A vacationing teacher finds a 2.12-carat diamond at an Arkansas state park

This Nebraska teacher will surely win show-and-tell once the school year begins.
Josh Lanik, 36, was vacationing with his family when he discovered a brandy-colored gem at Crater of Diamonds State Park in Murfreesboro, Arkansas.

Josh Lanik’s family was ready to give up.

The gem-hunting novices were “over” their search at Arkansas’ Crater of Diamonds State Park after a hot morning with nothing to show buts rocks and glass, Lanik told The Washington Post. Everyone thought it was time for lunch.

Then, the Nebraska teacher stumbled on a shiny brown stone about the size of a jelly bean.

He plucked it from the gravel and took it back to the Murfreesboro park’s offices, making sure to put it in his bag rather than his pockets on the advice of park staff, who had seen many visitors lose their precious finds. A woman took the gem into a backroom in a pill bottle.

She emerged with a smile on her face, Lanik recalled. At 2.12 carats, the diamond was the biggest found in the park this year.

“They were all sorts of excited,” Lanik said.

The Lanik family was less jubilant. Tweeting about the family’s vacation that day, Lanik didn’t even mention the gem. The 36-year-old from Hebron, Neb., figured it wasn’t that special at a place where vacationers regularly pay up to $10 to dig in a 37-acre field atop an old volcanic crater.

Visitors have unearthed and registered almost 300 diamonds at the Crater so far this year, according to the park, which says its fields hide brown, yellow and white gems. The total 2019 haul amounts to about 54 carats, and 11 of this year’s diamonds weighed at least one carat.

But Lanik’s find stood out for its size. The average diamond found at the Crater is about one-fifth to one-fourth of a carat, the park says.

Heavy rainfall probably helped Lanik’s search by uncovering gems, which glint and catch the eye of diggers, park interpreter Waymon Cox told Arkansas State Parks. Park staff found lots of diamonds at the ground’s surface after 14 inches of rain on July 16 but nothing like Lanik’s 2.12 carats.

“Are you going to retire now?” Lanik said one of his former students texted him after seeing the news.

But size is just one factor in a diamond’s value, and when Lanik had the gem appraised in Little Rock, he found it’s “not worth near as much as you’d think,” he said. Uncut or “raw” gems, as well as brown diamonds, are less valuable than a cut or white gem, and the Lanik family’s stone is marred by a fissure. Lanik declined to share the estimated value, but even cut brown diamonds of similar size can be found on eBay for less than $1,000.

Lanik said he plans to put the diamond into a ring for his wife to wear and eventually pass down to their sons. Finding the gem made the long, hot day of digging worth the effort for Lanik and his wife — but he is not so sure about the attitudes of his boys, 6 and 8 years old.

“I think they were just hungry at that point,” Lanik said.

Source: DCLA

A vacationing teacher finds a 2.12-carat diamond at an Arkansas state park

This Nebraska teacher will surely win show-and-tell once the school year begins.
Josh Lanik, 36, was vacationing with his family when he discovered a brandy-colored gem at Crater of Diamonds State Park in Murfreesboro, Arkansas.

Josh Lanik’s family was ready to give up.

The gem-hunting novices were “over” their search at Arkansas’ Crater of Diamonds State Park after a hot morning with nothing to show buts rocks and glass, Lanik told The Washington Post. Everyone thought it was time for lunch.

Then, the Nebraska teacher stumbled on a shiny brown stone about the size of a jelly bean.

He plucked it from the gravel and took it back to the Murfreesboro park’s offices, making sure to put it in his bag rather than his pockets on the advice of park staff, who had seen many visitors lose their precious finds. A woman took the gem into a backroom in a pill bottle.

She emerged with a smile on her face, Lanik recalled. At 2.12 carats, the diamond was the biggest found in the park this year.

“They were all sorts of excited,” Lanik said.

The Lanik family was less jubilant. Tweeting about the family’s vacation that day, Lanik didn’t even mention the gem. The 36-year-old from Hebron, Neb., figured it wasn’t that special at a place where vacationers regularly pay up to $10 to dig in a 37-acre field atop an old volcanic crater.

Visitors have unearthed and registered almost 300 diamonds at the Crater so far this year, according to the park, which says its fields hide brown, yellow and white gems. The total 2019 haul amounts to about 54 carats, and 11 of this year’s diamonds weighed at least one carat.

But Lanik’s find stood out for its size. The average diamond found at the Crater is about one-fifth to one-fourth of a carat, the park says.

