Victims “Invested $1m in Fake Diamond Mine”

             Melbourne Australia Diamond Scam

Investors were duped into handing over more than $1m to a man who claimed to own a diamond mine, say police in Australia.

He allegedly claimed to be the owner of a non-existent mine in Sierra Leone and offered his victims the opportunity to invest.

Once they paid an initial sum, he allegedly asked for equipment and various gifts for his employees – which he then sold.

One victim reportedly paid $730,000. Two others are understood to have “invested” at least $73,000 each.

A 42-year-old man from the South East Suburbs, Melbourne, has been charged with 150 deception related offences including obtaining property by deception between September 2017 to October 2021.

He’s been bailed to appear before the Melbourne Committal Court in February 2022.

Detective senior sergeant Jason Venturoni, of Victoria police, said: “Criminals involved in the deception of others are often convincing and take advantage of people’s trust to exploit others for their own financial gain.”

Source: DCLA

Victims “Invested $1m in Fake Diamond Mine”

             Melbourne Australia Diamond Scam

Investors were duped into handing over more than $1m to a man who claimed to own a diamond mine, say police in Australia.

He allegedly claimed to be the owner of a non-existent mine in Sierra Leone and offered his victims the opportunity to invest.

Once they paid an initial sum, he allegedly asked for equipment and various gifts for his employees – which he then sold.

One victim reportedly paid $730,000. Two others are understood to have “invested” at least $73,000 each.

A 42-year-old man from the South East Suburbs, Melbourne, has been charged with 150 deception related offences including obtaining property by deception between September 2017 to October 2021.

He’s been bailed to appear before the Melbourne Committal Court in February 2022.

Detective senior sergeant Jason Venturoni, of Victoria police, said: “Criminals involved in the deception of others are often convincing and take advantage of people’s trust to exploit others for their own financial gain.”

Source: DCLA

Colored Diamonds Set to Sparkle at Sotheby’s

                             

A blue diamond ring is among the top lots at the Sotheby’s Magnificent Jewels sale in New York next month.

The piece contains a cut-cornered rectangular modified brilliant-cut, 6.11-carat, fancy-intense-blue, VS2-clarity diamond surrounded by round diamonds. It is estimated to bring in up to $6.5 million at the December 7 auction, Sotheby’s said Monday.

A cut-cornered rectangular mixed-cut, 6.69-carat, fancy-intense-pink, VS2-clarity diamond ring with a high valuation of $6 million will also star in the sale, as will a cushion-cut, 3.01-carat, fancy-vivid-blue diamond. The stone, which is set in a ring and flanked by two heart-shaped diamonds, is expected to sell for up to $4.5 million.

Other notable items include a pear-shaped, 62.65-carat, D-color, VVS2-clarity diamond ring with a high price tag of $3.5 million, and an emerald-cut, 9.97-carat emerald and diamond ring with an upper valuation of $2.5 million.

An unmounted, heart-shaped, 15.01-carat, D-color, internally flawless diamond will also be up for grabs. The stone, which is being offered without reserve, has a high estimate of $2.5 million. Sotheby’s is collaborating with Brilliant & Black designer Lauren Harwell Godfrey to make a finished jewelry piece for the diamond, it noted. She has created two original designs that utilize her signature triangle inlay pattern — for a necklace and a ring.

Meanwhile, 30 jewels from an American private collector will also go under the hammer. The entire group is estimated at more than $6 million and includes one of the most significant collections of Bulgari pieces ever to come to market, Sotheby’s explained.

In total, the auction house will offer more than 200 lots, with the sale forecast to fetch as much as $70.1 million — the highest estimate for a New York Magnificent Jewels sale since December 2018, Sotheby’s added.

Source: DCLA

Colored Diamonds Set to Sparkle at Sotheby’s

                             

A blue diamond ring is among the top lots at the Sotheby’s Magnificent Jewels sale in New York next month.

The piece contains a cut-cornered rectangular modified brilliant-cut, 6.11-carat, fancy-intense-blue, VS2-clarity diamond surrounded by round diamonds. It is estimated to bring in up to $6.5 million at the December 7 auction, Sotheby’s said Monday.

A cut-cornered rectangular mixed-cut, 6.69-carat, fancy-intense-pink, VS2-clarity diamond ring with a high valuation of $6 million will also star in the sale, as will a cushion-cut, 3.01-carat, fancy-vivid-blue diamond. The stone, which is set in a ring and flanked by two heart-shaped diamonds, is expected to sell for up to $4.5 million.

Other notable items include a pear-shaped, 62.65-carat, D-color, VVS2-clarity diamond ring with a high price tag of $3.5 million, and an emerald-cut, 9.97-carat emerald and diamond ring with an upper valuation of $2.5 million.

