9ct. Synthetic Sets ‘World Record’

WD Laboratory Grown Diamonds has created what it claims to be the world’s largest known synthetic diamond made using chemical vapor deposition (CVD).

The ideal cut, round brilliant  9.04 carat, VS2 clarity stone broke the synthetic diamond producer’s own previous world record of 6 carats, the company said last week.

“No other CVD diamond manufacturer has come close to this size and quality,” Clive Hill, its founder and chairman, claimed. “But this is not an easy task, and we overcame significant hurdles that we’ll undoubtedly face and overcome again.”

WD Lab Grown Diamonds intends to work on producing even larger CVD synthetics, Hill added.

Source: DCLA

9ct. Synthetic Sets ‘World Record’

WD Laboratory Grown Diamonds has created what it claims to be the world’s largest known synthetic diamond made using chemical vapor deposition (CVD).

The ideal cut, round brilliant  9.04 carat, VS2 clarity stone broke the synthetic diamond producer’s own previous world record of 6 carats, the company said last week.

“No other CVD diamond manufacturer has come close to this size and quality,” Clive Hill, its founder and chairman, claimed. “But this is not an easy task, and we overcame significant hurdles that we’ll undoubtedly face and overcome again.”

WD Lab Grown Diamonds intends to work on producing even larger CVD synthetics, Hill added.

Source: DCLA

Mining firm Petra Diamonds said it aims to raise $178 million to help cut its debt burden, and warned it could run low on working capital and breach its debt covenants if shareholders do not back the proposed rights issue.

Petra, which last month finalised an agreement with its lenders for a waiver of its December 2017 debt covenant and a resetting of debt agreements for this year, said it would offer new shares at 40 pence.

That marks a 35.6 percent discount to the theoretical ex-rights price of 62.15 pence calculated in reference to the closing price of its shares on Wednesday.
Shares in the London-listed company tumbled as much as 19 percent after the company’s statement.

“If the resolutions to be proposed at the special general meeting are not passed, the rights issue will not take place and the company will not receive the net proceeds from the rights issue of approximately US$170 million,” Petra said in a statement announcing the new share issue.

“In such circumstances, the company is of the opinion that the working capital available to the group will not be sufficient during the working capital period based on the reasonable worst case scenario.”
Investors will vote on the rights issue in a special general meeting set for June 13.

Petra has been hit by production delays, strikes, a confiscated consignment of diamonds and a strong South African rand and has sought waivers from its lenders three times.

There were also no refunds on value-added-tax (VAT) from the Tanzanian government.
Petra said it would use up to $120 million from the cash call to pay down debt and the balance would buffer its working capital against the strength in the rand.

Petra’s debt had risen to $622 million as of last month, from $500.2 million at the end of March 2017.
The company targets a reduction in the leverage of 2 times or less net debt to core earnings or EBITDA by the end of 2020.

The fund raising is underwritten by RBC Capital Markets, BMO Capital Markets and Barclays.

“We expect the share price to trade down towards the ex-rights price, but our view is that once the refunding is completed price appreciation is likely,” said Canaccord Genuity analyst Des Kilalea.

“This is because the risk from the balance sheet will be reduced and returns from improved operations will flow through to equity.”

Reporting by: Zandi Shabalala

Mining firm Petra Diamonds said it aims to raise $178 million to help cut its debt burden, and warned it could run low on working capital and breach its debt covenants if shareholders do not back the proposed rights issue.

Petra, which last month finalised an agreement with its lenders for a waiver of its December 2017 debt covenant and a resetting of debt agreements for this year, said it would offer new shares at 40 pence.

That marks a 35.6 percent discount to the theoretical ex-rights price of 62.15 pence calculated in reference to the closing price of its shares on Wednesday.
Shares in the London-listed company tumbled as much as 19 percent after the company’s statement.

“If the resolutions to be proposed at the special general meeting are not passed, the rights issue will not take place and the company will not receive the net proceeds from the rights issue of approximately US$170 million,” Petra said in a statement announcing the new share issue.

“In such circumstances, the company is of the opinion that the working capital available to the group will not be sufficient during the working capital period based on the reasonable worst case scenario.”
Investors will vote on the rights issue in a special general meeting set for June 13.

Petra has been hit by production delays, strikes, a confiscated consignment of diamonds and a strong South African rand and has sought waivers from its lenders three times.

There were also no refunds on value-added-tax (VAT) from the Tanzanian government.
Petra said it would use up to $120 million from the cash call to pay down debt and the balance would buffer its working capital against the strength in the rand.

Petra’s debt had risen to $622 million as of last month, from $500.2 million at the end of March 2017.
The company targets a reduction in the leverage of 2 times or less net debt to core earnings or EBITDA by the end of 2020.

The fund raising is underwritten by RBC Capital Markets, BMO Capital Markets and Barclays.

“We expect the share price to trade down towards the ex-rights price, but our view is that once the refunding is completed price appreciation is likely,” said Canaccord Genuity analyst Des Kilalea.

“This is because the risk from the balance sheet will be reduced and returns from improved operations will flow through to equity.”

Reporting by: Zandi Shabalala

Where to buy laboratory created diamonds

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Experts are here to guide you through your purchase where ever you choose to buy.

Buy here: NEX Diamonds

Where to buy laboratory created diamonds

NEX diamonds are type 2A diamonds the best laboratory created diamonds available and rarest of diamonds crystals.

NEX Diamonds are Australia’s trusted name in laboratory created diamond, with a direct factory buying service.

The world’s most technically advanced factory producing the finest Laboratory grown diamonds certified by GCAL or IGI, directly to you from the factory.

Experts are here to guide you through your purchase where ever you choose to buy.

Buy here: NEX Diamonds

Forevermark Unveils New Concept Store in China

Forevermark has launched a concept store in Shanghai tailored to millennial shopping habits, marking its 1,000th branch in China.

The opening of the store, named Libert’aime, also celebrates the brand’s 10th anniversary of entering the country. The De Beers-owned brand designed the branch’s diamond-jewelry line with a young, self-purchasing consumer in mind, it said Tuesday.

The store combines online and offline platforms, including a WeChat store. It also features digital experiences such as a 3D diamond wall, and a “magic mirror” that allows customers to share pieces with friends and family.

The store includes sections dedicated to different product types. The “diamond bar” will feature daily-wear diamond jewelry, while fancy-cut and multi-diamond pieces will be located in the “spectacular diamond” area.

“[Libert’aime] brings together an innovative in-store offering with online and social channels to provide customers with a highly engaging and personalized buying experience,” Forevermark CEO Stephen Lussier said. “We recognize that our consumer continues to evolve and, with Libert’aime by Forevermark, we are thrilled to be offering a diamond-jewelry range that has been designed with a younger, more fashion-forward consumer in mind, who might just be starting their diamond journey.”

The Shanghai store will also feature a new collection, LE LIGHT, designed by popular Chinese actor and musician Timmy Xu Weizhou.

In addition, De Beers Diamond Jewellers has opened a new store in the luxury SKP shopping mall in Xi’an, its sixth in mainland China. The new branch will feature three separate divisions: one for bridal jewelry, a second with collections such as the Talisman, Enchanted Lotus and Dewdrop lines, and a third showcasing high-jewelry pieces.
 
Source: diamonds.net

Credit: Matt Crabb/De Beers