Blue Nile to Sell Lightbox Lab-Grown Diamonds

 

Blue Nile has launched an exclusive line of Lightbox lab-grown diamond jewelry, its first foray into synthetics in its 21-year history.

De Beers-owned Lightbox seemed like the obvious choice for a partner, given the alignment of the two companies’ perspectives, Blue Nile CEO Sean Kell told Rapaport News Thursday.

“We’ve been watching the lab-grown diamond market for some time. We think both natural diamonds and lab-grown diamonds have a place in the market,” he noted. “When we first discussed stepping into the lab-grown space, Lightbox was the only brand partner that came to mind.”

The online jeweler’s partnership with the lab-grown brand is an effort to offer a greater range of products to its customers.

“The launch of the Blue Nile Lightbox collection…now adds even more variety, quality and value for our customers as we head into the new year,” Kell said. “[This] will further expand and transform [our] product assortment to meet the needs of evolving consumers in the jewelry space.”

The collection will feature new and exclusive styles of jewelry, including earring, pendants, bracelets and rings, set with white, blue or pink lab-grown diamonds in 14-karat white or yellow gold. The pieces, which range from $600 to $1,750, will be available both online and in Blue Nile’s newly launched and soon-to-open showrooms, Kell noted.

While Blue Nile’s Lightbox collection will feature fashion jewelry, it will not include engagement rings, for now.

“At this time we do not [plan to carry them],” Kell added. “We think of lab-grown diamonds versus natural diamonds as two separate categories. Our belief is consumers will continue to select natural diamonds for engagement and significant milestones, whereas lab-grown diamonds…will give shoppers an opportunity to expand their jewelry box with…jewelry they can wear every day.”

Lightbox opens its doors

The launch coincides with the debut of Lightbox’s new 60,000-square-foot manufacturing facility in Gresham, Oregon. The synthetics maker began production at the facility during the summer, as construction was being completed, and plans to ramp up output at the $94 million plant to reach 200,000 carats annually.

“Manufacturing lab-grown diamonds in the US was a goal from the beginning,” said Lightbox CEO Steve Coe. “With this facility and our…partnership with Blue Nile, we have an incredible opportunity to grow our business, improve consumer education and further establish Lightbox as the leading lab-grown diamond jewelry brand.”

Lightbox first dipped its toe in the retail space through partnerships with Bloomingdale’s and Reeds Jewelers. Earlier this month, the company announced an expansion to 10 independent retail jewelers in the US and Canada, a move it believes will enable it to gain insight into different audience segments, and learn how they shop and which products appeal to them most.

While the De Beers brand is currently focused on retail partnerships, Coe told Rapaport News he wouldn’t rule out the possibility of “one or two” self-operated stores “at some point.”

The company is also looking to expand its product offering, including creating larger sizes for its lab-grown diamonds, which currently weigh up to 1 carat.

“The biggest priority for us in 2021 is exploring the opportunity to go to larger sizes,” Coe noted. “That is something we are working on — going up to 2 carats.”

Meanwhile, the lab-grown brand is also looking to extend its color range beyond white, blue and pink.

“Our scientists are already looking at other color options, and in the lab at least, we’ve made yellows, greens, violets and other shades,” Coe added. “But that’s more likely in the 2022, 2023 timeframe, probably.”

Source: DCLA

Blue Nile to Sell Lightbox Lab-Grown Diamonds

 

Blue Nile has launched an exclusive line of Lightbox lab-grown diamond jewelry, its first foray into synthetics in its 21-year history.

De Beers-owned Lightbox seemed like the obvious choice for a partner, given the alignment of the two companies’ perspectives, Blue Nile CEO Sean Kell told Rapaport News Thursday.

“We’ve been watching the lab-grown diamond market for some time. We think both natural diamonds and lab-grown diamonds have a place in the market,” he noted. “When we first discussed stepping into the lab-grown space, Lightbox was the only brand partner that came to mind.”

The online jeweler’s partnership with the lab-grown brand is an effort to offer a greater range of products to its customers.

“The launch of the Blue Nile Lightbox collection…now adds even more variety, quality and value for our customers as we head into the new year,” Kell said. “[This] will further expand and transform [our] product assortment to meet the needs of evolving consumers in the jewelry space.”

