Last kimberlite trucked to plant at De Beers Victor mine

The last truckload of kimberlite from Ontario’s first and only diamond mine has left the pit. De Beers Canada said mining ceased on March 5 – 11 years to the day after the official opening in 2008.

The honour of driving the last truck went to Nancy Wesley, of Kashechewan First Nation. She worked at Victor for 11 years, as a haul truck driver, dozer operator and production drill operator.

Stockpiled kimberlite will keep the recovery plant running until early May.

The Victor mine was forecast to produce 6 million carats of diamonds over its life, but it beat that by recovering a total of 8 million carats – with a record 936,000 carats produced in 2018.

The project provided about 1,360 jobs and $3.7 billion of revenue to the province.

Source: DCLA

Last kimberlite trucked to plant at De Beers Victor mine

The last truckload of kimberlite from Ontario’s first and only diamond mine has left the pit. De Beers Canada said mining ceased on March 5 – 11 years to the day after the official opening in 2008.

The honour of driving the last truck went to Nancy Wesley, of Kashechewan First Nation. She worked at Victor for 11 years, as a haul truck driver, dozer operator and production drill operator.

Stockpiled kimberlite will keep the recovery plant running until early May.

The Victor mine was forecast to produce 6 million carats of diamonds over its life, but it beat that by recovering a total of 8 million carats – with a record 936,000 carats produced in 2018.

The project provided about 1,360 jobs and $3.7 billion of revenue to the province.

Source: DCLA

Thieves tunnelled into jewellers to take £1,000,000 in diamonds and gems

An upmarket Fleet Street jewellers has been robbed by burglars who tunnelled in Hatton Garden style and made off with an estimated £1 million in diamonds and gems.

George Attenborough and Son Jewellers on Fleet Street in central London was hit at some stage over the weekend, as thousands of runners competing in the London Landmarks Half Marathon thundered past nearby. The firm advertises items worth tens of thousands of pounds such as Cartier diamond rings on its website.

The Sun suggested the thieves who are still at large used drills to gain access to the secure building and complete the raid. A Scotland Yard statement confirmed members of its Serious and Organised Crime Command were involved in the investigation.

It said: ‘Police were called shortly before 2am on Monday, March 25, to a report of a burglary at a jewellers in Fleet Street. ‘A quantity of jewellery was stolen. ‘An investigation has been launched, led by detectives from the Met’s Flying Squad.

‘Forensic examination work is continuing at the scene. ‘No arrests have been made. Enquiries are ongoing to establish the circumstances and identify those responsible.
Source: DCLA

Thieves tunnelled into jewellers to take £1,000,000 in diamonds and gems

An upmarket Fleet Street jewellers has been robbed by burglars who tunnelled in Hatton Garden style and made off with an estimated £1 million in diamonds and gems.

George Attenborough and Son Jewellers on Fleet Street in central London was hit at some stage over the weekend, as thousands of runners competing in the London Landmarks Half Marathon thundered past nearby. The firm advertises items worth tens of thousands of pounds such as Cartier diamond rings on its website.

The Sun suggested the thieves who are still at large used drills to gain access to the secure building and complete the raid. A Scotland Yard statement confirmed members of its Serious and Organised Crime Command were involved in the investigation.

It said: ‘Police were called shortly before 2am on Monday, March 25, to a report of a burglary at a jewellers in Fleet Street. ‘A quantity of jewellery was stolen. ‘An investigation has been launched, led by detectives from the Met’s Flying Squad.

‘Forensic examination work is continuing at the scene. ‘No arrests have been made. Enquiries are ongoing to establish the circumstances and identify those responsible.
Source: DCLA

Petra Diamonds shares jump on 425-carat discovery at Cullinan

Shares in Petra Diamonds jumped more than 8% on Friday after the miner announced it had dug up a 425.1 carat, D colour, Type II gem quality diamond at its iconic Cullinan mine in South Africa.

The discovery comes less than a month after Petra found a 100.83 carat gem-quality white diamond at the same mine, source of the world’s biggest ever diamond, which was unearthed in 1905.
“Earlier in March, Petra had recovered a 100.83 carat, white D-colour type II gem-quality stone”

The company, which appointed last month former gold miner Richard Duffy as chief executive, said both recoveries demonstrated the frequency of such large stones at Cullinan.

Petra, which has been seeking to turn around its fortunes after piling up debt to expand the operation, plans to sell the 425.1 carat diamond during the June quarter.

Diamond miners are struggling across the board, especially those producing cheaper and smaller stones where there is too much supply. In December, some of Rio Tinto’s customers refused to buy cheaper diamonds, while De Beers has been forced to cut prices and offer concessions to buyers.

Source: DCLA

Petra Diamonds shares jump on 425-carat discovery at Cullinan

Shares in Petra Diamonds jumped more than 8% on Friday after the miner announced it had dug up a 425.1 carat, D colour, Type II gem quality diamond at its iconic Cullinan mine in South Africa.

The discovery comes less than a month after Petra found a 100.83 carat gem-quality white diamond at the same mine, source of the world’s biggest ever diamond, which was unearthed in 1905.
“Earlier in March, Petra had recovered a 100.83 carat, white D-colour type II gem-quality stone”

The company, which appointed last month former gold miner Richard Duffy as chief executive, said both recoveries demonstrated the frequency of such large stones at Cullinan.

Petra, which has been seeking to turn around its fortunes after piling up debt to expand the operation, plans to sell the 425.1 carat diamond during the June quarter.

Diamond miners are struggling across the board, especially those producing cheaper and smaller stones where there is too much supply. In December, some of Rio Tinto’s customers refused to buy cheaper diamonds, while De Beers has been forced to cut prices and offer concessions to buyers.

Source: DCLA

Eurostar Diamond Traders Enters Bankruptcy

Eurostar Diamond Traders, one of the biggest names in the Antwerp industry, has entered bankruptcy following a legal battle with its banks.

The Antwerp Corporate Court ruled Thursday in favor of that outcome. Eurostar plans to appeal the decision, according to the company’s chairman and founder, Kaushik Mehta.

“For Kaushik Mehta and Eurostar, this is a very disappointing day, which he still is appealing and fighting,” the diamond-manufacturing firm said in a statement to Rapaport News.

Eurostar blamed its main lenders, ABN Amro and Standard Chartered, for being too aggressive in demanding repayment of debts. Both banks declined to comment.

The company owes an estimated $500 million, according to court-appointed administrator Alain Van den Cloot.

Source: DCLA

Eurostar Diamond Traders Enters Bankruptcy

Eurostar Diamond Traders, one of the biggest names in the Antwerp industry, has entered bankruptcy following a legal battle with its banks.

The Antwerp Corporate Court ruled Thursday in favor of that outcome. Eurostar plans to appeal the decision, according to the company’s chairman and founder, Kaushik Mehta.

“For Kaushik Mehta and Eurostar, this is a very disappointing day, which he still is appealing and fighting,” the diamond-manufacturing firm said in a statement to Rapaport News.

Eurostar blamed its main lenders, ABN Amro and Standard Chartered, for being too aggressive in demanding repayment of debts. Both banks declined to comment.

The company owes an estimated $500 million, according to court-appointed administrator Alain Van den Cloot.

