Botswana to become certifier in G7 Russian diamond ban

Major African diamond producer Botswana will join Antwerp as an origin certifier of rough diamonds for export to the G7 which banned imports of Russian stones from the start of this year, a joint statement said on Wednesday.

The addition of Botswana looks set to salvage implementation of the ban. The initial system would have seen all diamonds go through Europe’s diamond hub in Antwerp for verification, backed by a new tracing system.

African diamond producers Angola, Botswana and Namibia, as well as diamond miner De Beers, had said the mechanism was unfair and would hurt their economies.

“Botswana and the G7 diamond technical team are now crafting a roadmap to address any identified gaps, aiming to have the export certification node fully operational in Botswana as soon as possible next year,” the statement said.

The Group of Seven (G7) nations ban on direct Russian diamond imports took effect on Jan. 1, followed by a ban on Russia-origin diamonds via third countries from early March.

The tracing system was meant to be up and running by Sept. 1, but the EU delayed the implementation to March 2025.

Source: Mining.com

De Beers to Cut Sightholder Numbers

De Beers says it will further reduce the number of sightholders, in a move designed to build partnerships that “create value”.

The emphasis will be on quality rather than quantity, CEO Al Cook told the Facets 2024 conference in Antwerp yesterday (26 November).

De Beers wrote to its 69 current sightholders last month advising them that a new supply agreement, as of January 2026, would be determined by an objective selection and allocation process. It declined to comment at the time.

“There will be some partnerships around the polished side, some partnerships around the rough side, some partnerships around dealing, some partnerships that go all the way into retail, but every partnership must create value, and that’s really important for all of our industry going forward,” Cook told the conference.

De Beers last reduced the number of sightholders in January 2021, when it introduced new contracts dividing buyers into three categories – dealers, manufacturers and integrated retailers.

The number of De Beers sightholders peaked at around 350 in the 1970s. It had halved by 2001 and was further reduced in subsequent changes to the client structure.

Source: DCLA

Diamond miners face turning point amid weak prices

The diamond industry, once a symbol of timeless stability, finds itself in a state of flux as prices for natural diamonds hit multiyear lows, driven by a mix of evolving consumer preferences, geopolitical upheaval, and the meteoric rise of lab-grown diamonds (LGDs), a new study shows. 

The reversal of fortunes that followed a surge during the covid-19 pandemic has left industry stakeholders grappling with how to adapt to ensure long-term sustainability, consultancy McKinsey & Company says in its latest report.

During the pandemic, diamond prices rose unexpectedly. Supply chain disruptions and the delay of weddings initially dampened sales, but many consumers stuck at home turned to diamonds as a form of self-care. This led to an unanticipated spike in demand and a sharp rise in prices. 

The post-pandemic market has painted a very different picture. As traditional engagement and marriage cycles return and supply chains normalize, prices have tumbled amid changing market dynamics, McKinsey & Co. says.

Ten years ago, young customers were an important segment of the overall demand for precious stones. Today, they seek more affordable and ethical alternatives.

With prices up to 80% lower than mined diamonds, LGDs have swiftly carved out a substantial share of the market, challenging traditional producers, the report shows.

Shifting customer values

Increased awareness of environmental, social, and governance (ESG) issues has also driven consumers to demand greater transparency and sustainability in diamond sourcing. Many buyers now insist on proof that their diamonds were mined under fair conditions with minimal environmental impact. This shift is particularly pronounced among younger generations, who are reshaping the jewelry market with their purchasing power and values.

Generation Z is leading a wave of change, favouring ethical and customizable products over traditional offerings. Younger buyers are more likely to seek out jewelry that aligns with their values, including fair labor practices and sustainability.

Many are turning to digital platforms for their purchases, with online fine jewelry sales growing significantly. In 2021, the average online purchase of diamond jewellery in the US was $2,204, compared to $2,994 in physical stores, signalling a growing comfort with digital transactions for high-value items.

The trend of self-purchasing is another key shift. Rather than waiting for significant life events like engagements or weddings, many consumers are now buying fine jewelry for themselves.