The collection will feature new and exclusive styles of jewelry, including earring, pendants, bracelets and rings, set with white, blue or pink lab-grown diamonds in 14-karat white or yellow gold. The pieces, which range from $600 to $1,750, will be available both online and in Blue Nile’s newly launched and soon-to-open showrooms, Kell noted.

While Blue Nile’s Lightbox collection will feature fashion jewelry, it will not include engagement rings, for now.

“At this time we do not [plan to carry them],” Kell added. “We think of lab-grown diamonds versus natural diamonds as two separate categories. Our belief is consumers will continue to select natural diamonds for engagement and significant milestones, whereas lab-grown diamonds…will give shoppers an opportunity to expand their jewelry box with…jewelry they can wear every day.”

Lightbox opens its doors

The launch coincides with the debut of Lightbox’s new 60,000-square-foot manufacturing facility in Gresham, Oregon. The synthetics maker began production at the facility during the summer, as construction was being completed, and plans to ramp up output at the $94 million plant to reach 200,000 carats annually.

“Manufacturing lab-grown diamonds in the US was a goal from the beginning,” said Lightbox CEO Steve Coe. “With this facility and our…partnership with Blue Nile, we have an incredible opportunity to grow our business, improve consumer education and further establish Lightbox as the leading lab-grown diamond jewelry brand.”

Lightbox first dipped its toe in the retail space through partnerships with Bloomingdale’s and Reeds Jewelers. Earlier this month, the company announced an expansion to 10 independent retail jewelers in the US and Canada, a move it believes will enable it to gain insight into different audience segments, and learn how they shop and which products appeal to them most.

While the De Beers brand is currently focused on retail partnerships, Coe told Rapaport News he wouldn’t rule out the possibility of “one or two” self-operated stores “at some point.”

The company is also looking to expand its product offering, including creating larger sizes for its lab-grown diamonds, which currently weigh up to 1 carat.

“The biggest priority for us in 2021 is exploring the opportunity to go to larger sizes,” Coe noted. “That is something we are working on — going up to 2 carats.”

Meanwhile, the lab-grown brand is also looking to extend its color range beyond white, blue and pink.

“Our scientists are already looking at other color options, and in the lab at least, we’ve made yellows, greens, violets and other shades,” Coe added. “But that’s more likely in the 2022, 2023 timeframe, probably.”

Source: DCLA

Gem Diamonds back in the black on higher prices

 

Africa-focused Gem Diamonds became on Wednesday the latest miner to show signs of a slow but steady recovery in the market after showing it had swung to positive cash flow and slashed debt on the back of rising diamond prices.

The company reduced its net debt position by $6.6 million in the July-September quarter, ending the period with $1.1 million in cash. This compares to a net debt of $5.5 million in the first half of the year.

The sale of seven diamonds for more than $1 million each helped the miner’s bottom line, generating revenue of $25.6 million during the period.

The company achieved an average diamond price in the third quarter of $2,215 per carat, up from $1,714 per carat in the first half of the year.

“These prices achieved, on a like-for-like basis, are higher than those realized in the pre-covid-19 market conditions of the second half of the 2019 [financial year]”, chief executive Clifford Elphick said in the statement.

The apparent ongoing recovery in the diamond market is still thought to be fragile. De Beers, the world’s largest diamond producer by value, said in early October it was too early to be sure of a sustained upturn in trading conditions.

“Whilst the market has been defibrillated, we think it will remain in intensive care for some time, although any improvement is good news for the smaller pure play producers with weak balance sheets,” BMO Analyst Edward Sterck said in a note last month.

Letšeng back at full tilt
Gem Diamond’s Letšeng mine in Lesotho returned to full ore mining and treatment capacity in a phased manner during the second quarter, the company said.

Enhanced focus on stability and overall uptime of the Letšeng plants resulted in a conscious decision to reduce the instantaneous feed rate to each plant to reduce feed variability and enhance recovery, Gem noted.

Since acquiring Letšeng in 2006, Gem Diamonds has found more than 60 white gem quality diamonds over 100 carats each, which makes the mine the world’s highest dollar per carat kimberlite diamond operation.

The company recently secured a 10-year extension for its mining lease, with the government of Lesotho granting the company exclusive rights for further renewals.

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.

