Drake buys himself $500K heart-shaped diamond ring for his birthday

The “Hotline Bling” rapper can’t stop buying more and more diamond rings to add to his collection. The latest? A 22 carat heart shaped ring set in platinum to celebrate his 33rd birthday.

Created by Gemma Fine Jewelry, Drizzy’s insane design features one enormous bezel-set diamond and also includes three hearts in the bridge underneath the massive rock. The love centric theme could be a testament to just how much the Toronto native adores himself, but jeweler Ori Vechler also called him “the King of Hearts.”

According to Ajay Anand, CEO of Rare Carat, Drake’s new sparkler could have cost around $500,000. “Heart shaped diamonds are one of the most unpopular diamond shapes, because they are so tricky to cut right,” Anand said. “This is a great example of one cut very well, which is quite rare.”

Drake Heart Shape Diamond

It seems like the unconventional shape is enjoying a bit of a comeback; Offset also recently gifted wife Cardi B with a similar design for her 27th birthday.

Drake debuted the bling at his star studded mobster themed birthday party last week, where he was also sporting his custom Toronto Raptors championship ring, which boasts more than 30 carats of diamonds.

Suffice it to say that Drizzy’s heading into his 33rd year with a lot more sparkle.

Source: DCLA

Drake buys himself $500K heart-shaped diamond ring for his birthday

The “Hotline Bling” rapper can’t stop buying more and more diamond rings to add to his collection. The latest? A 22 carat heart shaped ring set in platinum to celebrate his 33rd birthday.

Created by Gemma Fine Jewelry, Drizzy’s insane design features one enormous bezel-set diamond and also includes three hearts in the bridge underneath the massive rock. The love centric theme could be a testament to just how much the Toronto native adores himself, but jeweler Ori Vechler also called him “the King of Hearts.”

According to Ajay Anand, CEO of Rare Carat, Drake’s new sparkler could have cost around $500,000. “Heart shaped diamonds are one of the most unpopular diamond shapes, because they are so tricky to cut right,” Anand said. “This is a great example of one cut very well, which is quite rare.”

Drake Heart Shape Diamond

It seems like the unconventional shape is enjoying a bit of a comeback; Offset also recently gifted wife Cardi B with a similar design for her 27th birthday.

Drake debuted the bling at his star studded mobster themed birthday party last week, where he was also sporting his custom Toronto Raptors championship ring, which boasts more than 30 carats of diamonds.

Suffice it to say that Drizzy’s heading into his 33rd year with a lot more sparkle.

Source: DCLA

De Beers Cuts Diamond Prices by About 5% as Industry Crisis Deepens

De Beers is taking more drastic steps to stem the crisis in the diamond industry by cutting prices across the board for the first time in years.

The company, the world’s biggest diamond producer, lowered prices by about 5% at its November sale, according to people familiar with the matter, who asked not to be identified as the information is private.

The move is aimed at helping improve profits for the middlemen of the diamond industry, a group of traders and polishers that buy rough gems from De Beers. Many of these customers, which includes family run traders in Belgium, Israel and India, as well as the subsidiaries of Tiffany & Co. and Graff Diamonds, are running on wafer-thin profit margins because of low prices and an oversupply of polished gems.

“De Beers is a price setter and has not made any price cuts thus far, despite the open market price for rough diamonds falling by about 9% year to date,” said Edward Sterck, an analyst at BMO Capital Markets. “The most important market participant finally taking action after holding out for so long feels like a fairly typical indication that things may be about to improve.”

The price cut is unlikely to trickle down to the retail market and consumers shouldn’t expect to see diamond prices getting cheaper anytime soon.

Part of the problem in the diamond industry is that prices have stagnated as other luxury offerings, like shoes, handbags and resort vacations, crowd the field. It’s also harder for diamond trading companies to find financing because banks are abandoning the sector after being hit by frauds and bad loans.

Still, De Beers has insisted that the current weakness doesn’t mean demand has softened. Last week, the company released data that showed demand for diamond jewelry rose 2.4% last year. In the U.S. market, where almost half of all diamonds are sold, the increase was 4.5%.

The Elite Club That Rules the Diamond World Is Showing Cracks

De Beers sells its gems through 10 sales each year in Botswana’s capital of Gaborone, and the buyers known as “sightholders” have to accept the price and the quantities they’re offered. It’s a system that originated in the 1890s and is designed to benefit both miner and customer, who receives the diamonds at a discounted rate. But the discount has been shrinking. Some sightholders now struggle to make money from a business that was once highly lucrative.