An unmounted, heart-shaped, 15.01-carat, D-color, internally flawless diamond will also be up for grabs. The stone, which is being offered without reserve, has a high estimate of $2.5 million. Sotheby’s is collaborating with Brilliant & Black designer Lauren Harwell Godfrey to make a finished jewelry piece for the diamond, it noted. She has created two original designs that utilize her signature triangle inlay pattern — for a necklace and a ring.

Meanwhile, 30 jewels from an American private collector will also go under the hammer. The entire group is estimated at more than $6 million and includes one of the most significant collections of Bulgari pieces ever to come to market, Sotheby’s explained.

In total, the auction house will offer more than 200 lots, with the sale forecast to fetch as much as $70.1 million — the highest estimate for a New York Magnificent Jewels sale since December 2018, Sotheby’s added.

Source: DCLA

MB&F and Bulgari Team up for a Space-Age Watch Set in a Galaxy of Diamonds

MB&F founder Max Büsser is leaning into his female clientele. Back in 2018, during a sneak peek of his first ladies’ watch, the LM FlyingT, he admitted to Robb Report that he was unsure of his ability to design for women. “Men don’t understand women,” he said, “so I thought, ‘How am I going to do this?’ ”That may sound like an antiquated notion of gender norms, but the watch itself was anything but conventional.

Its futuristic design was unlike anything on the market and proved to be such a hit the company has since launched seven versions. The eighth, a collaboration with Bulgari that debuts at the end of November, may be its biggest headliner yet.

The joint design was born out of a friendship between Büsser and Fabrizio Buonamassa Stigliani, Bulgari’s creative director of watches. Both have a penchant for bucking tradition and are known for housing extraordinarily inventive mechanics in out-of-the-box designs.

The new 39 mm-by-20 mm LM FlyingT Allegra uses the same vertically built 3-D movement (it features a flying tourbillon on the upper end of the axis) and space-age domed case design as the original but now comes decked out in Italian opulence.

A system of large, colorful gems orbit the tourbillon, all set within a galaxy of diamonds covering the mainplate; the combination of stones—which include tsavorite, topaz, amethyst, tanzanite, rubellite and tourmalin.

Source: DCLA

MB&F and Bulgari Team up for a Space-Age Watch Set in a Galaxy of Diamonds

MB&F founder Max Büsser is leaning into his female clientele. Back in 2018, during a sneak peek of his first ladies’ watch, the LM FlyingT, he admitted to Robb Report that he was unsure of his ability to design for women. “Men don’t understand women,” he said, “so I thought, ‘How am I going to do this?’ ”That may sound like an antiquated notion of gender norms, but the watch itself was anything but conventional.

Its futuristic design was unlike anything on the market and proved to be such a hit the company has since launched seven versions. The eighth, a collaboration with Bulgari that debuts at the end of November, may be its biggest headliner yet.

The joint design was born out of a friendship between Büsser and Fabrizio Buonamassa Stigliani, Bulgari’s creative director of watches. Both have a penchant for bucking tradition and are known for housing extraordinarily inventive mechanics in out-of-the-box designs.

The new 39 mm-by-20 mm LM FlyingT Allegra uses the same vertically built 3-D movement (it features a flying tourbillon on the upper end of the axis) and space-age domed case design as the original but now comes decked out in Italian opulence.

A system of large, colorful gems orbit the tourbillon, all set within a galaxy of diamonds covering the mainplate; the combination of stones—which include tsavorite, topaz, amethyst, tanzanite, rubellite and tourmalin.

Source: DCLA

BlueRock Concerned over Cash-Flow Shortage

                           

BlueRock Diamonds is in talks to receive financial help after operations at its Kareevlei mine in South Africa paused due to a possible safety breach.

“The suspension has impacted near-term cash-flow expectations, exacerbated by the fact that there is no planned diamond tender in Kimberley [in South Africa] in December,” BlueRock said last week. “The company is assessing how best to meet its working capital needs over this period.”

The miner is considering funding its December production through its existing relationship with Delgatto Diamond Finance, it explained.

While mining is on hold, meaning BlueRock cannot source any new production, it is currently processing ore stocks that built up before the rainy season began, management noted. The company still expects to meet its outlook of 22,000 to 26,000 carats for the full year, but believes output will be toward the lower end of that.

Last week, the Department of Mineral Resources and Energy (DMRE) visited the site and issued a notice under Section 54 of the Mine Health and Safety Act, which enables inspectors to call for the suspension of mine operations if they identify possible danger.

“The company remains in discussion with the DMRE in relation to the issues raised regarding BlueRock’s mining activities that remain suspended, and hopes to resolve these in the near future,” BlueRock added.

