Diamond Miners Push Back on Ethics Claims

The major diamond miners have weighed in on the debate over which diamonds are more ethical, claiming their production uses less than one-third of the energy it takes to create a diamond in a lab.

The operations of companies that make up the Diamond Producers Association (DPA) emitted an average of 160 kilograms of carbon dioxide (CO2) per 1-carat of polished diamonds produced in 2016, according to a study commissioned by the DPA and carried out by Trucost ESG Analysis, which is part of S&P Global. That compared to the estimated greenhouse gas emissions of 511 kilograms of CO2 for the average 1-carat lab-grown polished stone.

A debate has ensued in recent years over which diamond is more environmentally friendly (or harmful), with many lab-grown-diamond companies claiming to have the greener product in their advertising. In April, the Federal Trade Commission (FTC) warned several synthetics producers against using claims such as “eco-friendly,” “eco-conscious” or “sustainable” without qualification.

“This independent research report breaks outdated stereotypes and misconceptions and identifies the next set of challenges that must be met to continue to evolve and improve as an industry,” said DPA CEO Jean-Marc Lieberherr in a statement on Thursday.

The DPA members have set goals to reduce their carbon footprint, while the DPA will monitor their progress in achieving the United Nations Sustainable Development Goals.

The report, titled “The Socioeconomic and Environmental Impact of Large-Scale Diamond Mining,” highlights the benefits to employees of DPA members, the impact those companies collectively have on the communities in which they operate and their environmental stewardship.

Together, the miners generate more than $16 billion in net socioeconomic and environmental benefits through their operations, Trucost reported.

Despite significant progress toward responsible and transparent practices over the past 15 years, the current reality of the diamond-mining sector remains largely unknown, the authors noted. “This report provides access into a highly scrutinized, yet largely misunderstood sector,” the report added.

The DPA consists of seven companies, with Alrosa, De Beers, Rio Tinto and Petra Diamonds participating in the study. Dominion Diamond Mines, Lucara Diamonds and Murowa Diamonds are the other members.

The Lab Grown Diamond Association did not reply to a request for comment from Rapaport News by press time.

Image: Rough and polished diamonds. (Diamond Producers Association)

Source: Diamonds.net

Diamond Miners Push Back on Ethics Claims

The major diamond miners have weighed in on the debate over which diamonds are more ethical, claiming their production uses less than one-third of the energy it takes to create a diamond in a lab.

The operations of companies that make up the Diamond Producers Association (DPA) emitted an average of 160 kilograms of carbon dioxide (CO2) per 1-carat of polished diamonds produced in 2016, according to a study commissioned by the DPA and carried out by Trucost ESG Analysis, which is part of S&P Global. That compared to the estimated greenhouse gas emissions of 511 kilograms of CO2 for the average 1-carat lab-grown polished stone.

A debate has ensued in recent years over which diamond is more environmentally friendly (or harmful), with many lab-grown-diamond companies claiming to have the greener product in their advertising. In April, the Federal Trade Commission (FTC) warned several synthetics producers against using claims such as “eco-friendly,” “eco-conscious” or “sustainable” without qualification.

“This independent research report breaks outdated stereotypes and misconceptions and identifies the next set of challenges that must be met to continue to evolve and improve as an industry,” said DPA CEO Jean-Marc Lieberherr in a statement on Thursday.

The DPA members have set goals to reduce their carbon footprint, while the DPA will monitor their progress in achieving the United Nations Sustainable Development Goals.

The report, titled “The Socioeconomic and Environmental Impact of Large-Scale Diamond Mining,” highlights the benefits to employees of DPA members, the impact those companies collectively have on the communities in which they operate and their environmental stewardship.

Together, the miners generate more than $16 billion in net socioeconomic and environmental benefits through their operations, Trucost reported.

Despite significant progress toward responsible and transparent practices over the past 15 years, the current reality of the diamond-mining sector remains largely unknown, the authors noted. “This report provides access into a highly scrutinized, yet largely misunderstood sector,” the report added.

The DPA consists of seven companies, with Alrosa, De Beers, Rio Tinto and Petra Diamonds participating in the study. Dominion Diamond Mines, Lucara Diamonds and Murowa Diamonds are the other members.

The Lab Grown Diamond Association did not reply to a request for comment from Rapaport News by press time.

Image: Rough and polished diamonds. (Diamond Producers Association)

Source: Diamonds.net

Gold & Silver - Historical Vehicles To Protect Your Wealth w/ Jayant Bhandari

https://www.youtube.com/watch?v=wv4Egi-bzlY&feature=youtu.be

Gold & Silver - Historical Vehicles To Protect Your Wealth w/ Jayant Bhandari

https://www.youtube.com/watch?v=wv4Egi-bzlY&feature=youtu.be

Christie’s to Sell Historic Golconda Diamond

Christie’s New York auction will feature a 17.21-carat diamond given to Queen Charlotte of Great Britain by a regional ruler in India.

The pear-shaped, brilliant-cut diamond, called Arcot II, was found in India’s Golconda region in the late 18th century. The stone, presented to the queen by the Nawab of Arcot, will go under the hammer at the Maharajas & Mughal Magnificence sale on June 19, the auction house said last week.

The stone is one of a number of Indian jewels from the Mughal period featured at the sale. The lots on offer span a period of more than 500 years.