Source: DCLA

Gem Diamonds back in the black on higher prices

 

Africa-focused Gem Diamonds became on Wednesday the latest miner to show signs of a slow but steady recovery in the market after showing it had swung to positive cash flow and slashed debt on the back of rising diamond prices.

The company reduced its net debt position by $6.6 million in the July-September quarter, ending the period with $1.1 million in cash. This compares to a net debt of $5.5 million in the first half of the year.

The sale of seven diamonds for more than $1 million each helped the miner’s bottom line, generating revenue of $25.6 million during the period.

The company achieved an average diamond price in the third quarter of $2,215 per carat, up from $1,714 per carat in the first half of the year.

“These prices achieved, on a like-for-like basis, are higher than those realized in the pre-covid-19 market conditions of the second half of the 2019 [financial year]”, chief executive Clifford Elphick said in the statement.

The apparent ongoing recovery in the diamond market is still thought to be fragile. De Beers, the world’s largest diamond producer by value, said in early October it was too early to be sure of a sustained upturn in trading conditions.

“Whilst the market has been defibrillated, we think it will remain in intensive care for some time, although any improvement is good news for the smaller pure play producers with weak balance sheets,” BMO Analyst Edward Sterck said in a note last month.

Letšeng back at full tilt
Gem Diamond’s Letšeng mine in Lesotho returned to full ore mining and treatment capacity in a phased manner during the second quarter, the company said.

Enhanced focus on stability and overall uptime of the Letšeng plants resulted in a conscious decision to reduce the instantaneous feed rate to each plant to reduce feed variability and enhance recovery, Gem noted.

Since acquiring Letšeng in 2006, Gem Diamonds has found more than 60 white gem quality diamonds over 100 carats each, which makes the mine the world’s highest dollar per carat kimberlite diamond operation.

The company recently secured a 10-year extension for its mining lease, with the government of Lesotho granting the company exclusive rights for further renewals.

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.

Source: DCLA

Rare Argyle pink diamonds released ahead of mine closure

 

Australian Diamond Portfolio is set to showcase a selection of the last pink diamonds to be unearthed in Australia before Rio Tinto closes the Argyle mine in Western Australia.

It is rumoured that final excavation at the Argyle mine will take place on November 2.

Sydney-based Australian Diamond Portfolio will curate a set of pink diamonds as part of The Legacy Collection, with affordable prices ranging from $1000 to $10,000.

Coveted for its distinctive colour and coupled with its rarity, the pink diamond is one of the most elusive gemstones in the world, according to Australian Diamond Portfolio.

“Unlike yellow diamonds, which comprise over 60 per cent of all fancy colour diamonds produced, natural pinks fall into the same category as blues and reds for their extreme rarity,” it added.

“… The richer the ‘pink’, the rarer and more valuable the stone. Nowhere else in the world can you find pinks with such character and depth of colour and vibrance of tone as those from the Argyle mine.

“Even if a new mine was to be discovered in the near future, it would still take a minimum 10-15 years to reach the actual stage of producing diamonds to sell.”

Australian Diamond Portfolio consultant and master diamond polisher David Burger said nobody could say for certain what exactly gave pink diamonds their stunning colour.

“Other diamonds get their colour from chemical impurities that absorb light, however, no similar impurities have been found in pink diamonds, leading scientists to speculate that the colour may be the result of some kind of seismic shock that altered the stone’s molecular structure instead,” he said.

The Legacy Collection will feature three shades of the Argyle pink diamonds, which are pink, purplish pink and pink rosé, with weights ranging from 0.08 to 0.14 carat.

A percentage of profits will be donated to the McGrath Foundation.

Source: DCLA

Rare Argyle pink diamonds released ahead of mine closure

 

Australian Diamond Portfolio is set to showcase a selection of the last pink diamonds to be unearthed in Australia before Rio Tinto closes the Argyle mine in Western Australia.

It is rumoured that final excavation at the Argyle mine will take place on November 2.

Sydney-based Australian Diamond Portfolio will curate a set of pink diamonds as part of The Legacy Collection, with affordable prices ranging from $1000 to $10,000.

Coveted for its distinctive colour and coupled with its rarity, the pink diamond is one of the most elusive gemstones in the world, according to Australian Diamond Portfolio.

