

Source: DCLA 

FTC Drops ‘Natural’ From Definition of Diamond, A Win for Lab-Grown Producers

In what can only be described as a victory for laboratory-grown diamond producers, the US Federal Trade Commission (FTC) has dropped the word ‘natural’ from its definition of a diamond, essentially redefining ‘diamond’ to include non-mined gemstones, as part its new guides for the jewelry industry.

It further gives additional leeway to existing standards regarding the description of lab-grown diamonds (and metal alloys), and has dropped ‘synthetic’ as an appropriate descriptor of lab-grown diamonds except under certain circumstances. “The revision makes relatively far-reaching changes in what’s allowed as far as marketing lab-grown diamonds,” writes JCK’s Rob Bates, “and these changes almost entirely tilt toward the lab-grown sector.”

According to section § 23.12 of the Guides for the Jewelry, Precious Metals, and Pewter Industries, “Definition and misuse of the word ‘’diamond’,” the FTC writes: “A diamond is a mineral consisting essentially of pure carbon crystallized in the isometric system”, whereas it previously read “natural mineral”. “The Commision,” reads the Guide, “no longer defines a “diamond” by using the term “natural” because it is no longer accurate to define diamonds as “natural” when it is now possible to create products that have essentially the same optical, physical, and chemical properties as mined diamonds.” Later in the explanation of its changes, the commission describes why it sided with Diamond Foundry: “Diamond Foundry asked that the Commission remove “natural” from the diamond definition. It contended, “[t]he fact that diamonds exist in the soil of Earth” is “not a necessary attribute.” In its analysis, “The Commission agrees. The final Guides therefore eliminate the word “natural” from the diamond definition. When the Commission first used this definition in 1956, there was only one type of diamond product on the market – natural stones mined from the earth. Since then, technological advances have made it possible to create diamonds in a laboratory. These stones have essentially the same optical, physical, and chemical properties as mined diamonds. Thus, they are diamonds.”

‘Synthetic’ no longer recommended

In addition to this fundamental change to the definition of ‘diamond’, the FTC has opened the door to a much wider range of discriptors for lab-grown diamonds, provided they are not confusing for consumers. The Guides details its consideration of “cultured diamonds” according to the issues presented by the International Grown Diamond Association (IDMA) and Diamond Foundry on the one hand, and the Diamond Producers Association and Jewelers Vigilance Committee on the other. While the former did not get all it asked for (such as restricting the use of “ethical” or “conflict-free” diamonds to those from countries adhering to US labor standards), they tilted the balance in their favor. As Rob Bates points out, “In the past, the Guides listed the following approved descriptors for non-mined diamonds: laboratory-created, laboratory-grown, [manufacturer-name]-created, and synthetic. The new Guides still recommend the first three descriptions – though they no longer include synthetic. They also say that manufacturers can use other phrases if those terms “clearly and conspicuously convey that the product is not a mined stone.” And while adjectives such as created, grown and foundry are not recommended as descriptors, the commission says if the “suggested terms could be used non-deceptively in context (e.g., as part of an ad highlighting that the product is man-made), there is nothing to prevent marketers from doing so.”

As for using the word “cultured” to describe non-mined stones, the commission said it should be qualified, as the term on its own often leads consumers to believe a diamond is mined. The commission suggests marketers use words such as “man-made,” “lab-grown” or “foundry” to qualify “cultured,” thereby avoiding confusion about a diamond’s origins. However, marketers should not use the word “synthetic” to qualify “cultured,” the FTC noted, as it creates confusion among consumers, who believe the term indicates a stone is fake or artificial. Yet the commission goes even a step further in loosening its guidance on the use of ‘cultured’: While it still recommends against using the term cultured on its own, it now says that cultured can be used even if not immediately preceded by one of the approved descriptors.