Source: DCLA

BlueRock Concerned over Cash-Flow Shortage

                           

BlueRock Diamonds is in talks to receive financial help after operations at its Kareevlei mine in South Africa paused due to a possible safety breach.

“The suspension has impacted near-term cash-flow expectations, exacerbated by the fact that there is no planned diamond tender in Kimberley [in South Africa] in December,” BlueRock said last week. “The company is assessing how best to meet its working capital needs over this period.”

The miner is considering funding its December production through its existing relationship with Delgatto Diamond Finance, it explained.

While mining is on hold, meaning BlueRock cannot source any new production, it is currently processing ore stocks that built up before the rainy season began, management noted. The company still expects to meet its outlook of 22,000 to 26,000 carats for the full year, but believes output will be toward the lower end of that.

Last week, the Department of Mineral Resources and Energy (DMRE) visited the site and issued a notice under Section 54 of the Mine Health and Safety Act, which enables inspectors to call for the suspension of mine operations if they identify possible danger.

“The company remains in discussion with the DMRE in relation to the issues raised regarding BlueRock’s mining activities that remain suspended, and hopes to resolve these in the near future,” BlueRock added.

Source: DCLA

Rio Tinto Buys Remaining Share of Diavik Diamond Mine

                            

Rio Tinto, the world’s second-largest miner, just became the sole owner of the Diavik diamond mine in Canada’s Northwest Territories on Thursday. Despite saying in the past the Company was not interested in taking full control of the aging arctic mine, Rio Tinto ended up buying the 40% share held by Dominion Diamond Mines for a total stake of 100%.

Part of the transaction includes Rio Tinto releasing Dominion and its lenders from any outstanding liabilities or obligations involving funding the operation or the closure of the joint venture. On the other end, Rio Tinto will receive all remaining Diavik assets held by Dominion including a security cash collateral for the potential future closure for the mine and unsold production.

Why the Buyout Now?
Dominion, which used to be the fourth-largest diamond producer, suffered some financial troubles which played out in court over several months last year. These troubles ultimately led Dominion to sell its other Canadian mine, Ekati in December 2020. In 2017, The Washington Companies ended up buying the Company for $1.2 billion.

This deal follows a 19 month long process beginning in April 2020 by Dominion Diamond Mines filing for insolvency protection under the Canadian Companies’ Creditors Arrangement Act.

Diavik has been in production since 2003 and is eventually facing closures in 2025 which will cost hundreds of millions of dollars to fully clean up. Diavik is Canada’s largest diamond mine, and yielded 6.2 million carats of rough diamonds in 2020.

Rio Tinto Minerals boss Sinead Kaufman said in a statement, “Diavik will now move forward with certainty to continue supplying customers with high quality, responsibly sourced Canadian diamonds.”

Worries and concerns began to surround the diamond market due to production coming to a

halt during the global COVID-19 pandemic, with some people worried the market would never recover. However, Alrosa, the world’s top diamond miner by output, claims the market has fully recovered from the effects of the global pandemic, and sales of jewelry and rough diamonds are up 23% this year compared to 2020.

Source: DCLA

Rio Tinto Buys Remaining Share of Diavik Diamond Mine

                            

Rio Tinto, the world’s second-largest miner, just became the sole owner of the Diavik diamond mine in Canada’s Northwest Territories on Thursday. Despite saying in the past the Company was not interested in taking full control of the aging arctic mine, Rio Tinto ended up buying the 40% share held by Dominion Diamond Mines for a total stake of 100%.

Part of the transaction includes Rio Tinto releasing Dominion and its lenders from any outstanding liabilities or obligations involving funding the operation or the closure of the joint venture. On the other end, Rio Tinto will receive all remaining Diavik assets held by Dominion including a security cash collateral for the potential future closure for the mine and unsold production.

Why the Buyout Now?
Dominion, which used to be the fourth-largest diamond producer, suffered some financial troubles which played out in court over several months last year. These troubles ultimately led Dominion to sell its other Canadian mine, Ekati in December 2020. In 2017, The Washington Companies ended up buying the Company for $1.2 billion.

This deal follows a 19 month long process beginning in April 2020 by Dominion Diamond Mines filing for insolvency protection under the Canadian Companies’ Creditors Arrangement Act.

Diavik has been in production since 2003 and is eventually facing closures in 2025 which will cost hundreds of millions of dollars to fully clean up. Diavik is Canada’s largest diamond mine, and yielded 6.2 million carats of rough diamonds in 2020.

Rio Tinto Minerals boss Sinead Kaufman said in a statement, “Diavik will now move forward with certainty to continue supplying customers with high quality, responsibly sourced Canadian diamonds.”