Source: DCLA

Basel to Drop Prices by up to 30%

Baselworld will reduce booth prices by 10% to 30% at next year’s show and move diamond dealers to a more attractive location, organizers have confirmed.

Management will reopen Hall 2, which was empty at the 2019 show, and place gem and pearl exhibitors in that area together with a new innovation zone dedicated to smart watches and wearable devices.

The plan as it stands would see the innovation center on the ground floor, with gems and pearls one level up.

“This is still at the stage of an idea. It’s possible the gems and pearls sector may be located on the ground floor, but we still have to see what is most appropriate,” Michel Loris-Melikoff, managing director of Baselworld, said in a presentation on Tuesday, the final day of the show in the Swiss city. “What is certain is that they will be in Hall 2.”

Diamond companies’ current location in Hall 3 has been unpopular with many exhibitors, who felt they were too far from the high-end watch and jewelry brands in Hall 1.

The number of exhibitors in Hall 3 dropped 10% to 120 at this year’s show, despite a price reduction of 10% to 15%. That compares with a 20% decline in the total number of exhibiting brands at Baselworld to 520, while the visitor count dropped 22% to 81,200.

Loris-Melikoff vowed to slash per-square-meter prices across the show by up to 30% next year depending on the position, as well as simplifying the pricing structure. He noted, however, that booth rental only represented about 15% of the cost of attending the show for average exhibitors.

The 2020 edition will take place later than usual, from April 30 to May 5, so visitors can also attend the Salon International de la Haute Horlogerie in Geneva, which ends April 29, organizers of both shows announced in December. That synchronized schedule will continue until at least 2024.

From next year, Baselworld plans to rebrand itself as an “experience platform” and a community for the jewelry and watchmaking industry, rather than a classic trade fair, it said. To that end, the 2020 show will feature a retailer summit, talks by CEOs, and a virtual-reality zone.

“Our strategy met with strong approval from the exhibitors during the presentations,” Loris-Melikoff noted. “We will tackle change with vigor and passion.”

Source:Diamonds.net

Basel to Drop Prices by up to 30%

Baselworld will reduce booth prices by 10% to 30% at next year’s show and move diamond dealers to a more attractive location, organizers have confirmed.

Management will reopen Hall 2, which was empty at the 2019 show, and place gem and pearl exhibitors in that area together with a new innovation zone dedicated to smart watches and wearable devices.

The plan as it stands would see the innovation center on the ground floor, with gems and pearls one level up.

“This is still at the stage of an idea. It’s possible the gems and pearls sector may be located on the ground floor, but we still have to see what is most appropriate,” Michel Loris-Melikoff, managing director of Baselworld, said in a presentation on Tuesday, the final day of the show in the Swiss city. “What is certain is that they will be in Hall 2.”

Diamond companies’ current location in Hall 3 has been unpopular with many exhibitors, who felt they were too far from the high-end watch and jewelry brands in Hall 1.

The number of exhibitors in Hall 3 dropped 10% to 120 at this year’s show, despite a price reduction of 10% to 15%. That compares with a 20% decline in the total number of exhibiting brands at Baselworld to 520, while the visitor count dropped 22% to 81,200.

Loris-Melikoff vowed to slash per-square-meter prices across the show by up to 30% next year depending on the position, as well as simplifying the pricing structure. He noted, however, that booth rental only represented about 15% of the cost of attending the show for average exhibitors.

The 2020 edition will take place later than usual, from April 30 to May 5, so visitors can also attend the Salon International de la Haute Horlogerie in Geneva, which ends April 29, organizers of both shows announced in December. That synchronized schedule will continue until at least 2024.

From next year, Baselworld plans to rebrand itself as an “experience platform” and a community for the jewelry and watchmaking industry, rather than a classic trade fair, it said. To that end, the 2020 show will feature a retailer summit, talks by CEOs, and a virtual-reality zone.

“Our strategy met with strong approval from the exhibitors during the presentations,” Loris-Melikoff noted. “We will tackle change with vigor and passion.”

Source:Diamonds.net

Diamond Services introduces new lab-grown diamond identification system

Diamond Services, the Hong Kong headquartered developer of technological systems and services for detecting treated diamonds, laboratory grown diamonds (LGDs) and simulants is introducing a new device which widens the range of detectable merchandise to include all rough and polished stones in the lower yellowish to light brown colour ranges.

Like other detection apparatus developed by Diamond Services, the new system, called DND (Diamond Natural Device), scans diamonds at the temperature of liquid nitrogen, which the company has shown provides a higher degree of accuracy than detection devices which examine diamonds at room temperatures.

“To provide as accurate results as possible, we insist that all diamonds being tested to detect the possible presence of synthetically produced goods be examined at temperatures in a liquid nitrogen atmosphere,” explained Joseph Kuzi, Diamond Services’ founder and president. “Since this can only be done reliably and safely in a proper laboratory setting, we have selected not to sell the equipment we develop, but rather to use it exclusively as part of the service we provide the trade.

The new DND system improves that offering, widening the range of goods that can be screened to include all goods at the lower end of the standard colour range.”

Source: DCLA

Diamond Services introduces new lab-grown diamond identification system

Diamond Services, the Hong Kong headquartered developer of technological systems and services for detecting treated diamonds, laboratory grown diamonds (LGDs) and simulants is introducing a new device which widens the range of detectable merchandise to include all rough and polished stones in the lower yellowish to light brown colour ranges.

Like other detection apparatus developed by Diamond Services, the new system, called DND (Diamond Natural Device), scans diamonds at the temperature of liquid nitrogen, which the company has shown provides a higher degree of accuracy than detection devices which examine diamonds at room temperatures.

“To provide as accurate results as possible, we insist that all diamonds being tested to detect the possible presence of synthetically produced goods be examined at temperatures in a liquid nitrogen atmosphere,” explained Joseph Kuzi, Diamond Services’ founder and president. “Since this can only be done reliably and safely in a proper laboratory setting, we have selected not to sell the equipment we develop, but rather to use it exclusively as part of the service we provide the trade.

The new DND system improves that offering, widening the range of goods that can be screened to include all goods at the lower end of the standard colour range.”

Source: DCLA

Tiffany Weathers Slow 4Q for Record 2018

Tiffany & Co. reported record annual sales in 2018, despite the challenging economic environment that caused a slowdown in the fourth quarter.

“In 2018…net sales surpassed levels not seen since 2014,” said Tiffany CEO Alessandro Bogliolo. “Softer trends in the second half of the year reflected, in part, what we believe were external challenges and uncertainties.”

Group revenue grew 7% to $4.4 billion, the company said Friday. Sales increased 13% to $1.2 billion in the Asia-Pacific region, while revenue in the Americas climbed 5% to $2 billion. Sales in Japan rose 8% to $643 million, and proceeds in Europe went up 3% to $504 million.

The jewelry retailer’s new marketing strategy, including its “Believe in Love, Believe in Dreams” and holiday campaigns, buoyed sales, Bogliolo noted in a conference call with analysts last week, transcribed by Seeking Alpha.

Worldwide comparable-store sales — at branches open for at least a year — rose 4% at constant currency rates.
Profit for the year jumped 58% to $586 million, its highest in a decade, according to Rapaport records. Earnings were boosted by a lower income-tax rate, which included a $16 million benefit related to the enactment of the 2017 US Tax Cuts and Jobs Act, Tiffany explained.

