Double-Digit Growth in Number of Bids at Rio Tinto Argyle Pink Diamonds Tender

The number of bidders at the recent 2019 Argyle Pink Diamonds Tender saw double-digit growth with buyers vying to get their hands on some of the last diamonds to come from the Argyle diamond mine. The mine is scheduled to close at the end of 2020.

While Rio Tinto does not disclose the value of winning bids, it said that over the past 19 years, the value of diamonds sold at Tender has appreciated over 500 percent, outperforming all major equity markets.

The most valuable lot in the collection, the Argyle Enigma, a 1.75-carat modified radiant fancy red diamond, was won by Australian based Argyle Pink Diamonds partner Blue Star & Kiven Diamonds who also won the 1.37-carat oval-shaped fancy vivid purplish pink Argyle Verity.

“No other diamonds on earth match the rarity and provenance of Argyle pink diamonds. To have acquired two of the last Argyle pink diamonds to ever be unearthed, and one of the few Fancy Red Argyle diamonds in existence is the ultimate privilege,” said Ron Kiven, director of Blue Star & Kiven Diamonds.

This year, Rio Tinto also offered The Argyle Pink Everlastings Collection comprising smaller Argyle pink and red diamonds totaling 211 carats. The entire collection was purchased by Hong Kong fancy colored diamond specialist Kunming Diamonds.

“This is a dream come true, a rare opportunity to acquire a once in a lifetime collection of pink and red Argyle diamonds,” said Kunming Diamonds director Harsh Maheshwari. “With the imminent closure of the Argyle mine, a collection such as this deserves to be showcased to the world and we look forward to announcing our plans at a later date.”

Source: DCLA

Double-Digit Growth in Number of Bids at Rio Tinto Argyle Pink Diamonds Tender

The number of bidders at the recent 2019 Argyle Pink Diamonds Tender saw double-digit growth with buyers vying to get their hands on some of the last diamonds to come from the Argyle diamond mine. The mine is scheduled to close at the end of 2020.

While Rio Tinto does not disclose the value of winning bids, it said that over the past 19 years, the value of diamonds sold at Tender has appreciated over 500 percent, outperforming all major equity markets.

The most valuable lot in the collection, the Argyle Enigma, a 1.75-carat modified radiant fancy red diamond, was won by Australian based Argyle Pink Diamonds partner Blue Star & Kiven Diamonds who also won the 1.37-carat oval-shaped fancy vivid purplish pink Argyle Verity.

“No other diamonds on earth match the rarity and provenance of Argyle pink diamonds. To have acquired two of the last Argyle pink diamonds to ever be unearthed, and one of the few Fancy Red Argyle diamonds in existence is the ultimate privilege,” said Ron Kiven, director of Blue Star & Kiven Diamonds.

This year, Rio Tinto also offered The Argyle Pink Everlastings Collection comprising smaller Argyle pink and red diamonds totaling 211 carats. The entire collection was purchased by Hong Kong fancy colored diamond specialist Kunming Diamonds.

“This is a dream come true, a rare opportunity to acquire a once in a lifetime collection of pink and red Argyle diamonds,” said Kunming Diamonds director Harsh Maheshwari. “With the imminent closure of the Argyle mine, a collection such as this deserves to be showcased to the world and we look forward to announcing our plans at a later date.”

Source: DCLA

Christie’s Garners $11M at London Auction

Christie’s brought in GBP 8.3 million ($10.7 million) from its Important Jewels sale in London on Wednesday, with pearls dominating the event.

The priciest was a cut-cornered rectangular step-cut, 18.02-carat, D-color, VVS1-clarity, type IIa diamond ring, which fetched GBP 881,250 ($1.1 million) against an estimate of GBP 800,000 to GBP 1.2 million ($1 million to $1.6 million). Four of the top 10 lots were jewelry items featuring pearls, which sold for well over their high estimates.

An emerald, diamond and cultured-pearl necklace by Meister, set with a rectangular cut-cornered, 10.99-carat emerald, garnered GBP 275,000 ($355,943), almost 23 times its GBP 12,000 ($15,532) high estimate. Meanwhile, a necklace containing 45 natural pearls went for GBP 268,750 ($347,922), well above its GBP 120,000 ($155,351) high valuation.