Industry actors Beers Group and Signet Jewelers launched in October their “Worth the Wait” campaign, aimed at reigniting demand for mined diamonds from youngsters, particularly amid “zillennials”, the microgeneration born between 1993 and 1998.

Geopolitical and gov’t factors

Adding to the industry’s challenges are geopolitical tensions. Sanctions targeting Russian diamonds have disrupted the global supply chain, particularly for larger stones. Russia’s Alrosa, once the world’s top diamond producer by output, has been heavily sanctioned by the US and the European Union, creating regional dislocations. 

McKinsey & Company warns that, by March 2025, these restrictions will tighten further, targeting stones of 0.5 carats and above, exacerbating supply chain issues.

The upheaval comes at a time when natural-diamond production is already constrained. Growth in supply is expected to remain sluggish, with an annual increase of just 1–2% through 2027, far below historical trends. Major mining companies are grappling with depleting resources, forcing them to shift from open-pit mining to more expensive underground operations. Companies like De Beers have invested billions to extend the life of their mines, but these efforts are costly and time-consuming.

Government intervention is also reshaping the industry. In diamond-rich regions, including Botswana, public authorities are taking larger stakes in mining operations, emphasizing the need for transparent and sustainable practices. 

Despite the challenges, there are opportunities for companies willing to adapt, the consultancy says. Producers can diversify their offerings by incorporating LGDs or recycled diamonds into their portfolios. They can also emphasize the unique, intrinsic value of natural diamonds, appealing to consumers who value rarity and tradition. Investments in sustainability and digital commerce are likely to pay dividends, as consumers increasingly demand ethical and seamless shopping experiences.

The consultants conclude that by embracing innovation and aligning with shifting consumer values, the industry may find a way to shine brightly once more.

Source: Mining.com

Lucapa Diamond to restart halted Merlin mine

Lucapa Diamond has announced plans to restart production at its mothballed Merlin diamond mine in Australia’s Northern Territory.

The phased approach will begin with an 18-month initial phase, requiring A$15 million ($10m) to excavate and dredge five existing pits. This work is expected to recover around 67,000 carats and generate an estimated A$42 ($27m) million in revenue.

The second phase, spanning 27 months, will focus on vertical pit mining at the Gawain pit, targeting the recovery of 247,000 carats and generating A$246 million ($160m) in revenue. The overall project is expected to yield operating cash flow of $110 million, with a pre-tax net present value of A$40 million ($26m)and an internal rate of return of 75%.

Lucapa anticipates recovering gem and near-gem quality diamonds, which historically accounted for 75% of the mine’s production.

Questions remain about how Lucapa will fund its plans, as the company began the quarter with just US$1.3 million in cash. To address this, Lucapa has entered into a A$1 million short-term loan and is also exploring other funding options such offtake agreements, project-level debt, equity, and government facilities.

Smaller, more achievable target
Lucapa, which also has interests in the Lulo diamond operations in Angola and the Mothae mine in Lesotho, acquired Merlin in 2021 for A$8.5 million.

The restart plan follows a 2022 scoping study that proposed a larger $96 million restart, which was halted due to rising capital costs and declining diamond prices.

The new plan includes constructing a 355,000tpa process plant using existing equipment at Merlin, with a proposed five-year mine life aimed at expanding operations into the 2030s.

Lucapa aims to grow the diamond resource beyond the current estimate of 4.4 million carats while also exploring the region for base metals, given its proximity to the McArthur River lead-zinc-silver mine.

Sorce: DCLA

Positive Step to a $100m Natural Diamond Campaign

Key players have taken “a very important step in the right direction” to raising $100m for the long-term promotion of natural diamonds, according to Yoram Dvash, president of the World Federation of Diamond Bourses (WFDB).

He also said he was cautiously optimistic for the holiday season as prices had started to stabilize globally, inventories were reducing and De Beers and the World Diamond Council (WDC) had embarked on multimillion-dollar advertising campaigns.