During the fourth quarter ending January 31, 2019, global sales declined 1% to $1.3 billion, due to softer demand from local customers and foreign tourists. The lower spending was attributable to market volatility and external uncertainties, the company observed.

Profit for the three-month period more than tripled to $205 million versus $62 million a year ago, also as a result of the lower tax payment.

The company expects net sales for 2019 to increase by a low-single-digit percentage over 2018, as the lower foreign-tourist spending it encountered in the fourth quarter continues into the new fiscal year, it said. Higher expenses relating to its six-point program to stimulate growth will also negatively impact earnings, Tiffany noted.
Among its 2019 initiatives, the jeweler is strengthening its message on diamonds via a campaign on social media, accelerating its product renewals and launches, as well as delivering a more exciting omni-channel experience, Bogliolo explained in the analyst call.

Tiffany will begin selling engagement rings on its US website, he added. Phone orders were previously the only outlet for purchasing outside its store locations. Additionally, the company will launch an e-commerce site in China later this year.

Tiffany’s stock rose 3.1% on Friday following the results.

Source: DCLA

Tiffany Weathers Slow 4Q for Record 2018

Tiffany & Co. reported record annual sales in 2018, despite the challenging economic environment that caused a slowdown in the fourth quarter.

“In 2018…net sales surpassed levels not seen since 2014,” said Tiffany CEO Alessandro Bogliolo. “Softer trends in the second half of the year reflected, in part, what we believe were external challenges and uncertainties.”

Group revenue grew 7% to $4.4 billion, the company said Friday. Sales increased 13% to $1.2 billion in the Asia-Pacific region, while revenue in the Americas climbed 5% to $2 billion. Sales in Japan rose 8% to $643 million, and proceeds in Europe went up 3% to $504 million.

The jewelry retailer’s new marketing strategy, including its “Believe in Love, Believe in Dreams” and holiday campaigns, buoyed sales, Bogliolo noted in a conference call with analysts last week, transcribed by Seeking Alpha.

Worldwide comparable-store sales — at branches open for at least a year — rose 4% at constant currency rates.
Profit for the year jumped 58% to $586 million, its highest in a decade, according to Rapaport records. Earnings were boosted by a lower income-tax rate, which included a $16 million benefit related to the enactment of the 2017 US Tax Cuts and Jobs Act, Tiffany explained.

During the fourth quarter ending January 31, 2019, global sales declined 1% to $1.3 billion, due to softer demand from local customers and foreign tourists. The lower spending was attributable to market volatility and external uncertainties, the company observed.

Profit for the three-month period more than tripled to $205 million versus $62 million a year ago, also as a result of the lower tax payment.

The company expects net sales for 2019 to increase by a low-single-digit percentage over 2018, as the lower foreign-tourist spending it encountered in the fourth quarter continues into the new fiscal year, it said. Higher expenses relating to its six-point program to stimulate growth will also negatively impact earnings, Tiffany noted.
Among its 2019 initiatives, the jeweler is strengthening its message on diamonds via a campaign on social media, accelerating its product renewals and launches, as well as delivering a more exciting omni-channel experience, Bogliolo explained in the analyst call.

Tiffany will begin selling engagement rings on its US website, he added. Phone orders were previously the only outlet for purchasing outside its store locations. Additionally, the company will launch an e-commerce site in China later this year.

Tiffany’s stock rose 3.1% on Friday following the results.

Source: DCLA

Graff breaks Letšeng record with pink diamond

London jeweller Graff has acquired what founder Laurence Graff, a man known by his moniker The King of Diamonds, has described as “the most vivid pink rough diamond I have ever seen”.

The incredibly rare 13.33ct pink diamond was unearthed at the Letšeng mine in Lesotho, Africa, by miner Gem Diamonds in February. The Letšeng mine is famed for its high yield of very valuable and large rough diamonds.

While the diamonds to emerge from Letšeng consistently achieve the highest price per carat of any rough diamonds in the world, Graff has set a new record with the acquisition of the 13.33ct pink diamond.

The stone, which has since been named the Graff Lesotho Pink, was purchased by Graff for US$8.75 million, making it the most expensive diamond on a dollar per carat basis to ever have emerged from the mine.

“This is the most vivid pink rough diamond I have ever seen, and it is an exceptionally rare treasure,” said Mr Graff. “We are renowned for cutting and polishing exceptional diamonds, and I am sure the polished diamond that comes from this rough will be an auspicious addition to our roll call of famous gems. It is an enormous privilege to own this natural miracle. We may never see anything like it again.”

The Graff Lesotho Pink diamond is now in the hands of Graff’s master diamond cutters, who will assess the rough stone’s potential and decide what are the optimum cut to make out of the rough will be.

Source:jewellerycut

Graff breaks Letšeng record with pink diamond

London jeweller Graff has acquired what founder Laurence Graff, a man known by his moniker The King of Diamonds, has described as “the most vivid pink rough diamond I have ever seen”.

The incredibly rare 13.33ct pink diamond was unearthed at the Letšeng mine in Lesotho, Africa, by miner Gem Diamonds in February. The Letšeng mine is famed for its high yield of very valuable and large rough diamonds.

While the diamonds to emerge from Letšeng consistently achieve the highest price per carat of any rough diamonds in the world, Graff has set a new record with the acquisition of the 13.33ct pink diamond.

The stone, which has since been named the Graff Lesotho Pink, was purchased by Graff for US$8.75 million, making it the most expensive diamond on a dollar per carat basis to ever have emerged from the mine.

“This is the most vivid pink rough diamond I have ever seen, and it is an exceptionally rare treasure,” said Mr Graff. “We are renowned for cutting and polishing exceptional diamonds, and I am sure the polished diamond that comes from this rough will be an auspicious addition to our roll call of famous gems. It is an enormous privilege to own this natural miracle. We may never see anything like it again.”

The Graff Lesotho Pink diamond is now in the hands of Graff’s master diamond cutters, who will assess the rough stone’s potential and decide what are the optimum cut to make out of the rough will be.

Source:jewellerycut

Gem Diamonds Unearths 161ct. Rough

Gem Diamonds has recovered a 161 carat rough stone, the first over 100 carats it has reported this year.

It found the high quality, white, type IIa diamond on March 21 at its Letšeng mine in Lesotho, the company said Friday.

Last year, Gem Diamonds found 15 stones weighing more than 100 carats, a record for the company.

That haul included the 910 carat Lesotho Legend, which sold for $40 million.

In February, the miner also found a 13.33 carat pink diamond, which it sold to Graff for $8.8 million, or $656,933 per carat.

Image: The 161 carat diamond Gem Diamonds

Source: DCLA

Gem Diamonds Unearths 161ct. Rough

Gem Diamonds has recovered a 161 carat rough stone, the first over 100 carats it has reported this year.

It found the high quality, white, type IIa diamond on March 21 at its Letšeng mine in Lesotho, the company said Friday.

Last year, Gem Diamonds found 15 stones weighing more than 100 carats, a record for the company.

That haul included the 910 carat Lesotho Legend, which sold for $40 million.

In February, the miner also found a 13.33 carat pink diamond, which it sold to Graff for $8.8 million, or $656,933 per carat.

