RapNet Members Say ‘No’ to Synthetics

The RapNet community has voted overwhelmingly against introducing services for the lab-grown-diamond sector.

Members voted by 79% to 21% against the trading platform listing synthetics on the site. They also rejected a lab-grown price list, with 74% voting “no.”

The poll took place on RapNet last week. The audience applauded when Martin Rapaport, Chairman of the Rapaport Group, revealed the results Sunday at the annual Rapaport Breakfast at JCK Las Vegas.

Following the results, RapNet will not provide a trading platform for synthetics, or introduce a price list for the product, Rapaport confirmed. “We believe the current prices for synthetic diamonds are artificial, as they are based on misleading disclosure,” he added.

Voters also heavily backed the view that synthetics producers must disclose post-growth treatments, and supported the establishment of an organization for the natural-diamond industry.

RapNet vote results:

Should RapNet list synthetic diamonds?
Yes: 1,607 (21%)
No: 5,934 (79%)

Should Rapaport publish a synthetic price list?
Yes: 1,885 (26%)
No: 5,232 (74%)

Should synthetic diamonds be required to disclose treatments?
Yes: 5,892 (88%)
No: 819 (12%)

Would you support establishment of a natural-diamond organization?
Yes: 5,528 (85%)
No: 1,104 (15%)

Source: Rapaport News

RapNet Members Say ‘No’ to Synthetics

The RapNet community has voted overwhelmingly against introducing services for the lab-grown-diamond sector.

Members voted by 79% to 21% against the trading platform listing synthetics on the site. They also rejected a lab-grown price list, with 74% voting “no.”

The poll took place on RapNet last week. The audience applauded when Martin Rapaport, Chairman of the Rapaport Group, revealed the results Sunday at the annual Rapaport Breakfast at JCK Las Vegas.

Following the results, RapNet will not provide a trading platform for synthetics, or introduce a price list for the product, Rapaport confirmed. “We believe the current prices for synthetic diamonds are artificial, as they are based on misleading disclosure,” he added.

Voters also heavily backed the view that synthetics producers must disclose post-growth treatments, and supported the establishment of an organization for the natural-diamond industry.

RapNet vote results:

Should RapNet list synthetic diamonds?
Yes: 1,607 (21%)
No: 5,934 (79%)

Should Rapaport publish a synthetic price list?
Yes: 1,885 (26%)
No: 5,232 (74%)

Should synthetic diamonds be required to disclose treatments?
Yes: 5,892 (88%)
No: 819 (12%)

Would you support establishment of a natural-diamond organization?
Yes: 5,528 (85%)
No: 1,104 (15%)

Source: Rapaport News

Lucapa diamonds sell for $14.5 million at auction

Lucapa Diamond Company has continued its successful run at auction after securing $US10 million ($14.5 million) for the sale of alluvial diamonds from its Lulo mine in Angola, central Africa.

The run-of-mine diamonds, which totalled 5573 carats in weight (around 11.15 kilograms), achieved an average price of $US1800 a carat.

Several more high-value Lulo diamonds — including a 130-carat type IIa diamond and 45-carat pink — are still being held as inventory by partner Sociedade Mineira Do Lulo (SML), which is operated and 40 per cent-owned by Lucapa.

SML plans to expand Lulo’s plant throughput by 50 per cent to around 450,000 bulk cubic metres by 2020. The company upgraded Lulo’s JORC resource in January by 90 per cent to 80,400 in-situ carats at an average price of $US1420 a carat.

It is Western Australia-based Lucapa’s fourth diamond tender in 2019, following two auctions in February and a third in May.

It is also the second tender of the year from the company’s Lulo mine. The first auction, which took place via electronic tender in Luanda, Angola in February, remains the company’s largest sale of the year so far. It secured $US16.7 million for the sale of seven large diamonds at an average price of $US33,530 a carat.

The other two auctions related to the sale of diamonds from Lucapa’s other African mine, the Mothae kimberlite joint venture project between Lucapa (70 per cent) and the Government of the Kingdom of Lesotho in southern Africa (30 per cent).

These sales took place in Antwerp, Belgium in February and May, and raised $5.3 million and $US3.5 million respectively.

Lucapa launched commercial production of Mothae in January this year. The company is also progressing two early-stage exploration projects: Orapa Area F in Botswana and Brooking in Western Australia.

Source: DCLA

Lucapa diamonds sell for $14.5 million at auction

Lucapa Diamond Company has continued its successful run at auction after securing $US10 million ($14.5 million) for the sale of alluvial diamonds from its Lulo mine in Angola, central Africa.

The run-of-mine diamonds, which totalled 5573 carats in weight (around 11.15 kilograms), achieved an average price of $US1800 a carat.

Several more high-value Lulo diamonds — including a 130-carat type IIa diamond and 45-carat pink — are still being held as inventory by partner Sociedade Mineira Do Lulo (SML), which is operated and 40 per cent-owned by Lucapa.