Dvash (pictured) said trade bodies had reacted very positively o his call for a $100m marketing campaign after what he described as a “brainstorming session” at the Dubai Diamond Conference earlier this month.

The Antwerp World Diamond Council (AWDC) and India’s Gem & Jewellery Export Promotion Council (GJEPC), had agreed to start looking into funding campaigns by the Natural Diamond Council, he said, in collaboration with the WFDB, IDMA (International Diamond Manufacturers Association) and CIBJO (World Jewellery Confederation). More trade bodies are expected to follow suit.

Dvash said he’d called for the industry to unite behind a major and sustained marketing campaign over the next five years to create demand for natural diamonds some weeks ago, and had been pleased by their response.

“It seems that we have found the golden formula that would enable the industry to raise $100m for generic advertising of natural diamonds,” he said.

Earlier this month he said there hadn’t been a major generic marketing campaign for natural diamonds for almost 20 years, when De Beers halted its “A Diamond is Forever” promotion.

“An entire generation of consumers has come of age without having been exposed to promotional campaigns with positive messages about natural diamonds,” he said in a letter to all the WFDB’s 29 member bourses.

Source: DCLA

Russia to continue buying diamonds through state fund in 2025

Russia will continue to buy diamonds through a state fund in 2025 in order to support the diamond industry and market, Deputy Finance Minister Alexei Moiseev said on Thursday.

The Russian budget for 2025-2027 has set aside $1.55 billion for the purchase of precious metals and gems, Moiseev said in a statement.

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Russia will continue to ensure “stable global rough diamond prices in the wake of oversupply in the current market,” the same statement said.

State-owned precious metals and gems repository Gokhran resumed buying diamonds from Alrosa in March 2024. Alrosa, under US and EU sanctions, is the world’s largest producer of rough diamonds by volume with 30% of the market.

Source: DCLA

Swarovski bullish on lab-grown diamond business

Austrian jewelry brand Swarovski’s entry into the lab-grown diamond sector has seen a positive reception in the China market, signaling growing consumer acceptance and confidence in the product category, said a senior executive.

Since the launch of Swarovski Created Diamonds Swarovski’s lab-grown diamond product line in April, the company has found that Chinese consumers are gradually accepting the concept of laboratory-grown diamonds, which gives the brand huge confidence in the market, said Yvonne Chan, president of Swarovski Crystal Business Greater China.

Chan added that as the market has responded accordingly, the brand has seen a steady growth in sales figures. “In some of the better-performing stores, sales of Swarovski Created Diamonds jewelry can account for as much as one-fourth of the store’s jewelry sales,” she said.

The consumption of diamonds is diversifying and is no longer limited to bridal occasions, with an increasing number of female consumers showing interest in “self-rewarding “diamond purchases and usually more for daily wear occasions, Chan said.

“We believe lab-grown diamonds are ‘the diamonds of the future’, and that’s why they represent a strategic growth category for Swarovski,” she said.

According to data from consulting firm Bain & Company, China’s rough cultured diamond sales reached 1.4 million carats in 2021, with a market penetration rate of 6.7 percent. The figure is expected to reach 4 million carats by 2025, with a market penetration rate of 13.8 percent.

“We are delighted to be one of the first global brands to launch lab-grown diamonds in China in April, which marks a significant milestone in the company’s global rollout of fine jewelry collections,” Chan said. “China is undoubtedly one of Swarovski’s most important markets globally. Swarovski has long-standing ties of business and friendship with China that were forged three decades ago.”

Lab-grown diamonds, created by simulating the natural growth environment of diamonds, are high-quality synthetic gems with jewelry application value, said Sun Zhaoda, secretary-general of the superhard materials branch of the China Machine Tool and Tool Builders’ Association, adding that the emerging jewelry category is growing rapidly due to its eco-friendly and sustainable characteristics.

According to a recent white paper published by the association, the global cultured diamond supply chain is now largely concentrated in China, India and the United States. China leads in the production of rough cultivated diamonds, with over 22 million carats produced in 2023, accounting for more than 70 percent of global output. India dominates diamond processing, controlling 80 percent of the market, while the US remains the largest consumer market for cultivated diamonds.