Image: The 161 carat diamond Gem Diamonds

Source: DCLA

Lucapa Diamond announced a 90% upsurge in Diamond Resource Carats at Lulo

The international diamond group, Lucapa Diamond Company Limited has high valued mines in Angola and Lesotho, with exploration projects in Australia, Botswana, and Angola.

The company on 21 March 2019, provided an update on Alluvial Diamond Resource for the Lulo diamond mine in Angola Lulo Diamond Resource. LOM is under the partnership with Rosas & Petalas and Empresa Nacional de Diamantes E.P.

Z Star Mineral Resource Consultants Limited, an External consultant of Cape Town, South Africa, independently estimated and reconciled The Lulo Diamond Resource, on a depletion and addition basis as on December 31, 2018.

The resource estimation comprised of 19 months of mining depletion at Lulo from May 31, 2017, to December 31, 2018. During, 19 months, more than 30,000 carats of diamonds were recovered and sold for approximately US$ 62 Mn.

This extensive ongoing resource definition, drilling and sampling program included an additional 4,200 auger holes 36,000 meters drilled.

The current sale of Diamond was estimated at prices above the previous resource estimation on May 31, 2017.

Source:DCLA

Lucapa Diamond announced a 90% upsurge in Diamond Resource Carats at Lulo

The international diamond group, Lucapa Diamond Company Limited has high valued mines in Angola and Lesotho, with exploration projects in Australia, Botswana, and Angola.

The company on 21 March 2019, provided an update on Alluvial Diamond Resource for the Lulo diamond mine in Angola Lulo Diamond Resource. LOM is under the partnership with Rosas & Petalas and Empresa Nacional de Diamantes E.P.

Z Star Mineral Resource Consultants Limited, an External consultant of Cape Town, South Africa, independently estimated and reconciled The Lulo Diamond Resource, on a depletion and addition basis as on December 31, 2018.

The resource estimation comprised of 19 months of mining depletion at Lulo from May 31, 2017, to December 31, 2018. During, 19 months, more than 30,000 carats of diamonds were recovered and sold for approximately US$ 62 Mn.

This extensive ongoing resource definition, drilling and sampling program included an additional 4,200 auger holes 36,000 meters drilled.

The current sale of Diamond was estimated at prices above the previous resource estimation on May 31, 2017.

Source:DCLA

Tiffany Provides Glimpse into Future Store Design

The brand’s innovative ‘style studio’ in London may be a preview of what to expect on Fifth Avenue.

With Tiffany & Co. refurbishing its flagship store on New York’s Fifth Avenue, there is a buzz of speculation on how the retailer plans to make the shop more interactive and appealing to millennials, as it has vowed to do. What people may not know, however, is that Tiffany has already made a similar move in London, opening a new, modern store that strikes a different tone than the one many consumers associate with the brand.

It may also provide a glimpse of how the famous Manhattan branch will ultimately shape up, since we’ll have to wait until the end of 2021 to see that one in its completed form.

A tale of two UK stores

The jeweler’s main London store, on upmarket Old Bond Street in the city’s retail-focused West End, couldn’t be more classic Tiffany. Its hanging sign, flagpole and clock help it blend in with the Cartier and Gucci shops around it, though the frontage is perhaps slightly more daring and appealing than some of its luxury neighbors’ stuffy window displays.

A mile to the east, Tiffany’s new “style studio” in the more informal Covent Garden neighborhood is a different type of space entirely. Situated in a trendy spot for tourists, it’s a light, enticing attraction for the millennial visitor, with large undecorated windows and a fresh interior that does away with the intimidating atmosphere luxury retailers can sometimes create.

Beyond jewelry

The room’s imaginative decor includes striking wall designs and simple tables that make browsing easy and fun. There are few or no engagement rings on display; the store mainly stocks fashion jewelry and other items, including products from Tiffany’s home-and-accessories line. There’s also a space in the back for events. On the day this reporter visited, that area had free ice cream on offer for a limited time, and customers seemed interested in what they were seeing.

Indeed, Tiffany calls the new location a “style studio” because it’s more than a jewelry store. A Tiffany-blue vending machine dispenses fragrances. Customers can draw images on a flat screen and then watch while workers engrave those designs onto jewelry or emboss them in leather. There’s also a Starbucks-like feel: Visitors can perch on stools at tables, charging their phones and laptops while they wait for their friends to turn up. An assistant said the store would serve coffee if a customer were sitting around long enough.

It’s unlikely to be an absolute blueprint for Tiffany’s Manhattan store of the future: That branch gets a fair chunk of its revenue from engagement rings and other high-end jewelry, which may require a different atmosphere. Yet Tiffany has said innovation will be central to the transformation of its flagship as it seeks to create a “dramatic new experience for customers.” It would be surprising if none of the Covent Garden space’s features ended up on Fifth Avenue.

Source:DCLA

Tiffany Provides Glimpse into Future Store Design

The brand’s innovative ‘style studio’ in London may be a preview of what to expect on Fifth Avenue.

With Tiffany & Co. refurbishing its flagship store on New York’s Fifth Avenue, there is a buzz of speculation on how the retailer plans to make the shop more interactive and appealing to millennials, as it has vowed to do. What people may not know, however, is that Tiffany has already made a similar move in London, opening a new, modern store that strikes a different tone than the one many consumers associate with the brand.

It may also provide a glimpse of how the famous Manhattan branch will ultimately shape up, since we’ll have to wait until the end of 2021 to see that one in its completed form.

A tale of two UK stores

The jeweler’s main London store, on upmarket Old Bond Street in the city’s retail-focused West End, couldn’t be more classic Tiffany. Its hanging sign, flagpole and clock help it blend in with the Cartier and Gucci shops around it, though the frontage is perhaps slightly more daring and appealing than some of its luxury neighbors’ stuffy window displays.

A mile to the east, Tiffany’s new “style studio” in the more informal Covent Garden neighborhood is a different type of space entirely. Situated in a trendy spot for tourists, it’s a light, enticing attraction for the millennial visitor, with large undecorated windows and a fresh interior that does away with the intimidating atmosphere luxury retailers can sometimes create.

Beyond jewelry

The room’s imaginative decor includes striking wall designs and simple tables that make browsing easy and fun. There are few or no engagement rings on display; the store mainly stocks fashion jewelry and other items, including products from Tiffany’s home-and-accessories line. There’s also a space in the back for events. On the day this reporter visited, that area had free ice cream on offer for a limited time, and customers seemed interested in what they were seeing.

Indeed, Tiffany calls the new location a “style studio” because it’s more than a jewelry store. A Tiffany-blue vending machine dispenses fragrances. Customers can draw images on a flat screen and then watch while workers engrave those designs onto jewelry or emboss them in leather. There’s also a Starbucks-like feel: Visitors can perch on stools at tables, charging their phones and laptops while they wait for their friends to turn up. An assistant said the store would serve coffee if a customer were sitting around long enough.

It’s unlikely to be an absolute blueprint for Tiffany’s Manhattan store of the future: That branch gets a fair chunk of its revenue from engagement rings and other high-end jewelry, which may require a different atmosphere. Yet Tiffany has said innovation will be central to the transformation of its flagship as it seeks to create a “dramatic new experience for customers.” It would be surprising if none of the Covent Garden space’s features ended up on Fifth Avenue.