Worries and concerns began to surround the diamond market due to production coming to a

halt during the global COVID-19 pandemic, with some people worried the market would never recover. However, Alrosa, the world’s top diamond miner by output, claims the market has fully recovered from the effects of the global pandemic, and sales of jewelry and rough diamonds are up 23% this year compared to 2020.

Source: DCLA

Petra to sell 32-ct Pink Diamond from Re-opened Mine

Petra is to offer a 32.32-carat pink diamond at its first tender of goods from the Williamson mine, in Tanzania following a Covid-enforced closure.

The stone is among 26,000 carats that will be offered in Antwerp from 19 to 26 November.
The London-based miner classified Williamson as “an asset held for sale for financial reporting purposes” after a a debt-for-equity restructuring.
The open-pit mine was mothballed in April 2020 to “preserve its liquidity, at a time when diamond pricing was impacted by the COVID-19 pandemic”. Operations resumed in Q1 FY 2022.

Source: DCLA

Petra to sell 32-ct Pink Diamond from Re-opened Mine

Petra is to offer a 32.32-carat pink diamond at its first tender of goods from the Williamson mine, in Tanzania following a Covid-enforced closure.

The stone is among 26,000 carats that will be offered in Antwerp from 19 to 26 November.
The London-based miner classified Williamson as “an asset held for sale for financial reporting purposes” after a a debt-for-equity restructuring.
The open-pit mine was mothballed in April 2020 to “preserve its liquidity, at a time when diamond pricing was impacted by the COVID-19 pandemic”. Operations resumed in Q1 FY 2022.

Source: DCLA

20-Carat ‘Okavango Blue’ Diamond Goes on Display

The public can now feast their eyes on a big blue diamond thanks to New York’s American Museum of Natural History.  The museum opened an exhibition Tuesday showcasing the “Okavango Blue,” a 20.46-carat oval-cut fancy deep blue diamond on loan from Okavango Diamond Company, which is wholly owned by the government of Botswana. 

It has been given a VVS1 clarity grade from GIA.  The diamond came from Botswana’s Orapa mine and is the largest of its kind found in the country to date.  The Okavango Blue was named after Botswana’s Okavango Delta, a UNESCO World Heritage Site of global importance for biological conservation and diversity.  It’s the first time the diamond is on view to the public and sits at the center of a larger presentation about diamonds from Botswana, exploring industrial uses for diamonds and how Botswana runs its diamond industry as well as educating about the different characteristics of diamonds like size, shape, color, and quality.  Botswana is the second-largest producer of natural diamonds in the world, behind Russia.   Previous

The Okavango Blue Diamond, pictured here in the center display

Next “Our natural diamond resources are managed responsibly in a manner that puts the people of Botswana first,” said Okavango Diamond Company Managing Director Mmetla Masire. “There is a strong sense of local pride knowing that these diamonds are improving the lives of Batswana, with profits directly reinvested in education, infrastructure, and public health. “We are so pleased to share with the world the larger story of the diamond industry of Botswana. The Okavango Blue is not just an ordinary 3-billion-year-old polished carbon element, but rather a physical embodiment of the passing of time, a fragment of eternity. Our diamonds tell the rich history and unique journey of Botswana’s development.” The exhibition sits in the Melissa and Keith Meister Gallery in the museum’s new Allison and Roberto Mignone Halls of Gems and Minerals, which reopened in June after a major renovation.   The Okavango Blue and its corresponding Botswana diamonds exhibition will run for six months, AMNH confirmed. 

Source: DCLA

20-Carat ‘Okavango Blue’ Diamond Goes on Display

The public can now feast their eyes on a big blue diamond thanks to New York’s American Museum of Natural History.  The museum opened an exhibition Tuesday showcasing the “Okavango Blue,” a 20.46-carat oval-cut fancy deep blue diamond on loan from Okavango Diamond Company, which is wholly owned by the government of Botswana. 

It has been given a VVS1 clarity grade from GIA.  The diamond came from Botswana’s Orapa mine and is the largest of its kind found in the country to date.  The Okavango Blue was named after Botswana’s Okavango Delta, a UNESCO World Heritage Site of global importance for biological conservation and diversity.  It’s the first time the diamond is on view to the public and sits at the center of a larger presentation about diamonds from Botswana, exploring industrial uses for diamonds and how Botswana runs its diamond industry as well as educating about the different characteristics of diamonds like size, shape, color, and quality.  Botswana is the second-largest producer of natural diamonds in the world, behind Russia.   Previous

The Okavango Blue Diamond, pictured here in the center display

Next “Our natural diamond resources are managed responsibly in a manner that puts the people of Botswana first,” said Okavango Diamond Company Managing Director Mmetla Masire. “There is a strong sense of local pride knowing that these diamonds are improving the lives of Batswana, with profits directly reinvested in education, infrastructure, and public health. “We are so pleased to share with the world the larger story of the diamond industry of Botswana. The Okavango Blue is not just an ordinary 3-billion-year-old polished carbon element, but rather a physical embodiment of the passing of time, a fragment of eternity. Our diamonds tell the rich history and unique journey of Botswana’s development.” The exhibition sits in the Melissa and Keith Meister Gallery in the museum’s new Allison and Roberto Mignone Halls of Gems and Minerals, which reopened in June after a major renovation.   The Okavango Blue and its corresponding Botswana diamonds exhibition will run for six months, AMNH confirmed. 