De Beers has offered its buyers more flexibility about their purchases, but it hasn’t been enough. The company made less than $300 million in each of the past three sales, which is the lowest in data going back to 2016.

The November sales data, due next week, could indicate whether the price cuts are helping drive demand.

Anglo American Plc, which owns De Beers, closed up 1.8% at 2,080 pence in London on Monday.

Source: DCLA

De Beers Cuts Diamond Prices by About 5% as Industry Crisis Deepens

De Beers is taking more drastic steps to stem the crisis in the diamond industry by cutting prices across the board for the first time in years.

The company, the world’s biggest diamond producer, lowered prices by about 5% at its November sale, according to people familiar with the matter, who asked not to be identified as the information is private.

The move is aimed at helping improve profits for the middlemen of the diamond industry, a group of traders and polishers that buy rough gems from De Beers. Many of these customers, which includes family run traders in Belgium, Israel and India, as well as the subsidiaries of Tiffany & Co. and Graff Diamonds, are running on wafer-thin profit margins because of low prices and an oversupply of polished gems.

“De Beers is a price setter and has not made any price cuts thus far, despite the open market price for rough diamonds falling by about 9% year to date,” said Edward Sterck, an analyst at BMO Capital Markets. “The most important market participant finally taking action after holding out for so long feels like a fairly typical indication that things may be about to improve.”

The price cut is unlikely to trickle down to the retail market and consumers shouldn’t expect to see diamond prices getting cheaper anytime soon.

Part of the problem in the diamond industry is that prices have stagnated as other luxury offerings, like shoes, handbags and resort vacations, crowd the field. It’s also harder for diamond trading companies to find financing because banks are abandoning the sector after being hit by frauds and bad loans.

Still, De Beers has insisted that the current weakness doesn’t mean demand has softened. Last week, the company released data that showed demand for diamond jewelry rose 2.4% last year. In the U.S. market, where almost half of all diamonds are sold, the increase was 4.5%.

The Elite Club That Rules the Diamond World Is Showing Cracks

De Beers sells its gems through 10 sales each year in Botswana’s capital of Gaborone, and the buyers known as “sightholders” have to accept the price and the quantities they’re offered. It’s a system that originated in the 1890s and is designed to benefit both miner and customer, who receives the diamonds at a discounted rate. But the discount has been shrinking. Some sightholders now struggle to make money from a business that was once highly lucrative.

De Beers has offered its buyers more flexibility about their purchases, but it hasn’t been enough. The company made less than $300 million in each of the past three sales, which is the lowest in data going back to 2016.

The November sales data, due next week, could indicate whether the price cuts are helping drive demand.

Anglo American Plc, which owns De Beers, closed up 1.8% at 2,080 pence in London on Monday.

Source: DCLA

Artisanal small-scale diamond mining initiative launched

Petra Diamonds has launched an artisanal small-scale mining initiative in South Africa. This follows a process of extensive consultation and cooperation with relevant stakeholders.

These include the Department of Mineral Resources and Energy (DMR&E), as mining sector regulator, the Letsemeng Local Municipality, as elected representatives of the community, and the community itself.

Richard Duffy, CE of Petra Diamonds, comments:

“We regard this initiative as another milestone in the Petra legacy and we welcome the Koffiefontein Community Mining Primary Cooperative (KCM) artisanal miners as partners in our industry to complement our own operations and extract optimal benefit from the diamond reserves in Koffiefontein.

“We wish KCM all of the best with this venture and thank our Government and community partners for their continued support of both the project and the KCM.”

Read more about diamond mining

During this project, the aim is to create a framework within which artisanal small-scale mining can be conducted by community members in a legal and regulated manner.

Petra believes that there is a space for artisanal small-scale miners to co-exist with formalised, large-scale mining, since artisanal small-scale mining can often profitably recover diamonds from resources that would be unprofitable, or at best marginal, for a larger operator due to the capital and overhead costs involved.

A decision was taken to make available some of the Tailings Mineral Resources (TMR), notably the resource generally referred to as the “Eskom dump”, for the benefit of the community of Koffiefontein.

The intention is that properly regulated artisanal mining, which would comply with the Kimberley Process Certification Scheme, as well as other standards for such operations set by, inter alia, the United Nations, will be conducted on this resource.

Read more about mining in southern Africa

This is the second artisanal small-scale mining initiative put in place by the company, further to Petra’s efforts and involvement in establishing the artisanal small-scale mining sector in Kimberley.