Heavy rainfall probably helped Lanik’s search by uncovering gems, which glint and catch the eye of diggers, park interpreter Waymon Cox told Arkansas State Parks. Park staff found lots of diamonds at the ground’s surface after 14 inches of rain on July 16 but nothing like Lanik’s 2.12 carats.

“Are you going to retire now?” Lanik said one of his former students texted him after seeing the news.

But size is just one factor in a diamond’s value, and when Lanik had the gem appraised in Little Rock, he found it’s “not worth near as much as you’d think,” he said. Uncut or “raw” gems, as well as brown diamonds, are less valuable than a cut or white gem, and the Lanik family’s stone is marred by a fissure. Lanik declined to share the estimated value, but even cut brown diamonds of similar size can be found on eBay for less than $1,000.

Lanik said he plans to put the diamond into a ring for his wife to wear and eventually pass down to their sons. Finding the gem made the long, hot day of digging worth the effort for Lanik and his wife — but he is not so sure about the attitudes of his boys, 6 and 8 years old.

“I think they were just hungry at that point,” Lanik said.

Source: DCLA

Bella Hadid pairs her teeny bikini with $12K in diamonds

Bella Hadid is vacationing in Mykonos, Greece, with sister Gigi, and despite packing enough bikinis and one-pieces to ensure multiple daily outfit options, there’s one extremely expensive accessory she’s sticking with throughout.

The supermodel, 22, has accessorized each of her bathing suits with jeweler Jacquie Aiche’s Diamond Shaker Belly Chain, which retails for a whopping $11,875.

Bella Hadid

The 14k gold and pavé diamond piece can also be worn as a necklace, though Hadid has been sporting hers slung low around her hips.

Over the weekend, the catwalker posted photos of herself pairing the sparkling chain with both a colorful one-piece by Louisa Ballou ($375) and a barely there bikini top ($104) and thong bottoms ($104) from For Love & Lemons.

She also wore it to the beach on Monday, styling it with pigtails and a skimpy brown bikini.

Source: DCLA

Bella Hadid pairs her teeny bikini with $12K in diamonds

Bella Hadid is vacationing in Mykonos, Greece, with sister Gigi, and despite packing enough bikinis and one-pieces to ensure multiple daily outfit options, there’s one extremely expensive accessory she’s sticking with throughout.

The supermodel, 22, has accessorized each of her bathing suits with jeweler Jacquie Aiche’s Diamond Shaker Belly Chain, which retails for a whopping $11,875.

Bella Hadid

The 14k gold and pavé diamond piece can also be worn as a necklace, though Hadid has been sporting hers slung low around her hips.

Over the weekend, the catwalker posted photos of herself pairing the sparkling chain with both a colorful one-piece by Louisa Ballou ($375) and a barely there bikini top ($104) and thong bottoms ($104) from For Love & Lemons.

She also wore it to the beach on Monday, styling it with pigtails and a skimpy brown bikini.

Source: DCLA

Bulgari Boosts LVMH Jewelry Growth

Sales and profit from watches and jewelry at LVMH Moët Hennessy Louis Vuitton grew in the first half of 2019 amid a strong performance by its Bulgari brand, the company reported Wednesday.

Revenue for the categories rose 8% to EUR 2.14 billion ($2.38 billion) in the six months ending June 30, while profit increased 5% to EUR 357 million ($397.4 million).

“Bulgari made good progress in its stores, and continued to gain market share,” the group said. Lines such as Serpenti, B.Zero1, Diva and Fiorever performed well, as did the new high-end jewelry collection, Cinemagia, LVMH added.

Additionally, Chaumet’s Bee My Love, Liens and Josephine lines saw strong improvements, while watch brand Hublot continued to develop its store network, the company noted.

LVMH’s group revenue jumped 15% to EUR 25.08 billion ($27.92 billion), with increases across all categories. The US and Asia saw strong growth, as did Europe, particularly in France, which performed better in the second quarter than the first as protests in the country became less intense. Net profit climbed 14% to EUR 5.3 billion ($5.89 billion).

Last week, LVMH CEO Bernard Arnault edged out Bill Gates for the number-two spot on Bloomberg’s Billionaire’s Index, the first time in the list’s seven-year history Gates has been pushed out of that slot. Arnault’s fortune has increased to $107.6 billion as LVMH’s share price continues to grow, Bloomberg noted. The company’s stock price had risen around 1% at press time Thursday.