Source: DCLA

Marie Antoinette Diamonds Shatter Estimate

Marie Antoinette Diamond Bracelet

Two diamond bracelets belonging to Marie Antoinette more than doubled their high estimate at a recent Christie’s auction in Geneva.

The set, made by Boehmer in 1776 and passed down through Marie Antoinette’s family for 250 years, fetched $8.2 million at Tuesday’s Magnificent Jewels sale, Christie’s said. That figure is the second-highest price for a jewel owned by the French queen and the highest price ever garnered for one of her diamond pieces. In 2018, Sotheby’s sold a natural-pearl and diamond pendant belonging to Marie Antoinette for $36.2 million against its $2 million high estimate.

In total, the November 9 auction raked in $59 million, with 11 lots fetching more than $1 million.

Other notable items sold at the auction include a pear brilliant-cut, 55.50-carat, D-color, potentially internally flawless diamond, which went for $5.3 million, or $95,700 per carat, at the high end of its estimate. A cushion-shaped Burmese ruby and diamond brooch by Van Cleef & Arpels brought in $4.6 million at the auction, smashing its CHF 600,000 ($656,756) upper valuation.

An oval brilliant-cut, 43.19-carat, D-color, internally flawless diamond ring garnered $3.6 million, representing $83,000 per carat — within estimates. A rectangular-cut, 42.98-carat, fancy-vivid-yellow diamond fetched $3.1 million, in the middle of its presale valuation, while a fancy-light-pink and colorless diamond brooch by Harry Winston hammered for $2.3 million, just over its lower estimate.

However, a ring featuring a heart modified brilliant-cut, 6.75-carat, fancy-vivid-purple-pink, SI1-clarity diamond failed to find a buyer. The piece was estimated to bring in up to $10.9 million at the auction. A ruby bangle by Cartier, the first anniversary gift Wallis SImpson, the Duchess of Windsor, received from her husband, also remained unsold. That piece had a high valuation of $2.2 million. 

In total, Christie’s sold 93% of items on offer, with bidders hailing from 32 countries.

“A very dynamic saleroom, coupled with strong online and telephone bids from around the world, resulted in lively bidding and a very high sell-through rate,” said Rahul Kadakia, international head of jewelry at Christie’s. “Marie Antoinette’s diamonds captured the world’s attention and achieved a fitting result for such a magnificent royal jewel.”

Source: DCLA

Marie Antoinette Diamonds Shatter Estimate

Marie Antoinette Diamond Bracelet

Two diamond bracelets belonging to Marie Antoinette more than doubled their high estimate at a recent Christie’s auction in Geneva.

The set, made by Boehmer in 1776 and passed down through Marie Antoinette’s family for 250 years, fetched $8.2 million at Tuesday’s Magnificent Jewels sale, Christie’s said. That figure is the second-highest price for a jewel owned by the French queen and the highest price ever garnered for one of her diamond pieces. In 2018, Sotheby’s sold a natural-pearl and diamond pendant belonging to Marie Antoinette for $36.2 million against its $2 million high estimate.

In total, the November 9 auction raked in $59 million, with 11 lots fetching more than $1 million.

Other notable items sold at the auction include a pear brilliant-cut, 55.50-carat, D-color, potentially internally flawless diamond, which went for $5.3 million, or $95,700 per carat, at the high end of its estimate. A cushion-shaped Burmese ruby and diamond brooch by Van Cleef & Arpels brought in $4.6 million at the auction, smashing its CHF 600,000 ($656,756) upper valuation.

An oval brilliant-cut, 43.19-carat, D-color, internally flawless diamond ring garnered $3.6 million, representing $83,000 per carat — within estimates. A rectangular-cut, 42.98-carat, fancy-vivid-yellow diamond fetched $3.1 million, in the middle of its presale valuation, while a fancy-light-pink and colorless diamond brooch by Harry Winston hammered for $2.3 million, just over its lower estimate.

However, a ring featuring a heart modified brilliant-cut, 6.75-carat, fancy-vivid-purple-pink, SI1-clarity diamond failed to find a buyer. The piece was estimated to bring in up to $10.9 million at the auction. A ruby bangle by Cartier, the first anniversary gift Wallis SImpson, the Duchess of Windsor, received from her husband, also remained unsold. That piece had a high valuation of $2.2 million. 

