41ct. Diamond Could Fetch Up to $5M at Christie’s

 

De Beers Eases Buyer Terms Amid Market Slowdown

 

De Beers will offer widened concessions to purchasers of larger rough diamonds at its upcoming sight as trading has slowed amid difficult market conditions.

The miner will increase its “buyback” allowance to 20% for 1-carat goods and up at the sale, which begins later this month, industry insiders told Rapaport News this week.

Buybacks are a mechanism enabling sightholders to sell 10% of stones back to De Beers after making their purchases. They are popular among clients when markets are weak, as customers can handpick the least profitable items and hope the miner will offer a good price. For De Beers, they provide a way of promoting sales without reducing prices.

Lockdowns in China and global economic uncertainty have spooked sections of the industry, with De Beers’ move reflecting a split in the market. Companies that usually buy 1-carat and larger rough destined for the Far East have reduced their purchasing, while top US and European brands continue to buy melee, supporting the trade in rough under 0.75 carats, dealers explained. In that context, the miner will maintain its usual 10% buyback allowance for rough under 1 carat.

“People actually did buy a lot [of the larger items] up till June [or] July this year, when they thought China would slowly start opening up again,” a market participant said. “That clearly hasn’t happened, and there are people now sitting on those goods.”

Sightholders are expecting De Beers’ next sales cycle — its ninth of the year — to bring the miner around $400 million after buybacks, compared with $500 million in September. The sight will run from October 31 to November 4. The December sight is also likely to be relatively small as southern African cutting factories shut for the holidays.

The October sight will take place amid the Diwali season in India, for which manufacturers are expected to implement extended production pauses of up to three weeks because of the sluggish market. Many of them have been trying to slash their inventories ahead of the holiday.

“De Beers is not too eager to reduce prices at this stage. I think they want to wait till early 2023 for that,” a sightholder predicted.

Source: DCLA

Audemars Piguet Goes Crazy With Gems on 20 New Royal Oaks

 

It’s raining bling! Audemars Piguet CEO François-Henri Bennahmias isn’t holding back before his impending departure from the brand in 2023. Instead, true to his persona, he’s upping the ante for the Q4 celebrations of the Royal Oak’s 50th anniversary with a flashy lineup of 20 Royal Oak Selfwinding Rainbow pieces (10 in 41 mm and 10 in 37 mm) fully set—from the dial to the bezel to the case to the bracelet—in emeralds, rubies, tourmalines, tanzanites, tsavorites, chrysoberyls and spessartites. Unlike other “rainbow” watches, these are arranged in monochrome settings such as a fully yellow chrysoberyl-set version to one dressed in solid rubies.

Adding to the difficulty in setting the variations of stones is that each watch had to be adjusted according to the typology, hardness and other specifics according to the makeup of each type of stone. The baguette stones were also cut in 179 different sizes for the 41 mm version and 153 different sizes for the 37 mm iteration before being hand-polished.

To make sure the stones covered as much surface as possible, Audemars Piguet and Salanitro arranged them in an invisible setting—a jewelry technique in which as little metal as possible is revealed around the gems to give the appearance that they are floating—on the dial and bracelet links. To achieve this, tiny grooves were cut into the 18-karat white gold cases with the stones attached inside via hidden rails mounted in the metal. This kind of setting is notoriously difficult and only 10 out of 80 artisans at Salanitro’s studio are able to complete the task. They worked for a month and a half on the setting alone for each set.

The AP’s Royal Oak Selfwinding Rainbows contain the caliber 4309 for the 41 mm version—the most recent self-winding hours, minutes and seconds movement in this diameter—and the Caliber 5909 for the 37 mm model. The 5909 is based on the Caliber 5900, which first appeared this year in other Royal Oaks of the same case size. Like other 50th anniversary editions, these will also come with a 22-carat pink gold oscillating rotor that spells out “50 years.” The Audemars Piguet logo and “Swiss Made” label have been cautiously printed on the sapphire crystal so as not to interfere with the gems.

Source: DCLA

De Beers Reveals 2023 Sight Dates

De Beers has released its sales schedule for next year, with the miner holding its usual 10 sights across the 12-month period.

The miner sells most of its rough to sightholders through a contract system under which clients make certain purchasing commitments in return for consistent supply. In April 2021, the miner introduced a new sales agreement offering more bespoke supply for manufacturers, dealers and retailers. Alrosa, which operates a similar system, has not yet published a 2023 schedule on its website.

The dates for De Beers’ sights in 2023 are as follows:

• Sight 1: January 16 to 20
• Sight 2: February 20 to 24
• Sight 3: March 27 to 31
• Sight 4: May 2 to 5
• Sight 5: June 5 to 9
• Sight 6: July 10 to 14
• Sight 7: August 14 to 18
• Sight 8: September 18 to 22
• Sight 9: October 23 to 27
• Sight 10: December 4 to 8

Source: DCLA

AGS Laboratories to Integrate with GIA

The American Gem Society (AGS) will close its laboratory operations at the end of this year, with the Gemological Institute of America (GIA) taking on elements of the organization.

AGS Laboratories’ intellectual property (IP), technology, research staff and Las Vegas facility will become part of the GIA, the two organizations announced Wednesday. AGS Laboratories will continue to provide services until the end of 2022 and will contact clients with details of the transition, it said.

