Firestone finds another massive diamond at Lesotho mine

African focused Firestone Diamonds has dug up a 72 carat yellow, whole makeable diamond at its Liqhobong Mine in Lesotho, the second one over 70 carat it has found this year.

The stone, recovered over the weekend together with a 22 carat makeable white stone, followed by an 11 carat fancy light-pink diamond found at the asset.

“Makeable” diamonds are those whose shape allows to cut one large diamond from it. In contrast, “sawable” stones can be cut in half in order to create two smaller diamonds.

“The stone, recovered over the weekend together with a 22 carat makeable white one, followed by an 11 carat fancy light pink diamond found at the asset.”

The two diamonds, found within the northern lower grade part of the pit, will go on sale at Firestone’s next tender, which is scheduled to take place during May 2019.

Shares in the company were 7.3% higher at 2.2p following the news.

Last month, a white 70 carat diamond from also from the Liqhobong mine was auctioned for an undisclosed price, following a 46 carat precious rock, also from the same mine, which was sold for $1 million in December.

Diamond prices have been under pressure and miners are struggling across the board, especially those producing cheaper and smaller stones where there is too much supply. In December, some of Rio Tinto’s customers refused to buy cheaper diamonds, while De Beers has been forced to cut prices and offer concessions to buyers.

Firestone spent $185 million building Liqhobong, which started production in late 2016, and boasts over 11 million carats in reserve. The total open pit resource contains over 17 million carats to a depth of 393 metres.

Source:mining.com

Firestone finds another massive diamond at Lesotho mine

African focused Firestone Diamonds has dug up a 72 carat yellow, whole makeable diamond at its Liqhobong Mine in Lesotho, the second one over 70 carat it has found this year.

The stone, recovered over the weekend together with a 22 carat makeable white stone, followed by an 11 carat fancy light-pink diamond found at the asset.

“Makeable” diamonds are those whose shape allows to cut one large diamond from it. In contrast, “sawable” stones can be cut in half in order to create two smaller diamonds.

“The stone, recovered over the weekend together with a 22 carat makeable white one, followed by an 11 carat fancy light pink diamond found at the asset.”

The two diamonds, found within the northern lower grade part of the pit, will go on sale at Firestone’s next tender, which is scheduled to take place during May 2019.

Shares in the company were 7.3% higher at 2.2p following the news.

Last month, a white 70 carat diamond from also from the Liqhobong mine was auctioned for an undisclosed price, following a 46 carat precious rock, also from the same mine, which was sold for $1 million in December.

Diamond prices have been under pressure and miners are struggling across the board, especially those producing cheaper and smaller stones where there is too much supply. In December, some of Rio Tinto’s customers refused to buy cheaper diamonds, while De Beers has been forced to cut prices and offer concessions to buyers.

Firestone spent $185 million building Liqhobong, which started production in late 2016, and boasts over 11 million carats in reserve. The total open pit resource contains over 17 million carats to a depth of 393 metres.

Source:mining.com

De Beers Closes Diamond-Reselling Unit

De Beers is shutting its diamond-recycling division, as digital advancements in the sector have lessened the need for its services.

The International Institute of Diamond Valuation (IIDV) was set up in 2016 to repurchase and recycle diamond jewelry that consumers no longer wanted.

De Beers began the operation after noting the difficulty consumers faced in trying to sell their jewelry at a fair price.

The venture provided a means of emphasizing the enduring value of diamonds, De Beers said.

However, since IIDV launched, technology in the industry has improved, and online consumer-to-consumer selling platforms have become a more popular option, the company explained.

“Following a number of years gaining experience in the diamond-recycling sector, we have taken the decision to suspend the activities of the International Institute of Diamond Valuation,” David Johnson, De Beers’ senior manager for media and commercial communications, told Rapaport News Thursday.

While the project is no longer a viable option, it has provided De Beers with valuable insight into consumer behavior and the needs of its retail partners, Johnson explained.

“We know that consumer acceptance of the consumer-to-consumer market is growing and likely to be the future of this sector, and we will therefore continue to look for opportunities in this space,” he added.

Image: Diamond solitaire earrings. (De Beers)

Source: DCLA

De Beers Closes Diamond-Reselling Unit

De Beers is shutting its diamond-recycling division, as digital advancements in the sector have lessened the need for its services.

The International Institute of Diamond Valuation (IIDV) was set up in 2016 to repurchase and recycle diamond jewelry that consumers no longer wanted.

De Beers began the operation after noting the difficulty consumers faced in trying to sell their jewelry at a fair price.

The venture provided a means of emphasizing the enduring value of diamonds, De Beers said.

However, since IIDV launched, technology in the industry has improved, and online consumer-to-consumer selling platforms have become a more popular option, the company explained.