“While China’s share in diamond processing is still relatively low, the country is exploring new green development models,” said Sun. “With increasing consumer acceptance of cultivated diamonds in China, the market for lab-grown gems is expected to grow significantly.”

Source: DCLA

Kardashian Debuts the Princess Diana Cross

Kim Kardashian has debuted an iconic piece of jewelry – the amethyst and diamond pendant famously worn by the late Princess Diana.

She paid $197,000 at Sotheby’s London for the for the Attallah Cross in January.

It belonged to the late prominent Palestinian-British businessman Naim Ibrahim Attallah, who bought it in the 1980s and often loaned it to the late princess.

Kardashian, 44, and wore it in public for the first time at the LACMA Art+Film Gala in Los Angeles earlier this month.

It was the first time the necklace had been worn in public since Diana’s death in 1997.

The fleuree cross, circa 1920, is set with a square-cut amethyst, accented by approximately 5.25 carats of circular-cut diamonds.

Kardashian has, over the years, bought and worn jewelry that belonged to Marilyn Monroe, Janet Jackson, Jackie Kennedy and Elizabeth Taylor.

Source: DCLA

KP Votes to End Ban on CAR Diamonds

The Kimberley Process voted to allow rough diamond exports from the Central African Republic (CAR) after imposing a ban in 2013 as a civil war raged.

The Seleka, a coalition of predominantly Muslim rebel groups, toppled the government in a conflict, reportedly funded by conflict diamonds, that saw widespread killings, rapes, and destruction of villages.

The country – one of the world’s poorest – still faces significant challenges in establishing lasting peace and stability, although the government and its Russian mercenary allies have since pushed rebel groups out of major towns.

The KP, at its plenary in the UAE last Friday (15 November), voted to re-admit CAR as a full member, in light of what it described as “an improving security situation”.

Diamond exports have, until now, been outlawed from the so-called red zones – representing two thirds of his country’s diamond mining areas. They will now be allowed. 

Legal exports, from CAR’s green zones, totaled just under $8m in 2020, the latest year for which KP has figures – 50,433 carats for an average $142 per carat.

Rufin Benam-Beltoungou, CAR’s minister of mines and geology spoke of his “joy and satisfaction” over the full lifting of the rough export ban.

UAE’s Kimberley Process chair, Ahmed Bin Sulayem, travelled to CAR and had pushed extensively for the KP to initiate a review mission to fast-track the country’s reintegration.

Source: DCLA

PS: Plain to see that the Kimberley Process is a political tool and not a safegaurd for the diamond industry.

“Life-Changing” Diamonds Fail to Find Buyers

Hundreds of carats of diamonds unearthed by part-time diggers in India’s diamond-rich Panna district remain unsold after state-run auctions failed to attract buyers.

Farmers and laborers rent small patches of land from the government and regularly recover gems worth potentially life-changing sums.

But many of their finds have been unsold at recent auctions conducted by the Panna Diamond Office, as demand slumps globally and lab growns take ever larger shares of the market.

At the latest sale 64 diamonds, weighing 111.45 carats, were unsold, according to a Free Press report.

It said that in 2022-23, at least 139 diamonds, weighing 255.47 carats were unsold, and in 2021-22, there were unsold 68 diamonds, weighing 73.15 carats.

Panna is said to be home to 1.2m carats. Part-time miners pay $2.70 for the rights to dig a 25ft square patch there and diamond finds are quite common.

In May 2022 farmer Pratap Singh Yadav (pictured) recovered an 11.88-carat diamond and said he’d use proceeds from the sale of the stone to set up a business and pay for his children’s education.

In February of that year another part-time prospector dug up a 26.11-carat diamond which later sold for $193,000. And in February 2021 laborer Rampyare Vishwakarma unearthed a 14.09-ct diamond.

Source: DCLA

Lucara releases Q3 results, diamond mine shaft-sinking progress

Lucara Diamond Corp. said the long-term natural diamond price outlook remains resilient due to favourable supply and demand dynamics as a result of decreasing production volumes from major operating mines.

