The world’s top diamond producer by output, Alrosa, has unearthed a rough diamond weighing 98.8 carats at Zapolyarnaya kimberlite pipe, which is the part of Russia’s Verkhne Munskoye diamond deposit.
The rock, a unique transparent one with a visible yellow shade and of gem quality, is the second major find since the launch of the deposit last October, Alrosa said.
“The find speaks about the great potential of the Verkhne Munskoye deposit,” Evgeny Agureev, member of the management board, director of the united selling organization, said in the statement. “Not every kimberlite pipe regularly brings large diamonds over 50 carats.
Especially when it comes to such a large crystal, like this one weighing almost 100 carats.” The first large gem quality diamond, weighing 51.49 carats, was mined there in October last year.
The Verkhne Munskoye deposit is expected to yield about 1.8 million carats of rough diamonds per year.
According to Alrosa, its reserves are sufficient to continue mining for more than 20 years until 2042.
Last month, the company found a white rough diamond weighing nearly 200 carats at its Udachnaya pipe, its largest find in more than two years. The asset ranks among the largest primary diamond deposits both in Yakutia and abroad.
Alrosa produces close to 40 million carats of diamonds annually from its Russian mines, or about 27% of the world’s total. That’s 18% more than its closest competitor, Anglo American’s De Beers.
The world’s top diamond producer by output, Alrosa, has unearthed a
rough diamond weighing 98.8 carats at Zapolyarnaya kimberlite pipe,
which is the part of Russia’s Verkhne Munskoye diamond deposit.
The rock, a unique transparent one with a visible yellow shade and of
gem quality, is the second major find since the launch of the deposit
last October, Alrosa said.
“The find speaks about the great potential of the Verkhne Munskoye
deposit,” Evgeny Agureev, member of the management board, director of
the united selling organization, said in the statement. “Not every
kimberlite pipe regularly brings large diamonds over 50 carats.
Especially when it comes to such a large crystal, like this one weighing
almost 100 carats.”
The first large gem quality diamond, weighing 51.49 carats, was mined there in October last year.
The Verkhne Munskoye deposit is expected to yield about 1.8 million
carats of rough diamonds per year.
According to Alrosa, its reserves are
sufficient to continue mining for more than 20 years until 2042.
Last month, the company found a white rough diamond weighing nearly
200 carats at its Udachnaya pipe, its largest find in more than two
years. The asset ranks among the largest primary diamond deposits both
in Yakutia and abroad.
Alrosa produces close to 40 million carats of diamonds annually from
its Russian mines, or about 27% of the world’s total. That’s 18% more
than its closest competitor, Anglo American’s De Beers.
De Beers claims it doesn’t need to disclose treatments to its lab-grown diamonds, placing itself at odds with many synthetics traders pushing for full transparency in the sector.
The company’s synthetics brand, Lightbox, applies post-growth enhancements to its colored lab-grown diamonds, it confirmed with Rapaport News. However, it doesn’t need to tell consumers, because the processes don’t affect the value, and are just one more step in a man-made technological process, a spokesperson argued.
“Our colored (pink and blue) stones are manufactured by a combination of modifications to the synthesis conditions and treatments after synthesis,” Sally Morrison, chief marketing officer at Lightbox, wrote in an email to Rapaport News last week. “Lab-grown diamonds are a manufactured product, and as such it really doesn’t matter how many stages there are to the overall manufacturing process, or whether these comprise separate stages of synthesis and post-synthesis treatment.”
The company also has no problem with the wider lab-grown trade treating diamonds without disclosure, though Lightbox doesn’t enhance its own white stones. Those items come out of its presses with good-enough color, enabling it to keep the cost down by avoiding an extra manufacturing phase. Many other producers do improve the color of their white stones through processes such as High Pressure-High Temperature (HPHT). Morrison refused to specify which enhancement methods Lightbox used.
“All HPHT treatments really do is add cost and complexity to the manufacturing process,” Morrison noted. “This may in part explain why some other lab-grown-diamond manufacturers charge higher prices than Lightbox.” Still, the production cost is roughly the same for Lightbox’s white, blue and pink stones, despite the extra stages involved in the latter two colors, Morrison noted. That’s one of the reasons the company sells everything at $800 per carat, rather than charging more for colored stones, she said.
Full transparency?
De Beers’ stance on disclosure places the company as an outlier in the debate on whether such transparency is necessary in the lab-grown sector.
The US Federal Trade Commission’s jewelry guidelines, which instruct businesses how to market diamonds fairly to consumers, give three circumstances in which sellers must disclose treatments to natural or synthetic stones: If the process is not permanent, requires special care, or has a significant effect on the stone’s value. The first two do not apply to color treatments to lab-grown diamonds, but the third might.
“In my opinion, since post-growth treatments are typically done to make the laboratory-grown diamonds marketable, that triggers the third prong of treatment disclosure,” noted Sara Yood, senior counsel at the Jewelers Vigilance Committee, which advises the trade on legal matters.
The issue is important for the industry as the synthetics market is full of white stones with undisclosed treatments, according to Ben Hakman, a consultant on lab-grown diamonds at New York-based Diamond DNA Solutions. The largest producers, mainly in India, pump out brownish goods intended as whites, and then treat them for color.
“The consumer is supposed to know about it,” Hakman said, arguing that disclosure standards should apply equally to natural and synthetic stones. “What does it have to do with…[it] being a lab-grown diamond? You’re justifying treating something without disclosure, and that makes Lightbox no different from all the other guys.” In certain categories, consumers will pay about 10% more for untreated white synthetics than enhanced lab-growns with the same characteristics, Hakman reported.
“There is a premium [on untreated], but the thing is, they just fly off the shelf,” Hakman said. “In fancy shapes up to 1.99 carats and rounds from 1.30 to 1.99 carats, the untreated goods sell the day they arrive on the market.” Pinks are slightly different: It’s almost impossible to create them in a machine without further treatments, so “as-grown” goods barely exist, explained Tamazi Khikhinashvili, president of Russian synthetics maker New Diamond Technology. Yet, full transparency is essential for all colors, he asserted.
“It’s very important for the buyer that people know what they’re buying,” he noted.
De Beers claims it doesn’t need to disclose treatments to its
lab-grown diamonds, placing itself at odds with many synthetics traders
pushing for full transparency in the sector.
The company’s synthetics brand, Lightbox, applies post-growth enhancements to its colored lab-grown diamonds, it confirmed with Rapaport News.
However, it doesn’t need to tell consumers, because the processes don’t
affect the value, and are just one more step in a man-made
technological process, a spokesperson argued.
“Our colored (pink and blue) stones are manufactured by a combination
of modifications to the synthesis conditions and treatments after
synthesis,” Sally Morrison, chief marketing officer at Lightbox, wrote
in an email to Rapaport News last week. “Lab-grown diamonds are
a manufactured product, and as such it really doesn’t matter how many
stages there are to the overall manufacturing process, or whether these
comprise separate stages of synthesis and post-synthesis treatment.”
The company also has no problem with the wider lab-grown trade
treating diamonds without disclosure, though Lightbox doesn’t enhance
its own white stones. Those items come out of its presses with
good-enough color, enabling it to keep the cost down by avoiding an
extra manufacturing phase. Many other producers do improve the color of
their white stones through processes such as High Pressure-High
Temperature (HPHT). Morrison refused to specify which enhancement
methods Lightbox used.