Source:DCLA

Russia’s Alrosa sells diamonds worth $14.6 mln at Hong Kong auctions

Russia’s diamond producer Alrosa sold rough and polished diamonds in the amount of $14.6 mln at auctions in Hong Kong, the company said in a statement on Wednesday.

The company auctioned special size (above 10.8 carats) rough diamonds. Alrosa sold 101 diamonds with the total weight of 1,829 carats. Total revenues after the auction amounted to $10.5 mln, the company said.

“Considering the positive results of the auction, we can note that the demand for diamonds of the size category exceeding 10.8 carats remains stable,” said Evgeny Agureev, Member of the Alrosa’s Management Board.

Alrosa also staged an auction for polished diamonds. “The company sold 56 stones with a total weight of almost 300 carats, most of which are fancy colored diamonds (238 carats). That amount included two fancy yellow diamonds of “cushion” cut, weighing 31 and 30 carats, their total value at the auction amounted to $815,000,” Alrosa noted. Total revenues of the polished diamond auction equaled $4.1 mln.

The Russian company is engaged in exploration, production and sale of diamonds. The company produces diamonds on the territory of Sakha (Yakutia) and the Arkhangelsk Region. The company’s shareholders are the Russian Federation represented by the Federal Property Management Agency (33.02%), the Sakha Region (Yakutia) – 25%, districts of Yakutia – 8%. That being said, 34% of shares are in free float.

Source:DCLA

Russia’s Alrosa sells diamonds worth $14.6 mln at Hong Kong auctions

Russia’s diamond producer Alrosa sold rough and polished diamonds in the amount of $14.6 mln at auctions in Hong Kong, the company said in a statement on Wednesday.

The company auctioned special size (above 10.8 carats) rough diamonds. Alrosa sold 101 diamonds with the total weight of 1,829 carats. Total revenues after the auction amounted to $10.5 mln, the company said.

“Considering the positive results of the auction, we can note that the demand for diamonds of the size category exceeding 10.8 carats remains stable,” said Evgeny Agureev, Member of the Alrosa’s Management Board.

Alrosa also staged an auction for polished diamonds. “The company sold 56 stones with a total weight of almost 300 carats, most of which are fancy colored diamonds (238 carats). That amount included two fancy yellow diamonds of “cushion” cut, weighing 31 and 30 carats, their total value at the auction amounted to $815,000,” Alrosa noted. Total revenues of the polished diamond auction equaled $4.1 mln.

The Russian company is engaged in exploration, production and sale of diamonds. The company produces diamonds on the territory of Sakha (Yakutia) and the Arkhangelsk Region. The company’s shareholders are the Russian Federation represented by the Federal Property Management Agency (33.02%), the Sakha Region (Yakutia) – 25%, districts of Yakutia – 8%. That being said, 34% of shares are in free float.

Source:DCLA

Petra Diamonds keeps founder Pouroulis as chairman

South Africa’s Petra Diamonds is keeping founder Adonis Pouroulis as chairman, despite some shareholders voting against his renewal at the 2018 annual general meeting.

The company, which last month appointed former gold miner Richard Duffy as chief executive effective in April, said the appointment of a new chair was “not appropriate” at this time.

Petra said the board and nomination committee had considered the 22.12% vote against Pouroulis’ re-election as chairman in the context of Petra’s ongoing three-year succession plan.

Despite concerns raised by some shareholders, the diamond miner said the current chairman continued to “demonstrate the independence of thought and challenge required for his role, notwithstanding the number of years he has served as a director.”

Pouroulis founded Petra in 1997 and has been its chairman ever since.

The company has been seeking to turn around its fortunes after piling up debt to expand its iconic Cullinan mine, in South Africa, where the world’s largest-ever diamond was found in 1905.

Source:DCLA

Petra Diamonds keeps founder Pouroulis as chairman

South Africa’s Petra Diamonds is keeping founder Adonis Pouroulis as chairman, despite some shareholders voting against his renewal at the 2018 annual general meeting.

The company, which last month appointed former gold miner Richard Duffy as chief executive effective in April, said the appointment of a new chair was “not appropriate” at this time.

Petra said the board and nomination committee had considered the 22.12% vote against Pouroulis’ re-election as chairman in the context of Petra’s ongoing three-year succession plan.

Despite concerns raised by some shareholders, the diamond miner said the current chairman continued to “demonstrate the independence of thought and challenge required for his role, notwithstanding the number of years he has served as a director.”

Pouroulis founded Petra in 1997 and has been its chairman ever since.

The company has been seeking to turn around its fortunes after piling up debt to expand its iconic Cullinan mine, in South Africa, where the world’s largest-ever diamond was found in 1905.

Source:DCLA

De Beers, Botswana to expand world’s richest diamond mine

Botswana’s Debswana Diamond Mining, a joint venture between De Beers and the southern Africa country’s government, have awarded Thiess’ subsidiary CIMIC a $1.2-billion contract to extend the lifespan of their Jwaneng mine.

Jwaneng, which began operations in 1982, is currently 650 metres deep, but its owners want to deepen the pit to 830 meters (2,700 feet), which will allow continuing operations for another 11 years, to 2035, and extracting a further 53 million carats.

Debswana will invest approximately $2 billion over the life of the project, dubbed Cut 9, which involves removing waste from the bottom of the mine to both widen and deepen the pit.

“Jwaneng, which began operations in 1982, will continue in operations unit 2035.”

At its peak, Cut-9 is expected to create more than 1,000 jobs, the majority of which will be held by locals.
“With global consumer demand for diamonds reaching record levels in 2018, the extension will enable us to continue to meet the needs of our consumers all over the world,” Debswana’s chairman Bruce Cleaver said in the statement.

This is not the first time Debswana decides to invest in expanding Jwaneng, the world’s No.1 diamond producing mine by value, which contributes almost 70% of the partnership’s total revenue.

The company completed in November a $3-billion, 10-year-long expansion plan, Cut 8, which extended the lifespan of the mine to 2024.

Debswana was formed in 1969 as a 50/50 partnership between the Botswana’s government and De Beers Group. The unit is a significant contributor to the country’s economy with more than 80% of its profits going back to Botswana’s citizens.

Diamonds from Debswana bring in about 50% of public revenue, representing 33% of GDP and over 80% of foreign earnings to Botswana.

Source: DCLA

De Beers, Botswana to expand world’s richest diamond mine

Botswana’s Debswana Diamond Mining, a joint venture between De Beers and the southern Africa country’s government, have awarded Thiess’ subsidiary CIMIC a $1.2-billion contract to extend the lifespan of their Jwaneng mine.

Jwaneng, which began operations in 1982, is currently 650 metres deep, but its owners want to deepen the pit to 830 meters (2,700 feet), which will allow continuing operations for another 11 years, to 2035, and extracting a further 53 million carats.

Debswana will invest approximately $2 billion over the life of the project, dubbed Cut 9, which involves removing waste from the bottom of the mine to both widen and deepen the pit.

“Jwaneng, which began operations in 1982, will continue in operations unit 2035.”

At its peak, Cut-9 is expected to create more than 1,000 jobs, the majority of which will be held by locals.
“With global consumer demand for diamonds reaching record levels in 2018, the extension will enable us to continue to meet the needs of our consumers all over the world,” Debswana’s chairman Bruce Cleaver said in the statement.

