Botswana economy hit hard as diamond slump deepens

Botswana is bracing for deeper spending cuts and a widening budget deficit as a prolonged slump in diamond demand pressures its economy, even as the country signals interest in expanding its stake in diamond giant De Beers.

Vice President and Finance Minister Ndaba Gaolathe said the government is preparing to make “drastic” fiscal adjustments to stay afloat, including slashing expenditures and boosting tax revenues.

“The first thing we need to do, obviously, is to live within our means,” Gaolathe said in Washington. “That means cutting spending — doing away with what we believe is some of the fat.”

Diamonds make up a third of Botswana’s revenue and lead its exports, but a prolonged drop in global demand since mid-2023 has forced the government to raise its budget deficit forecast to 9% of GDP — the highest since the pandemic. The downturn has also led to a 3% contraction in the economy this year.

With foreign reserves under pressure, officials plan to cut costs by trimming the government vehicle fleet and curbing travel. They’re also moving to boost revenue through stricter tax enforcement and a new digital transaction levy set to launch in September.

Despite fiscal stress, Gaolathe said Botswana is reluctant to seek financing on international markets, preferring concessional loans. “Let’s borrow where it’s cheapest,” he said.

Bigger De Beers stake
The diamond downturn has also accelerated changes in the industry. Anglo American (LON: AAL), which owns 85% of De Beers, has been seeking a buyer for the iconic diamond company. Botswana, which holds the remaining 15% and is De Beers’ primary diamond source, says it wants a greater say in the sale.

“We are very confident that partners are coming forward,” Gaolathe told Bloomberg, noting interest from countries, funds and companies with “deep interest” in the industry. Botswana wants any new owner to be financially strong and committed to the diamond business long-term — and said it is open to increasing its stake to as much as 50%.

The government and De Beers recently signed a 10-year deal to fund global marketing aimed at reviving demand for natural diamonds, which have been losing ground to lab-grown alternatives. New US tariffs on Botswana’s diamonds have since added uncertainty to any near-term rebound.

“High tariffs on our diamonds will have a deleterious effect on us,” Gaolathe warned. The Bank of Botswana expects only a “muted recovery” this year.

Source: Mining.com

Bank of Namibia’s Warning on US Diamond Tariffs

Namibia’s diamond industry may be pushed into deeper crisis if United States (US) president Donald Trump pushes ahead with implementing an export tariff of 21% on Namibia.

The governor of the Bank of Namibia has warned that US tariffs on diamonds – which account for 29 per cent of the country’s exports – could push the country into a deeper crisis. 

It is already suffering the worst drought in over a century, compounded by the slump in diamond demand and other economic hardships, spiralling unemployment and a malaria outbreak.

“The diamond is already going through a difficult time because of low demand, and competition from lab-grown diamonds, and now you have all these tariffs,” said governor Johannes !Gawaxab*.

Namibia currently enjoys duty-free exports to the US on diamonds and most other products, but President Donald Trump announced a 21 per cent export tariff for the country in his 2 April “Liberation Day” speech.

He subsequently said there would be a 90-day pause before reciprocal tariffs on a whole list of countries were implemented.

Namibia is world’s eighth biggest diamond producer by carat, and the sixth by value, primarily from marine diamonds. Last year 12.4 per cent of its polished diamonds were sold to the US.

*The exclamation mark represents a click sound in Khoekhoegowab, an official language of Namibia.

Source: IDEX

US Jewelry Sector Shrinks Again in Q1

The decline in the US jewelry sector continues, with yet another drop in the number of retail, wholesale and manufacturing businesses.

The total number fell by 3.4 per cent – just under 800 businesses – to 22,330 year-on-year, according to the latest update from the Jewelers Board of Trade (JBT), which provides commercial credit information. The figures take account of both closures and new business openings.

The figure for the previous quarter, Q4 2024, was -3.2 per cent, and for Q3 2024 it was -3.3 per cent, indicating a steady rate of decline.

The biggest fall in Q1 2025 was among jewelry manufacturers, down 4.6 per cent to 2,119. The number of retailers fell 3.5 per cent, down to 16,959 and the number of wholesalers fell 2.5 per cent to 3,252.

JBT reported the opening of 68 new retail jewelers in the US during Q1.

Source: DCLA

Signs of Stabilization: “Mild Decline” for Fancy Color Prices

Prices of fancy color diamonds slipped by “only 0.3 per cent” in the first quarter of this year, according to the Fancy Color Research Foundation (FCRF).

