Colored Diamonds and Jadeite to Shine at Sotheby’s Hong Kong

A ring with a rare fancy-vivid-yellowish-orange diamond is set to lead the upcoming Sotheby’s jewelry sale in Hong Kong, which will take place during its luxury week.

The auction house has not disclosed the estimate for the cushion-shaped, 7.01-carat, VS2-clarity diamond it will offer at the April 6 Magnificent Jewels event.

Along with that stone, Sotheby’s will feature several other colored diamonds in its top 10, as well as jadeite pieces. Jewels from well-known design houses, including Harry Winston, Graff, Chopard, Tiffany & Co., Bulgari, and Boucheron, will also take center stage.

Here are the rest of the top 10 jewels Sotheby’s will offer at the auction:

This unmounted oval brilliant-cut, 55.55-carat, D-flawless, type IIa diamond has a presale estimate of HKD 38 million to HKD 50 million ($4.9 million to $6.4 million).

A ring with a heart-shaped, 10.33-carat, fancy-intense-orangey-pink, VVS1-clarity diamond is estimated to fetch HKD 25.3 million to HKD 40 million ($3.2 million to $5.1 million).

Sotheby’s will sell this ring bearing a round-cornered rectangular modified brilliant-cut, 4.01-carat, fancy-intense-purplish-pink, internally flawless diamond for up to HKD 30 million ($3.8 million).

This necklace, containing 18 oval jadeite cabochons with brilliant-cut diamonds, is estimated to bring in up to HKD 28 million ($3.6 million).

A collection featuring a detachable pendant necklace, composed of seven oval jadeite cabochons as well as diamonds, in addition to a pair of earrings and a ring will be offered for HKD 18 million ($2.3 million) to HKD 28 million.

A ring by Jacques Timey for Harry Winston contains a cushion-shaped, 16.65-carat Kashmir sapphire flanked by two triangular-shaped diamonds. It carries a presale estimate of HKD 17 million to HKD 20 million
($2.2 million to $2.6 million).

This jadeite bangle is set to go under the hammer at the Hong Kong auction, where it has a price range of HKD 16.8 million to HKD 22 million
($2.1 million to $2.8 million).

A ring with a cushion-shaped, 5.07-carat, pigeon’s blood Burmese ruby surrounded by epaulette- and marquise-shaped diamonds is due to bring in between HKD 12.8 million ($1.6 million) and HKD 18 million.

Another jadeite collection, comprising a necklace set with 14 oval jadeite cabochons and brilliant-cut, pear- and marquise-shaped diamonds, together with a ring and a pair of earrings, has a price range of HKD 12 million ($1.5 million) to HKD 18 million.

Source: DCLA

Christie’s Jewels Online Sale Rakes In Nearly $14M

A Kashmir sapphire and diamond ring was the top seller at the most recent online jewelry sale at Christie’s, fetching $856,800, nearly double its high estimate.

The piece, which contains a cushion mixed-cut, 8.19-carat sapphire flanked by trapezoid-shaped diamonds, carried a presale price range of $300,000 to $500,000 at the March 11 to 21 Jewels Online auction, Christie’s said last week. It was offered without reserve. In total, the sale garnered $13.5 million, with 97% of items finding buyers.

Jewelry with sapphires and emeralds performed well, as did diamonds from iconic brands, including Harry Winston, Cartier and Bulgari.

Here are the rest of the top 10 pieces at the auction:

A pear brilliant-cut, 17.09-carat, D-color, VVS2-clarity diamond ring by Harry Winston brought in $819,000, within its $700,000 to $1 million price range.

This Cartier necklace features a cushion brilliant-cut, 10.08-carat, D-color, VVS1-clarity diamond that is potentially internally flawless. The piece sold for $604,800, within its estimate.

Christie’s sold this pair of Bulgari earrings consisting of two round brilliant-cut, D-color, VVS2-clarity diamonds weighing 5.08 and 5.05 carats for $428,400, within its presale price range.

A ring bearing a round brilliant-cut, 1.13-carat, fancy-blue, VS2-clarity diamond center stone with additional baguette-cut sapphires and diamonds fetched $403,200, surpassing its $250,000 high estimate.