This is not the first time Debswana decides to invest in expanding Jwaneng, the world’s No.1 diamond producing mine by value, which contributes almost 70% of the partnership’s total revenue.

The company completed in November a $3-billion, 10-year-long expansion plan, Cut 8, which extended the lifespan of the mine to 2024.

Debswana was formed in 1969 as a 50/50 partnership between the Botswana’s government and De Beers Group. The unit is a significant contributor to the country’s economy with more than 80% of its profits going back to Botswana’s citizens.

Diamonds from Debswana bring in about 50% of public revenue, representing 33% of GDP and over 80% of foreign earnings to Botswana.

Source: DCLA

Lucapa finds fourth +50 carat diamond at Mothae mine in Lesotho

Australia’s Lucapa Diamond (ASX:LOM) has recovered an 83.9 carat diamond from its recently commissioned Mothae mine in Lesotho, Africa.

The stone is the fourth diamond over 50 carats the company has recovered to date at its 70%-owned Mothae operation.
While the find was not gem-quality, Lucapa says it continues to underline the large-stone nature of the kimberlite resource.

Commercial production at the mine, which the Perth-based company acquired in early 2017, began in December via a new 1.1 million tonne-per-year plant that is progressively ramping up to its nameplate capacity.

“While the 83.9 carat diamond was not gem-quality, Lucapa says the find continues to underline the large-stone nature of the kimberlite resource.”

The government of Lesotho owns the remaining 30% of Mothae, which is located 5km from Letšeng, the world’s highest dollars-per-carat kimberlite diamond operation.

“We are highly encouraged that the coarse size fraction in our recently commenced commercial production through the new 1.1-million-tonne-a-year Mothae plant is reinforcing why Lucapa invested in this second high-value resource to complement production from the Lulo mine in Angola,” said managing director Stephen Wetherall.

Lucapa plans to update guidance for the mine in respect of volume, grade and price in the June quarter after the first quarter of commercial mining operations.

Mothae is currently expected to yield 22,000 carats per year.

Lucapa also has a 40% stake in the prolific Lulo mine in Angola, a source of the world’s highest dollar-per-carat alluvial diamonds.
 
Currently, the company is advancing two exploration projects in well-known diamond districts. One is at Brooking in the West Kimberley lamproite province of Western Australia.

The other is a the Orapa Area F project in its namesake mine in Botswana, where it plans to drill kimberlite targets this year.

Shares in the company closed at 19 Australian cents on Friday, 2.7% higher than the previous day, though it remains near its year-low of 16.5 cents and well below last May’s high of 31 cents.

Source: DCLA

Lucapa finds fourth +50 carat diamond at Mothae mine in Lesotho

Australia’s Lucapa Diamond (ASX:LOM) has recovered an 83.9 carat diamond from its recently commissioned Mothae mine in Lesotho, Africa.

The stone is the fourth diamond over 50 carats the company has recovered to date at its 70%-owned Mothae operation.
While the find was not gem-quality, Lucapa says it continues to underline the large-stone nature of the kimberlite resource.

Commercial production at the mine, which the Perth-based company acquired in early 2017, began in December via a new 1.1 million tonne-per-year plant that is progressively ramping up to its nameplate capacity.

“While the 83.9 carat diamond was not gem-quality, Lucapa says the find continues to underline the large-stone nature of the kimberlite resource.”

The government of Lesotho owns the remaining 30% of Mothae, which is located 5km from Letšeng, the world’s highest dollars-per-carat kimberlite diamond operation.

“We are highly encouraged that the coarse size fraction in our recently commenced commercial production through the new 1.1-million-tonne-a-year Mothae plant is reinforcing why Lucapa invested in this second high-value resource to complement production from the Lulo mine in Angola,” said managing director Stephen Wetherall.

Lucapa plans to update guidance for the mine in respect of volume, grade and price in the June quarter after the first quarter of commercial mining operations.

Mothae is currently expected to yield 22,000 carats per year.

Lucapa also has a 40% stake in the prolific Lulo mine in Angola, a source of the world’s highest dollar-per-carat alluvial diamonds.
 
Currently, the company is advancing two exploration projects in well-known diamond districts. One is at Brooking in the West Kimberley lamproite province of Western Australia.

The other is a the Orapa Area F project in its namesake mine in Botswana, where it plans to drill kimberlite targets this year.

Shares in the company closed at 19 Australian cents on Friday, 2.7% higher than the previous day, though it remains near its year-low of 16.5 cents and well below last May’s high of 31 cents.

Source: DCLA

Russian diamond miner Alrosa wants controlling stake to mine in Zimbabwe

Russian state-controlled miner Alrosa will assess the quality of Zimbabwe’s diamond reserves over the next six months but would only start mining if it can take a majority stake in such a project, the company’s chief executive said on Monday.

Zimbabwe is seeking to attract investment and has scrapped legislation that restricts foreign participation for some commodities. It has yet to do so for diamonds and platinum but has said that it will.

“Of course we’ll only be ready to participate in projects in cases where we can have management control and operational control of the assets,” Alrosa CEO Sergey Ivanov told Reuters.
That would mean a stake of at least 51 percent, he said, adding that he would be confident of achieving that if it gets to the stage of detailed discussions on how to advance a project.

Russia, along with China, has been a political ally of Zimbabwe since the days of its independence war against British rule, and this year Zimbabwe selected Alrosa and China’s Anjin Investments to partner its state diamond company.

Alrosa, the biggest diamond producer by volume, as well as Anglo American’s De Beers, the biggest in value terms, both say supply will shrink in the coming years as mines, such as Rio Tinto’s Argyle project, become depleted.

Laboratory-grown diamonds will add some supply. But Alrosa, like De Beers, says man-made stones are a separate market and have no re-sale value, in contrast to natural gems.

De Beers last year began marketing laboratory diamonds as jewelry for the first time, but Ivanov said that Alrosa has no interest in following suit.

The company is, however, expanding in Africa, where Zimbabwe and Angola remain under-explored.

Last year Alrosa said it was increasing its stake in Angola and Ivanov expects a deal to increase Alrosa’s stake in Angola, first flagged last year, will close “in the near future”. Alrosa and the Angolan government would each have a 41 percent stake, with the rest held by Chinese investors.

OPEC to scrap April meeting but keep oil cuts in place

Ivanov said stake size is not the only consideration and in Angola the company has reached agreement on corporate governance, transparency and has established an advisory board.

Alrosa is also protecting itself against the impact of U.S. sanctions by building trading infrastructure to allow transactions in currencies other than dollars, amounting to “a couple of percent” of its business.

He said it would not be rational to switch totally from dollars because that could distort the market.

“But in case there’s some geopolitical escalation, we should be able to switch to other currencies,” he said, citing Indian rupees, Chinese RMB and euros.

Source: DCLA

Russian diamond miner Alrosa wants controlling stake to mine in Zimbabwe

Russian state-controlled miner Alrosa will assess the quality of Zimbabwe’s diamond reserves over the next six months but would only start mining if it can take a majority stake in such a project, the company’s chief executive said on Monday.