“Following a number of years gaining experience in the diamond-recycling sector, we have taken the decision to suspend the activities of the International Institute of Diamond Valuation,” David Johnson, De Beers’ senior manager for media and commercial communications, told Rapaport News Thursday.

While the project is no longer a viable option, it has provided De Beers with valuable insight into consumer behavior and the needs of its retail partners, Johnson explained.

“We know that consumer acceptance of the consumer-to-consumer market is growing and likely to be the future of this sector, and we will therefore continue to look for opportunities in this space,” he added.

Image: Diamond solitaire earrings. (De Beers)

Source: DCLA

Rare 25ct. Diamond to Lead Christie’s Geneva

A storied diamond connected to the Oppenheimer family will be among the top lots at next month’s Geneva auction at Christie’s, with a presale estimate of $2.5 million to $3.5 million.

The rectangular cut, 25.27 carat, D color Jonker V ring will go under the hammer at the Magnificent Jewels sale on May 15, the auction house said last week.

The stone was cut from a 726 carat rough South African farmer Johannes Jacobus Jonker discovered in 1934.

At the time, the Jonker was the fourth largest gem quality diamond ever unearthed.

A subsidiary belonging to Sir Ernest Oppenheimer, the founder of Anglo American and a former De Beers chairman, bought the polished stone. In 1935, Harry Winston purchased the diamond and set it in a ring. Later that year, it was displayed during the Silver Jubilee celebrations for King George V and Queen Mary.

Christie’s will also offer a heart shaped, fancy deep blue diamond ring, featuring two stones weighing 2.22 carats and 2 carats, valued at $3.5 million to $4.5 million. Separately, an old cushion-cut, 118.05 carat, fancy yellow diamond carries an estimate of $2.5 million to $3.5 million.

Other notable lots are a necklace comprising 110 natural pearls with a presale estimate of $2.5 million to $3.5 million, and a pear shaped, 75.61 carat emerald pendant necklace expected to fetch $2 million to $3 million.

In addition, the Geneva sale will feature an early 19th century emerald and diamond fringe necklace Henri d’Orléans, duke of Aumale, gave to his goddaughter, Princess Hélène of France, for her 1895 wedding to Prince Emanuele Filiberto of Italy.

Source: DCLA

Rare 25ct. Diamond to Lead Christie’s Geneva

A storied diamond connected to the Oppenheimer family will be among the top lots at next month’s Geneva auction at Christie’s, with a presale estimate of $2.5 million to $3.5 million.

The rectangular cut, 25.27 carat, D color Jonker V ring will go under the hammer at the Magnificent Jewels sale on May 15, the auction house said last week.

The stone was cut from a 726 carat rough South African farmer Johannes Jacobus Jonker discovered in 1934.

At the time, the Jonker was the fourth largest gem quality diamond ever unearthed.

A subsidiary belonging to Sir Ernest Oppenheimer, the founder of Anglo American and a former De Beers chairman, bought the polished stone. In 1935, Harry Winston purchased the diamond and set it in a ring. Later that year, it was displayed during the Silver Jubilee celebrations for King George V and Queen Mary.

Christie’s will also offer a heart shaped, fancy deep blue diamond ring, featuring two stones weighing 2.22 carats and 2 carats, valued at $3.5 million to $4.5 million. Separately, an old cushion-cut, 118.05 carat, fancy yellow diamond carries an estimate of $2.5 million to $3.5 million.

Other notable lots are a necklace comprising 110 natural pearls with a presale estimate of $2.5 million to $3.5 million, and a pear shaped, 75.61 carat emerald pendant necklace expected to fetch $2 million to $3 million.

In addition, the Geneva sale will feature an early 19th century emerald and diamond fringe necklace Henri d’Orléans, duke of Aumale, gave to his goddaughter, Princess Hélène of France, for her 1895 wedding to Prince Emanuele Filiberto of Italy.

Source: DCLA

Two Stone Fancy Vivid Blue Diamond Ring Could Fetch $8 million At Christie’s New York Auction

A “twin stone” fancy vivid blue diamond ring of 3.06 and 2.61 carats with an estimate of $6 million to $8 million is the top lot of Christie’s New York Magnificent Jewels sale.

The April 16 auction at Christie’s Rockefeller Center headquarters will also feature three D colored diamonds of more than 15-carats, including a 16.69 carat marquise cut diamond ring Type IIa, and potentially internally flawless, from The Collection of Elizabeth Stafford with an estimate of $1.2 million to $1.8 million.

Colored diamonds will be represented with a 6.11 carat fancy pink diamond ring estimate $1.2 million to $1.5 million, fancy deep yellow diamond earrings of 7.55 and 7.51 carats estimate $700,000 to $1 million, a 37.65 carat fancy intense yellow diamond ring estimate $600,000 to $800,000 and a 35.06 carat fancy intense yellow diamond pendant of estimate $500,000 to $700,000.

Source: DCLA