This emerald-cut, 10.07-carat, G-color, VVS1-clarity diamond ring was offered without reserve. The jewel, which has the potential to be internally flawless, went for $378,000, above its $350,000 upper price tag.

A ring bearing a rectangular emerald-cut, 22.97-carat Colombian emerald with diamond brackets garnered $315,000, more than five times its $60,000 high estimate.

This necklace by Calvin French features rectangular and square emerald-cut emeralds weighing approximately 58 to 60 carats combined, and 29 round diamonds totaling about 36 to 38 carats. It sold for $277,200, just below its lower price.

A Bulgari bracelet with 14 emeralds totaling about 25 carats and 14 diamonds weighing approximately 12.5 carats brought in $277,200, smashing its $150,000 high estimate.

An oval brilliant-cut, 10.01-carat, fancy-intense-yellow, VVS1-clarity diamond ring raked in $226,800, more than double its $100,000 upper price tag.

Source: DCLA

Belgian police conduct raids after suspected Russian diamonds seized

Antwerp police conducted six raids on Wednesday and made four arrests as part of an investigation into some diamond imports suspected of being Russian-origin, Antwerp’s public prosecutor office said in a statement on Friday.

The investigation is the first related to the EU and Group of Seven (G7) import ban on diamonds from Russia that began on Jan. 1 to punish Moscow for its invasion of Ukraine. A wider ban on Russian-origin stones imported via third countries began on March 1. Russia’s state-owned company Alrosa is one of the world’s largest diamond miners.

The investigation was launched after customs officials seized diamonds in late February, the statement said. A spokesperson for the prosecutor said three shipments had been confiscated.

The Belgian city has for centuries been a global diamond hub, particularly for rough diamonds, though 90% of polishing is now done in India.

Sources familiar with the matter said the value of the three seized shipments was in the millions of euros. One source specified the overall value was around 8 million euro ($8.64 million).

A spokesperson for the prosecutor declined to comment on the combined value of the shipments. In the statement, the prosecutor’s office added that documents and digital media were seized during the raid.

Source: DCLA

Would be interesting to know how they test for origin

Lucapa finds Lulo mine’s fifth-largest diamond

Australia’s Lucapa Diamond has recovered a 203 carat diamond at its prolific Lulo mine in Angola, the fifth largest ever found at the operation.

The diamond is also the third 100 carat plus stone found at Lulo this year.

Lucapa said the high quality, type IIa diamond was recovered during the processing of run of mine stockpiled ore and its recovery follows those of a 162 and a 116 carat diamonds on successive days last month.

The mine, which hosts the world’s highest dollar per carat alluvial diamonds, began commercial production in January 2015. Only a year later, it delivered the largest ever diamond recovered in Angola a 404 carat white stone later named the “4th February Stone”.

Lucapa has a 40% stake in the Lulo mine. The rest is held by Angola’s national diamond company Endiama and Rosas & Petalas, a private entity.

Angola is the world’s fifth diamond producer by value and sixth by volume. Its industry, which began a century ago under Portuguese colonial rule, is successfully being liberalized.

Source: DCLA

G7 Sanctions Will Harm Botswana’s Diamond Development, Officials Say

The Group of Seven (G7) import restrictions targeting Russian diamonds will have a detrimental impact on Botswana’s diamond trade and may reverse the gains the country has made in recent years, government officials told Rapaport News.

The proposal to create a single-node location through which all diamonds should pass to verify G7 compliance would be a logistical nightmare for producer countries, Lefoko Moagi, Botswana’s minister of mineral resources, green technology, and energy security, said in an interview.

“It creates added time in terms of processing our diamonds and it affects our beneficiation trajectory,” Moagi explained. “This may bring about added costs and unintended consequences that will affect the producer countries.”

In December, the G7 — which comprises Canada, France, Germany, Italy, Japan, the UK, and the US, as well as the European Union — announced new restrictions to prevent the flow of Russian diamonds to their markets. The measures include a ban on direct imports of diamonds from Russia, taking effect at the beginning of the year. From March 1, the sanctions were extended to Russian-origin diamonds polished in a third country, which prompted each G7 nation to issue interim guidelines requiring self-certification by members of the trade declaring their goods did not originate in Russia.