Zimbabwe is seeking to attract investment and has scrapped legislation that restricts foreign participation for some commodities. It has yet to do so for diamonds and platinum but has said that it will.

“Of course we’ll only be ready to participate in projects in cases where we can have management control and operational control of the assets,” Alrosa CEO Sergey Ivanov told Reuters.
That would mean a stake of at least 51 percent, he said, adding that he would be confident of achieving that if it gets to the stage of detailed discussions on how to advance a project.

Russia, along with China, has been a political ally of Zimbabwe since the days of its independence war against British rule, and this year Zimbabwe selected Alrosa and China’s Anjin Investments to partner its state diamond company.

Alrosa, the biggest diamond producer by volume, as well as Anglo American’s De Beers, the biggest in value terms, both say supply will shrink in the coming years as mines, such as Rio Tinto’s Argyle project, become depleted.

Laboratory-grown diamonds will add some supply. But Alrosa, like De Beers, says man-made stones are a separate market and have no re-sale value, in contrast to natural gems.

De Beers last year began marketing laboratory diamonds as jewelry for the first time, but Ivanov said that Alrosa has no interest in following suit.

The company is, however, expanding in Africa, where Zimbabwe and Angola remain under-explored.

Last year Alrosa said it was increasing its stake in Angola and Ivanov expects a deal to increase Alrosa’s stake in Angola, first flagged last year, will close “in the near future”. Alrosa and the Angolan government would each have a 41 percent stake, with the rest held by Chinese investors.

OPEC to scrap April meeting but keep oil cuts in place

Ivanov said stake size is not the only consideration and in Angola the company has reached agreement on corporate governance, transparency and has established an advisory board.

Alrosa is also protecting itself against the impact of U.S. sanctions by building trading infrastructure to allow transactions in currencies other than dollars, amounting to “a couple of percent” of its business.

He said it would not be rational to switch totally from dollars because that could distort the market.

“But in case there’s some geopolitical escalation, we should be able to switch to other currencies,” he said, citing Indian rupees, Chinese RMB and euros.

Source: DCLA

Russian Alrosa in talks with Tiffany on premium color diamonds

Russia’s top diamond producer Alrosa is in talks with Tiffany & Co on the supply of small sized rough diamonds of premium colors, Alrosa CEO Sergei Ivanov has said.

“We have a long standing good relationship with Tiffany. They value and have been buying Russian diamonds of a certain range,” Ivanov was quoted by TASS news agency as saying on Friday.
“They have additional needs, so we are in talks with them on premium colors and not just small sized raw materials.

These are diamonds of small sizes, but of very high quality,” he said.

Ivanov did not mention the value of a possible contract, but said that it is “not a major one.”

Diamonds, with different colors, like pink, blue, orange, green and violet, are extremely rare and usually sold at premium prices.

Alrosa mines diamonds in the Russian Republic of Sakha Yakutia and the Arkhangelsk Region. Last year it produced 36.7 million carats of rough diamonds and its revenue from sales of diamond products amounted to 300 billion rubles 4.63 billion U.S. dollars.

After a series of one off supply deals with Laurelton Diamonds, a subsidiary of Tiffany & Co, Alrosa signed in 2012 a long-term supply contract with it, Alrosa said on its website. It did not disclose details of the deals.

Source: DCLA

Russian Alrosa in talks with Tiffany on premium color diamonds

Russia’s top diamond producer Alrosa is in talks with Tiffany & Co on the supply of small sized rough diamonds of premium colors, Alrosa CEO Sergei Ivanov has said.

“We have a long standing good relationship with Tiffany. They value and have been buying Russian diamonds of a certain range,” Ivanov was quoted by TASS news agency as saying on Friday.
“They have additional needs, so we are in talks with them on premium colors and not just small sized raw materials.

These are diamonds of small sizes, but of very high quality,” he said.

Ivanov did not mention the value of a possible contract, but said that it is “not a major one.”

Diamonds, with different colors, like pink, blue, orange, green and violet, are extremely rare and usually sold at premium prices.

Alrosa mines diamonds in the Russian Republic of Sakha Yakutia and the Arkhangelsk Region. Last year it produced 36.7 million carats of rough diamonds and its revenue from sales of diamond products amounted to 300 billion rubles 4.63 billion U.S. dollars.

After a series of one off supply deals with Laurelton Diamonds, a subsidiary of Tiffany & Co, Alrosa signed in 2012 a long-term supply contract with it, Alrosa said on its website. It did not disclose details of the deals.

Source: DCLA

Gem Diamonds nets $8.8 million for 13.3 carat pink

Africa-focused Gem Diamonds has sold a 13.33 carat pink diamond recovered at its flagship Letšeng mine in Lesotho last month for $8.8 million.

The high quality pink colour type I diamond sold at a tender in Antwerp, Belgium, achieving a record price per carat of almost $657,000.

The Letšeng mine is well known for yielding some extraordinary diamonds, At an average elevation of 3,100 metres above sea level, Letšeng is also one of the world’s highest diamond mines.

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 consumer demand for exotic and unusual diamonds. This means they are less affected by other factors driving general diamonds’ supply and demand.

Source: DCLA

Gem Diamonds nets $8.8 million for 13.3 carat pink

Africa-focused Gem Diamonds has sold a 13.33 carat pink diamond recovered at its flagship Letšeng mine in Lesotho last month for $8.8 million.

The high quality pink colour type I diamond sold at a tender in Antwerp, Belgium, achieving a record price per carat of almost $657,000.

The Letšeng mine is well known for yielding some extraordinary diamonds, At an average elevation of 3,100 metres above sea level, Letšeng is also one of the world’s highest diamond mines.

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 consumer demand for exotic and unusual diamonds. This means they are less affected by other factors driving general diamonds’ supply and demand.

Source: DCLA

Gem Diamonds posts record results, but withholds dividend

Shares in Africa focused Gem Diamonds took a hit on Wednesday as the miner disappointed investors by withholding its full year dividend, citing uncertainty about the global diamond industry as one of the main reasons.

The London-listed miner, which reported a sharp increase in annual profit thanks to record recoveries of large diamonds, said it had decided to strengthen its balance sheet rather than pay a dividend,“following a review of the current state of the global market.”

The company’s stock dropped as much as 7.8% to 88.6p on the news and was still trading lower (-6.25%) in London mid-afternoon,  extending its year to date decline to around 19%.

The diamond miner reported a sharp increase in annual profit thanks to record recoveries of large stones, but decided to strengthen its balance sheet rather than pay a dividend.Gem Diamonds reported a profit for the year of about $47 million, significantly more than the almost $21 million achieved, before exceptional items, in 2017.
Underlying earnings before interest, taxes, depreciation and amortization increased from $48.6 million in 2017 to $82.3 million in 2018, while earnings a share surged from 6.56c to 18.8c in the same period.

Gem Diamonds recovered 126,875 carats from its flagship Letšeng mine in Lesotho, the world’s highest dollar per carat diamond mine. Average value achieved was $2,131/ct or 10% more than the previous year.
The miner gets 80% of its revenue from diamonds larger than 10 carats, and 11% of its income comes from diamonds ranging between five and 10 carats in size. The balance of revenue is brought by smaller diamonds.
Thanks to that structure, it was not as exposed to the effects of weak prices and demand for tinier, lower-value stones as its peers, including De Beers, Alrosa and Petra Diamonds.