“All HPHT treatments really do is add cost and complexity to the
manufacturing process,” Morrison noted. “This may in part explain why
some other lab-grown-diamond manufacturers charge higher prices than
Lightbox.”
Still, the production cost is roughly the same for Lightbox’s white,
blue and pink stones, despite the extra stages involved in the latter
two colors, Morrison noted. That’s one of the reasons the company sells
everything at $800 per carat, rather than charging more for colored
stones, she said.
Full transparency?
De Beers’ stance on disclosure places the company as an outlier in the
debate on whether such transparency is necessary in the lab-grown
sector.
The US Federal Trade Commission’s jewelry guidelines, which instruct
businesses how to market diamonds fairly to consumers, give three
circumstances in which sellers must disclose treatments to natural or
synthetic stones: If the process is not permanent, requires special
care, or has a significant effect on the stone’s value. The first two do
not apply to color treatments to lab-grown diamonds, but the third
might.
“In my opinion, since post-growth treatments are typically done to
make the laboratory-grown diamonds marketable, that triggers the third
prong of treatment disclosure,” noted Sara Yood, senior counsel at the
Jewelers Vigilance Committee, which advises the trade on legal matters.
The issue is important for the industry as the synthetics market is
full of white stones with undisclosed treatments, according to Ben
Hakman, a consultant on lab-grown diamonds at New York-based Diamond DNA
Solutions. The largest producers, mainly in India, pump out brownish
goods intended as whites, and then treat them for color.
“The consumer is supposed to know about it,” Hakman said, arguing
that disclosure standards should apply equally to natural and synthetic
stones. “What does it have to do with…[it] being a lab-grown diamond?
You’re justifying treating something without disclosure, and that makes
Lightbox no different from all the other guys.”
In certain categories, consumers will pay about 10% more for
untreated white synthetics than enhanced lab-growns with the same
characteristics, Hakman reported.
“There is a premium [on untreated], but the thing is, they just fly
off the shelf,” Hakman said. “In fancy shapes up to 1.99 carats and
rounds from 1.30 to 1.99 carats, the untreated goods sell the day they
arrive on the market.”
Pinks are slightly different: It’s almost impossible to create them
in a machine without further treatments, so “as-grown” goods barely
exist, explained Tamazi Khikhinashvili, president of Russian synthetics
maker New Diamond Technology. Yet, full transparency is essential for
all colors, he asserted.
“It’s very important for the buyer that people know what they’re buying,” he noted.
Lucapa Diamond Company plans to cut and polish select stones in-house in an effort to maximize value for its shareholders.
Third-party manufacturers charge high fees without adding significant value, explained CEO Stephen Wetherall in a recent interview. Bypassing them — either by partnering with a manufacturer of the company’s choice, or by cutting and polishing its own diamonds — would save Lucapa money, he told Rapaport News.
While the miner would prefer the former solution, it has not ruled out cutting and polishing some of the diamonds itself on a standalone basis, he said. Lucapa has yet to determine the percentage of its stones it will ultimately manufacture, but Wetherall expects the figure to vary from year to year.
“We are initially entering into the sector by looking at select or bespoke diamonds,” he added. “It might grow down the line into other more regular sizes, but it will be select diamonds initially. Ideally, the strategy will incorporate select diamonds from both [the Lulo and Mothae mines].”
Lucapa hasn’t yet found a location for its manufacturing venture, Wetherall noted. However, one option is Angola, which just opened a new facility.
Additionally, the miner intends to maximize profits further by focusing on its Lulo operations in Angola and its Mothae project in Lesotho. While Lucapa won’t discontinue its Orapa or Brooking exploration projects, Wetherall said, ramping up production at the other two mines will take precedence.
“Growing shareholder value is our major imperative, which, in the current climate, we believe warrants a complete focus on our high-value and cash-generating assets,” he stated. “We are still very enthusiastic about [the other] two assets, but at present, it is about creating shareholder value.”
While the company had originally expected to double the amount of ore it processes at Mothae by 2021, it now plans to bring that date forward. It is also set to increase production at Lulo this year by 25% — introducing an additional operating shift on the diamond treatment plant to process ore around the clock, the company said.
The miner believes Lulo has significant potential to become a “world-class asset,” Wetherall added.
Lucapa Diamond Company plans to cut and polish select stones in-house in an effort to maximize value for its shareholders.
Third-party manufacturers charge high fees without adding significant
value, explained CEO Stephen Wetherall in a recent interview. Bypassing
them — either by partnering with a manufacturer of the company’s
choice, or by cutting and polishing its own diamonds — would save Lucapa
money, he told Rapaport News.
While the miner would prefer the former solution, it has not ruled
out cutting and polishing some of the diamonds itself on a standalone
basis, he said. Lucapa has yet to determine the percentage of its stones
it will ultimately manufacture, but Wetherall expects the figure to
vary from year to year.
“We are initially entering into the sector by looking at select or
bespoke diamonds,” he added. “It might grow down the line into other
more regular sizes, but it will be select diamonds initially. Ideally,
the strategy will incorporate select diamonds from both [the Lulo and
Mothae mines].”
Lucapa hasn’t yet found a location for its manufacturing venture,
Wetherall noted. However, one option is Angola, which just opened a new
facility.
Additionally, the miner intends to maximize profits further by
focusing on its Lulo operations in Angola and its Mothae project in
Lesotho. While Lucapa won’t discontinue its Orapa or Brooking
exploration projects, Wetherall said, ramping up production at the other
two mines will take precedence.
“Growing shareholder value is our major imperative, which, in the
current climate, we believe warrants a complete focus on our high-value
and cash-generating assets,” he stated. “We are still very enthusiastic
about [the other] two assets, but at present, it is about creating
shareholder value.”
While the company had originally expected to double the amount of ore
it processes at Mothae by 2021, it now plans to bring that date
forward. It is also set to increase production at Lulo this year by 25% —
introducing an additional operating shift on the diamond treatment
plant to process ore around the clock, the company said.
The miner believes Lulo has significant potential to become a “world-class asset,” Wetherall added.
In 2014, Massimo Balestra received a call from an employee at his bank, offering a risk-free investment “as secure as a wall safe.” The resident of a small northern Italian town ended up spending 6,945 euros ($7,876) on a diamond that he says he hasn’t seen since.
Balestra is one of almost 100,000 Italians who bought so called “investment diamonds” at the urging of their banks in a widespread arrangement that’s now the target of a criminal investigation by the country’s financial police, according to people with knowledge of the matter.
Investigators allege that Italy’s biggest banks hooked up their clients with diamond brokers who sold them stones for as much as double their market price.
Massimo’s diamond when he acquired it in 2014 the last time he saw it.
Police on Tuesday confiscated more than 740 million euros from UniCredit SpA, Intesa Sanpaolo SpA, Banco BPM SpA and one of its units, Banca Monte dei Paschi di Siena SpA as well as two diamond brokerages in connection with the case, according to a court document seen by Bloomberg.
Representatives for UniCredit, Intesa, and Monte Paschi declined to comment.
Banco BPM SpA said in a statement that the company and current and former executives including General Manager Maurizio Faroni are targets of the probe and that authorities had seized 84.6 million euros in the investigation. The bank said it is cooperating with the investigation.