A blockchain-enabled traceability system will be implemented in the final stage on September 1, which the European Commission stipulated will require verification of the diamonds in Antwerp.

Systems in place
Botswana is concerned such a system will result in delays and additional costs, and consequently slow down the development of its own trade.

The government is petitioning the G7 to allow such verification to take place in the producer countries, particularly in Botswana, since it can easily adjust its processes to meet the G7 requirements, noted Emma Peloetletse, permanent secretary to the president, in a separate interview.

“Why not build on what already exists, because we have it?” she contended.

The government hosted the G7 working committee in January to demonstrate its systems and to convince the group that a local registration point can be trusted without fear of contamination by Russian goods.

“The G7 working group was shocked to see our robust systems,” Peloetletse said. “These took years of work and investment to develop.”

She expressed frustration at the lack of engagement by the G7 following the visit and that the working group didn’t have the answers to Botswana’s questions.

Risk to the economy
As a nonaligned nation, Botswana is not opposed to the sanctions, Peloetletse stressed. The country is primarily concerned about the effect their implementation will have on its diamond industry, and subsequently on the economy, she added.

Diamond mining accounts for an estimated 20% of gross domestic product (GDP), while diamond cutting, polishing, and trading makes up about 5%, according to local economist Keith Jefferis, managing director at econsult Botswana.

The domestic economy was estimated to grow 3.2% in 2023, Finance Minister Peggy Serame said in her budget speech on February 5. That represents a slowdown from 5.5% growth in 2022, reflecting “the relatively weak performance of diamond trading and mining activities throughout 2023,” she explained.

Serame projected the economy would grow 4.2% in 2024, but noted several risks that could reverse such gains. Among them are those from within the diamond industry, particularly in the beneficiation subsector, “which would be worsened by the G7 plan to verify the origin of non-Russian goods through diamond certification in Antwerp,” the minister said.

After the De Beers high
The government continues to rely on diamonds to elevate the standard of living in the country and expects its new sales agreement with De Beers, announced last June, will be a catalyst for continued economic growth.

“Diamonds are something we guard with our lives, given what it has done for Botswana and what it can still do for the country,” Moagi said. “That resonated throughout our negotiations with De Beers. There was a meeting of minds with them to reach an agreement that can really boost the economy.”

The agreement will see state-owned Okavango Diamond Company (ODC) increase its share of local production from 25% to 50% over the next decade. That will enable ODC to introduce contract sales and subsequently designate rough for beneficiation — something it has been unable to do with its current auction-only sales channels.

The government wants more diamonds to be manufactured in Botswana and views that program as a path to encourage local entrepreneurship in the diamond trade, Moagi explained. ODC is planning to include an allocation for citizens to incubate local diamond manufacturers looking to develop in the beneficiation sector, he continued.

The deal also marked the establishment of the Diamonds for Development Fund (DDF) as a way to enable entrepreneurship both within and outside the diamond industry, the minister explained.

While the De Beers agreement left the government on a high, the G7 plans burst its bubble, Peloetletse added. “Now, when we are supposed to reap what we have sowed, we get this,” she said. “It has left us very anxious about our prospects.”

African lobby
The concern is shared by other producer countries. Botswana President Mokgweetsi Masisi met with his counterparts in Angola and Namibia in late February and sent a joint letter to the G7 leaders outlining their concerns. Their sentiment was echoed by the African Diamond Producers Association (ADPA), which emphasized the negative economic consequences the G7 measures would have on the entire diamond supply chain.

“In the absence of proper consultation with African producers, it is concluded that the G7 restrictions on diamonds will disrupt the current supply chains and the fundamental business model of the diamond sector by introducing segregation requirements,” the ADPA said in its February 29 statement.

Minister Moagi is hoping for stronger engagement with the G7 decision-makers, rather than just the working committee. There is a sense that not all G7 members agree with the proposed approach to implementation, and that the African producers can leverage their position to negotiate a more practical approach, he said.

Brace for the worst
Ultimately, the African producers, and Botswana in particular, want a stronger say in how their production is handled and leveraged.

While giving license to others to tell the Botswana story, there has been a realization that those outsiders have their own agenda, Peloetletse said. “There is nobody who can tell our story better than us,” she stressed, while referencing the country’s path toward independence as a former British protectorate.