“This landmark collection traces the history of Mughal jewels and objects to [the] present day, and represents the most significant collection of its type ever to come to auction,” said François Curiel, chairman of Christie’s Europe. “The collection begins in Mughal India, the most important dynasty that ruled the country, famous for its emeralds, diamonds, sapphires, rubies, jeweled weapons and objects that are bejeweled beyond belief.”

Christie’s will also offer the Mirror of Paradise, a 52.58-carat, D-color, internally flawless Golconda diamond, as well as carved Mughal emeralds ranging from approximately 10 carats to over 200 carats.

Other notable lots include the Imperial Spinel Necklace and sarpechs — traditional Indian turban ornaments. A diamond necklace originally from the collection of the Nizam of Hyderabad, featuring almost 200 carats of Golconda diamonds, will also be for sale.

The Mughal jewels are from the collection of the Al-Thani dynasty, the ruling family of Qatar. The auction house will preview the items between April 24 and June 18 in London, Shanghai, Geneva, Hong Kong and New York.

Image: The Arcot II diamond. (Christie’s)

Source: Diamonds.net

Christie’s to Sell Historic Golconda Diamond

Christie’s New York auction will feature a 17.21-carat diamond given to Queen Charlotte of Great Britain by a regional ruler in India.

The pear-shaped, brilliant-cut diamond, called Arcot II, was found in India’s Golconda region in the late 18th century. The stone, presented to the queen by the Nawab of Arcot, will go under the hammer at the Maharajas & Mughal Magnificence sale on June 19, the auction house said last week.

The stone is one of a number of Indian jewels from the Mughal period featured at the sale. The lots on offer span a period of more than 500 years.

“This landmark collection traces the history of Mughal jewels and objects to [the] present day, and represents the most significant collection of its type ever to come to auction,” said François Curiel, chairman of Christie’s Europe. “The collection begins in Mughal India, the most important dynasty that ruled the country, famous for its emeralds, diamonds, sapphires, rubies, jeweled weapons and objects that are bejeweled beyond belief.”

Christie’s will also offer the Mirror of Paradise, a 52.58-carat, D-color, internally flawless Golconda diamond, as well as carved Mughal emeralds ranging from approximately 10 carats to over 200 carats.

Other notable lots include the Imperial Spinel Necklace and sarpechs — traditional Indian turban ornaments. A diamond necklace originally from the collection of the Nizam of Hyderabad, featuring almost 200 carats of Golconda diamonds, will also be for sale.

The Mughal jewels are from the collection of the Al-Thani dynasty, the ruling family of Qatar. The auction house will preview the items between April 24 and June 18 in London, Shanghai, Geneva, Hong Kong and New York.

Image: The Arcot II diamond. (Christie’s)

Source: Diamonds.net

Diamond Trading Goes Online as Lucara Takes on Industry Goliaths

The opaque diamond trade may be ripe for disruption.

Lucara Diamond, which recently found the second-largest diamond in history in Botswana, is taking on industry giants such as De Beers and Alrosa PJSC with an online platform to replace the current physical auctions.

The service allows Lucara to match buyers’ requirements, not only saving jewelers the trouble of traveling to Botswana but also ending the practice of buying stones by the bucket. They typically can only use some, and then have to sell the rest on the secondary market.

“For the first time ever, manufacturers buy only what they want, they don’t have to carry all this extra inventory,” Eira Thomas, Lucara’s chief executive officer, said in an interview in Stockholm. “The large integrated jewelry companies don’t want to be in the business of secondary trading. They’re just trying to source diamonds for their own products.”

In a series of trials, Vancouver, Canada-based Lucara claims that prices were 8 percent over Lucara’s traditional market price. It’s now trying to bring other independent producers on board, with the aim of moving at least a portion of the $18 billion annual diamond trade onto its site called Clara.

Whether Lucara will be able to attract major producers to use its system remains to be seen. De Beers, the world’s biggest diamond producer, is famous for its tight control over the diamond market and has relied on its own system of selling gems for decades.

“If we can get to $1.5 billion transacted through the platform, the cash flow we generate from Clara will be as important as the cash flow we generate from the mine,” Thomas said. “We’re taking baby steps right now, but each quarter we’ll report, we expect the volume to increase.”

Clara incorporates blockchain technology, which is seen as a promising avenue for an industry that has been plagued by ethical problems, including the trade in so-called “blood diamonds” used to finance armed conflicts. Lucara is far from the only miner who has seen the benefits of the digital ledger in guaranteeing the provenance of its product.

De Beers has launched Tracr, a platform aiming to increase the traceability of diamonds using blockchain. That pilot program was joined by Russia’s Alrosa, another giant in the business, in October last year.

Lucara’s Clara uses similar technology, but its main purpose is to match buyers and sellers. While it’s difficult to judge Clara in an early stage, Ola Sodermark, an equity analyst at Kepler Cheuvreux, sees potential in the initiative. The key is to get more producers to join the platform, he said.

“Lucara’s own volumes aren’t sufficient to make this fly,” he said. “The question is whether they’re too early with this technology, or if the market is ready for it.”

Lucara was founded by Thomas in 2007, together with Catherine McLeod Seltzer and current chairman Lukas H. Lundin, whose family oversees a commodities empire that includes stakes in oil, gold and solar power across the globe. The Lundin family holds an 18 percent stake in the company through the investment company Nemesia Sarl.

Source: DCLA