“However, the smaller size stones market remains soft as demand is impacted by a weak Asian market and the increasing uptake of laboratory grown diamonds,’’ Lucara said in a press release containing its results for the third quarter of 2024.

“Demand for stones larger than 10.8 carats remains robust, as reflected in the company’s sales in the plus 10.8 category,’’ the company said. It said the G7 sanctions on Russian diamonds over one carat, effective March, 2024, caused some trade delays with import times returning to normal during the quarter.

Lucara shares eased 8.7% or $0.04 to 42 cents. The shares trade in a 52-week range of 63 cents and 25 cents.

Lucara is a member of the Lundin Group of companies. Its currently operating open pit mine at Karowe in Botswana is a conventional load and haul operation. The mine is a producer of large, high-value type 2a diamonds. It is the only mine to have produced four diamonds in excess of 1,000 carats in size.

The open pit mine operations are expected to terminate mid-2025. However, the mine currently has over three years of surface stockpiled reserves, which will be consumed as required while the underground mine operations ramp up to commercial production.

During the third quarter, Lucara said significant progress was made in shaft sinking and lateral development connecting the production and ventilation shafts, with the critical path ventilation shaft being ahead of the July 2023 rebase schedule. At the end of the third quarter, the production shaft had reached a depth of 686 metres and the ventilation shaft a depth of 582 metres below surface. During Q3, the company invested $24.1 million into the Karowe Underground Project (UGP). The UGP is designed to access the highest value portion of the Karowe orebody and is expected to extend the life of the mine beyond 2040.

Highlights from the third quarter included the recovery of two exceptional diamonds larger than 1,000 carats, including the epic 2,488-carat diamond and the 1,094-carat diamond. The company said a total of 116,221 carats of diamonds were sold, generating revenue of $44.3 million in the third quarter.

A total of 104,390 carats were recovered in Q3, 2024, including 96,597 carats from direct ore feed from the pit and stockpiles, at a recovered grade of 13.4 carats per hundred tonnes and an additional 7,793 carats recovered from processing of historic recovery tailings.

On October 4, 2024, the company sold its interest in Clara Diamond Solutions Ltd. Partnership, Clara Diamond Solutions B.V., and Clara Diamond Solutions GP. Clara is a secure web-based digital marketplace designed to transact single diamonds between 1.0 and 10 carats, in higher colours and quality.

Source: DCLA

Qatari Royal Family in Court over Idol’s Eye Diamond

A legal battle over the Idol’s Eye, a 70.21 carat very light blue, eye shaped Golconda diamond, began on Monday (11 November) at the High Court, London.

Two branches of Qatar’s royal family are in dispute over the value of the gem – which could be anywhere between $10m and $27m.

The disagreement is between Qipco, a private investment company run by art collector Sheikh Hamad bin Abdullah al-Thani – a cousin of Qatar’s ruler Sheikh Tamim bin Hamad Al Thani – and Elanus Holdings, a company linked to the family of former culture minister Sheikh Saud bin Mohammed Al Thani.

Elanus loaned the diamond to Qipco in 2014 for 20 years, with an option to buy but the two sides disagree over the value of the stone. It is reported to be worth at least $10m, but according to a Reuter’s report, Elanus’s diamond expert has valued it at $27m.

Qipco says Elanus offered to sell the gem in February 2020, but then pulled out. Elanus disputes this.

Qipco is asking the High Court to force Elanus to go through with the sale.

The Idol’s Eye has a long and complex history. It was recovered in 1600 in the Kollur Mine, part of the Golconda Sultanate in southern India, was initially owned by Prince Rahab of Persia, and was auctioned by Christie’s London in 1865.

It has changed hands many times and has, at various stages, been owned by Harry Winston and Laurence Graff.

Source: DCLA

Britney Spears to Launch Jewelry Collection

Pop sensation Britney Spears says she’s launching her own jewelry brand, to be called B Tiny.

She has already made a fortune from sales of Britney perfumes, first launched in 2004 and said to have generated total revenue of over $1.5bn.