In a similar tone, Moagi stressed that from Botswana’s perspective this is more than an economic issue: “It is an assault on our democracy and the sovereignty of countries,” he cautioned. Peloetletse added that the G7 sanctions constitute just one example in which Botswana is still trying to exert its independence.

Other battles include the reclamation of land from foreign entities, after the government in November set aside BWP 1.4 billion ($102.6 million) for the acquisition of 45,000 hectares in the country’s Northeast District from British-registered Tati Company. While Tati’s status as the largest private landowner in Botswana stems from a 1911 allocation, the recent deal sparked a debate about why the country should pay such a hefty price for its own land.

The government is also engaged in a battle over its wildlife policy as European legislators attempt to ban the import of animal-trophy hunting products from the country. With the largest herd of elephants in the world, and an oversupply of game, the country must manage its ecosystem and incentivize communities to coexist with the animal population, Peloetletse explained. The government has granted the rural communities quotas for trophy hunting, arguing that banning the practice would greatly affect the livelihoods of their residents.

The convergence of these issues, and most notably the potential impact of the G7 sanctions on its diamonds, has left the government feeling uneasy and uncertain how to move forward, said Peloetletse, whose role is to advise President Masisi.

“We have to brace for the worst-case scenario because it’s not clear the G7 is willing to listen or know what it means to our economy,” she said. “Once you close the diamond tap, and the tourism tap, then we’re done, and that’s not what Botswana wants. We aspire to be a high-income country. We want to liberate ourselves.”

Source: DCLA

Supercomputer Cracks Mystery of How To Make “Super-Diamond”

Diamond is one of the hardest materials on Earth, as its super-strong carbon lattice structure makes it incredibly resistant to compression.

Theoretical predictions suggest there is another structural form of carbon out there that could surpass diamond in hardness – the problem is, nobody has ever been able to make it.

Now, simulations performed using the fastest exascale supercomputer in the world are helping researchers better understand the stability of diamond at very high pressures. These simulations are also helping create new potential synthesis methods that could one day see this “super-diamond” become a reality. The research is published in the Journal of Physical Chemistry Letters.

Is BC8 diamond 2.0?
The basis for this hypothetical “super-diamond” is the eight-atom body-centered cubic (BC8) crystal structure. BC8 is a tetragonally bonded structure that packs atoms even more efficiently than the face-centered cubic (FCC) structure of traditional diamond. BC8 phases for both silicon and germanium have been synthesized at high pressures – and successfully recovered to ambient conditions – but the same is not true for carbon.

“The BC8 phase of carbon at ambient conditions would be a new super-hard material that would likely be tougher than diamond,” said senior study author Ivan Oleynik, a physics professor at the University of South Florida (USF).

“The BC8 structure maintains this perfect tetrahedral nearest-neighbor shape, but without the cleavage planes found in the diamond structure,” explained Jon Eggert, study co-author and chief scientist at the Lawrence Livermore National Laboratory (LLNL) High Energy Density Science (HEDS) Center. Eggert agrees with Oleynik that “the BC8 phase of carbon at ambient conditions would likely be much tougher than diamond.”

Theoretical predictions indicate that a BC8 phase of carbon is possible – and that it would be around 30% more resistant to compression than diamond – but so far scientists have been unable to produce it in a lab.

One step closer to lab-grown super-diamond
For this new study, the team was able to carry out multi-million atomic molecular dynamics simulations on Frontier, the fastest exascale supercomputer in the world. These simulations were designed to investigate the extreme metastability of diamond at very high pressures, in conditions that well-exceeded its known range of thermodynamic stability.

This new research was possible thanks to the recent development of very accurate machine learning models for interatomic potentials. These simulations can describe interactions between individual atoms with unprecedented accuracy, even when considering very high-pressure and high-temperature systems.

“By efficiently implementing this potential on GPU-based (graphics processing unit) Frontier, we can now accurately simulate the time evolution of billions of carbon atoms under extreme conditions at experimental time and length scales,” Oleynik said. “We predicted that the post-diamond BC8 phase would be experimentally accessible only within a narrow high-pressure, high-temperature region of the carbon phase diagram.”

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The simulation showed that, at pressures above 10 million atmospheres and temperatures above 4000 Kelvin, the BC8 carbon phase is the most stable form of carbon.