Several commenters cited in the report, however, stated that the commission’s proposed guidance is inconsistent with international standards, which ban even the qualified use of “cultured” to describe synthetic diamonds. For example, a standard adopted by the International Organization for Standardization (ISO) in 2015 prohibits using “cultured” and “cultivated” to describe synthetic diamonds, and requires sellers to describe such products as “synthetic,” “laboratory-grown,” or “laboratory-created.” The JVC contended that the purpose of the ISO standard is “fully aligned” with the FTC Jewelry Guides. The fact that the FTC decided otherwise points to a rift between the new American standards and international ISO standards (a not uncommon rift nowadays). While the FTC removed ‘synthetic’ from its suggested descriptors, it declined to prohibit its use (another request by diamond growers), arguing that the term is not deceptive in every instance. But it did rule that it is misleading to use the term synthetic to “suggest a competitor’s lab-grown diamond is not an actual diamond.”

The changes, approved unanimously by the five-member commission, cap a six-year process of revamping the much-talked-about standards for marketing jewelry and gems. This revision marks the Guides’ first major overhaul in 22 years.

Source: thediamondloupe.

FTC Drops ‘Natural’ From Definition of Diamond, A Win for Lab-Grown Producers

In what can only be described as a victory for laboratory-grown diamond producers, the US Federal Trade Commission (FTC) has dropped the word ‘natural’ from its definition of a diamond, essentially redefining ‘diamond’ to include non-mined gemstones, as part its new guides for the jewelry industry.

It further gives additional leeway to existing standards regarding the description of lab-grown diamonds (and metal alloys), and has dropped ‘synthetic’ as an appropriate descriptor of lab-grown diamonds except under certain circumstances. “The revision makes relatively far-reaching changes in what’s allowed as far as marketing lab-grown diamonds,” writes JCK’s Rob Bates, “and these changes almost entirely tilt toward the lab-grown sector.”

According to section § 23.12 of the Guides for the Jewelry, Precious Metals, and Pewter Industries, “Definition and misuse of the word ‘’diamond’,” the FTC writes: “A diamond is a mineral consisting essentially of pure carbon crystallized in the isometric system”, whereas it previously read “natural mineral”. “The Commision,” reads the Guide, “no longer defines a “diamond” by using the term “natural” because it is no longer accurate to define diamonds as “natural” when it is now possible to create products that have essentially the same optical, physical, and chemical properties as mined diamonds.” Later in the explanation of its changes, the commission describes why it sided with Diamond Foundry: “Diamond Foundry asked that the Commission remove “natural” from the diamond definition. It contended, “[t]he fact that diamonds exist in the soil of Earth” is “not a necessary attribute.” In its analysis, “The Commission agrees. The final Guides therefore eliminate the word “natural” from the diamond definition. When the Commission first used this definition in 1956, there was only one type of diamond product on the market – natural stones mined from the earth. Since then, technological advances have made it possible to create diamonds in a laboratory. These stones have essentially the same optical, physical, and chemical properties as mined diamonds. Thus, they are diamonds.”

‘Synthetic’ no longer recommended

In addition to this fundamental change to the definition of ‘diamond’, the FTC has opened the door to a much wider range of discriptors for lab-grown diamonds, provided they are not confusing for consumers. The Guides details its consideration of “cultured diamonds” according to the issues presented by the International Grown Diamond Association (IDMA) and Diamond Foundry on the one hand, and the Diamond Producers Association and Jewelers Vigilance Committee on the other. While the former did not get all it asked for (such as restricting the use of “ethical” or “conflict-free” diamonds to those from countries adhering to US labor standards), they tilted the balance in their favor. As Rob Bates points out, “In the past, the Guides listed the following approved descriptors for non-mined diamonds: laboratory-created, laboratory-grown, [manufacturer-name]-created, and synthetic. The new Guides still recommend the first three descriptions – though they no longer include synthetic. They also say that manufacturers can use other phrases if those terms “clearly and conspicuously convey that the product is not a mined stone.” And while adjectives such as created, grown and foundry are not recommended as descriptors, the commission says if the “suggested terms could be used non-deceptively in context (e.g., as part of an ad highlighting that the product is man-made), there is nothing to prevent marketers from doing so.”