A pair of 19th-century natural-pearl earrings, which previously belonged to Eugénie de Montijo, the last empress of France and wife of Emperor Napoleon III, fetched GBP 237,500 ($307,375), smashing its GBP 80,000 ($103,537) upper estimate. A set of button-shaped, natural-pearl and diamond earrings, went for GBP 187,500 ($242,696), exceeding its GBP 80,000 ($103,537) high presale valuation.

Other notable items included a diamond necklace by Shinde, which garnered GBP 539,250 ($697,908), nearly three times its GBP 200,000 ($258,844) high valuation, and a Van Cleef & Arpels diamond necklace from the mid-20th century, which swept past its GBP 150,000 ($194,206) upper valuation, bringing in GBP 347,250 ($449,587).

Source: DCLA

Christie’s Garners $11M at London Auction

Christie’s brought in GBP 8.3 million ($10.7 million) from its Important Jewels sale in London on Wednesday, with pearls dominating the event.

The priciest was a cut-cornered rectangular step-cut, 18.02-carat, D-color, VVS1-clarity, type IIa diamond ring, which fetched GBP 881,250 ($1.1 million) against an estimate of GBP 800,000 to GBP 1.2 million ($1 million to $1.6 million). Four of the top 10 lots were jewelry items featuring pearls, which sold for well over their high estimates.

An emerald, diamond and cultured-pearl necklace by Meister, set with a rectangular cut-cornered, 10.99-carat emerald, garnered GBP 275,000 ($355,943), almost 23 times its GBP 12,000 ($15,532) high estimate. Meanwhile, a necklace containing 45 natural pearls went for GBP 268,750 ($347,922), well above its GBP 120,000 ($155,351) high valuation.

A pair of 19th-century natural-pearl earrings, which previously belonged to Eugénie de Montijo, the last empress of France and wife of Emperor Napoleon III, fetched GBP 237,500 ($307,375), smashing its GBP 80,000 ($103,537) upper estimate. A set of button-shaped, natural-pearl and diamond earrings, went for GBP 187,500 ($242,696), exceeding its GBP 80,000 ($103,537) high presale valuation.

Other notable items included a diamond necklace by Shinde, which garnered GBP 539,250 ($697,908), nearly three times its GBP 200,000 ($258,844) high valuation, and a Van Cleef & Arpels diamond necklace from the mid-20th century, which swept past its GBP 150,000 ($194,206) upper valuation, bringing in GBP 347,250 ($449,587).

Source: DCLA

The Curious Case of Fluorescence

The diamond industry has a complicated relationship with fluorescence.

Historically, both the trade and consumers saw value in a diamond that fluoresced under ultraviolet light. The perception was that it added to the color of the diamond while also providing various niche marketing opportunities. Take the ’80s disco era, when neon was in and a glow-in-the-dark diamond might have been cool.

But the positive view of fluorescence has changed over time — at least, from the trade’s perspective. Various periods of oversupply, and one or two scandals related to the subject, led the trade to discount diamonds with varying degrees of fluorescence. We explore this issue in the November issue of Rapaport Research Report and present our updated guidelines to what those discounts are. The higher the color, the more fluorescence negatively affects price.

The discounts are puzzling. The Gemological Institute of America (GIA) published a comprehensive paper on fluorescence in 1997, in which it challenged the notion that this trait had a negative impact on higher color diamonds. If anything, the GIA concluded, fluorescence adds to lower colors, and it does not affect a diamond’s transparency.

Most importantly, the GIA found that the jewelry-buying public saw no difference between diamonds with fluorescence and those without. It wasn’t an issue for the consumer back then, and it isn’t today, according to most of the diamond professionals we consulted for the report.

If that is true, the trade is missing out on an opportunity. The biggest challenge facing the industry is figuring out how to broaden demand, which has narrowed over the past decade as buyers have become more specific in their requirements. As a result, there is an oversupply of diamonds that are difficult to sell. In many cases, it’s because they are fluorescent goods.

We’re seeing a recovery in demand for stones with faint or no fluorescence, and continued weakness among diamonds in the medium, strong and very strong categories. That’s difficult to understand if the consumer isn’t too bothered about the issue.