Concerns over the impact of US tariffs were counter-balanced, to some extent, by what it called “signs of market stabilization”.

In Q4 of 2024 the Fancy Color Diamond Index fell by 1.1 per cent, and in the full year 2024 prices suffered their biggest annual fall since FRCF launched the Index in 2014.

In its quarterly update the FCRF noted that despite anxieties about Trump’s proposed tariffs (currently on hold for 90 days) they may actually create a shortage of color diamonds in the US market, which could serve to drive prices up.

“While the headline number shows a mild quarterly decline, the underlying data tells a more optimistic story: certain categories have stabilized, and volatility across others has significantly slowed,” the FCRF said.

“Which may set the stage for a potential rebound in select categories throughout upcoming quarters.

The FCRF also said that GIA’s decision to halt overseas submissions to its US labs, following the tariff announcement, means fancy color stones are being graded in Hong King instead, which is slowing the supply chain.

Yellow fancy color diamonds (all sizes and intensity) suffered the biggest losses in Q1 2025, down by 0.7 per cent (following on from a 2.2 per cent drop the previous quarter). Blues were down 0.5 per cent and pinks just 0.1 per cent.

Roy Safit, CEO of the New York-based FCRF, said: “While global trade anxieties – particularly around renewed US tariff proposals – have undoubtedly created caution across luxury sectors, the fancy color diamond market remained impressively composed.

“In fact, given the sharp rhetoric around import duties and reshoring, many expected a more dramatic correction. Instead, the data shows a contained, strategic repositioning. It speaks to the market’s growing maturity and the defensive appeal of vivid color diamonds.”

Source: IDEX

One of the World’s Rarest Red Diamonds Goes on Display

The Winston Red, an extraordinary and exceptionally rare diamond, is now on show to the public — making it the only known pure red diamond of its kind currently on display anywhere in the world.

Weighing 2.33 carats, it holds the distinction of being the fifth-largest pure red diamond known to exist. To put that into perspective, fewer than two dozen red diamonds over one carat have ever been recorded, making this a truly exceptional stone.

It’s now on exhibit at the Smithsonian National Museum of Natural History in Washington, D.C., as part of a special showcase of natural coloured diamonds.

A team from the Gemological Institute of America (GIA), working alongside experts from the Smithsonian’s Department of Mineral Sciences and the Paris School of Mines, have conducted an in-depth examination of the gem.

GIA’s president and CEO, Susan Jacques, called the Winston Red “one of the most exquisite gems on Earth,” noting its intense deep-red colour and fascinating history. Red diamonds are incredibly rare, and among the more than one million coloured diamonds studied by GIA, a mere 0.07% were red — and just over half of those qualified for the elite ‘Fancy red’ grade awarded to the Winston Red.

Through advanced research, GIA scientists have identified the diamond’s colour origin and believe it likely came from either Brazil or Venezuela.

Tom Moses, GIA’s executive VP and head of research, shared his personal connection to the stone, having first examined it back in 1987. He recalled its striking deep red hue and historical significance — a diamond once sold by Jacques Cartier in 1938 to the Maharaja of Nawanagar.

The Winston Red is now the star attraction in a new exhibition at the Smithsonian, which features 40 other rare coloured diamonds from the Winston Fancy Color Diamond Collection. The collection was donated by Ronald Winston, son of legendary jeweller Harry Winston.

This exhibition is a rare opportunity to witness one of nature’s most elusive and captivating treasures — a true celebration of colour, history, and craftsmanship.

Source: DCLA

Ousted Masisi Claims De Beer Funded Botswana's Opposition

Botswana’s former president Mokgweetsi Masisi has accused De Beers of funding the party that ousted him from power last November – because he was taking too tough a stance on the critical 10-year diamond deal.

He claims the mining company actively supported the Umbrella for Democratic Change (UDC) which ended 58 years of uninterrupted rule by the Botswana Democratic Party (BDP).

Masisi (pictured) also claims De Beers tried to influence internal politics within the BDP to appoint a more favourable leader and that it deliberately stalled on the signing of a full diamond sales agreement because of tax disputes.

De Beers and the Botswana government agreed the principles of a sales agreement, mining licenses and a package of measures to boost the country’s economy under Masisi, but the deal remained unsigned during his tenure.

It was finally inked three months after he was replaced as president by Duma Boko.

