Petra Diamonds said on Tuesday it sold its 425-carat ‘Legacy of the Cullinan Diamond Mine’ diamond to Belgium-based Stargems Group for $15 million.
The miner, which recovered the diamond at its flagship Cullinan mine in March, said the sale was significant for the company.
Petra has been struggling to clear its multi-million-dollar debts after it borrowed heavily to revamp the Cullinan facility and began mining a new section of ore last July.
However, Cullinan has been profitable every year since Petra acquired it in 2008 and the mine is expected to generate free cash flow this year.
Petra Diamonds said on Tuesday it sold its 425-carat ‘Legacy of the Cullinan Diamond Mine’ diamond to Belgium-based Stargems Group for $15 million.
The miner, which recovered the diamond at its flagship Cullinan mine in March, said the sale was significant for the company.
Petra has been struggling to clear its multi-million-dollar debts after it borrowed heavily to revamp the Cullinan facility and began mining a new section of ore last July.
However, Cullinan has been profitable every year since Petra acquired it in 2008 and the mine is expected to generate free cash flow this year.
Cartier and Van Cleef & Arpels have filed a lawsuit against a Florida jeweler, claiming willful infringement on a number of the luxury jewelers’ famous trademarked collections.
Scott King Inc., registered for business as Florida Diamond Brokers and King Jewelers, allegedly sold imitations of jewelry belonging to the Richemont-owned divisions, the May 6 suit, filed in the US District Court of Florida, claims.
In November 2018, an agent of Cartier and Van Cleef visited King Jewelers, and noticed the store was selling counterfeit copies of the jewelers’ pieces. Those imitations included Van Cleef’s Alhambra and Perlée collections, as well as Cartier’s Love and Juste un Clou collections, engraved with the brands’ trademarked name, the suit claims. The prices for the items ranged from $900 to $1,125 for earrings, and more than $6,000 for bracelets, a similar range to Cartier and Van Cleef’s own prices.
The agent returned to the store the following month, and again in February, according to the lawsuit. During the first visit, employees of King Jewelers allegedly informed the agent that the jewelry was not authentic Van Cleef and Cartier pieces, but rather “inspiration” jewels made to look like them. An employee also said the products were not listed in the store’s catalogues because they “don’t want to get in trouble.”
Cartier and Van Cleef are asking the court to order King Jewelers to turn over all its counterfeit jewelry to them for destruction, and to recall any pieces it has distributed to retailers and other customers. They are also suing for the total amount of profits King Jewelers has made from all sales of the copied pieces, plus up to $2 million per counterfeited collection and per each jewelry category (bracelets, rings, etc.) within those collections.
Cartier and Van Cleef & Arpels have filed a lawsuit against a Florida jeweler, claiming willful infringement on a number of the luxury jewelers’ famous trademarked collections.
Scott King Inc., registered for business as Florida Diamond Brokers and King Jewelers, allegedly sold imitations of jewelry belonging to the Richemont-owned divisions, the May 6 suit, filed in the US District Court of Florida, claims.
In November 2018, an agent of Cartier and Van Cleef visited King Jewelers, and noticed the store was selling counterfeit copies of the jewelers’ pieces. Those imitations included Van Cleef’s Alhambra and Perlée collections, as well as Cartier’s Love and Juste un Clou collections, engraved with the brands’ trademarked name, the suit claims. The prices for the items ranged from $900 to $1,125 for earrings, and more than $6,000 for bracelets, a similar range to Cartier and Van Cleef’s own prices.
The agent returned to the store the following month, and again in February, according to the lawsuit. During the first visit, employees of King Jewelers allegedly informed the agent that the jewelry was not authentic Van Cleef and Cartier pieces, but rather “inspiration” jewels made to look like them. An employee also said the products were not listed in the store’s catalogues because they “don’t want to get in trouble.”
Cartier and Van Cleef are asking the court to order King Jewelers to turn over all its counterfeit jewelry to them for destruction, and to recall any pieces it has distributed to retailers and other customers. They are also suing for the total amount of profits King Jewelers has made from all sales of the copied pieces, plus up to $2 million per counterfeited collection and per each jewelry category (bracelets, rings, etc.) within those collections.
A 3.44 ct. fancy vivid purplish-pink diamond (pictured)—which has been dubbed the Bubble Gum Pink—will lead the Christie’s May 28 Hong Kong Magnificent Jewels auction.
The ring, by jewelry design house Moussaieff, carries a $6 million–$8 million estimate.
