Monday 4 February 2019

Lucapa Angola Tender Rakes In $17M USD



Lucapa Diamond Company sold $16.7 million worth of rough stones from its Lulo mine at the first diamond tender under Angola’s new sales rules.

“The exceptional sale prices achieved for the Lulo diamonds reflected the highly competitive bidding from leading international diamantaires and large-stone manufacturers from eight countries that participated in the tender,” the company said Friday.

The miner sold seven special-size stones through an electronic tender in Luanda organized by state-owned diamond-marketing company Sodiam. Six white stones weighing 114.94, 85.24, 75.62, 70.08, 62.05 and 43.25 carats, and a 46.77-carat pink, fetched a combined average price of $33,530 per carat at the sale, which took place January 30 to 31. Lucapa has been withholding the stones from sale throughout the year to sell them under the reformed rules, which were designed to improve transparency and pricing.

Under the previous regulations, miners were required to sell their diamonds to a list of buyers Sodiam selected, limiting competition for the stones and causing pricing to fall below market levels. The new system allows companies to offer 60% of their production to clients of their choice.

Lucapa has now sold $141 million worth of rough Lulo diamonds since it began commercial operations in 2015, at an average price of $2,105 per carat.
 
The company’s share price rose 8% Friday following the announcement.

Source: DCLA

Lucapa Angola Tender Rakes In $17M USD



Lucapa Diamond Company sold $16.7 million worth of rough stones from its Lulo mine at the first diamond tender under Angola’s new sales rules.

“The exceptional sale prices achieved for the Lulo diamonds reflected the highly competitive bidding from leading international diamantaires and large-stone manufacturers from eight countries that participated in the tender,” the company said Friday.

The miner sold seven special-size stones through an electronic tender in Luanda organized by state-owned diamond-marketing company Sodiam. Six white stones weighing 114.94, 85.24, 75.62, 70.08, 62.05 and 43.25 carats, and a 46.77-carat pink, fetched a combined average price of $33,530 per carat at the sale, which took place January 30 to 31. Lucapa has been withholding the stones from sale throughout the year to sell them under the reformed rules, which were designed to improve transparency and pricing.

Under the previous regulations, miners were required to sell their diamonds to a list of buyers Sodiam selected, limiting competition for the stones and causing pricing to fall below market levels. The new system allows companies to offer 60% of their production to clients of their choice.

Lucapa has now sold $141 million worth of rough Lulo diamonds since it began commercial operations in 2015, at an average price of $2,105 per carat.
 
The company’s share price rose 8% Friday following the announcement.

Source: DCLA

Sunday 3 February 2019

Mountain Province Diamonds Announces Inclusion of 60 Carat Fancy Vivid Yellow Rough Diamond in its February Sale



Mountain Province Diamonds Inc today announces that it will include in it its upcoming, February rough diamond sale, an exceptional quality, 60.59 carat, fancy vivid yellow rough diamond. The diamond was recovered at the Company’s Gahcho Kué Mine in October 2018.

Reid Mackie, the Company’s Vice President Diamond Marketing commented “the discovery of this diamond demonstrates our ability to produce very large, high quality, fancy coloured diamonds. We are thrilled to be able to include it in our upcoming sale and present our customers with the opportunity to bid for this important piece of the mine’s history”.

Also included in the sale will be more than 50 other large, high quality white and fancy coloured rough diamonds. Viewings will take place between February 11th to 21st at the offices of Bonas-Couzyn in Antwerp, Belgium.

Mountain Province’s Gahcho Kué Mine, located at the edge of Canada’s Arctic Circle, is the world’s largest and richest new diamond mine and since the start of production in late 2016 has established itself as a regular producer of exceptional, gem quality, large diamonds.

In 2018,  Mountain Province sold more than 400 individual diamonds larger than 10.8 carats.

Source: DCLA

Mountain Province Diamonds Announces Inclusion of 60 Carat Fancy Vivid Yellow Rough Diamond in its February Sale



Mountain Province Diamonds Inc today announces that it will include in it its upcoming, February rough diamond sale, an exceptional quality, 60.59 carat, fancy vivid yellow rough diamond. The diamond was recovered at the Company’s Gahcho Kué Mine in October 2018.

Reid Mackie, the Company’s Vice President Diamond Marketing commented “the discovery of this diamond demonstrates our ability to produce very large, high quality, fancy coloured diamonds. We are thrilled to be able to include it in our upcoming sale and present our customers with the opportunity to bid for this important piece of the mine’s history”.

Also included in the sale will be more than 50 other large, high quality white and fancy coloured rough diamonds. Viewings will take place between February 11th to 21st at the offices of Bonas-Couzyn in Antwerp, Belgium.

Mountain Province’s Gahcho Kué Mine, located at the edge of Canada’s Arctic Circle, is the world’s largest and richest new diamond mine and since the start of production in late 2016 has established itself as a regular producer of exceptional, gem quality, large diamonds.