“Unlike yellow diamonds, which comprise over 60 per cent of all fancy colour diamonds produced, natural pinks fall into the same category as blues and reds for their extreme rarity,” it added.

“… The richer the ‘pink’, the rarer and more valuable the stone. Nowhere else in the world can you find pinks with such character and depth of colour and vibrance of tone as those from the Argyle mine.

“Even if a new mine was to be discovered in the near future, it would still take a minimum 10-15 years to reach the actual stage of producing diamonds to sell.”

Australian Diamond Portfolio consultant and master diamond polisher David Burger said nobody could say for certain what exactly gave pink diamonds their stunning colour.

“Other diamonds get their colour from chemical impurities that absorb light, however, no similar impurities have been found in pink diamonds, leading scientists to speculate that the colour may be the result of some kind of seismic shock that altered the stone’s molecular structure instead,” he said.

The Legacy Collection will feature three shades of the Argyle pink diamonds, which are pink, purplish pink and pink rosé, with weights ranging from 0.08 to 0.14 carat.

A percentage of profits will be donated to the McGrath Foundation.

Source: DCLA

Rio Tinto asks court to OK sale of partner's diamonds in Canada mine

 

Global miner Rio Tinto is seeking court approval to sell its partner’s share of diamonds from a mine in Canada’s Northwest Territories, a filing showed, hoping to recover around C$120-million plus legal fees and other costs.

Rio owns 60% of Diavik Diamond Mines Inc (DDMI) and says it is owed C$119.5-million plus about C$2.4-million in fees by junior partner Dominion Diamond.

Dominion holds a 40% stake in the northern mine, located about 300 km north of the territorial capital of Yellowknife.

Closely held Dominion sought creditor protection in April, saying it could not afford Rio’s cash calls amid coronavirus-related disruptions in the global diamond industry.

Dominion said October 9 a proposed deal to sell its nearby Ekati mine to an affiliate of its parent company The Washington Companies for $126-million fell apart. That deal did not include its minority Diavik stake.

DDMI said in court filings that Dominion has not repaid cover payments and “has no intention of doing so” and that it would be “unjust and inequitable” to not permit DDMI to recover the amounts owing to it in accordance with its joint venture agreement.

“We remain focused on ensuring Diavik diamond mine continues to operate safely, maintaining the mine’s significant contribution to the Northwest Territories and local communities through payments to government, employees and suppliers,” a spokesman for Diavik said on Friday.

A court hearing on the application is set for October 30 in Calgary, Alberta.

Diavik produced 6.7-million carats in 2019 but is scheduled to close in 2025, with cleanup costs estimated at $365.3-million, according to court documents.

Dominion declined comment on the fate of its Diavik stake. Rio has said it will not bid on the minority interest.

Source: DCLA

Rio Tinto asks court to OK sale of partner's diamonds in Canada mine

 

Global miner Rio Tinto is seeking court approval to sell its partner’s share of diamonds from a mine in Canada’s Northwest Territories, a filing showed, hoping to recover around C$120-million plus legal fees and other costs.

Rio owns 60% of Diavik Diamond Mines Inc (DDMI) and says it is owed C$119.5-million plus about C$2.4-million in fees by junior partner Dominion Diamond.

Dominion holds a 40% stake in the northern mine, located about 300 km north of the territorial capital of Yellowknife.

Closely held Dominion sought creditor protection in April, saying it could not afford Rio’s cash calls amid coronavirus-related disruptions in the global diamond industry.

Dominion said October 9 a proposed deal to sell its nearby Ekati mine to an affiliate of its parent company The Washington Companies for $126-million fell apart. That deal did not include its minority Diavik stake.

DDMI said in court filings that Dominion has not repaid cover payments and “has no intention of doing so” and that it would be “unjust and inequitable” to not permit DDMI to recover the amounts owing to it in accordance with its joint venture agreement.

“We remain focused on ensuring Diavik diamond mine continues to operate safely, maintaining the mine’s significant contribution to the Northwest Territories and local communities through payments to government, employees and suppliers,” a spokesman for Diavik said on Friday.

A court hearing on the application is set for October 30 in Calgary, Alberta.

Diavik produced 6.7-million carats in 2019 but is scheduled to close in 2025, with cleanup costs estimated at $365.3-million, according to court documents.