And therein lies the opportunity: Savvy diamantaires and jewelers are buying fluorescent goods and marketing them as a specialized product. Some big sellers — most notably Alrosa — have a lot of fluorescence in their production and are trying to create a category for those stones. Considering that the industry needs an avenue for offloading its fluorescent diamonds, it should be encouraging initiatives like these.

Source: Diamonds.net

The Curious Case of Fluorescence

The diamond industry has a complicated relationship with fluorescence.

Historically, both the trade and consumers saw value in a diamond that fluoresced under ultraviolet light. The perception was that it added to the color of the diamond while also providing various niche marketing opportunities. Take the ’80s disco era, when neon was in and a glow-in-the-dark diamond might have been cool.

But the positive view of fluorescence has changed over time — at least, from the trade’s perspective. Various periods of oversupply, and one or two scandals related to the subject, led the trade to discount diamonds with varying degrees of fluorescence. We explore this issue in the November issue of Rapaport Research Report and present our updated guidelines to what those discounts are. The higher the color, the more fluorescence negatively affects price.

The discounts are puzzling. The Gemological Institute of America (GIA) published a comprehensive paper on fluorescence in 1997, in which it challenged the notion that this trait had a negative impact on higher color diamonds. If anything, the GIA concluded, fluorescence adds to lower colors, and it does not affect a diamond’s transparency.

Most importantly, the GIA found that the jewelry-buying public saw no difference between diamonds with fluorescence and those without. It wasn’t an issue for the consumer back then, and it isn’t today, according to most of the diamond professionals we consulted for the report.

If that is true, the trade is missing out on an opportunity. The biggest challenge facing the industry is figuring out how to broaden demand, which has narrowed over the past decade as buyers have become more specific in their requirements. As a result, there is an oversupply of diamonds that are difficult to sell. In many cases, it’s because they are fluorescent goods.

We’re seeing a recovery in demand for stones with faint or no fluorescence, and continued weakness among diamonds in the medium, strong and very strong categories. That’s difficult to understand if the consumer isn’t too bothered about the issue.

And therein lies the opportunity: Savvy diamantaires and jewelers are buying fluorescent goods and marketing them as a specialized product. Some big sellers — most notably Alrosa — have a lot of fluorescence in their production and are trying to create a category for those stones. Considering that the industry needs an avenue for offloading its fluorescent diamonds, it should be encouraging initiatives like these.

Source: Diamonds.net

$1B jewelry heist in Germany

Burglars stole jewelry, diamonds and gemstones valued at more than $1 billion from the historic Green Vault museum in Germany on Monday morning, according to media reports.

The thieves gained access to the Dresden museum by twisting back iron grill bars on a ground-floor window, after a nearby fire at a power distributor likely disabled the museum’s alarm system, German news outlets said.

The Green Vault collection, which is housed in Dresden Castle, was created in the 18th century by Saxon ruler Augustus the Strong. It contains a large assortment of jewels, including a 648-carat sapphire, a gift from Russia’s Czar Peter the Great. The Saxon crown jewels are also stored there. However, one of the collection’s most valuable pieces, the 41-carat Green Diamond, is believed to be safe, having been on loan to the Metropolitan Museum of Art in New York at the time of the heist, German newspaper Bild noted.

“Not only were the state art collections robbed, but also we Saxons,” tweeted Saxony Minister President Michael Kretschmer. “You cannot understand the history of Saxony without the Green Vault. The valuables here have been hard won by the people of our free state for many centuries.”

Police have closed the museum and are searching for the criminals.

Source: DCLA

$1B jewelry heist in Germany

Burglars stole jewelry, diamonds and gemstones valued at more than $1 billion from the historic Green Vault museum in Germany on Monday morning, according to media reports.

The thieves gained access to the Dresden museum by twisting back iron grill bars on a ground-floor window, after a nearby fire at a power distributor likely disabled the museum’s alarm system, German news outlets said.

The Green Vault collection, which is housed in Dresden Castle, was created in the 18th century by Saxon ruler Augustus the Strong. It contains a large assortment of jewels, including a 648-carat sapphire, a gift from Russia’s Czar Peter the Great. The Saxon crown jewels are also stored there. However, one of the collection’s most valuable pieces, the 41-carat Green Diamond, is believed to be safe, having been on loan to the Metropolitan Museum of Art in New York at the time of the heist, German newspaper Bild noted.

