Mumbai Exchange Mulls Lifting Synthetics Ban

Mumbai’s Bharat Diamond Bourse (BDB) is considering allowing synthetic-diamond trading on the exchange premises, its president told Rapaport News.

Some members have asked management to reconsider its 2015 ban on selling lab-grown diamonds anywhere in the BDB’s vast office complex, Anoop Mehta said this week. The bourse will consult with members after the Diwali vacation season, and could call a vote in the first quarter of next year, he added.

“One of the prime reasons [for outlawing lab-grown diamonds] was that detection was a major problem at that time,” Mehta explained. “Detection has come a long way, so we will relook at it.”

Most diamantaires are unlikely to back the change as it would damage their business, according to a trader at a member company, who was not aware that the matter was on the table.

The bourse expects to brief members in informal meetings in December once traders have returned from Diwali, Mehta said. It will also use those events to discuss the issues and ensure voters make an informed decision, he added.

The BDB declared the bourse a “natural-diamond zone” in October 2015, claiming it was the first exchange to do so.

Which exchanges allow trading in laboratory-grown diamonds?

Belgium: Antwerp’s bourses admit companies that trade synthetics, provided that they give full product disclosure.
Dubai: The Dubai Diamond Exchange doesn’t track whether traders are dealing in natural or lab-grown diamonds, but members must comply with its bylaws and make appropriate disclosures.
Hong Kong: The Diamond Federation of Hong Kong, China, does not currently admit lab-grown-diamond companies to its membership.
India: The Bharat Diamond Bourse banned synthetics from the entire complex in 2015, and is now considering requests to change that.
Israel: Members can’t deal in synthetics on the Israel Diamond Exchange trading floor, but the rule doesn’t apply to offices in the bourse building.
US: The Diamond Dealers Club of New York had not confirmed its policy to Rapaport News at press time.
Sources: Bourse and organization spokespeople

Mumbai Exchange Mulls Lifting Synthetics Ban

Mumbai’s Bharat Diamond Bourse (BDB) is considering allowing synthetic-diamond trading on the exchange premises, its president told Rapaport News.

Some members have asked management to reconsider its 2015 ban on selling lab-grown diamonds anywhere in the BDB’s vast office complex, Anoop Mehta said this week. The bourse will consult with members after the Diwali vacation season, and could call a vote in the first quarter of next year, he added.

“One of the prime reasons [for outlawing lab-grown diamonds] was that detection was a major problem at that time,” Mehta explained. “Detection has come a long way, so we will relook at it.”

Most diamantaires are unlikely to back the change as it would damage their business, according to a trader at a member company, who was not aware that the matter was on the table.

The bourse expects to brief members in informal meetings in December once traders have returned from Diwali, Mehta said. It will also use those events to discuss the issues and ensure voters make an informed decision, he added.

The BDB declared the bourse a “natural-diamond zone” in October 2015, claiming it was the first exchange to do so.

Which exchanges allow trading in laboratory-grown diamonds?

Belgium: Antwerp’s bourses admit companies that trade synthetics, provided that they give full product disclosure.
Dubai: The Dubai Diamond Exchange doesn’t track whether traders are dealing in natural or lab-grown diamonds, but members must comply with its bylaws and make appropriate disclosures.
Hong Kong: The Diamond Federation of Hong Kong, China, does not currently admit lab-grown-diamond companies to its membership.
India: The Bharat Diamond Bourse banned synthetics from the entire complex in 2015, and is now considering requests to change that.
Israel: Members can’t deal in synthetics on the Israel Diamond Exchange trading floor, but the rule doesn’t apply to offices in the bourse building.
US: The Diamond Dealers Club of New York had not confirmed its policy to Rapaport News at press time.
Sources: Bourse and organization spokespeople

Marie Antoinette Pendant Sells for $36M

A natural pearl and diamond pendant belonging to Marie Antoinette smashed its price estimate and capped off a record-breaking sale at Sotheby’s Geneva auction.

The jewel went for $36.2 million, beating its presale valuation of $1 million to $2 million, and setting a new auction record for a natural pearl, Sotheby’s said Wednesday.

All jewels on offer at the auction found a buyer, including 10 belonging to the French queen. The entire collection sold for $53.1 million, more than seven times the total presale high estimate of $7 million.

“Tonight we saw the Marie Antoinette factor work its magic,” said Daniela Mascetti, Sotheby’s jewelry chairman for Europe. “No other queen is more famous for her love of jewels, and her personal treasures, pearls and diamonds that survived intact the tumults of history captivated the interest of collectors around the world.”

A monogrammed diamond ring with the initials MA, containing a lock of Marie Antoinette’s hair, garnered $443,786, 50 times its presale estimate of $8,000 to $10,000, while a three-strand pearl necklace went for $2.3 million against its original valuation of $200,000 to $300,000. The French queen’s white and yellow diamond brooch also well exceeded its estimate of $50,000 to $80,000, selling for $2.1 million.

The auction was also the highest-value sale of royal jewels in history, Sotheby’s said. The previous record was set in 1987, when the jewels of the duchess of Windsor, Wallis Simpson, sold for $50.3 million at Sotheby’s.

“More than 30 years ago, I was part of the specialist team entrusted with the landmark sale of the jewels of the duchess of Windsor — a sale that has held a legendary status ever since,” said David Bennett, worldwide chairman of Sotheby’s international jewelry division. “Tonight a new benchmark was established in the sale of royal and noble jewels.”