This culminated in the landmark agreement in 2017 between Kimberley Ekapa Mining JV, in which Petra had a majority interest at the time, and other stakeholders, with the result that available TMRs in Kimberley were allocated to two community-based primary mining co-operatives, Batho Pele and Goede Hoop.

Work on the project at Koffiefontein commenced soon after the conclusion of the above agreement, with the intention to take into account the learnings from the initiative in Kimberley and put in place an artisanal small-scale mining dispensation in Koffiefontein that would be able to both optimally exploit the available resource, and accrue maximum benefit to the community.

To this end, the KCM has been officially established and registered as the primary beneficiaries of this project and the infrastructure and processes required to ensure the operation of this venture have been put in place.

Source: DCLA

Artisanal small-scale diamond mining initiative launched

Petra Diamonds has launched an artisanal small-scale mining initiative in South Africa. This follows a process of extensive consultation and cooperation with relevant stakeholders.

These include the Department of Mineral Resources and Energy (DMR&E), as mining sector regulator, the Letsemeng Local Municipality, as elected representatives of the community, and the community itself.

Richard Duffy, CE of Petra Diamonds, comments:

“We regard this initiative as another milestone in the Petra legacy and we welcome the Koffiefontein Community Mining Primary Cooperative (KCM) artisanal miners as partners in our industry to complement our own operations and extract optimal benefit from the diamond reserves in Koffiefontein.

“We wish KCM all of the best with this venture and thank our Government and community partners for their continued support of both the project and the KCM.”

Read more about diamond mining

During this project, the aim is to create a framework within which artisanal small-scale mining can be conducted by community members in a legal and regulated manner.

Petra believes that there is a space for artisanal small-scale miners to co-exist with formalised, large-scale mining, since artisanal small-scale mining can often profitably recover diamonds from resources that would be unprofitable, or at best marginal, for a larger operator due to the capital and overhead costs involved.

A decision was taken to make available some of the Tailings Mineral Resources (TMR), notably the resource generally referred to as the “Eskom dump”, for the benefit of the community of Koffiefontein.

The intention is that properly regulated artisanal mining, which would comply with the Kimberley Process Certification Scheme, as well as other standards for such operations set by, inter alia, the United Nations, will be conducted on this resource.

Read more about mining in southern Africa

This is the second artisanal small-scale mining initiative put in place by the company, further to Petra’s efforts and involvement in establishing the artisanal small-scale mining sector in Kimberley.

This culminated in the landmark agreement in 2017 between Kimberley Ekapa Mining JV, in which Petra had a majority interest at the time, and other stakeholders, with the result that available TMRs in Kimberley were allocated to two community-based primary mining co-operatives, Batho Pele and Goede Hoop.

Work on the project at Koffiefontein commenced soon after the conclusion of the above agreement, with the intention to take into account the learnings from the initiative in Kimberley and put in place an artisanal small-scale mining dispensation in Koffiefontein that would be able to both optimally exploit the available resource, and accrue maximum benefit to the community.

To this end, the KCM has been officially established and registered as the primary beneficiaries of this project and the infrastructure and processes required to ensure the operation of this venture have been put in place.

Source: DCLA

Hong Kong Protests Depress Luk Fook Sales

Luk Fook’s same-store sales fell 37% in the second fiscal quarter amid protests in Hong Kong and the continued impact of the US-China trade war.

Total same-store sales — at Luk Fook outlets open for more than a year — in Hong Kong and Macau dropped 39% in the three months ending September 30. Same-store gold sales plunged 46%, while gem-set-jewelry purchases slid 26%. The figures are for shops the jeweler operates itself, excluding franchises.

The decline was the “result of high gold prices, high base effect, together with the substantial decline in the number of visitors to Hong Kong due to recent ongoing social activities,” the company noted. “Both the sales volume and average selling price of gem-set jewelry products saw a double digit drop.” Luk Fook is negotiating its rental agreement with all of its landlords in Hong Kong to avoid having to cut jobs, it said.

Overall same-store sales in mainland China slipped 25%, with revenue from gold products falling 28% and gem-set jewelry dropping 18%. While stores in mainland China showed some improvement in the first two weeks of October, sales in Hong Kong and Macau declined even further after the close of the quarter, as the tourism rate to the area continued to descend, the retailer noted. The most recent figures, reported for August, showed a 42% drop in mainland visitors to Hong Kong, according to data from the Hong Kong Tourism Board.

At the end of the quarter, Luk Fook had 210 self-operated stores, of which 136 were in mainland China, 51 in Hong Kong, 12 in Macau and 11 in other locations. The retailer also has 1,745 licensed shops.

Source: DCLA