Mouawad Cuts Record Yellow Diamond

Mouawad has manufactured a 54.21 carat polished yellow stone, which, it claims, is the largest of its shape and color the Gemological Institute of America (GIA) has ever graded.

The company named the round brilliant cut, fancy vivid yellow stone the Mouawad Dragon, as its color is reminiscent of a “dragon’s magical powers and fiery eyes,” it said Monday.

The rough stone was found in an alluvial deposit in South Africa, and took Mouawad six months to cut and polish. The jeweler, which manufactures its rough in South Africa, New York and Bangkok, will set the stone in a necklace that will be part of an ensemble.

 The entire collection will be unveiled in March, the company told Rapaport News.

“We’re thrilled to have had the opportunity to craft this extraordinary diamond from the rough, and we will soon continue the creative process by designing a masterpiece that befits its dazzling beauty,” said Fred Mouawad, co guardian of the jeweler’s diamond division.

In August, Mouawad bought the round, 51.38 carat,  D color, VVS1 clarity, triple Ex Dynasty diamond from Alrosa at tender. It was the most expensive polished stone the Russia-based miner had sold.

 The jeweler has renamed the Dynasty originally the centerpiece of a five-stone collection that fetched approximately $10 million combined the Mouawad Dynasty.

 The stone now weighs 51.12 carats and has flawless clarity, Mouawad said. The company will reveal more details about its plans for the stone next month.

Source: DCLA

Mouawad Cuts Record Yellow Diamond

Mouawad has manufactured a 54.21 carat polished yellow stone, which, it claims, is the largest of its shape and color the Gemological Institute of America (GIA) has ever graded.

The company named the round brilliant cut, fancy vivid yellow stone the Mouawad Dragon, as its color is reminiscent of a “dragon’s magical powers and fiery eyes,” it said Monday.

The rough stone was found in an alluvial deposit in South Africa, and took Mouawad six months to cut and polish. The jeweler, which manufactures its rough in South Africa, New York and Bangkok, will set the stone in a necklace that will be part of an ensemble.

 The entire collection will be unveiled in March, the company told Rapaport News.

“We’re thrilled to have had the opportunity to craft this extraordinary diamond from the rough, and we will soon continue the creative process by designing a masterpiece that befits its dazzling beauty,” said Fred Mouawad, co guardian of the jeweler’s diamond division.

In August, Mouawad bought the round, 51.38 carat,  D color, VVS1 clarity, triple Ex Dynasty diamond from Alrosa at tender. It was the most expensive polished stone the Russia-based miner had sold.

 The jeweler has renamed the Dynasty originally the centerpiece of a five-stone collection that fetched approximately $10 million combined the Mouawad Dynasty.

 The stone now weighs 51.12 carats and has flawless clarity, Mouawad said. The company will reveal more details about its plans for the stone next month.

Source: DCLA

Lucara recovers 240-ct gem from Karowe

Earlier this month, Lucara Diamond Corp. recovered a 127 carat top white diamond from its Karowe mine. And the good new just keeps coming. This time the company has recovered a 240 carat top white gem from the same mine.

Since mining began in 2012 at Karowe, a total of 43 diamonds heavier than 200 carats have been recovered, including 12 stones larger than 300 carats.

Lucara CEO Eira Thomas commented, “This top white 240 carat gem diamond was mined from the M/PK(S) unit within the South lobe, providing continuing confirmation that large, high quality gem diamonds are recovered throughout the kimberlite, in all lobes and phases on a regular basis.”

Source: DCLA

Lucara recovers 240-ct gem from Karowe

Earlier this month, Lucara Diamond Corp. recovered a 127 carat top white diamond from its Karowe mine. And the good new just keeps coming. This time the company has recovered a 240 carat top white gem from the same mine.

Since mining began in 2012 at Karowe, a total of 43 diamonds heavier than 200 carats have been recovered, including 12 stones larger than 300 carats.