De Beers and the UDC have categorically rejected Masisi’s claims. De Beers said: “We do not provide financial or other support for political purposes to any politician, political party or related organisation, or to any official of a political party or candidate for political office, in any circumstances, either directly or through third parties.”

A UDC spokesperson dismissed Masisi’s claims as outlandish, and challenged him to provide evidence.

Source: IDEX

JAR Collection set to Fetch $3m

A collection of 21 pieces by the celebrated jeweler JAR (Joel Arthur Rosenthal) is expected to sell for at least $3m at Christie’s Geneva.

It’s described as “one of the largest and most important private collections of works by the visionary designer”.

JAR is one of the most sought-after contemporary jewelers, known for his use of unconventional materials and techniques, and for drawing on flora and fauna as his inspiration.

His exclusive boutique, in Place Vendome, Paris, admits clients only by personal approval or recommendation and produces just 70 or 80 pieces a year.

The collection – A Bouquet of Gems: A Superb Collection Of Jewels By JAR – will be offered for sale at the Magnificent Jewels sale on 14 May.

They were acquired for a single private collector in the early 2000s and 2010s and none of them has previously appeared on the market or at auction.

Highlight of the sale is the 2009 sculptural diamond Apricot Blossom bracelet (pictured) with an estimate of $340,000 to $570,000.

A multi-gem chain necklace of round brown diamonds, emeralds, tourmalines, tsavorite spessartine garnets, peridots, purple, orange, pink sapphires and sapphires, topazes, fire opals, rubies, pink and purple spinels, amethysts, and aquamarines, has an estimate of $285,000 to $400,000.

And a 2006 ring, with a 6.36-carat cushion modified brilliant-cut diamond, and black diamonds, is offered with a $160,000 to $230,000 estimate.

Source: DCLA

Gemfields Blames Market Conditions for $100m Loss

Gemfields, the world’s largest colored gemstone miner has reported a $100.8m loss for 2024 – and announced a $30m a rights issue to help secure its future.

It suspended mining at its Kagem emerald mine in Zambia for up to six months last December. It was also forced to temporarily close its Montepuez ruby mine, in Zambia due to civil unrest.

The UK-based miner made a comparatively small loss of $2.8m in 2023, but says market conditions in 2024 were “more challenging than we could have anticipated”.

In its latest trading update Gemfields blamed the oversupply of emeralds by a Zambian competitor, lower-than-expected production of premium rubies at Montepuez and a weak gemstone market, especially in China.

“While our planning of Gemfields’ growth programme did not envisage the requirement of additional funds from shareholders, the scope and scale of the difficulties we have encountered contemporaneously has unfortunately necessitated a change in approach,” said CEO Sean Gilbertson.

The company will be seeking shareholder approval for a fully committed and underwritten rights issue of 556m new shares to raise approximately $30m.

Total revenue for 2024 was $213m, down 19 per cent, due to disrupted market for emeralds in H2 2024 and lower production of premium rubies.

Gemfields said construction of a second ruby processing plant in Montepuez was on track. At Kagem the only produced are by processing the pre-mined stockpile.

Source: DCLA

India’s Polished Diamonds Export Down 17%

India’s polished exports fell by almost 17 per cent in the fiscal year ending March 2025, to $13.29bn, according to the Gem and Jewellery Export Promotion Council (GJEPC).

That’s among the lowest annual export figures for two decades, although not, as widely reported, the lowest of all. The GJEPC figure for 2005 was $12.3bn, up from $10.3bn in 2004. By comparison 2023/4 foreign sales totaled $15.97m.

Overall gem and jewellery exports fell 11.7 per cent in 2024/5 to $28.5bn, the lowest figure in four years.

But there are signs of a recovery, with polished diamond exports for March showing a year-on-year decline of just 0.76 per cent to $1.16bn and gems and jewelry actually growing 1 per cent to $2.58bn.

“The decline in gems and jewellery exports is mainly due to the continuous dip in demand in China as well as the US, India’s key export markets, due to the ongoing geopolitical tensions,” said GJEPC Chairman Kirit Bhansali.

“Also, the correction in rough diamond prices by 10-15 per cent impacted the value, causing the overall decline in exports.”