In 2018,  Mountain Province sold more than 400 individual diamonds larger than 10.8 carats.

Source: DCLA

Thursday 31 January 2019

New Alrosa Client List Excludes Leviev Firm




Alrosa has stopped supplying rough diamonds to Lev Leviev’s LLD Diamonds through its contract-sales arrangement, as part of a reshuffle of the miner’s long-term client list.

The tycoon’s Israel-based firm is one of “several” former customers that have dropped off the 2019 supply roster, known as the Alrosa Alliance program, the Russian company said.

“Last year, there was a decision to exclude LLD from the long-term client list due to noncompliance with Alrosa Alliance principles,” a spokesperson for the Russian producer explained in an email to Rapaport News this week. The Russian company has guidelines that state various possible reasons for suspending a client.

Alrosa has not confirmed the identity of the other companies it removed from the list.

LLD has been under the spotlight since Israeli police arrested several of its employees in November on suspicion of smuggling diamonds worth hundreds of millions of shekels into the country. Alrosa declined to say whether the move was directly related to the probe, while LLD did not respond to a request for comment.

The Alrosa Alliance accounts for about 70% of the miner’s rough sales by volume. It operates a similar arrangement to De Beers’ sightholder system, offering stable supply to companies that can demonstrate demand and comply with its rules on business practices.

Alrosa has expanded its list to 59 long-term buyers of gem-quality rough for 2019, from 56 last year. The six new members were Hong Kong-based jewelry retailer Chow Sang Sang, Indian diamond firms Kapu Gems, Mohit Diamonds, VD Global and M. Suresh Company, and Switzerland-based manufacturer Richold.

“We confirm the inviolability of Alrosa Alliance principles, and are interested in diversifying our client base, which has grown compared to last year,” said Evgeny Agureev, director of Alrosa’s United Selling Organization. While the new customers showed sufficient “trading activity” to warrant gaining long-term supply, “several companies dropped out from the list,” he added.

The miner also accepted two Belgian companies, H.D. Diam and IGC Group, as candidates for potential future long-term contracts. Both firms have previously bought from Alrosa in ad-hoc deals, known as spot transactions.

Last year, Alrosa switched to annual assessments of clients’ rough-diamond allocations, bringing its policy more in line with that of De Beers. Under the old system, Alrosa’s supply deals with clients held for three years.

Source: DCLA

New Alrosa Client List Excludes Leviev Firm




Alrosa has stopped supplying rough diamonds to Lev Leviev’s LLD Diamonds through its contract-sales arrangement, as part of a reshuffle of the miner’s long-term client list.

The tycoon’s Israel-based firm is one of “several” former customers that have dropped off the 2019 supply roster, known as the Alrosa Alliance program, the Russian company said.

“Last year, there was a decision to exclude LLD from the long-term client list due to noncompliance with Alrosa Alliance principles,” a spokesperson for the Russian producer explained in an email to Rapaport News this week. The Russian company has guidelines that state various possible reasons for suspending a client.

Alrosa has not confirmed the identity of the other companies it removed from the list.

LLD has been under the spotlight since Israeli police arrested several of its employees in November on suspicion of smuggling diamonds worth hundreds of millions of shekels into the country. Alrosa declined to say whether the move was directly related to the probe, while LLD did not respond to a request for comment.

The Alrosa Alliance accounts for about 70% of the miner’s rough sales by volume. It operates a similar arrangement to De Beers’ sightholder system, offering stable supply to companies that can demonstrate demand and comply with its rules on business practices.

Alrosa has expanded its list to 59 long-term buyers of gem-quality rough for 2019, from 56 last year. The six new members were Hong Kong-based jewelry retailer Chow Sang Sang, Indian diamond firms Kapu Gems, Mohit Diamonds, VD Global and M. Suresh Company, and Switzerland-based manufacturer Richold.

“We confirm the inviolability of Alrosa Alliance principles, and are interested in diversifying our client base, which has grown compared to last year,” said Evgeny Agureev, director of Alrosa’s United Selling Organization. While the new customers showed sufficient “trading activity” to warrant gaining long-term supply, “several companies dropped out from the list,” he added.

The miner also accepted two Belgian companies, H.D. Diam and IGC Group, as candidates for potential future long-term contracts. Both firms have previously bought from Alrosa in ad-hoc deals, known as spot transactions.

Last year, Alrosa switched to annual assessments of clients’ rough-diamond allocations, bringing its policy more in line with that of De Beers. Under the old system, Alrosa’s supply deals with clients held for three years.

Source: DCLA

Wednesday 30 January 2019

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

Petra Sales Up, Prices Down

Petra Diamonds Operations Petra Diamonds reported increased sales for FY 2024, despite weak market conditions. The UK based miner said it ha...