In total, Christie’s sold 93% of items on offer, with bidders hailing from 32 countries.

“A very dynamic saleroom, coupled with strong online and telephone bids from around the world, resulted in lively bidding and a very high sell-through rate,” said Rahul Kadakia, international head of jewelry at Christie’s. “Marie Antoinette’s diamonds captured the world’s attention and achieved a fitting result for such a magnificent royal jewel.”

Source: DCLA

India Draws Up Rules to Prevent Certificate Fraud

                            

Industry leaders in India have published draft rules aimed at stopping members from selling diamonds with false grading reports.

The new Diamond Charter calls for tight measures to prevent the misuse of certificates. It also requires companies to take action to stem the circulation of grading reports that are not attached to a stone.

The document, which the Gem & Jewellery Export Promotion Council (GJEPC) posted on its website last week, mandates ethical conduct and grants powers to punish those who misbehave. It is currently at the consultation stage, and could go into effect next month, GJEPC executive director Sabyasachi Ray told Rapaport News Monday.

The draft calls for participation by the Bharat Diamond Bourse (BDB), the Surat Diamond Bourse (SDB) and the Mumbai Diamond Merchants’ Association (MDMA), as well as the Gemological Institute of America (GIA), the International Gemological Institute (IGI), HRD Antwerp, Gemological Science International (GSI) and the Gemmological Institute of India (GII). Those organizations will also set up a committee to enforce the rules among members, it says.

The move follows increased demand for grading and a string of fraud cases involving natural stones carrying reports pertaining to lower-quality or synthetic goods.

“[Since] lab-grown diamonds came into the market, above [0.30 carats], no natural diamond is sold without a certification,” Ray explained. “This [underpins] the value of the diamond.”

The rules require grading institutions to give each diamond a unique identification number and a corresponding laser inscription when they receive it for certification, and to keep an accessible online archive of reports. They also compel labs to offer free verification services at major trading centers and maintain records of know-your-customer (KYC) documents.

Meanwhile, bourses must remind their members that trading of a certificate without the sale of a diamond is illegal, according to the charter.

The guidelines also govern what happens if a seller has multiple grading reports from different labs for the same stone and only wishes to give the buyer one of them. In this case, the seller should return the remaining certificates to the lab or destroy them within 30 days so misuse of the document is impossible, the charter continues.

It also calls on diamond buyers to verify the certificate’s authenticity using the relevant lab’s online database.

The boards of the BDB and the GJEPC have approved the charter, with members of exchanges and the general public now able to comment on the draft before November 16, Ray said. Depending on feedback, implementation could happen by December 1, he added.

“Our understanding is that the charter is in draft; we look forward to learning more about it,” a GIA spokesperson said. “For many years, GIA has supported the efforts of trade bodies, including the GJEPC, in addressing issues of importance to the trade and to advance consumer protections.”

While grading fraud has been an issue for years, the phenomenon has become especially common since the rise of lab-grown diamonds.

In August, police in India discovered a scam in which people had sold low-quality diamonds bearing counterfeit certificates, a number of them involving forged GIA report numbers. Some of the stones were lab-grown but carried natural-diamond reports.

In May, the GIA reported a rise in submissions of lab-grown diamonds with counterfeit inscriptions.

Clarification, November 9, 2021: This article has been updated to clarify that not all the named organizations have signed up to the charter, which is still in a draft stage. A quote from the GIA has also been added.

Source: DCLA

India Draws Up Rules to Prevent Certificate Fraud

                            

Industry leaders in India have published draft rules aimed at stopping members from selling diamonds with false grading reports.

The new Diamond Charter calls for tight measures to prevent the misuse of certificates. It also requires companies to take action to stem the circulation of grading reports that are not attached to a stone.

The document, which the Gem & Jewellery Export Promotion Council (GJEPC) posted on its website last week, mandates ethical conduct and grants powers to punish those who misbehave. It is currently at the consultation stage, and could go into effect next month, GJEPC executive director Sabyasachi Ray told Rapaport News Monday.

The draft calls for participation by the Bharat Diamond Bourse (BDB), the Surat Diamond Bourse (SDB) and the Mumbai Diamond Merchants’ Association (MDMA), as well as the Gemological Institute of America (GIA), the International Gemological Institute (IGI), HRD Antwerp, Gemological Science International (GSI) and the Gemmological Institute of India (GII). Those organizations will also set up a committee to enforce the rules among members, it says.

The move follows increased demand for grading and a string of fraud cases involving natural stones carrying reports pertaining to lower-quality or synthetic goods.

“[Since] lab-grown diamonds came into the market, above [0.30 carats], no natural diamond is sold without a certification,” Ray explained. “This [underpins] the value of the diamond.”