A lawyer for Intermarket Diamond Business SpA, or IDB, the brokerage selling diamonds through UniCredit and Banco BPM, declined to comment. Lawyers for Diamond Private Investment SpA, or DPI, the reference broker for Intesa and Monte Paschi, didn’t respond to emails and calls seeking comment.
Ugly Spotlight
The probe reopens an embarrassing chapter for the banks as they confront challenges including unloading soured loans, boosting profitability and convincing clients to invest their savings when the euro zone’s third-largest economy is sputtering. Four of the five banks targeted in the investigation were hit by fines imposed by the country’s antitrust authority two years ago over the diamond sales.
Among the scheme’s victims is Italy’s most popular rock star, Vasco Rossi, who bought about 2.5 million euros of diamonds from 2009 to 2011, the document showed.
‘Investment Diamonds’
Italian banks went into the business of investment diamonds en masse after 2010 as they sought to boost profitability amid the country’s worst recession since World War II. Customers committed their savings, enticed by bank promotions and employees who reassured them the investment carried no risk and would provide attractive returns. Banks acted as intermediaries, putting diamond brokers in touch with their clients and earning fees on the sales. The contracts were often signed in the lenders’ branches, giving clients the impression that the banks were counterparties to the deals. Prosecutors will allege that the diamonds were sold at prices far above their assessed value and that the banks didn’t meet their legal obligations of informing investors of the risks, the document showed. To deceive potential buyers, the brokers took out ads in the business pages of Italian newspapers that displayed their inflated prices in a format that made it appear that they were market quotes.
Criminal Charges
About 70 people, including several top managers of the lenders, face possible charges of fraud and so called self-laundering. The banks and brokerages themselves are also suspects because companies in Italy can be held responsible if they are shown to have failed to prevent, or didn’t try to deter, a crime by their top executives. Balestra, who’s bank is among those charged in the case, said he was told to expect an annual yield of 3 percent to 4 percent on a diamond that would be held in the broker’s vault. He said he inquired about the investment six months ago and was told by a bank employee that the diamond broker was close to failure after negative publicity about its activities in the Italian media but his investment wasn’t at risk because the diamond business was doing well in the rest of Europe. A few months later, he was surprised to receive a letter saying that the broker, Intermarket Diamond Business, which is named in the criminal case, had collapsed and he had the right to seek custody of the diamond. “After five years, not only did I not receive any return, but I also haven’t been able to get my diamond back. I only have a photo of my diamond with a certificate from the International Gemological Institute.” Milan-based Banco BPM said that it has made “adequate provisioning in 2018 to reimburse clients and cover risks and charges related to the probe.”
Perks, Gifts
Employees of UniCredit and Banco BPM allegedly received at least 99,000 euros of gifts from IDB, including antiquities, smartphones, trips to spa hotels and diamond rings, according to the document. Regulators first started investigating the sale of diamonds through bank branches in 2016. The next year, the country’s antitrust authority imposed total fines of 15 million euros on Intesa, UniCredit, Monte Paschi and BPM as well as brokers Intermarket Diamond Business and Diamond Private Investment for defrauding savers by selling diamonds to them at vastly inflated prices without informing them of the risks. While the antitrust authority was completing its investigation, Milan prosecutors opened a separate probe on the matter, digging into the practices of diamond sales between 2012 and 2016. That culminated in the asset seizures last week. While the fines and the seizures are manageable for the lenders, the risks to their reputations may be higher. Balestra said he’s pessimistic about getting back his investment. “I don’t trust anyone at the banks anymore. In the future, I’m going to put my savings under the mattress.”
In 2014, Massimo Balestra received a call from an employee at his
bank, offering a risk-free investment “as secure as a wall safe.” The
resident of a small northern Italian town ended up spending 6,945 euros
($7,876) on a diamond that he says he hasn’t seen since.
Balestra is one of almost 100,000 Italians who bought so called
“investment diamonds” at the urging of their banks in a widespread
arrangement that’s now the target of a criminal investigation by the
country’s financial police, according to people with knowledge of the
matter.
Investigators allege that Italy’s biggest banks hooked up their
clients with diamond brokers who sold them stones for as much as double
their market price.
Massimo’s diamond when he acquired it in 2014 the last time he saw it.
Police on Tuesday confiscated more than 740 million euros from
UniCredit SpA, Intesa Sanpaolo SpA, Banco BPM SpA and one of its units,
Banca Monte dei Paschi di Siena SpA as well as two diamond brokerages in
connection with the case, according to a court document seen by
Bloomberg.
Representatives for UniCredit, Intesa, and Monte Paschi declined to
comment.
Banco BPM SpA said in a statement that the company and current
and former executives including General Manager Maurizio Faroni are
targets of the probe and that authorities had seized 84.6 million euros
in the investigation. The bank said it is cooperating with the
investigation.
A lawyer for Intermarket Diamond Business SpA, or IDB, the brokerage
selling diamonds through UniCredit and Banco BPM, declined to comment.
Lawyers for Diamond Private Investment SpA, or DPI, the reference broker
for Intesa and Monte Paschi, didn’t respond to emails and calls seeking
comment.
Ugly Spotlight
The probe reopens an embarrassing chapter for the banks as they
confront challenges including unloading soured loans, boosting
profitability and convincing clients to invest their savings when the
euro zone’s third-largest economy is sputtering. Four of the five banks
targeted in the investigation were hit by fines imposed by the country’s
antitrust authority two years ago over the diamond sales.
Among the scheme’s victims is Italy’s most popular rock star, Vasco
Rossi, who bought about 2.5 million euros of diamonds from 2009 to 2011,
the document showed.
‘Investment Diamonds’
Italian banks went into the business of investment diamonds en masse
after 2010 as they sought to boost profitability amid the country’s
worst recession since World War II. Customers committed their savings,
enticed by bank promotions and employees who reassured them the
investment carried no risk and would provide attractive returns.
Banks acted as intermediaries, putting diamond brokers in touch with
their clients and earning fees on the sales. The contracts were often
signed in the lenders’ branches, giving clients the impression that the
banks were counterparties to the deals.
Prosecutors will allege that the diamonds were sold at prices far
above their assessed value and that the banks didn’t meet their legal
obligations of informing investors of the risks, the document showed. To
deceive potential buyers, the brokers took out ads in the business
pages of Italian newspapers that displayed their inflated prices in a
format that made it appear that they were market quotes.
Criminal Charges
About 70 people, including several top managers of the lenders, face
possible charges of fraud and so called self-laundering. The banks and
brokerages themselves are also suspects because companies in Italy can
be held responsible if they are shown to have failed to prevent, or
didn’t try to deter, a crime by their top executives.
Balestra, who’s bank is among those charged in the case, said he was
told to expect an annual yield of 3 percent to 4 percent on a diamond
that would be held in the broker’s vault. He said he inquired about the
investment six months ago and was told by a bank employee that the
diamond broker was close to failure after negative publicity about its
activities in the Italian media but his investment wasn’t at risk
because the diamond business was doing well in the rest of Europe.
A few months later, he was surprised to receive a letter saying that
the broker, Intermarket Diamond Business, which is named in the criminal
case, had collapsed and he had the right to seek custody of the
diamond. “After five years, not only did I not receive any return, but I
also haven’t been able to get my diamond back. I only have a photo of
my diamond with a certificate from the International Gemological
Institute.”