As for using the word “cultured” to describe non-mined stones, the commission said it should be qualified, as the term on its own often leads consumers to believe a diamond is mined. The commission suggests marketers use words such as “man-made,” “lab-grown” or “foundry” to qualify “cultured,” thereby avoiding confusion about a diamond’s origins. However, marketers should not use the word “synthetic” to qualify “cultured,” the FTC noted, as it creates confusion among consumers, who believe the term indicates a stone is fake or artificial. Yet the commission goes even a step further in loosening its guidance on the use of ‘cultured’: While it still recommends against using the term cultured on its own, it now says that cultured can be used even if not immediately preceded by one of the approved descriptors.

Several commenters cited in the report, however, stated that the commission’s proposed guidance is inconsistent with international standards, which ban even the qualified use of “cultured” to describe synthetic diamonds. For example, a standard adopted by the International Organization for Standardization (ISO) in 2015 prohibits using “cultured” and “cultivated” to describe synthetic diamonds, and requires sellers to describe such products as “synthetic,” “laboratory-grown,” or “laboratory-created.” The JVC contended that the purpose of the ISO standard is “fully aligned” with the FTC Jewelry Guides. The fact that the FTC decided otherwise points to a rift between the new American standards and international ISO standards (a not uncommon rift nowadays). While the FTC removed ‘synthetic’ from its suggested descriptors, it declined to prohibit its use (another request by diamond growers), arguing that the term is not deceptive in every instance. But it did rule that it is misleading to use the term synthetic to “suggest a competitor’s lab-grown diamond is not an actual diamond.”

The changes, approved unanimously by the five-member commission, cap a six-year process of revamping the much-talked-about standards for marketing jewelry and gems. This revision marks the Guides’ first major overhaul in 22 years.

Source: thediamondloupe.

Bank financing to India’s gem and jewelry sector has fallen at least 10% since April 1 due to stricter lending conditions, according to the trade’s export promotion body.

Credit providers tightened their rules after allegations in January that jewelry tycoon Nirav Modi had defrauded Punjab National Bank of $2 billion. Financial institutions have been requiring higher collateral levels since the scandal, the Gem & Jewellery Export Promotion Council explained Tuesday.

In addition, lenders that offer “discounting” giving companies an advance on their customers’ unpaid bills are increasingly insisting on clearing all the relevant invoices. Borrowers must gives invoices to their bank, which sends the documents on to the buyer’s bank. That means sellers only receive payment, and buyers only receive the goods, once both lenders have given their approval. That requirement is damaging traders’ relationships with their customers and restricting cash flow, the council added.

Meanwhile, banks have stopped offering discounts for the sector when charging fees for assessing borrowers before granting a loan, the GJEPC noted.

“The industry is witnessing a crisis of sorts, as the banks have curtailed lending to the traders, and demanding collateral security and extensive documentation,” said GJEPC chairman Pramod Agrawal. “We are hoping that the government will intervene and bring some relief to the ailing industry that contributes 7% to [gross domestic product].”

India’s gem and jewelry exports will also decline 10% in the fiscal year ending March 2019 as the credit situation will adversely affect the sector, the GJEPC predicted. Shipments out of India fell 9% year on year to $10.1 billion for the industry in the April-to-June period, it added.

The GJEPC took measures in May to deal with the crisis, including launching a digital know-your-customer platform, MyKYC, and publishing a policy document outlining how the jewelry and banking industries can reduce risk. Agrawal has also called on the government to offer the industry an interest-subvention scheme, in which the state helps borrowers with their interest payments.

Bank financing to India’s gem and jewelry sector has fallen at least 10% since April 1 due to stricter lending conditions, according to the trade’s export promotion body.