The rules require grading institutions to give each diamond a unique identification number and a corresponding laser inscription when they receive it for certification, and to keep an accessible online archive of reports. They also compel labs to offer free verification services at major trading centers and maintain records of know-your-customer (KYC) documents.

Meanwhile, bourses must remind their members that trading of a certificate without the sale of a diamond is illegal, according to the charter.

The guidelines also govern what happens if a seller has multiple grading reports from different labs for the same stone and only wishes to give the buyer one of them. In this case, the seller should return the remaining certificates to the lab or destroy them within 30 days so misuse of the document is impossible, the charter continues.

It also calls on diamond buyers to verify the certificate’s authenticity using the relevant lab’s online database.

The boards of the BDB and the GJEPC have approved the charter, with members of exchanges and the general public now able to comment on the draft before November 16, Ray said. Depending on feedback, implementation could happen by December 1, he added.

“Our understanding is that the charter is in draft; we look forward to learning more about it,” a GIA spokesperson said. “For many years, GIA has supported the efforts of trade bodies, including the GJEPC, in addressing issues of importance to the trade and to advance consumer protections.”

While grading fraud has been an issue for years, the phenomenon has become especially common since the rise of lab-grown diamonds.

In August, police in India discovered a scam in which people had sold low-quality diamonds bearing counterfeit certificates, a number of them involving forged GIA report numbers. Some of the stones were lab-grown but carried natural-diamond reports.

In May, the GIA reported a rise in submissions of lab-grown diamonds with counterfeit inscriptions.

Clarification, November 9, 2021: This article has been updated to clarify that not all the named organizations have signed up to the charter, which is still in a draft stage. A quote from the GIA has also been added.

Source: DCLA

Portuguese UN peacekeepers accused of helping to smuggle diamonds, gold and drugs out of Central African Republic

       The Central African Republic has hosted UN                                peacekeepers for years

A “handful” of Portuguese peacekeepers may have been involved in smuggling gold, diamonds and drugs out of the Central African Republic (CAR).

The soldiers, part of the United Nations peacekeeping force in the country, are alleged to have been part of a crime ring that used military planes to transport the illicit goods to Portugal, the office of the Portuguese Armed Forces Chief of Staff said in a statement.

More than 300 inspectors raided nearly 100 properties in Portugal as part of the investigation, police said on Monday.

Officers said the “criminal network” had international links and 10 people have been arrested so far – some of them ex-military. They are likely to appear in court this week.

The Portuguese military said officials became aware of the alleged crime ring in December 2019, along with suspicions that some of its soldiers may have been used as couriers.

More stringent checks have been put in place for soldiers returning to Portugal after peacekeeping missions.

Supporters of a presidential candidate in CAR ride on a flatbed lorry, in an incident unrelated to the crash
At least 78 people killed as truck flips in the Central African Republic In a statement, military officials said: “The armed forces totally repudiate these behaviors which contradict the values ​​of the military institution.”

Portugal’s defence minister Joao Gomes Cravinho said: “Everything suggests that these were activities undertaken on their own initiative by a handful of soldiers and not something systemic.”

Hundreds of Portuguese soldiers have been deployed in the CAR over the past few years, as the country struggles with violence that worsened after a coalition of rebels seized power in 2013.

It is rich in gold and diamonds but it is also one of the poorest countries in the world.

Source: DCLA

Portuguese UN peacekeepers accused of helping to smuggle diamonds, gold and drugs out of Central African Republic

       The Central African Republic has hosted UN                                peacekeepers for years

A “handful” of Portuguese peacekeepers may have been involved in smuggling gold, diamonds and drugs out of the Central African Republic (CAR).

The soldiers, part of the United Nations peacekeeping force in the country, are alleged to have been part of a crime ring that used military planes to transport the illicit goods to Portugal, the office of the Portuguese Armed Forces Chief of Staff said in a statement.

More than 300 inspectors raided nearly 100 properties in Portugal as part of the investigation, police said on Monday.

Officers said the “criminal network” had international links and 10 people have been arrested so far – some of them ex-military. They are likely to appear in court this week.

The Portuguese military said officials became aware of the alleged crime ring in December 2019, along with suspicions that some of its soldiers may have been used as couriers.

More stringent checks have been put in place for soldiers returning to Portugal after peacekeeping missions.

Supporters of a presidential candidate in CAR ride on a flatbed lorry, in an incident unrelated to the crash
At least 78 people killed as truck flips in the Central African Republic In a statement, military officials said: “The armed forces totally repudiate these behaviors which contradict the values ​​of the military institution.”

Portugal’s defence minister Joao Gomes Cravinho said: “Everything suggests that these were activities undertaken on their own initiative by a handful of soldiers and not something systemic.”