Dominion declined comment on the fate of its Diavik stake. Rio has said it will not bid on the minority interest.

Source: DCLA

Sotheby’s Nets $18M at Live New York Jewellery Sale

 

Sotheby’s garnered $17.9 million from its Important Jewels sale in New York, with a pink-diamond ring taking the top spot.

The pear-shaped, 12.38-carat, fancy-pink, VVS2-clarity diamond ring fetched $4.6 million, or $373,337 per carat, falling within the price range the auctioneer had estimated. It led the auction house’s first live jewelry sale in the state since the coronavirus pandemic began in March.

“This auction was presented in a new and innovative format, a hybrid of online advance bidding, culminating in the drama of a live auction,” Kendall Reed, head of fine and online jewels at Sotheby’s New York, said last week.

A necklace, set with a pear-shaped, 51.92-carat, D-color, internally flawless diamond pendant, surmounted by a separate pear-shaped, 3.65-carat, fancy-brownish-orangey-pink diamond, went for $3.2 million, just above the low end of its presale valuation. Meanwhile, a diamond ring containing a cushion-cut, 19.24-carat Kashmir sapphire achieved $1.5 million, matching its low estimate.

Some 60% of items on offer sold over their high estimates, including a pink-tourmaline and diamond clip brooch by Schlumberger for Tiffany & Co., which brought in $37,800, more than double its high estimate. A ring featuring a 14.06-carat Burmese ruby went for $302,400 against a high estimate of $140,000, while a star sapphire and diamond ring sold for $52,920, more than four times its $12,000 high presale valuation.

In total, Sotheby’s sold 83% of items on offer, with participants hailing from 30 countries. Three-quarters of buyers placed their bids online.

“Our results are a clear indication that the appetite for top-quality diamonds, rare gemstones and stylish signed jewels remains strong,” Reed added. 

Source: DCLA

Sotheby’s Nets $18M at Live New York Jewellery Sale

 

Sotheby’s garnered $17.9 million from its Important Jewels sale in New York, with a pink-diamond ring taking the top spot.

The pear-shaped, 12.38-carat, fancy-pink, VVS2-clarity diamond ring fetched $4.6 million, or $373,337 per carat, falling within the price range the auctioneer had estimated. It led the auction house’s first live jewelry sale in the state since the coronavirus pandemic began in March.

“This auction was presented in a new and innovative format, a hybrid of online advance bidding, culminating in the drama of a live auction,” Kendall Reed, head of fine and online jewels at Sotheby’s New York, said last week.

A necklace, set with a pear-shaped, 51.92-carat, D-color, internally flawless diamond pendant, surmounted by a separate pear-shaped, 3.65-carat, fancy-brownish-orangey-pink diamond, went for $3.2 million, just above the low end of its presale valuation. Meanwhile, a diamond ring containing a cushion-cut, 19.24-carat Kashmir sapphire achieved $1.5 million, matching its low estimate.

Some 60% of items on offer sold over their high estimates, including a pink-tourmaline and diamond clip brooch by Schlumberger for Tiffany & Co., which brought in $37,800, more than double its high estimate. A ring featuring a 14.06-carat Burmese ruby went for $302,400 against a high estimate of $140,000, while a star sapphire and diamond ring sold for $52,920, more than four times its $12,000 high presale valuation.

In total, Sotheby’s sold 83% of items on offer, with participants hailing from 30 countries. Three-quarters of buyers placed their bids online.

“Our results are a clear indication that the appetite for top-quality diamonds, rare gemstones and stylish signed jewels remains strong,” Reed added. 

Source: DCLA

Petra to sell blue diamonds recovered at Cullinan

 

Petra Diamonds (LON: PDL) announced the launching of a special tender process for the Letlapa Tala Collection, which comprises five blue diamonds sourced from the Cullinan mine in South Africa. 

Cullinan is known as the world’s most important source of blue diamonds, as well as being the place of birth of the 3,106-carat Cullinan diamond, which was cut to form the 530-carat Great Star of Africa and the 317-carat Second Star of Africa, being the two largest diamonds in the British Crown Jewels.

In a press release, Petra said that the name of the new collection actually means ‘blue rock’ in Northern Sotho (commonly known as Pedi), the predominant language spoken in the Cullinan area.