Milan-based Banco BPM said that it has made “adequate provisioning in
2018 to reimburse clients and cover risks and charges related to the
probe.”
Perks, Gifts
Employees of UniCredit and Banco BPM allegedly received at least
99,000 euros of gifts from IDB, including antiquities, smartphones,
trips to spa hotels and diamond rings, according to the document.
Regulators first started investigating the sale of diamonds through
bank branches in 2016. The next year, the country’s antitrust authority
imposed total fines of 15 million euros on Intesa, UniCredit, Monte
Paschi and BPM as well as brokers Intermarket Diamond Business and
Diamond Private Investment for defrauding savers by selling diamonds to
them at vastly inflated prices without informing them of the risks.
While the antitrust authority was completing its investigation, Milan
prosecutors opened a separate probe on the matter, digging into the
practices of diamond sales between 2012 and 2016. That culminated in the
asset seizures last week.
While the fines and the seizures are manageable for the lenders, the
risks to their reputations may be higher. Balestra said he’s pessimistic
about getting back his investment. “I don’t trust anyone at the banks
anymore. In the future, I’m going to put my savings under the mattress.”
De Beers’ earnings fell in 2018 due to the costs of new initiatives such as its Lightbox synthetics business.
Underlying earnings slid 34% to $349 million, as capital expenditure rose 53% to $417 million for the year, the company reported Thursday. That included outlays related to the launch of De Beers’ lab-grown jewelry brand, as well as its Tracr blockchain program, and Gemfair, which aims to help artisanal miners. It also spent more on marketing, exploration and evaluation in Canada.
Volatile conditions also negatively affected margins in De Beers’ trading unit, it added. Consumer demand for diamond jewelry was strong in the first half, but faltered from July onward amid political uncertainty, unstable stock markets, and the US-China tariff dispute. Manufacturers bought less rough as a result.
“In the second half, the low-priced-product segment came under considerable pressure due to weak demand and surplus availability, the rapid depreciation of the rupee, and a reduction in bank financing in the midstream,” De Beers explained.
Revenue still increased 4% to $6.08 billion for the year, driven by strong consumer demand in the first half, with prices growing 1% on a like-for-like basis. Sales of rough diamonds grew 4% to $5.4 billion, while the average selling price climbed 6% to $171 per carat, reflecting lower sales of cheaper goods in the second half. Sales volumes dropped 4% to 33.7 million carats.
De Beers noted an improvement in sales at De Beers Jewellers, its high-end consumer chain. Revenue from Element Six, its industrial-diamond subsidiary, dropped 5% due to lower sales to the oil-and-gas market. The company expects some of the group-wide challenges to continue this year.
“The outlook for 2019 global diamond-jewelry consumer demand faces a number of headwinds, including the risk of a potential intensification of US-China trade tensions, the Chinese government’s ability to rebalance economic growth towards consumption, and further exchange-rate volatility,” it said.
De Beers maintained its production forecast of 31 million to 33 million carats for this year, down from 35.3 million carats in 2018. However, profitability could suffer as output from its wholly owned Venetia mine in South Africa enters a lull this year amid a transition from open-pit to underground mining. A larger proportion of production will, therefore, come from mines in Botswana and Namibia that it operates in joint ventures with governments.
Those businesses generate lower margins than it receives from deposits it owns completely.
De Beers’ earnings fell in 2018 due to the costs of new initiatives such as its Lightbox synthetics business.
Underlying earnings slid 34% to $349 million, as capital expenditure
rose 53% to $417 million for the year, the company reported Thursday.
That included outlays related to the launch of De Beers’ lab-grown
jewelry brand, as well as its Tracr blockchain program, and Gemfair,
which aims to help artisanal miners. It also spent more on marketing,
exploration and evaluation in Canada.
Volatile conditions also negatively affected margins in De Beers’
trading unit, it added. Consumer demand for diamond jewelry was strong
in the first half, but faltered from July onward amid political
uncertainty, unstable stock markets, and the US-China tariff dispute.
Manufacturers bought less rough as a result.
“In the second half, the low-priced-product segment came under
considerable pressure due to weak demand and surplus availability, the
rapid depreciation of the rupee, and a reduction in bank financing in
the midstream,” De Beers explained.
Revenue still increased 4% to $6.08 billion for the year, driven by
strong consumer demand in the first half, with prices growing 1% on a
like-for-like basis. Sales of rough diamonds grew 4% to $5.4 billion,
while the average selling price climbed 6% to $171 per carat, reflecting
lower sales of cheaper goods in the second half. Sales volumes dropped
4% to 33.7 million carats.
De Beers noted an improvement in sales at De Beers Jewellers, its
high-end consumer chain. Revenue from Element Six, its
industrial-diamond subsidiary, dropped 5% due to lower sales to the
oil-and-gas market.
The company expects some of the group-wide challenges to continue this year.
“The outlook for 2019 global diamond-jewelry consumer demand faces a
number of headwinds, including the risk of a potential intensification
of US-China trade tensions, the Chinese government’s ability to
rebalance economic growth towards consumption, and further exchange-rate
volatility,” it said.
De Beers maintained its production forecast of 31 million to 33
million carats for this year, down from 35.3 million carats in 2018.
However, profitability could suffer as output from its wholly owned
Venetia mine in South Africa enters a lull this year amid a transition
from open-pit to underground mining. A larger proportion of production
will, therefore, come from mines in Botswana and Namibia that it
operates in joint ventures with governments.
Those businesses generate
lower margins than it receives from deposits it owns completely.
A flawless white diamond with a high estimate of nearly $13 million will head up April’s Magnificent Jewels and Jadeite auction at Sotheby’s in Hong Kong.
The oval brilliant-cut, 88.22-carat, D-color, flawless, type IIa stone is one of only three oval diamonds over 50 carats offered in auction history, Sotheby’s said Tuesday. The stone — which has a presale estimate of $11.2 million to $12.7 million — is the largest to go under the hammer in more than five years.
“For those who have had the chance to see the diamond, one adjective comes back: ‘breathtaking,’” said David Bennett, worldwide chairman of Sotheby’s international jewelry division. “Barely any diamonds of this weight are known to possess the same exceptional qualities of purity and perfection as this remarkable stone, which is so full of fire and blinding brilliance.”
The diamond comes from a 242-carat rough stone recovered from De Beers’ Jwaneng mine in Botswana, and took several months to cut and polish, Sotheby’s added.
A flawless white diamond with a high estimate of nearly $13 million
will head up April’s Magnificent Jewels and Jadeite auction at
Sotheby’s in Hong Kong.
The oval brilliant-cut, 88.22-carat, D-color, flawless, type IIa
stone is one of only three oval diamonds over 50 carats offered in
auction history, Sotheby’s said Tuesday. The stone — which has a presale
estimate of $11.2 million to $12.7 million — is the largest to go under
the hammer in more than five years.
“For those who have had the chance to see the diamond, one adjective
comes back: ‘breathtaking,’” said David Bennett, worldwide chairman of
Sotheby’s international jewelry division. “Barely any diamonds of this
weight are known to possess the same exceptional qualities of purity and
perfection as this remarkable stone, which is so full of fire and
blinding brilliance.”