Gem, in fact, sold a total of 125,111 carats during the 2018 financial year, generating revenue of $267.3 million.
Letšeng mine produced a record 15 diamonds larger than 100 carats, including its largest ever diamond, the 910-carat “Lesotho Legend”, which sold for $40 million. The precious rock was the fifth largest ever found.
Since acquiring the operation in 2006, Gem Diamonds has found five of the 20 largest white gem quality diamonds ever recovered, which makes the mine the world’s highest dollar per carat kimberlite diamond operation.

At an average elevation of 3,100 metres (10,000 feet) above sea level, Letšeng is also one of the world’s highest diamond mines.

The biggest diamond ever found was the 3,106-carat Cullinan, dug near Pretoria, South Africa, in 1905. It was later cut into several stones, including the First Star of Africa and the Second Star of Africa, which are part of Britain’s Crown Jewels held in the Tower of London.

Source: DCLA

Gem Diamonds posts record results, but withholds dividend

Shares in Africa focused Gem Diamonds took a hit on Wednesday as the miner disappointed investors by withholding its full year dividend, citing uncertainty about the global diamond industry as one of the main reasons.

The London-listed miner, which reported a sharp increase in annual profit thanks to record recoveries of large diamonds, said it had decided to strengthen its balance sheet rather than pay a dividend,“following a review of the current state of the global market.”

The company’s stock dropped as much as 7.8% to 88.6p on the news and was still trading lower (-6.25%) in London mid-afternoon,  extending its year to date decline to around 19%.

The diamond miner reported a sharp increase in annual profit thanks to record recoveries of large stones, but decided to strengthen its balance sheet rather than pay a dividend.Gem Diamonds reported a profit for the year of about $47 million, significantly more than the almost $21 million achieved, before exceptional items, in 2017.
Underlying earnings before interest, taxes, depreciation and amortization increased from $48.6 million in 2017 to $82.3 million in 2018, while earnings a share surged from 6.56c to 18.8c in the same period.

Gem Diamonds recovered 126,875 carats from its flagship Letšeng mine in Lesotho, the world’s highest dollar per carat diamond mine. Average value achieved was $2,131/ct or 10% more than the previous year.
The miner gets 80% of its revenue from diamonds larger than 10 carats, and 11% of its income comes from diamonds ranging between five and 10 carats in size. The balance of revenue is brought by smaller diamonds.
Thanks to that structure, it was not as exposed to the effects of weak prices and demand for tinier, lower-value stones as its peers, including De Beers, Alrosa and Petra Diamonds.

Gem, in fact, sold a total of 125,111 carats during the 2018 financial year, generating revenue of $267.3 million.
Letšeng mine produced a record 15 diamonds larger than 100 carats, including its largest ever diamond, the 910-carat “Lesotho Legend”, which sold for $40 million. The precious rock was the fifth largest ever found.
Since acquiring the operation in 2006, Gem Diamonds has found five of the 20 largest white gem quality diamonds ever recovered, which makes the mine the world’s highest dollar per carat kimberlite diamond operation.

At an average elevation of 3,100 metres (10,000 feet) above sea level, Letšeng is also one of the world’s highest diamond mines.

The biggest diamond ever found was the 3,106-carat Cullinan, dug near Pretoria, South Africa, in 1905. It was later cut into several stones, including the First Star of Africa and the Second Star of Africa, which are part of Britain’s Crown Jewels held in the Tower of London.

Source: DCLA

Petra Diamonds shares jump after another discovery at Cullinan

South Africa’s Petra Diamonds has found a 100.83 carat gem quality diamond at its iconic Cullinan mine in South Africa.
The D colour, Type II diamond follows the recent recovery of a 6.12 carat Type II blue stone, also at Cullinan.

The company has piled up debt after building a new plant and digging deeper at its flagship Cullinan diamond mine.“The recoveries demonstrate the prevalence of these types of stones in the Cullinan orebody as well as the ability of the mine’s plant to recover the full spectrum of diamonds,” Petra said.

The company, which appointed last month former gold miner Richard Duffy as chief executive, said that both stones would be included in its upcoming March tender.

Shares climbed as much as 10.5% after the announcement, closing at 21.2p in London on Friday.

Petra has been seeking to turn around its fortunes after piling up debt to expand Cullinan, where the world’s biggest ever diamond was found in 1905.

Source: DCLA

Petra Diamonds shares jump after another discovery at Cullinan

South Africa’s Petra Diamonds has found a 100.83 carat gem quality diamond at its iconic Cullinan mine in South Africa.
The D colour, Type II diamond follows the recent recovery of a 6.12 carat Type II blue stone, also at Cullinan.

The company has piled up debt after building a new plant and digging deeper at its flagship Cullinan diamond mine.“The recoveries demonstrate the prevalence of these types of stones in the Cullinan orebody as well as the ability of the mine’s plant to recover the full spectrum of diamonds,” Petra said.

The company, which appointed last month former gold miner Richard Duffy as chief executive, said that both stones would be included in its upcoming March tender.

Shares climbed as much as 10.5% after the announcement, closing at 21.2p in London on Friday.

Petra has been seeking to turn around its fortunes after piling up debt to expand Cullinan, where the world’s biggest ever diamond was found in 1905.

Source: DCLA

Study Reveals Potential of Star Diamond Project

Star Diamond Corporation has noted a large quantity of high-value and large rough stones at its two exploration sites in Canada, sending its stock price shooting upward.

Nearly 27% of diamonds at its Star project are type IIa, a category that represents less than 2% of all rough diamonds mined from kimberlites, the company reported Monday.

The proportion of that category at its Orion South kimberlite is 13%, it said following a major study of goods it had recovered from the locations.

The company identified a 49.09-carat diamond from Star, and a 32.35-carat stone from Orion South. It also recovered two diamonds that were smaller but more valuable: An 11.96-carat stone from Star worth $11,333 per carat, and a 15.88-carat diamond from Orion South that it valued at $2,800 per carat.

“The presence of two high-value diamond groups (octahedra and type IIa) greatly strengthens the future potential-production diamond pricing from the Star and Orion South kimberlites,” said George Read, Star Diamond’s senior vice president of exploration and development.

The company’s share price rose 9% in early trading Monday.

Source: DCLA

Study Reveals Potential of Star Diamond Project

Star Diamond Corporation has noted a large quantity of high-value and large rough stones at its two exploration sites in Canada, sending its stock price shooting upward.

Nearly 27% of diamonds at its Star project are type IIa, a category that represents less than 2% of all rough diamonds mined from kimberlites, the company reported Monday.

The proportion of that category at its Orion South kimberlite is 13%, it said following a major study of goods it had recovered from the locations.

The company identified a 49.09-carat diamond from Star, and a 32.35-carat stone from Orion South. It also recovered two diamonds that were smaller but more valuable: An 11.96-carat stone from Star worth $11,333 per carat, and a 15.88-carat diamond from Orion South that it valued at $2,800 per carat.

“The presence of two high-value diamond groups (octahedra and type IIa) greatly strengthens the future potential-production diamond pricing from the Star and Orion South kimberlites,” said George Read, Star Diamond’s senior vice president of exploration and development.

The company’s share price rose 9% in early trading Monday.

Source: DCLA