Lucara CEO Eira Thomas commented, “This top white 240 carat gem diamond was mined from the M/PK(S) unit within the South lobe, providing continuing confirmation that large, high quality gem diamonds are recovered throughout the kimberlite, in all lobes and phases on a regular basis.”

Source: DCLA

Petra Diamonds shares fall on lower diamond prices at flagship mine

Shares of Petra Diamonds Ltd slid as much as 10 percent on Monday after lower diamond prices at its flagship Cullinan mine and an increase in net debt took the shine off higher half-year revenue.

The company has been trying to keep a lid on debt after heavy investments and a stronger South African rand had burdened the miner, which pays in rands and earns in dollars.

Petra’s net debt jumped to $557.2 million (422.06 million pounds) in the six months to Dec. 31 from $538.9 million as at Sept. 30. The company was forced to raise $178 million last May by issuing equity to cut its debt burden.

Rough diamond prices fell to $96 per carat from $140 per carat in the previous year at the Cullinan mine, which in 1905 yielded the Cullinan diamond the largest rough gem diamond ever found and now part of the Crown Jewels of the United Kingdom.

“The significantly lower realised Cullinan pricing and the impact on cashflow generation sees us take renewed caution,” said RBC, which cut the miner’s price target to 40 pence from 65 pence after the company’s half-year report.

Petra posted an 8 percent jump in revenue to $207.1 million, about 10 percent below RBC forecasts of $230 million, hurt by lower pricing at Cullinan. The company stuck to its production forecast 3.8 – 4.0 million carats for fiscal 2019.

Shares of the miner, which runs four mines in South Africa and one in Tanzania, were 8.5 percent lower at 41.12 pence.

Source:DCLA

Petra Diamonds shares fall on lower diamond prices at flagship mine

Shares of Petra Diamonds Ltd slid as much as 10 percent on Monday after lower diamond prices at its flagship Cullinan mine and an increase in net debt took the shine off higher half-year revenue.

The company has been trying to keep a lid on debt after heavy investments and a stronger South African rand had burdened the miner, which pays in rands and earns in dollars.

Petra’s net debt jumped to $557.2 million (422.06 million pounds) in the six months to Dec. 31 from $538.9 million as at Sept. 30. The company was forced to raise $178 million last May by issuing equity to cut its debt burden.

Rough diamond prices fell to $96 per carat from $140 per carat in the previous year at the Cullinan mine, which in 1905 yielded the Cullinan diamond the largest rough gem diamond ever found and now part of the Crown Jewels of the United Kingdom.

“The significantly lower realised Cullinan pricing and the impact on cashflow generation sees us take renewed caution,” said RBC, which cut the miner’s price target to 40 pence from 65 pence after the company’s half-year report.

Petra posted an 8 percent jump in revenue to $207.1 million, about 10 percent below RBC forecasts of $230 million, hurt by lower pricing at Cullinan. The company stuck to its production forecast 3.8 – 4.0 million carats for fiscal 2019.

Shares of the miner, which runs four mines in South Africa and one in Tanzania, were 8.5 percent lower at 41.12 pence.

Source:DCLA

2H Slump Dents De Beers Sales Volume

De Beers’ sales volume fell 4% last year due to weakened demand for lower value diamonds in the second half.

The miner sold 33.7 million carats of rough, compared with 35.1 million carats in 2017, as clients bought fewer of its cheaper stones, it reported Thursday.

De Beers’ average price for sales excluding some sales by its joint-venture partners rose 6% to $171 per carat for the year, reflecting the larger proportion of higher-value goods. As a result, rough-sales value increased 2% to $5.39 billion for 2018, according to Rapaport estimates based on De Beers’ sight reports.

The company’s average price index, which tracks its rough prices on a like-for-like basis, declined 1% in the second half, but ended 2018 up 1% versus the previous year.

Production grew 6% to 35.3 million carats, exceeding sales volume.

Sales jumped 21% to 9.9 million carats in the fourth quarter, with revenues also increasing, as the company allowed sightholders to defer purchases from the September sight to later months.

Production grew 12% to 9.1 million carats for the quarter.

Source:DCLA