Credit providers tightened their rules after allegations in January that jewelry tycoon Nirav Modi had defrauded Punjab National Bank of $2 billion. Financial institutions have been requiring higher collateral levels since the scandal, the Gem & Jewellery Export Promotion Council explained Tuesday.

In addition, lenders that offer “discounting” giving companies an advance on their customers’ unpaid bills are increasingly insisting on clearing all the relevant invoices. Borrowers must gives invoices to their bank, which sends the documents on to the buyer’s bank. That means sellers only receive payment, and buyers only receive the goods, once both lenders have given their approval. That requirement is damaging traders’ relationships with their customers and restricting cash flow, the council added.

Meanwhile, banks have stopped offering discounts for the sector when charging fees for assessing borrowers before granting a loan, the GJEPC noted.

“The industry is witnessing a crisis of sorts, as the banks have curtailed lending to the traders, and demanding collateral security and extensive documentation,” said GJEPC chairman Pramod Agrawal. “We are hoping that the government will intervene and bring some relief to the ailing industry that contributes 7% to [gross domestic product].”

India’s gem and jewelry exports will also decline 10% in the fiscal year ending March 2019 as the credit situation will adversely affect the sector, the GJEPC predicted. Shipments out of India fell 9% year on year to $10.1 billion for the industry in the April-to-June period, it added.

The GJEPC took measures in May to deal with the crisis, including launching a digital know-your-customer platform, MyKYC, and publishing a policy document outlining how the jewelry and banking industries can reduce risk. Agrawal has also called on the government to offer the industry an interest-subvention scheme, in which the state helps borrowers with their interest payments.

Emily Ratajkowski Unique Engagement Diamond Ring

Emily Ratajkowski previously said that her husband Sebastian Bear McClard proposed using a paperclip.

Sebastian has made up for the lack of a ring by presenting his wife with a two stone diamond ring.

The unusual design features a brilliant pear and princess cut square diamond set next to each other on a gold band.

The latest double stone engagement ring trend is a symbol of unity and harmony.

Print

Emily Ratajkowski Unique Engagement Diamond Ring

Emily Ratajkowski previously said that her husband Sebastian Bear McClard proposed using a paperclip.

Sebastian has made up for the lack of a ring by presenting his wife with a two stone diamond ring.

The unusual design features a brilliant pear and princess cut square diamond set next to each other on a gold band.

The latest double stone engagement ring trend is a symbol of unity and harmony.

Print

Rio Tinto to Sell Largest Argyle Vivid Pink

Rio Tinto will offer a 3.14-carat, vivid pink diamond at its 2018 tender, the largest stone of its color in the history of the annual sales event.

The emerald-cut Argyle Alpha (pictured, third from left) is one of 63 rare pink, red and violet diamonds — weighing a combined 51.48 carats — featuring in this year’s Argyle Pink Diamonds Tender.

It is part of a collection of six “hero” diamonds the miner will offer at the sale.
“Rio Tinto’s Argyle mine is the world’s only source of these highly coveted pink, red and violet diamonds, and we expect considerable interest in this year’s collection,” Rio Tinto CEO Jean-Sébastien Jacques said Thursday. “The combination of strong demand and extremely limited world supply continues to support significant value appreciation for Argyle pink diamonds.”

This year’s tender, which the company has called Magnificent Argyle, also includes the Argyle Muse, an oval-cut, 2.28-carat stone, which is the largest purplish-red diamond ever offered at the tender, and came from a 7.39-carat rough. A second diamond, cut from the same stone, will also be up for sale.

The other hero diamonds include the square-radiant-shaped, 1.29-carat, fancy vivid purplish-pink Argyle Maestro; the princess-shaped, 1.57-carat, fancy dark grey-violet Argyle Alchemy; the Argyle Odyssey, a round brilliant, fancy intense pink stone weighing 2.08 carats; and the radiant-shaped Argyle Mira, a 1.12-carat fancy red.

Rio Tinto will unveil the gems at a world exclusive preview in Sydney, and will also showcase them in Hong Kong and New York. Bidding for the diamonds closes on October 10.