Hundreds of Portuguese soldiers have been deployed in the CAR over the past few years, as the country struggles with violence that worsened after a coalition of rebels seized power in 2013.

It is rich in gold and diamonds but it is also one of the poorest countries in the world.

Source: DCLA

Russian royal gems, rare coloured diamonds on Geneva auction block

                               

Russian royal jewels smuggled out of the country during the 1917 revolution, alongside rare coloured diamonds, are on offer at auction next week in Geneva, looking for deep-pocketed collectors emerging from the pandemic.

An orange-pink diamond weighing 25.62 carats, estimated at 3.6 million to 5.38 million Swiss francs ($3.9 million to $5.9 million), set in a ring, is the star lot at auction house Sotheby’s semi-annual jewellery sale in the Swiss city on Nov. 10.

“A beautiful crystal, it’s a fantastic colour with a little bit of orange but not too much, so it’s a very subtle colour,” Olivier Wagner, head of sale and jewellery expert at Sotheby’s Geneva, told Reuters in the showroom in a lakeside hotel.

“The market is currently very dynamic and after the pandemic people are very keen to buy jewellery today and to buy something tangible they can enjoy.”

For collectors of historic gems, a large oval sapphire and diamond brooch and matching earclips from the jewellery box of Grand Duchess Maria Pavlovna, the aunt of the last Russian Emperor Nicholas II, is back on the block.

“They belonged to the Grand Duchess Maria Pavlovna of Russia who was the queen of social life in St. Petersburg. She was the wife of the Grand Duke Vladimir, so the son of the tsar (Alexander II), and she had a fantastic collection of jewels,” Wagner said.

The royal set, entrusted to her friend the British diplomat Albert Henry Stopford, who took them to London for safekeeping along with other jewels, is estimated at 280,000-480,000 francs, the auction house said.

Pavlovna escaped from revolutionary Russia and died in France in 1920. Her brooch and earrings are being sold by a European princely family who bought them at auction in 2009, the auction house said.

Source: DCLA

Russian royal gems, rare coloured diamonds on Geneva auction block

                               

Russian royal jewels smuggled out of the country during the 1917 revolution, alongside rare coloured diamonds, are on offer at auction next week in Geneva, looking for deep-pocketed collectors emerging from the pandemic.

An orange-pink diamond weighing 25.62 carats, estimated at 3.6 million to 5.38 million Swiss francs ($3.9 million to $5.9 million), set in a ring, is the star lot at auction house Sotheby’s semi-annual jewellery sale in the Swiss city on Nov. 10.

“A beautiful crystal, it’s a fantastic colour with a little bit of orange but not too much, so it’s a very subtle colour,” Olivier Wagner, head of sale and jewellery expert at Sotheby’s Geneva, told Reuters in the showroom in a lakeside hotel.

“The market is currently very dynamic and after the pandemic people are very keen to buy jewellery today and to buy something tangible they can enjoy.”

For collectors of historic gems, a large oval sapphire and diamond brooch and matching earclips from the jewellery box of Grand Duchess Maria Pavlovna, the aunt of the last Russian Emperor Nicholas II, is back on the block.

“They belonged to the Grand Duchess Maria Pavlovna of Russia who was the queen of social life in St. Petersburg. She was the wife of the Grand Duke Vladimir, so the son of the tsar (Alexander II), and she had a fantastic collection of jewels,” Wagner said.

The royal set, entrusted to her friend the British diplomat Albert Henry Stopford, who took them to London for safekeeping along with other jewels, is estimated at 280,000-480,000 francs, the auction house said.

Pavlovna escaped from revolutionary Russia and died in France in 1920. Her brooch and earrings are being sold by a European princely family who bought them at auction in 2009, the auction house said.

Source: DCLA

Travis Scott gifts Kylie Jenner and Stormi matching diamond rings

                                    

On Tuesday, Kylie Jenner revealed that the “Sicko Mode” rapper, 29, gifted her and the couple’s 3 year old daughter, Stormi Webster, a set of matching diamond rings.

The mommy and me sparklers each feature a pear cut stone nestled next to an princess cut diamond, in a “Toi et Moi” style.

“Daddy got us matching rings,” Jenner, 24, captioned a photo of her hand next to Stormi’s.

And Khloé wasn’t the only one impressed by the sparklers; Mike Fried, CEO of The Diamond Pro, told Page Six Style that the bling is worth some serious cash.

“These matching rings are absolutely stunning due to their unique design and presentation of the diamonds,” he said. “Kylie’s enormous diamonds look to be 5 or 6 carats each, with an estimated value of $325,000 for both. Stormi’s diamonds appear to be 1.5 carats each, with an estimated value of $120,000 for both.”

Source: DCLA