“Not only were the state art collections robbed, but also we Saxons,” tweeted Saxony Minister President Michael Kretschmer. “You cannot understand the history of Saxony without the Green Vault. The valuables here have been hard won by the people of our free state for many centuries.”

Police have closed the museum and are searching for the criminals.

Source: DCLA

LVMH to Buy Tiffany for $16 Billion in Largest Luxury-Goods Deal Ever

LVMH Moët Hennessy Louis Vuitton is set to acquire Tiffany & Co. for $16.2 billion, strengthening the Paris-based luxury group’s position in the global jewelry market and increasing its US presence.

“Tiffany is a company with an unparalleled heritage and unique position in the global jewelry world,” LVMH CEO Bernard Arnault said Monday. The deal will transform LVMH’s watches and jewelry division, the company added.

LVMH first made an unsolicited offer to purchase Tiffany for $14.5 billion, or $120 per share, last month. However, Tiffany felt the offer undervalued it, and asked LVMH to raise its bid. The new deal values the US jeweler at $135 per share.

“Following a strategic review that included a thoughtful internal process and expert external advice, the board has concluded that this transaction with LVMH provides an exciting path forward with a group that appreciates and will invest in Tiffany’s unique assets and strong human capital, while delivering a compelling price with value certainty to our shareholders,” explained Roger Farah, chairman of Tiffany’s board of directors.

Acquiring Tiffany will help LVMH compete against rivals Kering and Richemont in the luxury jewelry sector, RBC analyst Rogerio Fujimori was quoted in media reports as saying.

LVMH is also home to jewelry and watch brands Bulgari, Chaumet and TAG Heuer. The move would mark a return to LVMH for Tiffany CEO Alessandro Bogliolo, who previously held senior positions at Bulgari and Sephora, another LVMH label.

“Tiffany has been focused on executing on our key strategic priorities to drive sustainable long term growth,” said Bogliolo. “This transaction…will provide further support, resources and momentum for those priorities as we evolve towards becoming the next-generation luxury jeweler.”

Source: DCLA

LVMH to Buy Tiffany for $16 Billion in Largest Luxury-Goods Deal Ever

LVMH Moët Hennessy Louis Vuitton is set to acquire Tiffany & Co. for $16.2 billion, strengthening the Paris-based luxury group’s position in the global jewelry market and increasing its US presence.

“Tiffany is a company with an unparalleled heritage and unique position in the global jewelry world,” LVMH CEO Bernard Arnault said Monday. The deal will transform LVMH’s watches and jewelry division, the company added.

LVMH first made an unsolicited offer to purchase Tiffany for $14.5 billion, or $120 per share, last month. However, Tiffany felt the offer undervalued it, and asked LVMH to raise its bid. The new deal values the US jeweler at $135 per share.

“Following a strategic review that included a thoughtful internal process and expert external advice, the board has concluded that this transaction with LVMH provides an exciting path forward with a group that appreciates and will invest in Tiffany’s unique assets and strong human capital, while delivering a compelling price with value certainty to our shareholders,” explained Roger Farah, chairman of Tiffany’s board of directors.

Acquiring Tiffany will help LVMH compete against rivals Kering and Richemont in the luxury jewelry sector, RBC analyst Rogerio Fujimori was quoted in media reports as saying.

LVMH is also home to jewelry and watch brands Bulgari, Chaumet and TAG Heuer. The move would mark a return to LVMH for Tiffany CEO Alessandro Bogliolo, who previously held senior positions at Bulgari and Sephora, another LVMH label.

“Tiffany has been focused on executing on our key strategic priorities to drive sustainable long term growth,” said Bogliolo. “This transaction…will provide further support, resources and momentum for those priorities as we evolve towards becoming the next-generation luxury jeweler.”

Source: DCLA

Pink diamonds deliver strong results for Rio

Rio Tinto announced that its 2019 Argyle Pink Diamonds Tender collection of 64 rare pink and red diamonds saw double digit growth in the number of bids, with successful bidders hailing from nine countries.

The rocks were mined from the company’s Argyle mine in Western Australia and the collection is the 35th Tender since the operation became commercially active in 1983.