The significance of this is two-fold, the researchers explain. Firstly, this explains the previous failed attempts to synthesize the elusive BC8 phase of carbon seeing as it is only stable under a very narrow range of temperatures and pressures. But it also allows for further predictions of viable compression pathways that might make BC8 synthesis achievable.

Based on their simulations, the research team has proposed a double-shock compression pathway for BC8 synthesis, which is currently being explored in further experiments at the LLNL’s National Ignition Facility. Their ultimate goal is to be able to synthesize a small amount of this BC8 “super-diamond” and then find a way to recover a seed crystal of the material back to ambient conditions.

Super-diamond could already be hiding in distant exoplanets
Investigating the properties of “super-diamond” is important, not just because scientists love it when there is a mystery to solve.

Astrophysical observations have discovered a number of carbon-rich exoplanets beyond our solar system. The ultra-high pressures in the interior of these planets may be enough to form diamond as well as the BC8 phase of carbon, the researchers believe.

“Consequently, the extreme conditions prevailing within these carbon-rich exoplanets may give rise to structural forms of carbon such as diamond and BC8,” Oleynik said. “Therefore, an in-depth understanding of the properties of the BC8 carbon phase becomes critical for the development of accurate interior models of these exoplanets.”

Reference: Nguyen-Cong K, Willman JT, Gonzalez JM, et al. Extreme metastability of diamond and its transformation to the BC8 post-diamond phase of carbon. J Phys Chem Lett. 2024

Source: technologynetworks

How Flawed Diamonds Got Their Mojo Back

Prices of round, lower-clarity diamonds have performed better this year than their higher-clarity counterparts, as is clear from this graph showing the trend for 1-carat, D to H polished goods. Stones with SI clarity in those categories rose 5% for the period from January 1 to March 12, compared with a 2.2% increase for VS. VVSs slipped 0.4%, while prices of internally flawless (IF) goods fell 3.1%. The figures from RapNet reflect asking prices. Prices of fancies were down for the same period due to high inventories.

This is a correction from the situation in 2023, when prices of round, 1-carat, D to H, SI stones slumped 33% for the full year as consumers shifted from flawed naturals to eye-clean synthetics. The category has regained only some of that ground. Still, the improvement during those nearly two-and-a-half months has been considerable. Why has this happened, and why have higher clarities performed less strongly?

1. What goes down (faster) must come up (faster).

Having lost a third of their value in 2023, SI diamonds had more potential for a base effect going into 2024. By contrast, prices of round, 1-carat, D to H, VS diamonds fell 23% last year, with VVS and IF for the same range both falling 20%.

2. Lab-grown

The improvement in SIs reflects reduced pressure from lab-grown. Competition from synthetics is still there, but the impact appears to be easing. This is partly because price declines for lab-grown at retail have made them feel like less of a luxury product to consumers and damaged their appeal among jewelers. Retailers have the power to guide consumers toward whichever product gives them the most profit.

Last year, the damage to the lower-clarity segment in natural came largely from the fact that consumers could buy a lab-grown diamond with a higher color and clarity for the same or less money. SIs can have visible flaws if you pick the wrong one.

“The customers who wanted natural VS2 plus were never going to buy lab-grown,” said Ari Jain, chief financial officer at New York-based wholesaler House of Diamonds.

3. Impact of price decline and stabilization

Connected to the first two reasons is the fact that severe declines in prices of natural SIs in 2023 have made the category more affordable and therefore more popular for consumers. Jewelers, however, have a different consideration: The price stabilization for natural stones in the past few months has encouraged those who were investing in lab-grown to return to the mined product.

“Prices have come down over the course of 2023 to a place that made natural more attractive,” said Andrew Rickard, vice president of operations at Rochester-based wholesaler RDI Diamonds. “As they’re reverting back to natural, SIs still becomes the economic place to enter.”

4. High-end brands not buying

Many top luxury brands are not buying diamonds at the moment, several market sources observed. This inevitably affects the IF to VVS categories, the preferred clarities for these high-end houses.