Source: DCLA

The Golconda Blue: The Largest Fancy Vivid Blue Diamond Ever Seen at Auction

Christie’s is preparing to showcase something truly extraordinary — The Golconda Blue, a 23.24 carat Fancy Vivid Blue diamond, set to headline the Magnificent Jewels auction in Geneva on 14 May. Held at the Four Seasons Hotel des Bergues, this remarkable stone carries an estimate of between $35 million and $50 million.

Mounted in a ring designed by the legendary JAR, The Golconda Blue is not only the largest Fancy Vivid Blue diamond ever offered at auction — it’s also one of the rarest and most historically significant diamonds in existence.

Its journey through history is as dazzling as the stone itself. Originally owned by Yeshwant Rao Holkar, the Maharaja of Indore — a prominent patron of art and fine jewellery in the 1920s and 1930s — the diamond was first set into a bracelet by Chaumet in 1923. A decade later, Mauboussin transformed it into a necklace worn by the Maharani, immortalised in a striking portrait by Bernard Boutet de Monvel.

In 1947, the diamond was acquired by none other than Harry Winston, who later sold it as a brooch to the Maharaja of Baroda. After years of being held privately, The Golconda Blue is now returning to the public eye for the first time in decades.

Rahul Kadakia, Christie’s international head of jewellery, called it “a once-in-a-lifetime opportunity,” noting the auction house’s long history with legendary Golconda diamonds such as the Archduke Joseph, the Princie, and the Wittelsbach.

The term Golconda itself refers to the legendary diamond mines of Eastern India, famous for producing some of the world’s most luminous, transparent, and pure gems. Among them are historic stones like the Koh-i-Noor, the Hope Diamond, and the Darya-i-Nur — and now, The Golconda Blue joins this rarefied list.

This sale is not just about a diamond. It’s about history, heritage, and the timeless allure of one of nature’s most breathtaking creations.

Source: DCLA

Russia Partners with Belarus

Russia is joining forces with its ally Belarus to promote jewelry exports to China, the UAE, Vietnam, and Southeast Asia, in response to G7 sanctions.

The collaboration was agreed last Friday (4 April) after Russia’s deputy finance minister Alexei Moiseyev (pictured) met Belarus’s finance minister Yury Seliverstov in the Belarus capital, Minsk.

Both sides discussed further developing e-commerce in jewelry made in Belarus and Russia, as well as the mutual recognition of state standard marks.

The two countries are close trade partners and Belarus has been sanctioned for supporting Russia’s invasion of Ukraine.

“A marketplace for the sale of Belarusian and Russian jewelry on foreign markets is planned to be launched in test mode this year, Moiseyev said, according to BelTA, Belarus’s state news agency.

He said the Eurasian Development Bank, founded jointly by Russia and Kazakhstan, was taking part in the collaboration.

Source: IDEX

US Tariffs: GIA Expands Dubai and Hong Kong Services

GIA says its Dubai and Hong Kong labs will accept larger stones for grading, in the wake of President Trump’s imposition of retaliatory tariffs on its trading partners.

Last week GIA said its US labs in New York and California would not accept submissions from overseas until confusion had been cleared up over the status of stones entering the country for grading rather than for sale.

In a statement on Monday (7 April) the world’s biggest grading lab said that because of tariff-related “logistical challenges” it was temporarily expanding services in Dubai and Hong Kong.

Dubai will now accept rough or polished diamonds (D-Z) up to 9.99-cts and Hong Kong will impose no size limit, until further notice.

Both labs previously had a 3.99-cts upper size limit. In addition, Hong Kong will now grade fancy color diamonds.

Source: DCLA

Petra Diamonds delays sale amid US tariffs uncertainty

Africa-focused Petra Diamonds has postponed a scheduled sale of about 200,000 carats of diamonds from its Cullinan mine in South Africa, citing uncertainty over the impact of new US tariffs.

Last week, US President Donald Trump announced sweeping import tariffs ranging from 10% to over 100%, including a 30% duty on many South African goods. The move has injected volatility into the global diamond market.

Petra, which holds the world’s third-largest diamond resource, said the decision to delay the Cullinan sale aims to secure stronger market prices once the tariff situation becomes clearer. The sale had been expected to generate approximately $18 million in revenue.

Despite the disruption, the company managed to complete sales from its Finsch mine in South Africa and the Williamson mine in Tanzania before the tariffs were introduced.

South Africa remains one of the largest diamond exporters to the US, alongside India.

So far in the 2025 financial year, Petra has earned $103 million from rough diamond sales, down from $138 million during the first five tenders of the previous year.