“Whilst bids and total values remain confidential, Lot 1, Argyle Enigma, the most valuable diamond in the collection, was won by Australian based Argyle Pink Diamonds partner Blue Star & Kiven Diamonds. Blue Star & Kiven Diamonds also won Lot 4, Argyle Verity,” Rio Tinto revealed.

According to Ron Kiven, director of Blue Star & Kiven Diamonds, no other diamonds on Earth match the rarity and provenance of Argyle pink diamonds.

“To have acquired two of the last Argyle pink diamonds to ever be unearthed, and one of the few Fancy Red Argyle diamonds in existence is the ultimate privilege,” Kiven said in a media statement.

Rio Tinto’s Argyle mine, located in the far north of Western Australia, produces virtually the world’s entire supply of pink, red and violet diamonds.

The mine, however, is scheduled to close in 2020 after almost four decades of production.

Source: DCLA

Pink diamonds deliver strong results for Rio

Rio Tinto announced that its 2019 Argyle Pink Diamonds Tender collection of 64 rare pink and red diamonds saw double digit growth in the number of bids, with successful bidders hailing from nine countries.

The rocks were mined from the company’s Argyle mine in Western Australia and the collection is the 35th Tender since the operation became commercially active in 1983.

“Whilst bids and total values remain confidential, Lot 1, Argyle Enigma, the most valuable diamond in the collection, was won by Australian based Argyle Pink Diamonds partner Blue Star & Kiven Diamonds. Blue Star & Kiven Diamonds also won Lot 4, Argyle Verity,” Rio Tinto revealed.

According to Ron Kiven, director of Blue Star & Kiven Diamonds, no other diamonds on Earth match the rarity and provenance of Argyle pink diamonds.

“To have acquired two of the last Argyle pink diamonds to ever be unearthed, and one of the few Fancy Red Argyle diamonds in existence is the ultimate privilege,” Kiven said in a media statement.

Rio Tinto’s Argyle mine, located in the far north of Western Australia, produces virtually the world’s entire supply of pink, red and violet diamonds.

The mine, however, is scheduled to close in 2020 after almost four decades of production.

Source: DCLA

Rare Argyle diamonds attract bidding bonanza as closure nears

Rio Tinto has showcased a collection of 64 rare pink and red diamonds from the Argyle mine in Western Australia in the 35th tender from the soon-to-be-closed mine.

The company reported “intense global demand” for the rare diamonds, with double digit growth in the number of bids during the tender.

The most valuable diamond in the collection, Argyle Enigma, was won by Melbourne-based dealer and Argyle Pink Diamonds partner Blue Star & Kiven Diamonds. It also secured Argyle Verity.

Bids and total values are kept confidential.

“No other diamonds on earth match the rarity and provenance of Argyle pink diamonds,” Blue Star & Kiven Diamonds director Ron Kiven said.

“To have acquired two of the last Argyle pink diamonds to ever be unearthed, and one of the few Fancy Red Argyle diamonds in existence is the ultimate privilege.”

The 2019 Argyle Pink Diamonds tender was highly sought after, with a set of results that underscore the ongoing value appreciation of the gems in the history of rare coloured diamonds, according to Rio Tinto copper and diamonds vice president of sales and marketing Alan Chirgwin.

This year’s tender is the first time to be accompanied by smaller Argyle pink and red diamonds known as the Argyle Pink Everlastings collection.

It comprises 64 lots of carefully curated diamonds, weighing 211 carats. The collection was entirely sold to Hong Kong fancy coloured diamond specialist, Kunming Diamonds.

“This is a rare opportunity to acquire a once in a lifetime collection of pink and red Argyle diamonds,” Kunming director Harsh Maheshwari said.

“With the imminent closure of the Argyle mine, a collection such as this deserves to be showcased to the world.”

The value of Argyle pink diamonds sold at tender has appreciated more than 500 per cent over the past 19 years, outperforming all major equity markets.

Almost the entire world supply of rare pink, red and violet diamonds come from Rio Tinto’s Argyle diamond mine in the East Kimberley region of Western Australia, which will close at the end of next year.

Source: DCLA

Rare Argyle diamonds attract bidding bonanza as closure nears

Rio Tinto has showcased a collection of 64 rare pink and red diamonds from the Argyle mine in Western Australia in the 35th tender from the soon-to-be-closed mine.