The diamond comes from a 242-carat rough stone recovered from De
Beers’ Jwaneng mine in Botswana, and took several months to cut and
polish, Sotheby’s added.
For the upcoming Baselworld watch and jewelry trade fair, Graff will unveil an important collection of jeweled watches, each showcasing diamonds using what the company describes as “pioneering jewelry watchmaking skills.” The first watch in the collection was unveiled Tuesday with the entire piece paved with 60 fancy vivid yellow diamonds totaling more than 25 carats. The price of the watch was not released.
To add to the color theme, the diamonds are set on a yellow gold case, bracelet and dial. In order to meet this challenge of setting this many exceptional diamonds on a watch, Sam Sherry, Graff’s head of Technologies, devised a jointing system that Graff has developed over the past few years to create flexible bracelets while optimizing the natural beauty of the stones.
Graff’s London atelier worked in conjunction with Graff’s Swiss watchmaking team, Graff Luxury Watches, to create this synthesis of haute horology and diamond setting.
This is not the first time Graff has presented a statement bejeweled watch at Baselworld. In 2014, the first year the luxury brand exhibited at the fair, it was the “Hallucination,” a women’s watch covered in a kaleidoscope of 110 carats of rare fancy colored diamonds. Graff claimed at the time it was “estimated to be the most valuable watch ever created.”
The following year Graff unveiled “The Fascination,” a transformable watch covered in 152.96 carats of white diamonds that was valued at $40 million. The pear shaped watch dial on the center of the diamond covered bracelet is removable and can be replaced with a 38.13 carat D flawless, pear shaped diamond, cut and polished by Graff. When the center diamond isn’t in use on the bracelet it is placed on a shank of a ring. So a woman can wear a pure diamond bracelet, an opulent diamond covered watch with a matching ring, or wear either piece by itself.
In 2017, it was the “Princess Butterfly Secret Watch,” covered in diamonds and gemstones mounted with a an invisible setting. To view the time, the owner pushes on one of the center round diamonds and the butterfly wings slide apart to reveal the watch dial.
For the upcoming Baselworld watch and jewelry trade fair, Graff
will unveil an important collection of jeweled watches, each showcasing
diamonds using what the company describes as “pioneering jewelry
watchmaking skills.” The first watch in the collection was unveiled
Tuesday with the entire piece paved with 60 fancy vivid yellow diamonds
totaling more than 25 carats. The price of the watch was not released.
To add to the color theme, the diamonds are set on a yellow gold
case, bracelet and dial. In order to meet this challenge of setting this
many exceptional diamonds on a watch, Sam Sherry, Graff’s head of
Technologies, devised a jointing system that Graff has developed over
the past few years to create flexible bracelets while optimizing the
natural beauty of the stones.
Graff’s London atelier worked in
conjunction with Graff’s Swiss watchmaking team, Graff Luxury Watches,
to create this synthesis of haute horology and diamond setting.
This is not the first time Graff has presented a statement bejeweled
watch at Baselworld. In 2014, the first year the luxury brand exhibited
at the fair, it was the “Hallucination,” a women’s watch covered in a
kaleidoscope of 110 carats of rare fancy colored diamonds. Graff claimed
at the time it was “estimated to be the most valuable watch ever
created.”
The following year Graff unveiled “The Fascination,” a transformable
watch covered in 152.96 carats of white diamonds that was valued at $40
million. The pear shaped watch dial on the center of the diamond covered
bracelet is removable and can be replaced with a 38.13 carat D
flawless, pear shaped diamond, cut and polished by Graff. When the
center diamond isn’t in use on the bracelet it is placed on a shank of a
ring. So a woman can wear a pure diamond bracelet, an opulent diamond
covered watch with a matching ring, or wear either piece by itself.
In 2017, it was the “Princess Butterfly Secret Watch,” covered in
diamonds and gemstones mounted with a an invisible setting. To view the
time, the owner pushes on one of the center round diamonds and the
butterfly wings slide apart to reveal the watch dial.
Petra Diamonds has appointed former gold miner Richard Duffy as chief executive as it grapples with a heavy debt load following a period of expansion.
Mr Duffy was previously chief financial officer and head of African operations at AngloGold Ashanti before setting up a company that develops renewable energy projects in Africa.
Mr Duffy “will be critical to drive Petra’s transition from a phase of intensive capital expenditure and expansion to a focus on steady-state, cash-generative operation,” Petra’s chairman, Adonis Pouroulis, said. The appointment comes as Petra faces lower diamond prices and $559m of net debt that it needs to pay off.
Diamond prices were about 4 per cent lower in the six months ending December due to “industry wide lower prices for lower quality” small stones, the company said on Monday. Average pricing for diamonds at the company’s flagship Cullinan mine in South Africa fell to $96 a carat, the lowest six-month level since 2010.
Petra said adjusted earnings before interest tax and other items, or ebitda, fell 6 per cent to $75.6m in the second half of last year. It reported a net loss of $57.9m, from a loss of $117.7m in the same period a year earlier.
Revenues rose by 8 per cent to $207.1m as diamonds sold increased by 15 per cent to 1.74m carats. The company said reduction of its debt is a priority.
It has $90.7m in cash at the bank and said net debt is expected to be “largely flat” during the first half of this year if diamond prices remain at the same levels.
Petra Diamonds has appointed former gold miner Richard Duffy as
chief executive as it grapples with a heavy debt load following a period
of expansion.
Mr Duffy was previously chief financial officer and head of African
operations at AngloGold Ashanti before setting up a company that
develops renewable energy projects in Africa.
Mr Duffy “will be critical to drive Petra’s transition from a phase
of intensive capital expenditure and expansion to a focus on
steady-state, cash-generative operation,” Petra’s chairman, Adonis
Pouroulis, said. The appointment comes as Petra faces lower diamond
prices and $559m of net debt that it needs to pay off.
Diamond prices were about 4 per cent lower in the six months ending
December due to “industry wide lower prices for lower quality” small
stones, the company said on Monday. Average pricing for diamonds at the
company’s flagship Cullinan mine in South Africa fell to $96 a carat,
the lowest six-month level since 2010.
Petra said adjusted earnings before interest tax and other items, or
ebitda, fell 6 per cent to $75.6m in the second half of last year. It
reported a net loss of $57.9m, from a loss of $117.7m in the same period
a year earlier.
Revenues rose by 8 per cent to $207.1m as diamonds sold
increased by 15 per cent to 1.74m carats. The company said reduction of
its debt is a priority.
It has $90.7m in cash at the bank and said net debt is expected to be
“largely flat” during the first half of this year if diamond prices
remain at the same levels.
Shares of Botswana Diamonds PLC fell 12.1% during mid-day trading on Friday .
The stock traded as low as GBX 0.74 ($0.01) and last traded at GBX 0.73 ($0.01). 2,614,274 shares traded hands during trading, an increase of 75% from the average session volume of 1,490,000 shares. The stock had previously closed at GBX 0.83 ($0.01).
Separately, Northland Securities reaffirmed a “speculative buy” rating on shares of Botswana Diamonds in a research report on Thursday, November 15th.
Botswana Diamonds Company Profile
Botswana Diamonds plc operates as a diamond exploration and project development company in Botswana and South Africa.
The company’s flagship property is the Thorny River project, a long narrow kimberlite dyke stretching over 7 kilometers located in the Limpopo Province.