The 42-year-old “Princess of Pop” announced on Instagram that she was “so excited” to launch her first jewelry line, of what she said were “delicate extremely different and one of a kind pieces”.

Her post, which has over 70,000 likes, includes pictures of rings connected by a gold chain to bands around her wrist.

The post gives no further details of the collection, price or launch date.

Source: DCLA

De Beers Finds High-Potential Kimberlite Sites in Angola

De Beers says it has identified eight new high-potential kimberlite sites in Angola, according to the Portuguese news agency Lusa.

It resumed explorations in the country in 2022, after a 10-year gap, and signed a memorandum of understanding (MoU) in February with Angola’s National Mineral Resource Agency, and its state-owned mining and trading companies, Endiama and Sodiam.

Aerial surveys by De Beers have so far identified eight sites in Lunda Sul, the northeastern province that is home to the huge Catoca mine. De Beers is now exploring six more areas, together with Endiama.

Angola has yet to explore 60 per cent of its diamond-rich territories. It opened its new Luele diamond mine last November, in a move that is forecast to increase annual production from 9.7m carats in 2023 to 14.6m carats this year.

Under the terms of the MoU there will be a review of kimberlite deposits to be explored and the transparency and traceability of diamond production will be promoted.

Source: IDEX

Mountain Province Losses Increase in "Challenging Market"

Mountain Province reported increased net losses for the latest quarter as prices keep on dropping in a “challenging market”.

The Canadian miner today (7 November) announced a net loss of $13.6m for the three months to 30 September, following on from a $4.7m loss in Q2 (all figures are in US dollars).

“In Q3 2024 our sales achieved 100 per cent sell-through with no unsold stock held at the end of September and a higher average selling price than the three preceding quarters,” said Reid Mackie, VP sales and marketing at Mountain Province.

The average price per carat was, however, down 21 per cent on a year ago – from $95 to $75.

The company sold a 679,599 carats were sold for $50.8m, compared to 478,653 carats in Q3 2023 for $45.3m. Year-on-year the number of carats sold was up almost 30 per cent, but revenue increased by just 12 per cent.

Adjusted EBITDA was $12.5m and loss from mine operations was $8m.

As for operations at the Gahcho Kue mine (pictured), the number of tonnes of ore treated increased 10 per cent year-on-year, but the number of carats recovered fell by 10 per cent.

CEO Mark Wall explained that this was “driven by planned lower grade in Q3 and unplanned lower grade in March and early Q2 of 2024”.

He said that while the diamond market had been disappointing, he was optimistic that the price environment would recover during 2025 and that it would be followed by a very strong production year in 2026.

Source: DCLA

WFDB Call for Five-Year Marketing Campaign

The natural diamond industry needs coordinated and consistent marketing campaigns to counter declining demand, says Yoram Dvash, president of the World Federation of Diamond Bourses (WFDB).

In an open letter he calls on every member of the industry to help create a five-year plan, rather than relying on “short-term initiatives when the situation is particularly dire”.

He acknowledges that De Beers and the Natural Diamond Council are both spending millions of dollars on campaigns with leading retailers, but says it’s not enough.

“I am concerned that this is too little and too late,” he says. “To be successful, campaigns need to be coordinated and to be consistent throughout the year.”

He says there hasn’t been a major generic marketing campaign for natural diamonds for almost 20 years, when De Beers halted its “A Diamond is Forever” promotion.

“An entire generation of consumers has come of age without having been exposed to promotional campaigns with positive messages about natural diamonds,” he says in a letter to all the WFDB’s 29 member bourses.

Source: DCLA

Downturn Forces GIA to Close Israel Lab

GIA is to close its lab in Ramat Gan, Israel, saying it is no longer “financially sustainable”.

The facility, which opened in August 2012, will close by the end of this year. Submissions will be sent to GIA labs elsewhere, with no additional shipping costs, the lab said in a press statement.

GIA was not able to say at this stage which other labs it would use (Dubai is the closest), or how much extra time that would take.