The company held its first Argyle Pink Diamond Tender in 1984.

Source: DCLA

Rio Tinto to Sell Largest Argyle Vivid Pink

Rio Tinto will offer a 3.14-carat, vivid pink diamond at its 2018 tender, the largest stone of its color in the history of the annual sales event.

The emerald-cut Argyle Alpha (pictured, third from left) is one of 63 rare pink, red and violet diamonds — weighing a combined 51.48 carats — featuring in this year’s Argyle Pink Diamonds Tender.

It is part of a collection of six “hero” diamonds the miner will offer at the sale.
“Rio Tinto’s Argyle mine is the world’s only source of these highly coveted pink, red and violet diamonds, and we expect considerable interest in this year’s collection,” Rio Tinto CEO Jean-Sébastien Jacques said Thursday. “The combination of strong demand and extremely limited world supply continues to support significant value appreciation for Argyle pink diamonds.”

This year’s tender, which the company has called Magnificent Argyle, also includes the Argyle Muse, an oval-cut, 2.28-carat stone, which is the largest purplish-red diamond ever offered at the tender, and came from a 7.39-carat rough. A second diamond, cut from the same stone, will also be up for sale.

The other hero diamonds include the square-radiant-shaped, 1.29-carat, fancy vivid purplish-pink Argyle Maestro; the princess-shaped, 1.57-carat, fancy dark grey-violet Argyle Alchemy; the Argyle Odyssey, a round brilliant, fancy intense pink stone weighing 2.08 carats; and the radiant-shaped Argyle Mira, a 1.12-carat fancy red.

Rio Tinto will unveil the gems at a world exclusive preview in Sydney, and will also showcase them in Hong Kong and New York. Bidding for the diamonds closes on October 10.

The company held its first Argyle Pink Diamond Tender in 1984.

Source: DCLA

De Beers, Botswana Prep for New Sales Deal

Botswana once again finds itself at a crossroads. The sparsely populated, landlocked country is in a constant battle to ensure the longevity of its diamond industry.

Recognizing that diamond mining will not last forever, the government’s beneficiation program has sought to establish cutting and polishing, trading, and auxiliary services in an effort to diversify its industry — and economy — away from its reliance on the mining sector.




Beyond mining

De Beers, which counts around 59% of its production by value in Botswana, has played no small part in that effort. It did so initially by earmarking a part of its rough supply to be manufactured in Botswana, and today there are 18 sightholders with factories in the country. In 2013, De Beers moved its sales headquarters to Gaborone, meaning that its 10 annual sights were taken out of London, thus diverting traffic and diamond-related activity to the African city.

Furthermore, the establishment of the parastatal Okavango Diamond Company that same year gave the government access to 15% of production by Debswana, its joint mining venture with De Beers. That was the first time substantial rough sales from Debswana took place outside of the De Beers system.

The 2011 agreement that governed those developments is up for renewal in 2020, and negotiations are expected to begin in the coming year. For its part, the government is seeking to increase supply to local sightholders as a means of creating more jobs, newly elected President Mokgweetsi Masisi told Bloomberg in May.

Some question whether Botswana can handle more manufacturing, given that a few factories have closed in recent years. If profitability remains the biggest challenge facing manufacturers, Gaborone has yet to prove itself as a viable center for high-volume cutting. Perhaps De Beers can play a further role there, too.

The government will also likely want to increase the percentage of Debswana supply that Okavango receives. And it might want to renegotiate greater access to the large and high-value diamonds Debswana recovers.

Digging deep

Botswana has some leverage in the relationship with De Beers. It owns a 15% stake in the group, with Anglo American holding the remaining 85%. And the two are equal partners in Debswana and in DTC Botswana, which sorts and mixes production for De Beers and Okavango.