The nonprofits, both founded by Robert M. and Beatrice Shipley in the 1930s, will combine their gemological research efforts. The amalgamated team will “develop innovative products” to help consumers and the trade, encompassing light-performance research and a “science-based” fancy-cut grade standard, they said.

“This consequential agreement brings AGS and GIA even closer, driving our future with 90 years of shared history and elevating our founders’ vision,” commented AGS CEO Katherine Bodoh in a joint statement.

The GIA will create an endowment to support AGS and its membership. They did not provide further financial details. The collaboration will also help advance AGS’s retailer programs and support more member education, for example at the annual AGS Conclave, the statement continued.

The AGS Ideal grading report will be available from GIA as a digital-only supplement to GIA reports for eligible D to Z natural and laboratory-grown round and fancy-shape diamonds, incurring an additional cost of $25. GIA clients will be able to request these extra reports from January 2023.

In an information sheet for customers, AGS noted that GIA was responsible for inventing the 4Cs of diamond grading while AGS “created light performance and ignited a discussion on sparkle.” For instance, the AGS is one of the few major labs to offer a cut grade for fancy-shape diamonds.

“By harnessing each other’s strengths to move forward boldly, consumers will be better protected, and we will ensure the longevity of the Shipleys’ vision,” said GIA president and CEO Susan Jacques.

Correction, October 20, 2022: An earlier headline incorrectly stated that the GIA was taking over AGS’s grading division. In fact, the AGS Laboratories grading operations will close, with the GIA taking over certain other elements of the organization, including research.

Source: DCLA

303ct. Polished Yellow to Hit Auction Block at Sotheby’s

 

Sotheby’s will offer a yellow diamond weighing more than 300 carats at its upcoming New York auction, where it is expected to bring in more than $15 million.

The pear-shaped, 303.10-carat, fancy-deep-brownish-yellow stone is one of the largest polished diamonds in the world. It is also the largest flawless or internally flawless diamond ever graded by the Gemological Institute of America (GIA), Sotheby’s said Monday.

Initially called the Incomparable Diamond, the stone was recut from its original 407-carat shield shape to deepen the color and brighten the hue, and renamed the Golden Canary. As the highlight of the December 7 Magnificent Jewels sale, it will be offered without reserve, with bidding starting at $1, Sotheby’s noted.

The Golden Canary was first discovered in the early 1980s in a pile of rubble by a young girl playing in the backyard of her uncle’s house, Sotheby’s noted. Miners from the nearby Miba diamond deposit had considered the stone to be too bulky to be diamond bearing and had discarded it. The girl gave the 890-carat rough to her uncle, who sold it to local diamond dealers. The diamond has since been displayed in multiple museums.

“The demand and appetite for [extraordinary colored diamonds] continues to grow,” said Quig Bruning, head of jewelry for Sotheby’s Americas. “Steeped in history, the Golden Canary is one of the most exquisite diamonds to ever be discovered, not only for its sheer size and intensity in color, but for its stunning beauty that is sure to captivate collectors around the world.”

Sotheby’s will showcase the diamond on a world tour prior to the auction, with stops in cities including Dubai; Taipei, Taiwan; Geneva; and Hong Kong.

Source: DCLA

Collection of Blue Diamonds to Fetch Over $70M

 

The eight De Beers blue diamonds.

Sotheby’s will sell a group of eight fancy-blue diamonds from De Beers across its global Magnificent Jewels auctions, expecting the set to bring in more than $70 million.

The stones are cut in various shapes and range from 1.22 to 11.29 carats, with a total weight of 32.09 carats, Sotheby’s said last week. The polished originates from five rough blues that De Beers and Switzerland-based manufacturer Diacore purchased jointly from Petra Diamonds in November 2020. Diacore cut and polished those stones into eight diamonds over the past two years.

Sotheby’s will offer three stones from the eight-piece group, called The De Beers Exceptional Blue Collection, this year. The first, a cushion brilliant-cut, 5.53-carat, fancy-vivid blue diamond will go under the hammer at the Magnificent Jewels and Noble Jewels sale in Geneva on November 9, with a high estimate of $15 million. Meanwhile, the December 7 Magnificent Jewels sale in New York will feature a cushion brilliant-cut, 3.24-carat, fancy-vivid blue, internally flawless diamond estimated at up to $8 million. That jewel will be joined by a cushion-cut, 2.08-carat, fancy-intense-blue diamond with an upper price tag of $1.5 million.

“I have remained in awe of the De Beers Exceptional Blue Collection since the first moments I set eyes on it,” said Olivier Wagner, head of Sotheby’s Magnificent Jewels auctions in Geneva. “The market for colored diamonds and precious gemstones has never been stronger. [The diamonds] will, I am sure, captivate all collectors of exceptional gemstones.”

Sotheby’s will sell the remaining five diamonds at its spring 2023 Magnificent Jewels auctions. Those include a step-cut, 11.29-carat, fancy-vivid-blue estimated at up to $50 million; a step-cut, 4.13-carat, fancy-intense-blue expected to go for up to $3.5 million; and a cushion brilliant-cut, 3.10-carat, fancy-vivid-blue diamond with a high price of $5 million.

In April, Sotheby’s sold another De Beers blue diamond: a step-cut, 15.10-carat, fancy-vivid-blue, internally flawless stone that went for $57.5 million in Hong Kong.

Source: DCLA