SML plans to expand Lulo’s plant throughput by 50 per cent to around 450,000 bulk cubic metres by 2020. The company upgraded Lulo’s JORC resource in January by 90 per cent to 80,400 in-situ carats at an average price of $US1420 a carat.

It is Western Australia-based Lucapa’s fourth diamond tender in 2019, following two auctions in February and a third in May.

It is also the second tender of the year from the company’s Lulo mine. The first auction, which took place via electronic tender in Luanda, Angola in February, remains the company’s largest sale of the year so far. It secured $US16.7 million for the sale of seven large diamonds at an average price of $US33,530 a carat.

The other two auctions related to the sale of diamonds from Lucapa’s other African mine, the Mothae kimberlite joint venture project between Lucapa (70 per cent) and the Government of the Kingdom of Lesotho in southern Africa (30 per cent).

These sales took place in Antwerp, Belgium in February and May, and raised $5.3 million and $US3.5 million respectively.

Lucapa launched commercial production of Mothae in January this year. The company is also progressing two early-stage exploration projects: Orapa Area F in Botswana and Brooking in Western Australia.

Source: DCLA

Nirav Modi Assets Set for Vegas Auction

A selection of jewelry and intellectual property belonging to Nirav Modi’s Firestar Diamond and Fantasy businesses will be up for auction at the JCK Las Vegas show.

The sale will feature $3.5 million worth of Nirav Modi jewelry, including wedding bands, bracelets and necklaces. Purchasers will also be granted the patents to reproduce the jewelry in the US and other countries, according to the Gem Certification and Assurance Lab (GCAL), which is organizing the event.

Firestar’s liquidators have already auctioned several of the lots from Modi’s US companies, including the trademark rights to “Diamonds Are a Girl’s Best Friend,” which was purchased for $50,000 in October.

The sale will take place on June 7 at GCAL’s JCK booth. It is the eighth in a series of sales of Modi’s US assets. The Indian jeweler, who allegedly defrauded Punjab National Bank of $2 billion, was arrested in London in March.

Source: Diamonds.net

Nirav Modi Assets Set for Vegas Auction

A selection of jewelry and intellectual property belonging to Nirav Modi’s Firestar Diamond and Fantasy businesses will be up for auction at the JCK Las Vegas show.

The sale will feature $3.5 million worth of Nirav Modi jewelry, including wedding bands, bracelets and necklaces. Purchasers will also be granted the patents to reproduce the jewelry in the US and other countries, according to the Gem Certification and Assurance Lab (GCAL), which is organizing the event.

Firestar’s liquidators have already auctioned several of the lots from Modi’s US companies, including the trademark rights to “Diamonds Are a Girl’s Best Friend,” which was purchased for $50,000 in October.

The sale will take place on June 7 at GCAL’s JCK booth. It is the eighth in a series of sales of Modi’s US assets. The Indian jeweler, who allegedly defrauded Punjab National Bank of $2 billion, was arrested in London in March.

Source: Diamonds.net

Rough diamonds from Mothae fetch US$3.5 million in Antwerp

Lucapa Diamond Company and the Government of Lesotho have announced results from the second tender in 2019 of diamonds from the new Mothae kimberlite mine in Lesotho.

The parcel of 7,008 carats of rough diamonds sold at tender in Antwerp for a total of US$3.5 million.

The tender included prices of up to US$26,000 per carat paid for individual Mothae gems.

Lucapa MD, Stephen Wetherall, says the latest tender results continued to underline Mothae’s status as one of a select few global mines capable of producing high-value diamonds on a consistent basis.

“We continue to be encouraged by the regular recovery of Specials and sales results achieved from the supposed lower-margin areas of the Mothae kimberlite pipe,” says Wetherall.

“These results add to the excitement as our mining campaign prepares to transition to the higher margin diamond zones in the main southern pit in H2 once the water is transferred to our main dam to ensure we have appropriate water supplies for our planned increased treatment rates during the dry months.”

The latest result brings to US$7.3 million the total sale proceeds generated from the two tenders of Mothae diamonds completed this year.

This represents an average overall price of US$588 per carat for the run of mine production and US$729 per carat for diamonds in the +11 sieve
size fraction.

Lucapa is considering a third tender in H1, 2019 following the continued strong recoveries from the new 1.1 Mtpa kimberlite plant, including the 126 carat gem-quality diamond recovered earlier this month and other Type IIa Specials.

As set out in the ASX announcement of 27 May 2019, mining has been restricted predominantly to the lower-margin diamond zones since commercial production commenced at Mothae in January

This due to the decision to delay the scheduled dewatering of the main southern pit to preserve water required to enable the plant to operate at higher throughput rates in H2 2019.

The water in the southern pit will be transferred to the main 500,000 m3 water dam in H2, 2019 when the dam wall is completed.

This will in turn enable Mothae to access the higher-margin diamond zones in the southern pit.

Source: DCLA