And for those who prefer diamonds in darker colors, also on offer is a 3.01 ct. fancy vivid blue VS1 diamond, which carries a $4.7 million–$7 million estimate.
fancy vivid blue
fancy-vivid-blue
The ring features a step-cut 3.01 ct. fancy vivid blue diamond flanked by heart-shape brilliant-cut fancy intense purple-pink diamonds. The auction will also be highlighted by a pair of emerald earrings, the Grand Muzos. Weighing 23.34 and 23.18 cts., the Grand Muzos come from the area of Colombia celebrated for producing the world’s finest emeralds. They carry a $3.8 million–$6.5 million estimate.
The earrings are both oil- and resin-free, so their color and clarity is completely natural, the auction house said. Their clarity is high, it added.
Grand Muzos
Grand-Muzo The Grand Muzos are a rare pair of oil-free Colombian emeralds. Also being offered at the Hong Kong sale: a jadeite bead necklace (which carries a $2 million–3 million estimate)l a jadeite cabochon ring (estimate: $580,000–$800,000) and a Bulgari diamond necklace highlighted by an 11.69 ct. flawless/internally flawless diamond and 1.02 ct. fancy vivid green-blue diamond (estimate: $1.6 million–$2.3 million).
“It is our privilege this season to be offering a cross section of the finest diamonds, jewels, and signed pieces to our esteemed collectors,” said Vickie Sek, chairman of Christie’s Jewellery Asia, in a statement. “Striking centerpieces of Christie’s spring sales include both fancy vivid blue and pink diamonds, as well as one of the finest emeralds ever to come to auction. This collection of some of the most prized gems is bound to draw strong interest from collectors around the world as they [look] for pieces of dazzling splendor and unmatched rarity.”
Sek was named chairman of the Christie’s Asia jewelry department last year.
A 3.44 ct. fancy vivid purplish-pink diamond (pictured)—which has been dubbed the Bubble Gum Pink—will lead the Christie’s May 28 Hong Kong Magnificent Jewels auction.
The ring, by jewelry design house Moussaieff, carries a $6 million–$8 million estimate.
And for those who prefer diamonds in darker colors, also on offer is a 3.01 ct. fancy vivid blue VS1 diamond, which carries a $4.7 million–$7 million estimate.
fancy vivid blue
fancy-vivid-blue
The ring features a step-cut 3.01 ct. fancy vivid blue diamond flanked by heart-shape brilliant-cut fancy intense purple-pink diamonds. The auction will also be highlighted by a pair of emerald earrings, the Grand Muzos. Weighing 23.34 and 23.18 cts., the Grand Muzos come from the area of Colombia celebrated for producing the world’s finest emeralds. They carry a $3.8 million–$6.5 million estimate.
The earrings are both oil- and resin-free, so their color and clarity is completely natural, the auction house said. Their clarity is high, it added.
Grand Muzos
Grand-Muzo The Grand Muzos are a rare pair of oil-free Colombian emeralds. Also being offered at the Hong Kong sale: a jadeite bead necklace (which carries a $2 million–3 million estimate)l a jadeite cabochon ring (estimate: $580,000–$800,000) and a Bulgari diamond necklace highlighted by an 11.69 ct. flawless/internally flawless diamond and 1.02 ct. fancy vivid green-blue diamond (estimate: $1.6 million–$2.3 million).
“It is our privilege this season to be offering a cross section of the finest diamonds, jewels, and signed pieces to our esteemed collectors,” said Vickie Sek, chairman of Christie’s Jewellery Asia, in a statement. “Striking centerpieces of Christie’s spring sales include both fancy vivid blue and pink diamonds, as well as one of the finest emeralds ever to come to auction. This collection of some of the most prized gems is bound to draw strong interest from collectors around the world as they [look] for pieces of dazzling splendor and unmatched rarity.”
Sek was named chairman of the Christie’s Asia jewelry department last year.
Russia proposes to differentiate synthetics from natural diamonds starting 2022
RUSSIAN SYNTHETIC DIAMONDS Aleksey Moiseev, Russia’s Deputy Finance Minister, said that the diamond industry must support initiatives to “classify synthetic diamond products for customs clearance under separate product codes”. According to Rough & Polished, Moiseev broached the subject in a meeting with Alok Vardhan Chaturvedi, Chairman of the Kimberley Process, and Ambassador of the Republic of India to Russia, D. Bala Venkatesh Varma. Russia will become KP chair in 2020.
Moiseev said that his country is working to promote this within the KP, and that the new system, which will be implemented (pending authorisation) starting January 1, 2022, will include the implementation of special 6-digit codes (HS codes) for synthetic rough stones and diamonds: 7104 21 and 7104 91 respectively.
Moiseev said: “We hope that India will actively support our work at the national level, ensuring the adoption of separate customs codes for synthetic diamonds in India, tightening the regulation of the domestic market to ensure consumer protection. Russia has already passed a law prohibiting synthetics from being called precious stones”.
