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