Source: mining.com

See The World’s Rarest Diamonds, Worth a Total of $100 million, in Abu Dhabi

Sotheby’s, in partnership with the Abu Dhabi Investment Office, is exhibiting extremely rare coloured diamonds at Bassam Freiha Art Foundation this week, in the biggest showcase of diamonds outside of the Smithsonian Museum in Washington DC.

All together, the spectacular diamonds are worth around $100 million. The largest flawless diamond in the world, the largest vivid orangey pink diamond ever graded, the second largest red diamond known to exist and several diamonds over 100 carats are included in the collection, which will be available for public view this Wednesday, April 9 and Thursday, April 10.

“The exhibition is incredibly exciting for the simple reason that to purely just have eight diamonds of this calibre in the same room is something that is worthy of one of the great museums in the world, and I can’t imagine that we will ever see this array together again,” says Paul Redmayne, Sotheby’s senior vice president for luxury private sales. “It is definitely a career highlight for me to see these stunning gemstones side by side, and I look forward to no doubt witnessing many a jaw drop as the public come through the doors.”

The star of the showcase is none other than The Mediterranean Blue. Weighing 10.03 carats, this Fancy Vivid Blue rarity has earned the highest GIA colour grading and a coveted Type IIb classification, an elite status held by less than 0.5 per cent of diamonds. Its cushion cut intensifies its liquid-like saturation, an electrifying depth that feels almost surreal. With an estimated value of $20 million, The Mediterranean Blue will be the highlight of Sotheby’s High Jewellery Sale on May 13 in Geneva.

“The Mediterranean Blue diamond on its own is an incredibly rare stone, and ticks so many of the boxes that you could look for: it is a connoisseur’s diamond, whilst also being infinitely wearable,” shares Redmayne. “The depth of the blue is unrivalled, and even to someone who knows nothing about diamonds, it’s clear to see what makes it so special.”

The diamond is a timeless symbol of love, power, beauty and status – but a captivating collection of this stature is awe-inspiring at an entirely different level; a once-in-a-lifetime experience in the UAE’s capital city, which Redmayne says marks an incredibly exciting moment in the city’s history. “This project further enriches the dynamic landscape of Abu Dhabi for both collectors and the general public,” he says.

Source: voguearabia

Canada's Big Three Mines Could Close Early

Canada’s three biggest diamond mines could be forced to close early, an economist has warned, amid the ongoing slump in prices.

Operators reported losses last year for Diavik, Ekati and Gahcho Kue, all in Canada’s Northwest Territories (NWT).

They are slated for closure as they reach the end of their lives – estimated at 2026, 2029 and 2030 respectively – but dwindling demand may render them uneconomic before those dates.

Graeme Clinton, an economist in Yellowknife, capital of NWT, told CBC, Canada’s national broadcaster : “I don’t think nearly enough is made of the state of the markets which are most important to our economy. These low prices could very well mean an early closure.”

He qualified his comments by saying that none of the miners had so far indicated that they’d bring forward their closing dates.

Diamond mining is key to NWT’s economy, representing over a quarter of its GDP, but miners have been hit hard by the downturn.

Rio Tinto’s Diavik mine lost CAD 127m (USD 94.6m) in 2024, Burgundy’s Ekati lost CAD 94.7m (USD 70.5m) and Mountain Province, minority-owner of Gahcho Kue lost CAD 81m (USD 60.0m).

Early closures would cost thousands of jobs, and would dent NWT’s economy.

Source: DCLA

Mining Company Alrosa Unveils Russia’s Largest-Ever Diamond

Russian diamond producer Alrosa announced Friday that it finished the two year cutting process of the country’s largest ever diamond a 100 carat vivid yellow stone named New Sun.

New Sun was cut from a billion year old 200 carat rough diamond, which was unearthed from an ancient riverbed at the Ebelyakh mine in the Far East republic of Sakha (Yakutia).

Alrosa said 15 of Russia’s top jewelers worked meticulously to “achieve the perfect balance between light, color and the play of shades.”

“Thanks to the highest skill of Russian experts, the diamond has acquired impeccable proportions that accentuate its depth and brightness of its sunny hue,” the company said.

The cutting process marks a “new stage” in the development of the Russian Cut, a gem cutting technique known for its precision and brilliance, Alrosa said.

“New Sun is one of the most significant events in the gemstone industry in recent years, highlighting Russia’s high status in the global diamond industry,” the company said.