“Despite reductions in operating costs and reduced staffing through attrition, the laboratory is not financially sustainable,” said GIA, which grades the majority of the world’s polished diamonds.

“The GIA laboratory in Ramat Gan, Israel, will end operations by the end of 2024 due to changes in the global diamond industry that resulted in significant declines in submissions from local clients over the last several years.”

GIA closed its Antwerp lab in July 2022, citing “limited demand for services and financial performance that did not support continued operations”.

It also has labs in Bangkok, Hong Kong, Mumbai, Surat, Tokyo, Carlsbad, New York, Dubai, Gaborone and Johannesburg, according to its website.

From 17 November submissions to the Ramat Gan laboratory will be sent elsewhere. “GIA is working to establish a third-party process to accept submissions from walk-in clients in Ramat Gan for service in other GIA laboratories,” the lab said.

Source: DCLA

Red and Pink Diamonds Lead Sotheby’s Sale

A 16.73 carat very light pink diamond is expected to sell for CHF 1.1m to CHF 1.8m ($1.3m to $2m) in Sotheby’s Geneva Magnificent Jewels Sale.

Another highlight of the sale, which features many colored diamonds, is a 1.44 carat fancy red diamond (the rarest of all diamond colors) from Australia’s iconic Argyle mine.

They’ll be offered for sale next week (13 November) in a live auction of 88 lots, including pieces by Cartier, Van Cleef & Arpels, Tiffany, Bulgari and JAR, spanning 250 years of jewelry history.

The pink diamond is claw-set in a ring, VVS1-clarity, natural color with a brilliant cut. The red diamond is also claw-set in a ring, with a cut-cornered rectangular mixed cut, together with an Argyle mine presentation case.

“The sale is a celebration of exceptional craftsmanship, with signed jewels from the most esteemed makers of the 20th century,” says Sotheby’s. The sale also offers a number of coloured diamonds of outstanding quality and size, within the rarest of colors.”

Source: IDEX

Christie’s to Sell Sassoon Family Treasures

Jewelry belonging to the famed Sassoon dynasty is to be sold at auction by Christie’s Geneva.

Five lots, including an Art Deco Cartier diamond necklace (pictured), will be offered for sale during the Magnificent Jewels event on 12 November.

The Cartier necklace, circa 1935, survived a World War II blast that destroyed the bank where it was being stored. 

Total carat weight is 130 carats to 140 carats, according to the Christie’s catalogue, including round diamonds of 10.58 carats, 7.80 carats and 7.24 carats. Estimate CHF 900,000 to CHF 1.3m ($1m to $1.5m).

The Sassoons were a prominent Jewish family, originally from Baghdad, who made their fortune from the 1830s trading a wide range of commodities to Kolkata, Karachi, China, Japan, Myanmar, and Malaysia. 

Under the stewardship of patriarch David Sassoon (1792 to 1864) they established one of the first international conglomerates.

The Sassoon family went on to become part of Britain’s social, cultural and political elite, and were known for their discerning taste and passion for fine jewelry.

Among the other Sassoon lots is a Cartier ruby and diamond necklace (estimate $250,000 to $300,000) and an Art Deco Colombian emerald and diamond bracelet, circa 1925 (estimate $300,000 to $400,000).

Source: DCLA

Another Big Drop for India’s Rough Exports

India’s exports of polished diamonds suffered yet another big fall in September, down 22.9 per cent, according to the latest figures from the GJEPC (Gem and Jewellery Export Promotion Council).

That’s a marginally better performance than August, when year-on-year exports were down by 23.8 per cent. Between April and September total foreign sales fell 20.6 per cent (all figures in US dollars).

Actual monthly sales tell a different story from year-on-year decreases. Total foreign sales for September were $1.29bn, compared to $1.04bn in August and $908m in July.

Across the whole gems and jewelry industry in India, gross exports were $2.54bn, down 15.9 per cent year-on-year (compared to 22.9 per cent for polished diamonds).

Exports of polished lab growns – still a tiny minority of all diamond sales – were down 16.5 per cent to $111m.

Source: DCLA