The sale also included jewels belonging to the Royal Bourbon Parma family, to whom Marie Antoinette sent her jewels for safekeeping before being taken into captivity. Some 90% of those lots sold above their high estimate.

Image: Marie Antoinette’s record-setting natural pearl and diamond pendant. (Sotheby’s)

Source: Diamonds.net

Marie Antoinette Pendant Sells for $36M

A natural pearl and diamond pendant belonging to Marie Antoinette smashed its price estimate and capped off a record-breaking sale at Sotheby’s Geneva auction.

The jewel went for $36.2 million, beating its presale valuation of $1 million to $2 million, and setting a new auction record for a natural pearl, Sotheby’s said Wednesday.

All jewels on offer at the auction found a buyer, including 10 belonging to the French queen. The entire collection sold for $53.1 million, more than seven times the total presale high estimate of $7 million.

“Tonight we saw the Marie Antoinette factor work its magic,” said Daniela Mascetti, Sotheby’s jewelry chairman for Europe. “No other queen is more famous for her love of jewels, and her personal treasures, pearls and diamonds that survived intact the tumults of history captivated the interest of collectors around the world.”

A monogrammed diamond ring with the initials MA, containing a lock of Marie Antoinette’s hair, garnered $443,786, 50 times its presale estimate of $8,000 to $10,000, while a three-strand pearl necklace went for $2.3 million against its original valuation of $200,000 to $300,000. The French queen’s white and yellow diamond brooch also well exceeded its estimate of $50,000 to $80,000, selling for $2.1 million.

The auction was also the highest-value sale of royal jewels in history, Sotheby’s said. The previous record was set in 1987, when the jewels of the duchess of Windsor, Wallis Simpson, sold for $50.3 million at Sotheby’s.

“More than 30 years ago, I was part of the specialist team entrusted with the landmark sale of the jewels of the duchess of Windsor — a sale that has held a legendary status ever since,” said David Bennett, worldwide chairman of Sotheby’s international jewelry division. “Tonight a new benchmark was established in the sale of royal and noble jewels.”

The sale also included jewels belonging to the Royal Bourbon Parma family, to whom Marie Antoinette sent her jewels for safekeeping before being taken into captivity. Some 90% of those lots sold above their high estimate.

Image: Marie Antoinette’s record-setting natural pearl and diamond pendant. (Sotheby’s)

Source: Diamonds.net

19 carat Pink Legacy sets a world record at a Christie’s auction

Renowned jeweller Harry Winston purchased the exceptional pink diamond for more than $50 million USD.

The rectangular cut, 18.96 carat, fancy vivid pink diamond sold for $50.4 million at the Christie’s Magnificent Jewels sale in Geneva.

The diamond previously owned by the Oppenheimer family of South Africa had a presale estimate of $30 million to $50 million. The new owners have renamed the stone the Winston Pink Legacy.

“This exceptional diamond captured the imagination of international collectors across the globe, with over 30,000 people visiting Christie’s sale previews to see this remarkable stone,” said Rahul Kadakia, Christie’s international head of jewelry.

 “It has taken its rightful place among the world’s greatest diamonds.”
Magnificent Jewels auction sold 86% of lots grossing a total of $110.2 million USD.

Source: DCLA 

19 carat Pink Legacy sets a world record at a Christie’s auction

Renowned jeweller Harry Winston purchased the exceptional pink diamond for more than $50 million USD.

The rectangular cut, 18.96 carat, fancy vivid pink diamond sold for $50.4 million at the Christie’s Magnificent Jewels sale in Geneva.

The diamond previously owned by the Oppenheimer family of South Africa had a presale estimate of $30 million to $50 million. The new owners have renamed the stone the Winston Pink Legacy.

“This exceptional diamond captured the imagination of international collectors across the globe, with over 30,000 people visiting Christie’s sale previews to see this remarkable stone,” said Rahul Kadakia, Christie’s international head of jewelry.

 “It has taken its rightful place among the world’s greatest diamonds.”
Magnificent Jewels auction sold 86% of lots grossing a total of $110.2 million USD.

Source: DCLA 

De Beers Cuts Prices of Cheaper Rough

De Beers significantly reduced prices of lower-quality rough diamonds at this week’s sight in response to a slowdown in the Indian manufacturing sector, dealers reported.

Prices fell by high-single-digit percentages versus the previous sale, sightholders told Rapaport News Tuesday. The drops were for rough costing $100 per carat or less, including both small and large stones that produce polished with low color and clarity.

Those segments of the Indian manufacturing market have suffered most from the depreciation of the rupee and tighter bank lending to the trade in recent months. De Beers’ move also reflects the seasonal weakness due to the Diwali festival, when many companies close their factories for two weeks or longer.

“There were a few corrections to align prices with the markets,” a broker said. “It was nothing earth-shattering — what [De Beers] did was sensible given the time of year.” The miner scheduled the drop to ensure manufacturers returned from Diwali to a market with lower rough prices and therefore stronger profit margins, the broker added.
De Beers mostly maintained prices for higher-value rough as demand has been strong for polished that comes from those categories, a sightholder said. Even so, manufacturing profits are tight, he noted.

“Generally things are good, but it’s challenging to make a profit,” the sightholder added. “Because of rough prices this year, it’s been tough to make good money. It’s not about losing money, but there’s less money to be made.”
De Beers is scheduled to release the value of its ninth sales cycle next week. The miner declined to comment Tuesday.

Image: Inspection of De Beers rough diamonds. (De Beers)

Source: DCLA