Petra’s entire interest in Williamson headed for Tanzania’s Pink Diamonds

An agreement has been entered into for the outright sale of Williamson Diamonds Limited, Petra Diamonds announced on Wednesday.

The London-listed and South Africa-active Petra is taking steps to sell its entire shareholding in the Tanzanian entity to Pink Diamonds Investments for a headline consideration of up to $16-million.

This follows Petra’s sale in May of just under half of the asset, in which the Tanzanian government has a stake, for $15-million via long-term technical services contractor Taifa Mining.

Since then, Williamson’s coming under consolidated ownership has emerged increasingly as the preferred way forward.

As a Taifa affiliate, Pink Diamonds is viewed by Petra CEO Richard Duffy as possessing the technical and financial capability to conduct operations in a responsible manner for all stakeholders.

As a wholly Tanzanian-owned company with more than three decades of mining-related experience, Taifa’s working relationships extend to mining majors such as De Beers, Barrick and AngloGold Ashanti. It is now entering a phase of exclusive ownership of the asset where about 1 100 people are employed, most of them Tanzanian.

The mine’s reserves and resources as of June 30 were reported as 37.17-million carats. With liquidity challenges continuing, further capital investment will be required.

“We look forward to working closely with the Mining Commission, the Fair Competition Commission, employees, community representatives and other key stakeholders in completing the sale as soon as possible,” Duffy stated in a stock exchange announcement accessed by Mining Weekly.

In South Africa, Petra operates the Cullinan diamond mine in Gauteng and the Finsch diamond mine in the Northern Cape.

“We’re committed to adopting and adhering to the latest internationally recognised standards throughout all aspects of our business,” said Pink Diamonds chairperson Rostam Azizi, whose family are from the area around Mwadui, the other name for the Williamson mine, which is situated 23 km north-east of Shinyanga in northern Tanzania.

Mining Weekly can report that the discovery of the kimberlite pipe by Canadian geologist John Williamson in 1940 led to ongoing operation since then, making it one of the world’s oldest continuous operating diamond mines. Its yield of 19-million-plus diamond carats includes the 54.5 ct Williamson pink diamond presented to British royalty in 1947.

Source: DCLA

4ct. Pink Diamond Takes Spotlight at Sotheby’s

A fancy-pink diamond pendant is set to headline an upcoming jewelry auction at Sotheby’s in Paris, where it is expected to fetch up to EUR 550,000 ($612,797).

The cushion-cut, 4.03-carat diamond piece will feature at the October 10 Fine Jewels sale, according to the Sotheby’s website. The auction will also offer jewels from Cartier, Van Cleef & Arpels, and Giovanni Ferraris.   

Additionally, the event will showcase more than 80 pieces from the collection of British singer Dame Shirley Bassey, including diamond jewelry Elton John gifted her.   

Here are the rest of top 10 jewels that will be auctioned:   

This Cartier Tutti Frutti bracelet designed as a band of articulated branches —embellished with carved emeralds, rubies and emerald beads drill-set with single-cut diamonds — carries a top estimate of EUR 450,000 ($501,395).   

A necklace from the Shirley Bassey collection composed of a row of graduated brilliant-cut diamonds, with the main ones weighing 5.50, 5.36, and 4.61 carats, could sell for up to EUR 280,000 ($311,798).   

Sotheby’s will offer this gold and diamond Cartier set comprising a necklace, two bracelets, a pair of ear clips, and a ring, each paved with brilliant-cut diamonds, for a high price of EUR 260,000 ($289,687).   

A David Morris ring bearing a rectangular step-cut, 7.15-carat diamond of F color and internally flawless clarity, flanked by tapered baguette diamonds, is expected to bring in EUR 140,000 to EUR 250,000 ($155,990 to $278,554).   

This sapphire and diamond bracelet by Van Cleef & Arpels forms a stylized buckle set with a row of oval sapphires framed by brilliant-cut diamonds. It has a presale range of EUR 140,000 to EUR 240,000 ($155,990 to $267,410).  

This ring with a pear-shaped, fancy-brownish-yellow diamond weighing 20.03 carats could achieve as much as EUR 220,000 ($245,116).   

A necklace composed of openwork and oval motifs, each set with an oval sapphire within a double surrounding of brilliant-cut diamonds, has an upper price of EUR 180,000 ($200,540).

A 21.17-carat, fancy-light-brown-yellow, SI2-clarity diamond ring with marquise-shaped diamond shoulders is anticipated to realize up to EUR 170,000 ($189,415).   

This claw-set ring with a rectangular step-cut, 5.06-carat diamond flanked by triangular diamonds carries a high estimate of EUR 150,000 ($155,990).