De Beers, meanwhile, brings to the table its mining expertise and budget. In 2010, it committed to investing $3 billion over 15 years in the Cut-8 expansion of the Jwaneng mine — considered the world’s most valuable diamond-producing asset.

That project is already the main source of ore at Jwaneng and is expected to  extend the life of mine to 2030 and by some 93 million carats. Studies for the viability of Cut-9 are under way, which would further extend the life of Jwaneng. A final investment decision on the project is expected later this year, reports a De Beers spokesperson.

De Beers could use the potential Cut-9 investment, as well as funding extensions at the Orapa and Letlhakane mines, as a bargaining tool in negotiations with the government.

African investments

De Beers walks a similarly fine line in other African countries where it operates.

In South Africa, it may have to reduce ownership of its local businesses from 74% to 70% under the new mining charter, as the government wants to see more local black economic empowerment (BEE) involvement. That said, De Beers is engaged in a $2 billion project to develop underground mining at the Venetia asset. From next year, Venetia will be its only mine in South Africa, as it plans to close the Voorspoed mine. It has already sold the Finsch, Cullinan and Kimberley operations over the past decade.

Meanwhile, in May 2016, De Beers signed a 10-year sales agreement with Namibia, in which it ceded 15% of local supply to the government and promised more diamonds to local cutters. The company subsequently announced major investments in its marine mining operations off the Namibian coast.

It’s that give-and-take that Masisi is hoping will result in a “win-win” for both parties as they negotiate their next long-term deal — especially given that so much of Botswana’s future diamond production depends on Jwaneng’s expansion.

“We have had a wonderful relationship with De Beers, and we expect that relationship to be even more cemented,” the president told Bloomberg in May. “The returns [from the Jwaneng development] are going to be realized in the period of the next deal. This is a marriage we’re after.”


Source: DCLA

De Beers, Botswana Prep for New Sales Deal

Botswana once again finds itself at a crossroads. The sparsely populated, landlocked country is in a constant battle to ensure the longevity of its diamond industry.

Recognizing that diamond mining will not last forever, the government’s beneficiation program has sought to establish cutting and polishing, trading, and auxiliary services in an effort to diversify its industry — and economy — away from its reliance on the mining sector.




Beyond mining

De Beers, which counts around 59% of its production by value in Botswana, has played no small part in that effort. It did so initially by earmarking a part of its rough supply to be manufactured in Botswana, and today there are 18 sightholders with factories in the country. In 2013, De Beers moved its sales headquarters to Gaborone, meaning that its 10 annual sights were taken out of London, thus diverting traffic and diamond-related activity to the African city.

Furthermore, the establishment of the parastatal Okavango Diamond Company that same year gave the government access to 15% of production by Debswana, its joint mining venture with De Beers. That was the first time substantial rough sales from Debswana took place outside of the De Beers system.

The 2011 agreement that governed those developments is up for renewal in 2020, and negotiations are expected to begin in the coming year. For its part, the government is seeking to increase supply to local sightholders as a means of creating more jobs, newly elected President Mokgweetsi Masisi told Bloomberg in May.

Some question whether Botswana can handle more manufacturing, given that a few factories have closed in recent years. If profitability remains the biggest challenge facing manufacturers, Gaborone has yet to prove itself as a viable center for high-volume cutting. Perhaps De Beers can play a further role there, too.

The government will also likely want to increase the percentage of Debswana supply that Okavango receives. And it might want to renegotiate greater access to the large and high-value diamonds Debswana recovers.

Digging deep

Botswana has some leverage in the relationship with De Beers. It owns a 15% stake in the group, with Anglo American holding the remaining 85%. And the two are equal partners in Debswana and in DTC Botswana, which sorts and mixes production for De Beers and Okavango.

De Beers, meanwhile, brings to the table its mining expertise and budget. In 2010, it committed to investing $3 billion over 15 years in the Cut-8 expansion of the Jwaneng mine — considered the world’s most valuable diamond-producing asset.