Botswana Diamonds plc was founded in 2010 is based in Dublin, Ireland.
Shares of Botswana Diamonds PLC fell 12.1% during mid-day trading on Friday .
The stock traded as low as GBX 0.74 ($0.01) and last traded at GBX
0.73 ($0.01). 2,614,274 shares traded hands during trading, an increase
of 75% from the average session volume of 1,490,000 shares. The stock
had previously closed at GBX 0.83 ($0.01).
Separately, Northland Securities reaffirmed a “speculative buy”
rating on shares of Botswana Diamonds in a research report on Thursday,
November 15th.
Botswana Diamonds Company Profile
Botswana Diamonds plc operates as a diamond exploration and project
development company in Botswana and South Africa.
The company’s flagship
property is the Thorny River project, a long narrow kimberlite dyke
stretching over 7 kilometers located in the Limpopo Province.
Botswana
Diamonds plc was founded in 2010 is based in Dublin, Ireland.
Gem Diamonds recovered a high quality 13.33 carat, pink colour Type I diamond from the Letšeng mine in Lesotho on 7 February 2019.
The prices for diamonds of this color of diamond are typically exceptional.
In the first half of 2018, when Gem recovered 10 rough stones larger than 100 carats at its Letšeng mine, the highest price achieved was $62,433 per carat for a 2.26-carat pink diamond.
Gem Diamonds recovered a high quality 13.33 carat, pink colour Type
I diamond from the Letšeng mine in Lesotho on 7 February 2019.
The prices for diamonds of this color of diamond are typically exceptional.
In the first half of 2018, when Gem recovered 10 rough stones larger
than 100 carats at its Letšeng mine, the highest price achieved was
$62,433 per carat for a 2.26-carat pink diamond.
Russia’s Alrosa the world’s top diamond producer by output in carats, has put together a collection of recently found large coloured diamonds, which includes a pink oval gem weighing 14.83 carats the largest of its kind ever found in Russia. The diamond it was cut from a rough found in 2017 at the Ebelyakh deposit in Yakutia, rated by the American journal The National Jeweler as the best discovery of the year. Before it was mined, ALROSA’s largest pink gem had weighed 3.86 carats. “Pink diamonds among the blue ones are considered to be the rarest and most precious of all, and the size and clarity of this specimen makes it one of the best to be discovered anywhere in the world in recent years,” Alrosa’s chief executive Yury Okoyemovsaid in a statement. “I am sure that this diamond will be the most expensive in the history of Russia’s gem cutting industry.” The largest stone in the collection, however, is a deep yellow asscher cut diamond, weighing 20.69 carats. The largest stone in the group, however, was a deep yellow asscher cut diamond, weighing 20.69 carats. It was cut from a raw crystal with a rare honey hue, which weighed 34.17 carats, also mined in 2017.
alrosa-large-yellow-diamond Other diamonds in the collection include a pink-purple cushion-shaped stone, weighing 11.06 carats, recognized by the GIA (the Gemological Institute of America) as the largest of its colour in the world.
In the last year, Alrosa has worked on boosting revenue from selling rare, coloured diamonds where demand is stable, although it is a niche business.
According to market analysts, the average price for pink, yellow, blue and green stones has risen consistently by 12% a year over the last few decades, driven by consumers passion for something exotic and unusual. This means they are less affected by other factors driving general diamonds’ supply and demand.
Currently, the global market for polished coloured diamonds is now dominated by Rio Tinto and Anglo American’s De Beers. But state-controlled Alrosa aims to compete.
“The diamonds we are now exhibiting are completely unique, and each of them perfectly embodies the Russian art of gem cutting,” Okoyemov said. “We calculate that the huge potential of our coloured diamonds will very soon enable Alrosa to become the world’s leader in that market.”
The company noted its pink and yellow diamonds will be soon transferred to the GIA for certification.
Russia’s Alrosa the world’s top diamond producer by output in
carats, has put together a collection of recently found large coloured
diamonds, which includes a pink oval gem weighing 14.83 carats the
largest of its kind ever found in Russia.
The diamond it was cut from a rough found in 2017 at the Ebelyakh deposit in Yakutia, rated by the American journal The National Jeweler as the best discovery of the year. Before it was mined, ALROSA’s largest pink gem had weighed 3.86 carats.
“Pink diamonds among the blue ones are considered to be the rarest
and most precious of all, and the size and clarity of this specimen
makes it one of the best to be discovered anywhere in the world in
recent years,” Alrosa’s chief executive Yury Okoyemovsaid in a
statement. “I am sure that this diamond will be the most expensive in
the history of Russia’s gem cutting industry.” The largest stone in the collection, however, is a deep yellow asscher cut diamond, weighing 20.69 carats.
The largest stone in the group, however, was a deep yellow asscher
cut diamond, weighing 20.69 carats. It was cut from a raw crystal with a
rare honey hue, which weighed 34.17 carats, also mined in 2017.
alrosa-large-yellow-diamond
Other diamonds in the collection include a pink-purple cushion-shaped
stone, weighing 11.06 carats, recognized by the GIA (the Gemological
Institute of America) as the largest of its colour in the world.
In the last year, Alrosa has worked on boosting revenue from selling
rare, coloured diamonds where demand is stable, although it is a niche
business.
According to market analysts, the average price for pink, yellow,
blue and green stones has risen consistently by 12% a year over the last
few decades, driven by consumers passion for something exotic and
unusual. This means they are less affected by other factors driving
general diamonds’ supply and demand.
Currently, the global market for polished coloured diamonds is now
dominated by Rio Tinto and Anglo American’s De Beers. But
state-controlled Alrosa aims to compete.
“The diamonds we are now exhibiting are completely unique, and each
of them perfectly embodies the Russian art of gem cutting,” Okoyemov
said. “We calculate that the huge potential of our coloured diamonds
will very soon enable Alrosa to become the world’s leader in that
market.”
The company noted its pink and yellow diamonds will be soon transferred to the GIA for certification.
Firestone Diamonds has announced the recovery of a 70 carat white, makeable diamond from its Liqhobong Mine in Lesotho.
This follows after a 46 carat gem diamond that was recovered in December, sold for more than US$1 million at a recently held sale.
The 70 carat diamond was recovered undamaged and will go on sale at the next tender which is scheduled to take place during March 2019.
Paul Bosma, CEO, comments:
“The 70 carat stone was recovered in the northern, low grade part of the pit in Lesotho where the bulk of our mining will take place in the coming months.
“Although the market for the smaller stones has been under pressure, we’ve seen continued demand and good prices realised for special stones”.
Firestone Diamonds has announced the recovery of a 70 carat white, makeable diamond from its Liqhobong Mine in Lesotho.
This follows after a 46 carat gem diamond that was recovered in
December, sold for more than US$1 million at a recently held sale.
The 70 carat diamond was recovered undamaged and will go on sale at
the next tender which is scheduled to take place during March 2019.
Paul Bosma, CEO, comments:
“The 70 carat stone was recovered in the northern, low grade part of
the pit in Lesotho where the bulk of our mining will take place in the
coming months.
“Although the market for the smaller stones has been under pressure,
we’ve seen continued demand and good prices realised for special
stones”.
Endiama, Angola‘s state owned diamond company, said it expects to make about $1.5 billion from carats sold in 2019, compared with $1.25 billion realised from 8.47 million carats sold in 2018, Rough & Polished reports.