CULLINAN IS KNOWN AS THE WORLD’S MOST IMPORTANT SOURCE OF BLUE DIAMONDS

The collection consists of five Type IIb blue diamonds of 25.75, 21.25, 17.57, 11.42 and 9.61 carats, respectively. Type II diamonds contain no detectable nitrogen in their chemical structure and tend to display exceptional transparency. Type IIb stones contain a small amount of boron, which is what determines their blue colour.

“Blue diamonds are so rare that most people working in the diamond industry have never even seen one,” the media release states. “There are no official statistics on their recovery, so it is therefore even more unusual that these five spectacular stones were all recovered within the space of one week’s production in September 2020.”

According to Petra, this is likely to be the first time that five blue rough diamonds have ever been offered for sale at one time, with buyers being offered the chance to bid either on individual stones, more than one, or for the entire collection.

The Letlapa Tala gems will be available for viewings in Antwerp from October 25 to November 1; Hong Kong from November 5  to November 10; and New York from November 16 to November 20, 2020.

Source: DCLA

Petra to sell blue diamonds recovered at Cullinan

 

Petra Diamonds (LON: PDL) announced the launching of a special tender process for the Letlapa Tala Collection, which comprises five blue diamonds sourced from the Cullinan mine in South Africa. 

Cullinan is known as the world’s most important source of blue diamonds, as well as being the place of birth of the 3,106-carat Cullinan diamond, which was cut to form the 530-carat Great Star of Africa and the 317-carat Second Star of Africa, being the two largest diamonds in the British Crown Jewels.

In a press release, Petra said that the name of the new collection actually means ‘blue rock’ in Northern Sotho (commonly known as Pedi), the predominant language spoken in the Cullinan area.

CULLINAN IS KNOWN AS THE WORLD’S MOST IMPORTANT SOURCE OF BLUE DIAMONDS

The collection consists of five Type IIb blue diamonds of 25.75, 21.25, 17.57, 11.42 and 9.61 carats, respectively. Type II diamonds contain no detectable nitrogen in their chemical structure and tend to display exceptional transparency. Type IIb stones contain a small amount of boron, which is what determines their blue colour.

“Blue diamonds are so rare that most people working in the diamond industry have never even seen one,” the media release states. “There are no official statistics on their recovery, so it is therefore even more unusual that these five spectacular stones were all recovered within the space of one week’s production in September 2020.”

According to Petra, this is likely to be the first time that five blue rough diamonds have ever been offered for sale at one time, with buyers being offered the chance to bid either on individual stones, more than one, or for the entire collection.

The Letlapa Tala gems will be available for viewings in Antwerp from October 25 to November 1; Hong Kong from November 5  to November 10; and New York from November 16 to November 20, 2020.

Source: DCLA

WIN ! A PERTH MINT GOLD COIN WORTH OVER $300!

Prize:

The Perth Mint Gold Coin is one of Australia's iconic coins, worth over $300. With Gold prices at an ALL TIME HIGH, hold onto this piece and watch your Kangaroo jump up in value over the years.

How to enter:

Guess the Gold price of this 18 karat, Men's gold bracelet that is 9 years old. Like our page https://lnkd.in/dHTTTEi and comment below your answer to enter!

Date & time:

Competition will close on the 4th of November at 11.59pm.
This giveaway is in no way sponsored, associated, endorsed or administered with Facebook/Instagram.
See full terms and conditions here: https://lnkd.in/deEnaBk 

WIN ! A PERTH MINT GOLD COIN WORTH OVER $300!

Prize:

The Perth Mint Gold Coin is one of Australia's iconic coins, worth over $300. With Gold prices at an ALL TIME HIGH, hold onto this piece and watch your Kangaroo jump up in value over the years.

How to enter:

Guess the Gold price of this 18 karat, Men's gold bracelet that is 9 years old. Like our page https://lnkd.in/dHTTTEi and comment below your answer to enter!

Date & time:

Competition will close on the 4th of November at 11.59pm.
This giveaway is in no way sponsored, associated, endorsed or administered with Facebook/Instagram.
See full terms and conditions here: https://lnkd.in/deEnaBk 

Rio Tinto to Sell Final Argyle Specials

 

Rio Tinto will launch a tender of large rough diamonds, including the last of its special stones from the Argyle deposit in Australia.