That project is already the main source of ore at Jwaneng and is expected to  extend the life of mine to 2030 and by some 93 million carats. Studies for the viability of Cut-9 are under way, which would further extend the life of Jwaneng. A final investment decision on the project is expected later this year, reports a De Beers spokesperson.

De Beers could use the potential Cut-9 investment, as well as funding extensions at the Orapa and Letlhakane mines, as a bargaining tool in negotiations with the government.

African investments

De Beers walks a similarly fine line in other African countries where it operates.

In South Africa, it may have to reduce ownership of its local businesses from 74% to 70% under the new mining charter, as the government wants to see more local black economic empowerment (BEE) involvement. That said, De Beers is engaged in a $2 billion project to develop underground mining at the Venetia asset. From next year, Venetia will be its only mine in South Africa, as it plans to close the Voorspoed mine. It has already sold the Finsch, Cullinan and Kimberley operations over the past decade.

Meanwhile, in May 2016, De Beers signed a 10-year sales agreement with Namibia, in which it ceded 15% of local supply to the government and promised more diamonds to local cutters. The company subsequently announced major investments in its marine mining operations off the Namibian coast.

It’s that give-and-take that Masisi is hoping will result in a “win-win” for both parties as they negotiate their next long-term deal — especially given that so much of Botswana’s future diamond production depends on Jwaneng’s expansion.

“We have had a wonderful relationship with De Beers, and we expect that relationship to be even more cemented,” the president told Bloomberg in May. “The returns [from the Jwaneng development] are going to be realized in the period of the next deal. This is a marriage we’re after.”


Source: DCLA

Alrosa Finds Diamond Shaped Like Soccer Ball

Alrosa has unearthed a rough diamond bearing an uncanny resemblance to a soccer ball, and with flawless timing: bang in the middle of the World Cup taking place in Russia.

The miner discovered the 0.50 carat stone at its Karpinskaya 1 pipe in the Arkhangelsky region last Wednesday, three days before the Russian national soccer team’s quarterfinal against Croatia. Alrosa CEO Sergey Ivanov said he hoped it was a good omen ahead of the game, though it didn’t work: Russia lost in a penalty shoot-out and exited the tournament.

“Nature creates a lot of different shapes, sometimes unexpected, but it is the first time we see something looking like a football,” a spokesperson for the Russian miner told Rapaport News Sunday.

The producer will name the diamond after Igor Akinfeev, Russia’s goalkeeper.

Alrosa, one of the World Cup’s sponsors, has made the most of the marketing opportunity, releasing a collection of 32 round, 0.3 carat polished diamonds in honor of the sports event one for each of the countries taking part in the tournament. It also launched a competition for fans to choose a soccer-related name for a 76.53 carat rough stone. However, none of those diamonds had the distinction of actually looking like a soccer ball.


Image: Alrosa
Source: DCLA

Alrosa Finds Diamond Shaped Like Soccer Ball

Alrosa has unearthed a rough diamond bearing an uncanny resemblance to a soccer ball, and with flawless timing: bang in the middle of the World Cup taking place in Russia.

The miner discovered the 0.50 carat stone at its Karpinskaya 1 pipe in the Arkhangelsky region last Wednesday, three days before the Russian national soccer team’s quarterfinal against Croatia. Alrosa CEO Sergey Ivanov said he hoped it was a good omen ahead of the game, though it didn’t work: Russia lost in a penalty shoot-out and exited the tournament.

“Nature creates a lot of different shapes, sometimes unexpected, but it is the first time we see something looking like a football,” a spokesperson for the Russian miner told Rapaport News Sunday.

The producer will name the diamond after Igor Akinfeev, Russia’s goalkeeper.

Alrosa, one of the World Cup’s sponsors, has made the most of the marketing opportunity, releasing a collection of 32 round, 0.3 carat polished diamonds in honor of the sports event one for each of the countries taking part in the tournament. It also launched a competition for fans to choose a soccer-related name for a 76.53 carat rough stone. However, none of those diamonds had the distinction of actually looking like a soccer ball.