Endiama, which produced 9.4 million carats last year, said in a presentation held at African Mining Indaba that it expects to produce 9.6 million carats in 2019. In 2018, the company was the world’s fifth largest diamond producer by value.
Late last December, ite was reported that in 2019, Angola will get a second diamond cutting and polishing factory. Neves Silva, the head of Angola’s state-run diamond company Sodiam, promised that the plant will initially be able to process 4,000 carats of rough diamonds per month.
Currently, the Angola Polishing Diamonds factory is the only such facility in the country. The second plant, with an estimated cost of $10 million, “will start operating in August and will have a bigger capacity”, according to the same report.
Endiama, Angola‘s state owned diamond company, said it expects to
make about $1.5 billion from carats sold in 2019, compared with $1.25
billion realised from 8.47 million carats sold in 2018, Rough &
Polished reports.
Endiama, which produced 9.4 million carats last year, said in a
presentation held at African Mining Indaba that it expects to produce
9.6 million carats in 2019. In 2018, the company was the world’s fifth
largest diamond producer by value.
Late last December, ite was reported that in 2019, Angola will get a
second diamond cutting and polishing factory. Neves Silva, the head of
Angola’s state-run diamond company Sodiam, promised that the plant will
initially be able to process 4,000 carats of rough diamonds per month.
Currently, the Angola Polishing Diamonds factory is the only such
facility in the country. The second plant, with an estimated cost of $10
million, “will start operating in August and will have a bigger
capacity”, according to the same report.
HRD Antwerp has graded what it says is the world’s first ring that is entirely made from a lab-grown diamond made by Dutch Diamond Technologies (DD). ‘Project D’, DD’s name for the ring, took a year to manufacture and was created in honor of the company’s 10th anniversary, HRD said.
“The ring was made from a large piece of a 155-carat rough CVD lab-grown diamond which was polished using laser cutting and traditional techniques into a ring which has 133 facets, compared to 57 for a standard brilliant cut,” HRD said. “The ring has a total weight of 3,865 carats. It wasn’t until 2017 that it became technically possible to grow large enough monocrystalline lab-grown diamond plates.
“This is not the first ring to be created from a single diamond. In 2011, Shawish, a Swiss jeweler, unveiled the world’s first wearable ring made from a single crystal of natural diamond. Additionally, another lab-grown ‘all diamond’ ring, called (RED), was conceived by the Diamond Foundry, but as far as we are aware, the production phase has not yet started.”
Ton Janssen, CEO of Dutch Diamond Technologies, said: “For our 10th anniversary we wanted to create something stunning that would highlight our innovative and high-tech techniques. I think we’ve more than succeeded with the one-off ‘Project D’ ring. It’s a true “European” ring: grown in Germany, cut in the Netherlands and graded by HRD Antwerp in Belgium. HRD Antwerp has a well-earned reputation for delivering a perfect grading system thanks to their sophisticated equipment and dedicated team.”
The quality and carat weight of CVD synthetic diamonds has increased significantly over the last 10 years, taking up to 5 weeks to grow a diamond plate of this exceptional size in a laboratory. Growing a diamond with the CVD process requires a heated mixture of hydrocarbon gas and hydrogen in a vacuum chamber at very low pressure and elevated temperatures (900-1200°), he explained.
“DD might be relatively new to cut diamonds for the jewelry market, but they have created an impressive ring for their 10th anniversary,” said Michel Janssens, CEO of HRD Antwerp. The outstanding cutting and polishing work has resulted in a brilliant light reflection which emphasizes the beauty of the ring.”
HRD Antwerp has thoroughly analyzed the ring and delivered the following grading results: clarity VVS2, color E, Fluorescence Nil, Polish very good and Symmetry excellent. A lab-grown diamond grading report is easily distinguishable from a natural diamond grading report by its green color cover, the lab added.
HRD Antwerp has graded what it says is the world’s first ring that
is entirely made from a lab-grown diamond made by Dutch Diamond
Technologies (DD).
‘Project D’, DD’s name for the ring, took a year to manufacture and
was created in honor of the company’s 10th anniversary, HRD said.
“The ring was made from a large piece of a 155-carat rough CVD
lab-grown diamond which was polished using laser cutting and traditional
techniques into a ring which has 133 facets, compared to 57 for a
standard brilliant cut,” HRD said. “The ring has a total weight of 3,865
carats. It wasn’t until 2017 that it became technically possible to
grow large enough monocrystalline lab-grown diamond plates.
“This is not the first ring to be created from a single diamond. In
2011, Shawish, a Swiss jeweler, unveiled the world’s first wearable ring
made from a single crystal of natural diamond. Additionally, another
lab-grown ‘all diamond’ ring, called (RED), was conceived by the Diamond
Foundry, but as far as we are aware, the production phase has not yet
started.”
Ton Janssen, CEO of Dutch Diamond Technologies, said: “For our 10th
anniversary we wanted to create something stunning that would highlight
our innovative and high-tech techniques. I think we’ve more than
succeeded with the one-off ‘Project D’ ring. It’s a true “European”
ring: grown in Germany, cut in the Netherlands and graded by HRD Antwerp
in Belgium. HRD Antwerp has a well-earned reputation for delivering a
perfect grading system thanks to their sophisticated equipment and
dedicated team.”
The quality and carat weight of CVD synthetic diamonds has increased
significantly over the last 10 years, taking up to 5 weeks to grow a
diamond plate of this exceptional size in a laboratory. Growing a
diamond with the CVD process requires a heated mixture of hydrocarbon
gas and hydrogen in a vacuum chamber at very low pressure and elevated
temperatures (900-1200°), he explained.
“DD might be relatively new to cut diamonds for the jewelry market,
but they have created an impressive ring for their 10th anniversary,”
said Michel Janssens, CEO of HRD Antwerp. The outstanding cutting and
polishing work has resulted in a brilliant light reflection which
emphasizes the beauty of the ring.”
HRD Antwerp has thoroughly analyzed the ring and delivered the
following grading results: clarity VVS2, color E, Fluorescence Nil,
Polish very good and Symmetry excellent. A lab-grown diamond grading
report is easily distinguishable from a natural diamond grading report
by its green color cover, the lab added.
A Turkish court has sentenced an Irish man to more than eight years in prison for attempting to steal a diamond ring worth $40,000 from a jewellery store in Turkey’s southern Muğla province, Turkish newspaper Sabah reported late Saturday.
Ian Cambell was on holiday in Muğla’s Marmaris district. The 54 year-old man attempted to steal a 2.5-carat diamond from a local jewellery store by swallowing it on Oct. 4, 2018. Turkish police arrested him immediately after the incident and he was later released on parole.
Campbell agreed to have the stone removed at a private hospital even though he was warned it could be risky and that he would have to pay for the procedure himself. After the diamond was removed, he was taken to court.
A Turkish court on Saturday sentenced him to 8 years and 9 months in prison for theft.
Campbell had earlier explained to a Turkish prosecutor that he swallowed the diamond because he “fell into trance” the moment he saw it.
“I fell into trance when I saw the diamonds. The jeweller was telling something to me but I couldn’t even hear him because I was in trance. When I was conscious again, I found myself hiding a diamond in my pocket and I swallowed it in panic as jewellers started to search it,” he was quoted as telling the prosecutor.