The reason could be the state of consumer demand, especially in China, where purchasers lean toward higher clarities than in the US. One of the more compelling explanations is that high-end houses stocked up in 2023 because of concerns that a Group of Seven (G7) ban on Russian diamonds would raise prices of non-Russian production. They later realized that finding the right diamonds with confirmed origin was easier than they expected and are in no rush to add to their inventories.

Source: DCLA

Brilliant Earth Reports Record Revenue for 2023

Brilliant Earth’s sales grew 4% year on year to $124.3 million in the fourth quarter amid a record number of orders.

The 18% increase in individual orders offset a 12% decline in the average value per sale during the three months that ended December 31, the retailer said last week. Net profit for the period fell 69% to $1.9 million.

Engagement rings were one of the top sellers for the company, with demand for those above $10,000 increasing year-on-year in the fourth quarter, Brilliant Earth CEO Beth Gerstein said last week in an earnings call, transcribed by Seeking Alpha. The average sales price for engagement rings was up 4% year-on-year during the three months.

Additionally, new campaigns featuring celebrities and influencers brought in consumers. The launch of Brilliant Earth’s Sol collection, in partnership with Emmy-nominated actress Camilla Morrone, proved popular, with productivity “far outpacing” that of prior collection launches, Gerstein explained. The company’s new lab-grown Capture collection, made with synthetic diamonds manufactured using 100% renewable energy, also “resonated strongly” with consumers, it said.

For the full-year, sales rose 1.5% to $446.4 million, while net profit dropped 75% to $4.7 million.

Brilliant Earth expects sales for the first quarter of 2024 to reach between $96.5 million and $98.5 million, ranging from a decrease of 1% to growth of 1%, chief financial officer Jeff Kuo noted on the earnings call. For the full year, net sales are anticipated to rise 2% to 5% to between $455 million and $469 million.

Source: DCLA

Russian diamond ban creates costly delays, Antwerp diamond dealers say

Antwerp’s diamond dealers face long and costly delays following an EU ban on Russian-origin diamonds that took effect on March 1 and has slowed imports, they say in a letter seen by Reuters.

The letter, dated March 13, said the disruptions would erode the competitive advantage of the centuries-old Antwerp diamond trade. It was addressed to Belgium’s main diamond industry group, Antwerp World Diamond Centre (AWDC), and requested a review of the new procedures.

Any impact is likely to be reduced by sluggish market conditions. Diamond inventories are high and prices have fallen. Paul Zimnisky, a global diamond analyst, said last month that prices were down 25% from their early 2022 peak.

Al Cook, CEO of mining company Anglo American’s De Beers’ diamond business, has said the miner would reduce production this year in response to surplus supply.

“While we fully support the decisions taken by Belgium, the European Union, and the G7 nations, in regards to the sanctions of January 1st 2024, the implementation of the measures to enforce the sanction has adversely affected all of our operations,” said the letter, signed by over 100 local firms.

“The intention was to prevent the flow of diamonds from sanctioned states, but the reality we face is the severe disruption of our supply chains, and alienation from the rest of the global trade.”

A Belgian government official said the delays were temporary and were easing.

The EU and Group of Seven (G7) countries agreed to ban direct imports of Russian diamonds to their markets as of Jan. 1 and before phasing in a full ban on Russian-origin stones via third countries from March 1 because of Moscow’s war in Ukraine.

Russia’s state-run Alrosa, which together with De Beers is one of the world’s top diamond producers, was also placed under sanctions by the EU.

Diamond hub
Antwerp remains the world’s biggest diamond hub though 90% of stones are polished in India. Belgium pushed hard for the G7 to adopt a version of its proposed plan to try to prevent Antwerp from losing more business after major Western jewellers began eschewing Russian stones.

Diamond dealers said their shipments have been held up for over a week at customs even if the gems were straight from African producers.

The Belgian government official said shipments pending would be processed within 24 hours.

“The indirect ban coincided with the Hong Kong Diamond Fair which is an annual peak period… This, in combination with the expected teething problems caused some initial delay in processing of shipments during the first days,” he said.

Diamond dealers say they expect more problems when the additional tracing requirements take effect from September.

“We see the procedures will cause Antwerp to further lose competitive advantage… rather than deal a meaningful blow to any sanctioned products,” the letter said.

“The current trajectory threatens the existence of Antwerp’s diamond industry, a heritage of six centuries.”