Image: Alrosa
Source: DCLA

Sierra Leone Recovers 144 Carat Rough Diamond

A company in Sierra Leone has obtained and exported a 144.12 carat rough diamond worth at least $600,000, authorities in the west African nation said Tuesday.

The NMA carried out a valuation process based on estimates from three parties, in line with the Kimberley Process Certification Scheme.

The NMA valued the stone at $648,540, while the diamond’s owner said it was worth $601,701. A third, independent appraiser put the price at $659,925, the NMA said.

A licensed diamond exporter brought the stone to the precious minerals trading department of the National Minerals Agency last week for valuation, the and the Ministry of Mines and Mineral Resources reported.

The NMA uses the highest of the three figures to calculate the taxes and 15% royalty due to the government, meaning the exporter paid $98,989 as royalty, the agency said. The company then received the Kimberley Process certificate to export the stone. The government did not provide details on where or how the diamond was recovered.

Source: DCLA

Sierra Leone Recovers 144 Carat Rough Diamond

A company in Sierra Leone has obtained and exported a 144.12 carat rough diamond worth at least $600,000, authorities in the west African nation said Tuesday.

The NMA carried out a valuation process based on estimates from three parties, in line with the Kimberley Process Certification Scheme.

The NMA valued the stone at $648,540, while the diamond’s owner said it was worth $601,701. A third, independent appraiser put the price at $659,925, the NMA said.

A licensed diamond exporter brought the stone to the precious minerals trading department of the National Minerals Agency last week for valuation, the and the Ministry of Mines and Mineral Resources reported.

The NMA uses the highest of the three figures to calculate the taxes and 15% royalty due to the government, meaning the exporter paid $98,989 as royalty, the agency said. The company then received the Kimberley Process certificate to export the stone. The government did not provide details on where or how the diamond was recovered.

Source: DCLA

95 carat diamond is company’s record sale

Mountain Province Diamonds sold the 95 carat rough diamond but declined to release the sale price.

Zimnisky estimates the 95 carat diamond value at US $2.5 to $3 million dollars. He based this estimate on the selling prices for similar diamonds.

The rough diamond sold for three times the previous highest price it’s ever gotten for a single gem.

The 95 carat diamond was recovered at the Gahcho Kue mine in May, which is located 280 kilometres northeast of Yellowknife.
 
Source: DCLA

95 carat diamond is company’s record sale

Mountain Province Diamonds sold the 95 carat rough diamond but declined to release the sale price.

Zimnisky estimates the 95 carat diamond value at US $2.5 to $3 million dollars. He based this estimate on the selling prices for similar diamonds.

The rough diamond sold for three times the previous highest price it’s ever gotten for a single gem.

The 95 carat diamond was recovered at the Gahcho Kue mine in May, which is located 280 kilometres northeast of Yellowknife.
 
Source: DCLA

Floyd Mayweather bought an $18 million watch

Floyd Mayweather retired boxer broke numerous pay per view records during his fighting days.

He is said to have made a over billion dollars in prize money, according to Forbes.

The boxer is renowned for extravagant purchase, so breaking that billion dollar barrier may have been the inspiration behind his latest purchase.

A $US18 million dollar watch known as The Billionare created by jeweller Jacob&Co.

The watch which is made of 18k white gold is set with 1.5 carat diamonds,  total weight 260 carats.

Source:DCLA

Floyd Mayweather bought an $18 million watch

Floyd Mayweather retired boxer broke numerous pay per view records during his fighting days.

He is said to have made a over billion dollars in prize money, according to Forbes.

The boxer is renowned for extravagant purchase, so breaking that billion dollar barrier may have been the inspiration behind his latest purchase.

A $US18 million dollar watch known as The Billionare created by jeweller Jacob&Co.

The watch which is made of 18k white gold is set with 1.5 carat diamonds,  total weight 260 carats.

Source:DCLA