The company reported “intense global demand” for the rare diamonds, with double digit growth in the number of bids during the tender.

The most valuable diamond in the collection, Argyle Enigma, was won by Melbourne-based dealer and Argyle Pink Diamonds partner Blue Star & Kiven Diamonds. It also secured Argyle Verity.

Bids and total values are kept confidential.

“No other diamonds on earth match the rarity and provenance of Argyle pink diamonds,” Blue Star & Kiven Diamonds director Ron Kiven said.

“To have acquired two of the last Argyle pink diamonds to ever be unearthed, and one of the few Fancy Red Argyle diamonds in existence is the ultimate privilege.”

The 2019 Argyle Pink Diamonds tender was highly sought after, with a set of results that underscore the ongoing value appreciation of the gems in the history of rare coloured diamonds, according to Rio Tinto copper and diamonds vice president of sales and marketing Alan Chirgwin.

This year’s tender is the first time to be accompanied by smaller Argyle pink and red diamonds known as the Argyle Pink Everlastings collection.

It comprises 64 lots of carefully curated diamonds, weighing 211 carats. The collection was entirely sold to Hong Kong fancy coloured diamond specialist, Kunming Diamonds.

“This is a rare opportunity to acquire a once in a lifetime collection of pink and red Argyle diamonds,” Kunming director Harsh Maheshwari said.

“With the imminent closure of the Argyle mine, a collection such as this deserves to be showcased to the world.”

The value of Argyle pink diamonds sold at tender has appreciated more than 500 per cent over the past 19 years, outperforming all major equity markets.

Almost the entire world supply of rare pink, red and violet diamonds come from Rio Tinto’s Argyle diamond mine in the East Kimberley region of Western Australia, which will close at the end of next year.

Source: DCLA

3ct. Blue Diamond to Lead Phillips Sale

Phillips will feature a blue diamond ring by Tiffany & Co. at its upcoming New York Jewels auction, expecting it to fetch up to $2.5 million.

The cut-cornered square modified brilliant-cut, 3.02-carat, fancy-intense-blue, VS2-clarity diamond ring will lead the December 9 sale, the auction house said Wednesday.

An assortment of colorless diamonds will also go under the hammer, including an emerald-cut, 11.34-carat, D-color, VVS2-clarity, type IIa diamond ring by Harry Winston. The piece, which is flanked by two triangle-shaped diamonds weighing a total of 1.45 carats, has a presale estimate of $500,000 to $800,000. A 1925 Art Deco ring by Spaulding & Co., featuring a modified marquise brilliant-cut, 7.69-carat, D-color, VS2-clarity, type IIa diamond, will go under the hammer for $150,000 to $250,00, while a cut-cornered rectangular modified brilliant-cut, 13.05-carat diamond ring is estimated at $80,000 to $120,00.

Other notable items include a fancy-color diamond and gold necklace, featuring a pear modified brilliant-cut, 3.01-carat, fancy-blue-grey diamond, estimated at $250,000 to $450,000. A cut-cornered square step-cut, 16.23-carat, fancy-intense-yellow, VS1-clarity diamond ring by De Beers carries a presale estimate of $220,000 to $400,000.

Source: DCLA

3ct. Blue Diamond to Lead Phillips Sale

Phillips will feature a blue diamond ring by Tiffany & Co. at its upcoming New York Jewels auction, expecting it to fetch up to $2.5 million.

The cut-cornered square modified brilliant-cut, 3.02-carat, fancy-intense-blue, VS2-clarity diamond ring will lead the December 9 sale, the auction house said Wednesday.

An assortment of colorless diamonds will also go under the hammer, including an emerald-cut, 11.34-carat, D-color, VVS2-clarity, type IIa diamond ring by Harry Winston. The piece, which is flanked by two triangle-shaped diamonds weighing a total of 1.45 carats, has a presale estimate of $500,000 to $800,000. A 1925 Art Deco ring by Spaulding & Co., featuring a modified marquise brilliant-cut, 7.69-carat, D-color, VS2-clarity, type IIa diamond, will go under the hammer for $150,000 to $250,00, while a cut-cornered rectangular modified brilliant-cut, 13.05-carat diamond ring is estimated at $80,000 to $120,00.