The head of the AWDC, Ari Epstein, said the group would soon present the new measures, adding it was “acutely aware of the challenges and disruptions this timing may have caused”.

“Let me be unequivocally clear: the violation of sanctions is criminal in nature and not taken lightly by governments or our organization. Our commitment to compliance… is unwavering and absolute,” Epstein said in a statement.

Source: DCLA

Anglo reports latest De Beers’ rough diamond sales value

Anglo American has announced the value of rough diamond sales (Global Sightholder Sales and Auctions) for De Beers’ second sales cycle of 2024, amounting to US$430 million.

The provisional rough diamond sales figure quoted for Cycle 2 represents the expected sales value for the period and remains subject to adjustment based on final completed sales.

Al Cook, CEO of De Beers, said: “I’m pleased to see a further increase in demand for De Beers rough diamonds during the second sales cycle of 2024. However, ongoing economic uncertainty in the US has led to retailers restocking conservatively after the 2023 holiday season. Consumer demand for diamond jewellery is growing in India but remains sluggish in China. Overall, we expect that the ongoing recovery in rough diamond demand will be gradual as we move through the year.”

Source: DCLA

Rolex’s 30% Share of Swiss Watch Market

Rolex Submariner

Rolex remains the king of Swiss watches, with more than a 30 per cent share of the market in 2023, according to new research by the investment bank Morgan Stanley and consultants LuxeConsult.

“No other luxury brand can claim such a dominant position in its respective sector,” they say in a new report.

Rolex’s market share is more than next five biggest brands combined: Cartier (8 per cent), Omega (7 per cent), Patek Philippe (6 per cent) Audemars Piguet (5 per cent) and Richard Mille (3 per cent).

Rolex’s revenue for the year are estimated at $11.43bn (CHF 10.1bn). It sold an estimated 1.24m watches last year, at an average cost of $13,832 (CHF 12,218). Second-placed Cartier sold 660,00 watches at an average cost of $6,467 (CHF 5,712).

Total sales of Swiss watches last year returned to pre-Covid levels, up 7.6 per cent year-on-year to $30.23bn (CHF 26.7bn).

Source: DCLA

Jewelry Segment Sees Rebound in Recovering China Luxury Market

Jewelry was one of the strongest categories as China’s luxury market expanded in 2023 following the resurgence of tourism, according to a new report by Bain & Co.

The jewelry segment increased between 15% and 20% last year after the government lifted Covid-19 restrictions and travel resumed, Bain said last week. The fashion and lifestyle category also gained 15% to 20%, leather goods 10% to 15%, and beauty 8%. The watch market saw the softest rebound, up 5% to 10%.

While the growth was strong in 2023 compared to the previous year, which saw sharp declines due to restrictions on travel and extended lockdowns, it has still not returned to the record high of 2021. That disparity is primarily attributable to lower consumer confidence, a slower-than-expected economic recovery, and the return of Chinese consumers to purchasing luxury goods overseas.

Overall, China’s personal luxury sales rose 12% in 2023, Bain noted. The market is set to see mid-single-digit growth in 2024. Part of the issue with the slower market recovery is the pricing gaps between luxury goods in China and other markets. Jewelry is as much as 10% higher on the mainland than overseas, while watches cost up to 5% more.

Source: DCLA

US Sanctions Zimbabwe President for Diamond Smuggling

The US has sanctioned Zimbabwe President Emmerson Mnangagwa for corruption in connection with gold and diamond smuggling, as well as human-rights abuses.

The Treasury Department’s Office of Foreign Assets Control (OFAC) accused Mnangagwa of “providing a protective shield” to gold- and diamond-smuggling networks that operate in Zimbabwe, it said last week. He is also accused of directing Zimbabwean officials to “facilitate the sale of gold and diamonds in illicit markets” and taking “bribes in exchange for his services.”

The US has also restricted Mnangagwa for being a leader or official of entity, including any government entity, that has “engaged in, or whose members have engaged in, serious human-rights abuses,” OFAC explained.

“The Zimbabwe president is a foreign person who is a current or former government official, or a person acting for or on behalf of such an official, who is responsible for or complicit in, or has directly or indirectly engaged in, corruption, including the misappropriation of state assets, the expropriation of private assets for personal gain, corruption related to government contracts or the extraction of natural resources, or bribery,” OFAC stated.