Last month, Alrosa announced the temporary suspension of operations at several less profitable sites, reducing annual production by less than 1 million carats. The company still plans to produce 29 million carats of diamonds in 2025.

Alrosa, which is under an EU and G7 import ban, is the world’s largest diamond mining company by volume. It cut production by 2.8% to 34.6 million carats in 2023 and by 4.6% to 33 million carats in 2024.

Source: DCLA

Bombshell: Trump’s 26% Tariffs on Indian Exports

India’s diamond industry is in shock today after the US imposed 26 per cent reciprocal tariffs on all its exports.

That’s almost double the 13.3 per cent predicted by India’s Global Trade Research Initiative before yesterday’s news (2 April).

Traders, manufacturers, exporters and others in India’s diamond industry are still struggling to process the scale of the announcement, made by President Donald Trump in what he called his Liberation Day speech, outlining tariffs that would boost domestic industry and “make America wealthy again”.

He said US tariffs would be roughly half those charged by each of its trade partners. India charges the US 52 per cent, he said, a figure that includes currency manipulation.

“The [gems and jewellery] trade is expected to come at a standstill as US importers will assess whether to place orders with Indian jewellery exporters,” said Kirit Bhansali, chairman of the Gem and Jewellery Export Promotion Council, reacting to the news.

“The tariff is higher than expected,” Colin Shah, managing director of Kama Jewelry. “It is quite severe and will affect exports.”

The US represents over 30 per cent of all India’s gem and jewelry exports, worth $10bn a year. Exports of loose diamonds to the US which currently attract no import duty – and gold jewelry, which is charged at 5.5 per cent to 7 per cent. The US has a trade deficit of $46bn with India.

Trump announced a raft of tariffs on trade partners around the world, claiming the US had been losing out for decades.

“They (India) are charging us 52 per cent and we charge almost nothing for years and years and decades,” said Trump during his announcement.

For decades, the president said, the US “has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike”.

The White House said India imposed “uniquely burdensome” non-tariff barriers. Removing them would increase US exports by at least $5.3bn annually.

The US announced a baseline tariff of 10 per cent on all countries (except Canada and Mexico), to be implemented on 5 April. Additional tariffs (as high as 49 per cent for Cambodia) will be introduced on 9 April for targeted countries.

Source: DCLA

Swiss Watch Slump: Exports to China down 25%

Swiss watch exports slumped in February, down 8.2 per cent, with sales in China down by a quarter.

The Federation of the Swiss Watch Industry Exports (FHS) described it as a “marked slowdown in an uncertain climate”.

It follows a brief return to growth in January, when foreign sales rose by 4.1 per cent after a 2024 marked by steady decline.

China, the third biggest market for Swiss watches, saw sales plunge by 25 per cent year-on-year in February. Exports to Hong Kong, the second biggest market, fell by 12.5 per cent, and they were down 19.1 per cent to Japan.

In the US they fell 6.7 per cent, in marked contrast to a 16.2 per cent increase the previous month.

“Most of the main markets saw significant declines in February,” the FHS said in its monthly update. “Swiss watch exports fell back by 8.2% in February, despite a favourable base effect.”

The six biggest markets, representing just over half of all Swiss watch exports, recorded a combined decease of 12.5 per cent.

Mid-priced watches – CHF 500 to CHF 3,000 ($550 to $3,300) – suffered the biggest losses, down over 15 per cent by value.

Source: IDEX

Diavik recovers 158.20 carat ‘miracle of nature’ diamond

One of the largest gem-quality yellow diamonds ever discovered in Canada, has been unearthed from Rio Tinto’s Diavik Diamond Mine.

The 158.20-carat rough diamond is one of only five yellow diamonds weighing more than 100 carats ever unearthed at Diavik in its 22-year history, stated a release.

Diavik’s production primarily consists of white gem quality diamonds, with less than one percent of its production yielding rare yellow diamonds.

Diavik Diamond Mines Chief Operating Officer Matt Breen stated: “This two-billion-year old natural Canadian diamond is a miracle of nature and testament to the skill and fortitude of all the men and women who work in Diavik’s challenging sub-Arctic environment.”

Patrick Coppens, sales and marketing GM for Rio Tinto’s diamonds business, stated: “The beauty and purity of Diavik diamonds continues to excite passions amongst all who see them and we look forward to following the onward journey of this very special diamond.”