Other notable items include a fancy-color diamond and gold necklace, featuring a pear modified brilliant-cut, 3.01-carat, fancy-blue-grey diamond, estimated at $250,000 to $450,000. A cut-cornered square step-cut, 16.23-carat, fancy-intense-yellow, VS1-clarity diamond ring by De Beers carries a presale estimate of $220,000 to $400,000.

Source: DCLA

Rio Tinto Sees Strong Bidding for Argyle Pinks

Rio Tinto saw a double-digit increase in the number of bids at its 2019 Argyle Pink Diamond Tender, the company reported Wednesday.

The miner offered two collections at the tender, with one buyer acquiring all 64 lots of the Everlasting Collection, comprising 211 carats of smaller diamonds. The center piece Hero stones included six pink and red diamonds weighing 1.07 carats to 2.01 carats.

Australia-based Blue Star & Kiven Diamonds, a subsidiary of Aurostar Group, bought the Argyle Enigma, the most valuable diamond in the sale, Rio Tinto said Wednesday. The company also won the Argyle Verity.

“To have acquired two of the last Argyle pink diamonds to ever be unearthed, and one of the few fancy-red Argyle diamonds in existence, is the ultimate privilege,” noted Blue Star & Kiven Diamonds director Ron Kiven.

Meanwhile, Hong Kong-based fancy-colored-diamond dealer Kunming Diamonds purchased the entire Argyle Pink Everlasting collection. Rio Tinto did not disclose the sales price for any of the lots.

“With the imminent closure of the Argyle mine, a collection such as this deserves to be showcased to the world and we look forward to announcing our plans at a later date,” said Harsh Maheshwari, director of Kunming Diamonds.

The Argyle mine in Western Australia is nearing the end of its operational life, with Rio Tinto expecting to produce diamonds there until the end of 2020.

Source: DCLA

Rio Tinto Sees Strong Bidding for Argyle Pinks

Rio Tinto saw a double-digit increase in the number of bids at its 2019 Argyle Pink Diamond Tender, the company reported Wednesday.

The miner offered two collections at the tender, with one buyer acquiring all 64 lots of the Everlasting Collection, comprising 211 carats of smaller diamonds. The center piece Hero stones included six pink and red diamonds weighing 1.07 carats to 2.01 carats.

Australia-based Blue Star & Kiven Diamonds, a subsidiary of Aurostar Group, bought the Argyle Enigma, the most valuable diamond in the sale, Rio Tinto said Wednesday. The company also won the Argyle Verity.

“To have acquired two of the last Argyle pink diamonds to ever be unearthed, and one of the few fancy-red Argyle diamonds in existence, is the ultimate privilege,” noted Blue Star & Kiven Diamonds director Ron Kiven.

Meanwhile, Hong Kong-based fancy-colored-diamond dealer Kunming Diamonds purchased the entire Argyle Pink Everlasting collection. Rio Tinto did not disclose the sales price for any of the lots.

“With the imminent closure of the Argyle mine, a collection such as this deserves to be showcased to the world and we look forward to announcing our plans at a later date,” said Harsh Maheshwari, director of Kunming Diamonds.

The Argyle mine in Western Australia is nearing the end of its operational life, with Rio Tinto expecting to produce diamonds there until the end of 2020.

Source: DCLA

Zimbabwe to Take Smaller Cut of Diamond Sales

Zimbabwe plans to reduce the percentage of sales diamond miners must pay to the state, aiming to encourage companies to invest in the Marange fields.

The government proposed a new royalty rate of 10% in the annual budget last week. Diamond producers currently pay 15% of gross revenues, but their overall costs have escalated as they shift toward hard-rock — or “conglomerate” — mining, which is lucrative but expensive.

The change could benefit companies such as Russia’s Alrosa, which is exploring for rough in the country, as well as Botswana Diamonds and Vast Resources, which operate a joint venture at the Marange fields.

“The royalty rate of 15% on diamonds was set during the period when mining was predominantly alluvial, and extraction cost was relatively low,” Mthuli Ncube, minister of finance and economic development, explained in his budget statement. “However, diamond miners are [now] exploiting conglomerate deposits, hence the cost of extraction has significantly increased.”