Source: DCLA

Bulgari Boosts LVMH Jewelry Growth

Sales and profit from watches and jewelry at LVMH Moët Hennessy Louis Vuitton grew in the first half of 2019 amid a strong performance by its Bulgari brand, the company reported Wednesday.

Revenue for the categories rose 8% to EUR 2.14 billion ($2.38 billion) in the six months ending June 30, while profit increased 5% to EUR 357 million ($397.4 million).

“Bulgari made good progress in its stores, and continued to gain market share,” the group said. Lines such as Serpenti, B.Zero1, Diva and Fiorever performed well, as did the new high-end jewelry collection, Cinemagia, LVMH added.

Additionally, Chaumet’s Bee My Love, Liens and Josephine lines saw strong improvements, while watch brand Hublot continued to develop its store network, the company noted.

LVMH’s group revenue jumped 15% to EUR 25.08 billion ($27.92 billion), with increases across all categories. The US and Asia saw strong growth, as did Europe, particularly in France, which performed better in the second quarter than the first as protests in the country became less intense. Net profit climbed 14% to EUR 5.3 billion ($5.89 billion).

Last week, LVMH CEO Bernard Arnault edged out Bill Gates for the number-two spot on Bloomberg’s Billionaire’s Index, the first time in the list’s seven-year history Gates has been pushed out of that slot. Arnault’s fortune has increased to $107.6 billion as LVMH’s share price continues to grow, Bloomberg noted. The company’s stock price had risen around 1% at press time Thursday.

Source: DCLA

De Beers Lets Clients Delay Rough Purchases

De Beers loosened its purchasing requirements for rough buyers at last week’s sight in an effort to ease the oversupply affecting the diamond market.

Sightholders have struggled to reduce their inventories due to an imbalance of stocks and weak polished demand. To tackle the problem, De Beers allowed its customers to defer purchases from the July sight to other sales later this year, a spokesperson confirmed Thursday.

De Beers’ long-term sales program compels customers to show certain levels of demand at sights, which take place 10 times a year in Botswana. They are free to push off buying one box per “band” (selection of goods) per half year, but only from one sight to the next. However, at last week’s sale, sightholders were able to make an extra deferral, and could also delay to later in the year, not just by one sight.

In addition, the company has brought forward sightholders’ annual opportunity to reschedule their purchases, known as “re-phasing.” This year, that will occur after the July sight, the sixth of the year, whereas it’s normally scheduled for the eighth sight.

De Beers’ revenue and profit fell in the first half, as a buildup of excess polished goods in the midstream and retail sectors hit rough demand, the company explained last week in its half-year earnings. A price reduction at the June sight helped sightholders deal with the weak profitability they are facing, De Beers chief financial officer Nimesh Patel told Rapaport News Thursday.

The miner also lowered its production forecast to 31 million carats for this year, compared with an earlier outlook of 31 million to 33 million carats, Patel noted. Output in 2018 was 35.3 million carats.

Holding back rough

The combination of lower production and prices, together with increased purchasing flexibility, should tackle the “short-term” crisis, Patel predicted. The company also experienced a “meaningful increase” in its own rough inventories during the first half because it held back rough, he said.

“We’ve clearly reacted in terms of price, so we’ve injected profitability back into goods,” the executive said. “Secondly, we’ve reacted in terms of production…. Alongside that, we’re working with our customers to offer them more flexibility in the way they purchase, so [we’ve introduced] re-sequencing of the timing of their purchases of goods through the course of the year, which is something that we’ve allowed [them] to do, and we’ve added to that additional referrals as well. All those things will see us through this difficult period.”

The problems come from within the diamond industry rather than from outside: Growth in global gross domestic product supports consumer demand for diamond jewelry in the long term, Patel said. The US retail market is increasing, while sales in China and India are also rising in local currencies, he observed.

However, weak fourth-quarter holiday sales in 2018 and shaky consumer demand in the first half has made it difficult for the industry to offload polished stocks to retailers, Patel said. Consumers’ shift away from lower-end shopping malls has forced some companies to close stores and liquidate their goods, he added. Furthermore, retailers’ increased reliance on consignment has raised inventory risks for the midstream, as failure to make a final sale often forces suppliers to resend jewelry items to a different client, or to dismantle and remanufacture the jewelry, he explained.

“That doesn’t help the midstream in terms of sell-through,” he noted.

Yet the near future is positive because the issues are “specific to the balance of stocks in the midstream and the downstream,” Patel argued. “It’s a function of that excess polished as it sits today…just working its way through the system. As that happens, we should see polished prices perform better [and] rough demand return.”

Source: DCLA