The miner will feature 28,399 carats of special-sized rough — weighing more than 10.8 carats — from Argyle at the sale, which will take place in October and November, Rio Tinto said Tuesday. Colored diamonds from the site, which is due to close at the end of the year, as well as a 26-carat, gem-quality rough, will also be available.

“The Argyle rough diamonds presented at this tender are a final rare and collectible offering from one of the world’s greatest diamond mines,” noted Andrew Wilson, general manager of Argyle.

Rio Tinto will also offer large diamonds from its Diavik mine in Canada, including the Diavik Helios, which will headline the sale. The 74.48-carat, fancy-yellow diamond was named for the pure yellow sunlight emitted by the mythical Greek sun god.

“The Diavik Helios is an exceptional diamond in terms of its color saturation and clarity, and will be in strong demand from colored-diamond specialists around the world,” said Patrick Coppens, general manager of sales and marketing for Rio Tinto’s diamond business.

The company will showcase the diamonds physically in Antwerp and Tel Aviv, Israel, prior to the sale. It will also hold virtual and online viewings due to Covid-19 travel restrictions, it said. 

Source: DCLA

Rio Tinto to Sell Final Argyle Specials

 

Rio Tinto will launch a tender of large rough diamonds, including the last of its special stones from the Argyle deposit in Australia.

The miner will feature 28,399 carats of special-sized rough — weighing more than 10.8 carats — from Argyle at the sale, which will take place in October and November, Rio Tinto said Tuesday. Colored diamonds from the site, which is due to close at the end of the year, as well as a 26-carat, gem-quality rough, will also be available.

“The Argyle rough diamonds presented at this tender are a final rare and collectible offering from one of the world’s greatest diamond mines,” noted Andrew Wilson, general manager of Argyle.

Rio Tinto will also offer large diamonds from its Diavik mine in Canada, including the Diavik Helios, which will headline the sale. The 74.48-carat, fancy-yellow diamond was named for the pure yellow sunlight emitted by the mythical Greek sun god.

“The Diavik Helios is an exceptional diamond in terms of its color saturation and clarity, and will be in strong demand from colored-diamond specialists around the world,” said Patrick Coppens, general manager of sales and marketing for Rio Tinto’s diamond business.

The company will showcase the diamonds physically in Antwerp and Tel Aviv, Israel, prior to the sale. It will also hold virtual and online viewings due to Covid-19 travel restrictions, it said. 

Source: DCLA

Petra Diamonds shares fall on debt-for-equity deal

 

Petra Diamonds has abandoned plans to sell the business in favour of a debt-for-equity restructuring, it said on Tuesday, sending its shares lower because of the deal’s dilutive effect on existing stakeholders.

The London-listed company, which mines diamonds in South Africa and Tanzania, had put itself up for sale in June as part of the restructuring process but has received no viable offers, it said.

Its shares have slumped by more than 80% this year as the COVID-19 pandemic has battered the global diamond sector, with mines forced to shut down while consumer demand collapsed. The shares opened with an 18% drop and by 0952 GMT were down 3.6%.

Petra said its existing $650 million of bond debt will be partly replaced by up to $337 million of new notes, including $30 million of new money contributed by debtholders.

The remaining note debt will be converted into equity, leaving debtholders with a combined 91% of the company while diluting existing shareholders to a combined stake of only 9%.

“For existing equity holders it is very dilutive, as expected,” wrote Liberum analyst Ben Davis.

Existing shareholders will be diluted to “next to nothing”, Shore Capital analysts wrote.

Peel Hunt analysts took a more optimistic view, saying the restructuring would give Petra a more sustainable balance sheet and help it to benefit from a recovery in markets for rough diamonds. They calculated that Petra would be left with $444 million of gross debt.

Petra said it expects to seal a “lock-up agreement” cementing the terms with the noteholder group and South African lenders in early November. It expects the restructuring to become effective in the first quarter of 2021.

The agreement also includes new governance arrangements and cashflow controls.

Petra Chief Executive Richard Duffy expressed the company’s gratitude to the noteholder group and South African lenders for their agreement in principle to provide “meaningful additional liquidity” in what has been a difficult period.

Source: DCLA