Last year, the state-owned Zimbabwe Consolidated Diamond Company installed a crushing plant at Marange to help it process the harder rock. The nation plans to increase its annual production to 11 million carats by 2023, from 3.2 million carats in 2018, Reuters reported last month.

The state intends to introduce the lower royalty rate on January 1 with the goal of attracting investment in exploration and extraction. The country has also made progress in its plans to repeal an “indigenization” law limiting foreign ownership of diamond and platinum mines, Ncube continued.

Source: DCLA

Zimbabwe to Take Smaller Cut of Diamond Sales

Zimbabwe plans to reduce the percentage of sales diamond miners must pay to the state, aiming to encourage companies to invest in the Marange fields.

The government proposed a new royalty rate of 10% in the annual budget last week. Diamond producers currently pay 15% of gross revenues, but their overall costs have escalated as they shift toward hard-rock — or “conglomerate” — mining, which is lucrative but expensive.

The change could benefit companies such as Russia’s Alrosa, which is exploring for rough in the country, as well as Botswana Diamonds and Vast Resources, which operate a joint venture at the Marange fields.

“The royalty rate of 15% on diamonds was set during the period when mining was predominantly alluvial, and extraction cost was relatively low,” Mthuli Ncube, minister of finance and economic development, explained in his budget statement. “However, diamond miners are [now] exploiting conglomerate deposits, hence the cost of extraction has significantly increased.”

Last year, the state-owned Zimbabwe Consolidated Diamond Company installed a crushing plant at Marange to help it process the harder rock. The nation plans to increase its annual production to 11 million carats by 2023, from 3.2 million carats in 2018, Reuters reported last month.

The state intends to introduce the lower royalty rate on January 1 with the goal of attracting investment in exploration and extraction. The country has also made progress in its plans to repeal an “indigenization” law limiting foreign ownership of diamond and platinum mines, Ncube continued.

Source: DCLA

Lucapa recovers two +100 carat diamonds at Mothae Mine

Lucapa Diamond Company has reported the recovery of two more +100 carat diamonds from the Mothae kimberlite mine in Lesotho.

One of the stones was a 220 carat stone and is the largest of the three +100 carat diamonds recovered to date from Mothae, since commercial production in January 2019.

The other diamond was 127 carat. Both diamonds were recovered from the treatment of recovery tailings. While the two diamonds are not high-quality, they continue to underline the large-stone nature of the Mothae deposit.

Lucapa Diamond Company reports the recovery of two more +100 carat diamonds from the Mothae kimberlite mine in Lesotho.

Ownership of the mine is split as follows: Lucapa 70%; Government of Lesotho 30%.

The 220 carat stone is the largest of the three +100 carat diamonds recovered to date from Mothae since commercial production commenced in January 2019.

The 220 carat and 127 carat diamonds were recovered from the treatment of recovery tailings.

While the two diamonds are not of high-quality, they continue to underline the large-stone nature of the deposit.

The mine continues to perform well in its first year of commercial production, with another monthly production record of 3,096 carats in the month of October.

Source: DCLA

Lucapa recovers two +100 carat diamonds at Mothae Mine

Lucapa Diamond Company has reported the recovery of two more +100 carat diamonds from the Mothae kimberlite mine in Lesotho.

One of the stones was a 220 carat stone and is the largest of the three +100 carat diamonds recovered to date from Mothae, since commercial production in January 2019.

The other diamond was 127 carat. Both diamonds were recovered from the treatment of recovery tailings. While the two diamonds are not high-quality, they continue to underline the large-stone nature of the Mothae deposit.

Lucapa Diamond Company reports the recovery of two more +100 carat diamonds from the Mothae kimberlite mine in Lesotho.

Ownership of the mine is split as follows: Lucapa 70%; Government of Lesotho 30%.

The 220 carat stone is the largest of the three +100 carat diamonds recovered to date from Mothae since commercial production commenced in January 2019.

The 220 carat and 127 carat diamonds were recovered from the treatment of recovery tailings.

While the two diamonds are not of high-quality, they continue to underline the large-stone nature of the deposit.

The mine continues to perform well in its first year of commercial production, with another monthly production record of 3,096 carats in the month of October.

Source: DCLA