A Turkish court has sentenced an Irish man to more than eight years
in prison for attempting to steal a diamond ring worth $40,000 from a
jewellery store in Turkey’s southern Muğla province, Turkish newspaper
Sabah reported late Saturday.
Ian Cambell was on holiday in Muğla’s Marmaris district. The 54
year-old man attempted to steal a 2.5-carat diamond from a local
jewellery store by swallowing it on Oct. 4, 2018. Turkish police
arrested him immediately after the incident and he was later released on
parole.
Campbell agreed to have the stone removed at a private hospital even
though he was warned it could be risky and that he would have to pay for
the procedure himself. After the diamond was removed, he was taken to
court.
A Turkish court on Saturday sentenced him to 8 years and 9 months in prison for theft.
Campbell had earlier explained to a Turkish prosecutor that he
swallowed the diamond because he “fell into trance” the moment he saw
it.
“I fell into trance when I saw the diamonds. The jeweller was telling
something to me but I couldn’t even hear him because I was in trance.
When I was conscious again, I found myself hiding a diamond in my pocket
and I swallowed it in panic as jewellers started to search it,” he was
quoted as telling the prosecutor.
ALROSA held its first auction this year for special size (over 10.8 carats) rough diamonds in Israel.
The company sold 92 large rough diamonds with a total weight of 1,570 carats. The overall revenue from sales amounted to $9.6 million. Firms from Israel, Russia, Hong Kong, Belgium, India, the United Arab Emirates and the United States participated in the auction, the miner said.
“The auction in Israel is the first in our schedule, and we are satisfied with its results,” said Evgeny Agureev, Member of the Management Board, Director of the United Sales Organization at ALROSA.
“Until the end of the year, we will hold five more auctions here. We also continue to analyze the situation in the global diamond market and see some difficulties with demand, however, in the next two months we expect it to recover.”
In 2018, ALROSA held six auctions for special size rough diamonds in Israel, with revenue for the year reaching almost $90 million.
ALROSA held its first auction this year for special size (over 10.8 carats) rough diamonds in Israel.
The company sold 92 large rough diamonds with a total weight of 1,570
carats. The overall revenue from sales amounted to $9.6 million. Firms
from Israel, Russia, Hong Kong, Belgium, India, the United Arab Emirates
and the United States participated in the auction, the miner said.
“The auction in Israel is the first in our schedule, and we are
satisfied with its results,” said Evgeny Agureev, Member of the
Management Board, Director of the United Sales Organization at ALROSA.
“Until the end of the year, we will hold five more auctions here. We
also continue to analyze the situation in the global diamond market and
see some difficulties with demand, however, in the next two months we
expect it to recover.”
In 2018, ALROSA held six auctions for special size rough diamonds in
Israel, with revenue for the year reaching almost $90 million.
Lucapa Diamond Company sold $16.7 million worth of rough stones from its Lulo mine at the first diamond tender under Angola’s new sales rules.
“The exceptional sale prices achieved for the Lulo diamonds reflected the highly competitive bidding from leading international diamantaires and large-stone manufacturers from eight countries that participated in the tender,” the company said Friday.
The miner sold seven special-size stones through an electronic tender in Luanda organized by state-owned diamond-marketing company Sodiam. Six white stones weighing 114.94, 85.24, 75.62, 70.08, 62.05 and 43.25 carats, and a 46.77-carat pink, fetched a combined average price of $33,530 per carat at the sale, which took place January 30 to 31. Lucapa has been withholding the stones from sale throughout the year to sell them under the reformed rules, which were designed to improve transparency and pricing.
Under the previous regulations, miners were required to sell their diamonds to a list of buyers Sodiam selected, limiting competition for the stones and causing pricing to fall below market levels. The new system allows companies to offer 60% of their production to clients of their choice.
Lucapa has now sold $141 million worth of rough Lulo diamonds since it began commercial operations in 2015, at an average price of $2,105 per carat.
The company’s share price rose 8% Friday following the announcement.
Lucapa Diamond Company sold $16.7 million worth of rough stones
from its Lulo mine at the first diamond tender under Angola’s new sales
rules.
“The exceptional sale prices achieved for the Lulo diamonds reflected
the highly competitive bidding from leading international diamantaires
and large-stone manufacturers from eight countries that participated in
the tender,” the company said Friday.
The miner sold seven special-size stones through an electronic tender
in Luanda organized by state-owned diamond-marketing company Sodiam.
Six white stones weighing 114.94, 85.24, 75.62, 70.08, 62.05 and 43.25
carats, and a 46.77-carat pink, fetched a combined average price of
$33,530 per carat at the sale, which took place January 30 to 31. Lucapa
has been withholding the stones from sale throughout the year to sell
them under the reformed rules, which were designed to improve
transparency and pricing.
Under the previous regulations, miners were required to sell their
diamonds to a list of buyers Sodiam selected, limiting competition for
the stones and causing pricing to fall below market levels. The new
system allows companies to offer 60% of their production to clients of
their choice.
Lucapa has now sold $141 million worth of rough Lulo diamonds since
it began commercial operations in 2015, at an average price of $2,105
per carat.
The company’s share price rose 8% Friday following the announcement.
Mountain Province Diamonds Inc today announces that it will include in it its upcoming, February rough diamond sale, an exceptional quality, 60.59 carat, fancy vivid yellow rough diamond. The diamond was recovered at the Company’s Gahcho Kué Mine in October 2018.
Reid Mackie, the Company’s Vice President Diamond Marketing commented “the discovery of this diamond demonstrates our ability to produce very large, high quality, fancy coloured diamonds. We are thrilled to be able to include it in our upcoming sale and present our customers with the opportunity to bid for this important piece of the mine’s history”.
Also included in the sale will be more than 50 other large, high quality white and fancy coloured rough diamonds. Viewings will take place between February 11th to 21st at the offices of Bonas-Couzyn in Antwerp, Belgium.
Mountain Province’s Gahcho Kué Mine, located at the edge of Canada’s Arctic Circle, is the world’s largest and richest new diamond mine and since the start of production in late 2016 has established itself as a regular producer of exceptional, gem quality, large diamonds.
In 2018, Mountain Province sold more than 400 individual diamonds larger than 10.8 carats.
Mountain Province Diamonds Inc today announces that it will include
in it its upcoming, February rough diamond sale, an exceptional
quality, 60.59 carat, fancy vivid yellow rough diamond. The diamond was
recovered at the Company’s Gahcho Kué Mine in October 2018.
Reid Mackie, the Company’s Vice
President Diamond Marketing commented “the discovery of this diamond
demonstrates our ability to produce very large, high quality, fancy
coloured diamonds. We are thrilled to be able to include it in our
upcoming sale and present our customers with the opportunity to bid for
this important piece of the mine’s history”.
Also included in the sale will be more than 50 other large, high
quality white and fancy coloured rough diamonds. Viewings will take
place between February 11th to 21st at the offices of Bonas-Couzyn in Antwerp, Belgium.
Mountain Province’s Gahcho Kué Mine, located at the edge of Canada’s
Arctic Circle, is the world’s largest and richest new diamond mine and
since the start of production in late 2016 has established itself as a
regular producer of exceptional, gem quality, large diamonds.
In 2018, Mountain Province sold more than 400 individual diamonds larger than 10.8 carats.