OFAC issued the new sanctions after US President Joe Biden signed an executive order that terminated Zimbabwe’s national emergency and revoked sanctions on the entire country, so as not to target its citizens.

“The US remains deeply concerned about democratic backsliding, human-rights abuses, and government corruption in Zimbabwe,” said Wally Adeyemo, deputy secretary of the treasury. “The changes we are making today are intended to make clear what has always been true: Our sanctions are not intended to target the people of Zimbabwe. Today we are refocusing our sanctions on clear and specific targets.”

Source: DCLA

17ct. Diamond to Head Up Christie’s New York Sale

The pear brilliant-cut, D-color, VVS2-clarity, type IIa stone is the lead item in the Jewels Online auction, which will take place from March 11 to 21, Christie’s said Wednesday. This will be the auction house’s first jewelry sale of the year, and will feature a curated selection of signed jewels, diamonds and colored gemstones. Select pieces from the sale will be open for public viewing at the Christie’s showroom in Rockefeller Center.

The auction will include items by well-known design houses such as Cartier, Hemmerle, Tiffany & Co., and Van Cleef & Arpels. Also up for sale will be a private collection from philanthropist and sailing enthusiast George Frederick “Fritz” Jewett, Jr. and his wife Lucy.

Two charitable collections will be on the block as well: One to benefit the Public Broadcasting System (PBS) Foundation, and another belonging to interior designer, author and Oprah Winfrey Show guest Nate Berkus. Proceeds from the latter will go toward financial aid at New York’s Grace Church School.

Here are some of the other highlights from the sale:

This ring features a round brilliant-cut, 1.13-carat, fancy-blue, VS2 diamond center stone with baguette-cut sapphires and diamonds on either side. It has a high estimate of $250,000.

A ring with a cut-cornered rectangular modified brilliant-cut, 8.21-carat, fancy-intense-yellow, VS1-clarity diamond is expected to bring in up to $100,000. The lot has no reserve price.

Christie’s will auction this Van Cleef & Arpels necklace featuring pink tourmalines, onyx and diamonds for an estimated $60,000 to $80,000.

This coin and bicolor-gold Tubogas bangle bracelet by Bulgari carries an estimate of up to $80,000. The cuff contains three staters from the ancient city of Corinth, each depicting a Pegasus on one side and the head of the goddess Athena on the other.

Source: DCLA

215 carat Rough Diamond is Biggest in Liqhobong’s History

Firestone Diamonds is in the process of selling the largest diamond ever recovered from its Liqhobong mine, in Lesotho.

The 215 carat stone is being put to a competitive bidding tender process, with viewings in Antwerp and Dubai.

“This sale represents another milestone in our ongoing efforts to deliver value to stakeholders,” said Firestone in a statement today (6 March).

Liqhobong, located 2,600 meters above sea level in the highlands of Lesotho, began production in 2017.

The mine closed in October 2022 for two-and-a-half years in response to a lockdown imposed by South Africa, which surrounds the landlocked kingdom.

UK-based Firestone reported Q4 revenue last year of $12.6m, down almost 40 per cent on the previous quarter.

Source: DCLA

Lucapa Diamonds recovers two diamonds of over 100 ct

Lucapa Diamond Company and its partners Endiama and Rosas and Petalas, have recovered two diamonds of over 100 ct each from the terraces of Mining Block 46 at the Lulo mine, in Angola.

The miner plans to offer the first, a 162.42 carat, type IIa diamond, as part of its normal run-of-mine sales later this month, it said Tuesday. It will sell a 116.14 carat rough, which it discovered the next day, by tender at a future date, along with other high-value, type IIa diamonds the company unearthed from the deposit recently.

Both diamonds were recovered in February, with a 162 ct diamond recovered first, and a 116 ct diamond recovered the following day.

The 116 ct Type IIa diamond will be sold through a tender at a future date, along with other high-value Type IIa diamonds recovered recently, while the 162 ct diamond will be sold as part of normal run-of-mine sales later this month.

Lucapa has assets in Africa and Australia, with interests in the Lulo diamond mine and the Mothae diamond mine, in Lesotho.

Source: DCLA