7-Carat Blue Diamond Ring By Moussaieff Could Fetch $14 Million

A 7.03-carat fancy deep blue diamond mounted on a platinum ring by London high jewelry house, Moussaieff, is the top lot at Christie’s Geneva Magnificent Jewels sale. The blue rectangular-cut gem with VVS2 clarity has an estimate of $10 million – $14 million.

46.93 D colour

Source: DCLA

It is among a number of colored and colorless diamonds available at the November 12 sale. Other top lots in this category include a 46.93-carat D color, internally flawless diamond with a half-moon modified brilliant-cut (estimate $3.8 million – $4.5 million); and a 5.23-carat fancy intense blue cut-cornered rectangular modified brilliant-cut diamond (estimate: $3.5 million – $4.5 million).

7-Carat Blue Diamond Ring By Moussaieff Could Fetch $14 Million

A 7.03-carat fancy deep blue diamond mounted on a platinum ring by London high jewelry house, Moussaieff, is the top lot at Christie’s Geneva Magnificent Jewels sale. The blue rectangular-cut gem with VVS2 clarity has an estimate of $10 million – $14 million.

46.93 D colour

Source: DCLA

It is among a number of colored and colorless diamonds available at the November 12 sale. Other top lots in this category include a 46.93-carat D color, internally flawless diamond with a half-moon modified brilliant-cut (estimate $3.8 million – $4.5 million); and a 5.23-carat fancy intense blue cut-cornered rectangular modified brilliant-cut diamond (estimate: $3.5 million – $4.5 million).

Alrosa Profit Drops in Third Quarter

Weak rough-diamond demand led to a decline in profit at Alrosa in the third quarter, the Russian miner reported.

Profit slid 44% to RUB 13.5 billion ($211.6 million) for the three months ending September 30, as revenue faltered and the company’s margin fell, it said last week.

Sales decreased 37% to $611 million, as proceeds from both rough and polished diamonds declined. Rough sales slipped 37% to $601 million, while the average price for gem-quality diamonds slid 32% to $135 per carat, reflecting sales of a higher proportion of small-sized diamonds. Sales volume dropped 5% to 6.4 million carats.

“The diamond-jewelry demand was affected by increased macroeconomic uncertainty that put a damper on consumer confidence,” the company noted. “Amid the declining demand since the beginning of 2019, diamond-jewelry manufacturers and cutters have been actively reducing their stocks of end products and rough diamonds.”

Rough output grew 14% year on year to 12.1 million carats for the quarter, stemming from the launch of production at the Verkhne-Munskoye deposit, as well as higher production from the Botuobinskaya pipe.

In the first nine months of the year, the miner produced 29.7 million carats, up 12% year on year. Rough sales for the January-to-September period fell 34% to $2.39 billion.

Alrosa’s sales grew 9% year on year to 264.4 million in October, as prices and demand continued to stabilize, the miner noted. Rough-diamond sales increased 9% to $253.9 million for the month, while polished jumped 17% to $10.4 million.

However, despite the growth in October, weakness in the market affected the company’s ten-month total. In the first ten months of the year, sales fell 31% to $2.7 billion. Rough-diamond sales dropped 32% to $2.6 billion, with polished declining 43% to $47.2 million.

Source: DCLA

Alrosa Profit Drops in Third Quarter

Weak rough-diamond demand led to a decline in profit at Alrosa in the third quarter, the Russian miner reported.

Profit slid 44% to RUB 13.5 billion ($211.6 million) for the three months ending September 30, as revenue faltered and the company’s margin fell, it said last week.

Sales decreased 37% to $611 million, as proceeds from both rough and polished diamonds declined. Rough sales slipped 37% to $601 million, while the average price for gem-quality diamonds slid 32% to $135 per carat, reflecting sales of a higher proportion of small-sized diamonds. Sales volume dropped 5% to 6.4 million carats.

“The diamond-jewelry demand was affected by increased macroeconomic uncertainty that put a damper on consumer confidence,” the company noted. “Amid the declining demand since the beginning of 2019, diamond-jewelry manufacturers and cutters have been actively reducing their stocks of end products and rough diamonds.”

Rough output grew 14% year on year to 12.1 million carats for the quarter, stemming from the launch of production at the Verkhne-Munskoye deposit, as well as higher production from the Botuobinskaya pipe.

In the first nine months of the year, the miner produced 29.7 million carats, up 12% year on year. Rough sales for the January-to-September period fell 34% to $2.39 billion.

Alrosa’s sales grew 9% year on year to 264.4 million in October, as prices and demand continued to stabilize, the miner noted. Rough-diamond sales increased 9% to $253.9 million for the month, while polished jumped 17% to $10.4 million.

However, despite the growth in October, weakness in the market affected the company’s ten-month total. In the first ten months of the year, sales fell 31% to $2.7 billion. Rough-diamond sales dropped 32% to $2.6 billion, with polished declining 43% to $47.2 million.

Source: DCLA

Lest We Forget

On 11 November 1918, the guns of the Western Front fell silent after four years of continuous warfare.

With their armies retreating and close to collapse, German leaders signed an Armistice, bringing to an end the First World War.

From the summer of 1918, the five divisions of the Australian Corps had been at the forefront of the allied advance to victory.

Beginning with their stunning success at the battle of Hamel in July, they helped to turn the tide of the war at Amiens in August, followed by the capture of Mont St Quentin and Pèronne, and the breaching of German defences at the Hindenburg Line in September.

By early October the exhausted Australians were withdrawn from battle. They had achieved a fighting reputation out of proportion to their numbers, but victory had come at a heavy cost. They suffered almost 48,000 casualties during 1918, including more than 12,000 dead.

In the four years of the war more than 330,000 Australians had served overseas, and more than 60,000 of them had died.

The social effects of these losses cast a long shadow over the postwar decades.

Each year on this day Australians observe one minute’s silence at 11am, in memory of those who died or suffered in all wars and armed conflicts. Lest We Forget

Source: DCLA

Lest We Forget

On 11 November 1918, the guns of the Western Front fell silent after four years of continuous warfare.

With their armies retreating and close to collapse, German leaders signed an Armistice, bringing to an end the First World War.

From the summer of 1918, the five divisions of the Australian Corps had been at the forefront of the allied advance to victory.

Beginning with their stunning success at the battle of Hamel in July, they helped to turn the tide of the war at Amiens in August, followed by the capture of Mont St Quentin and Pèronne, and the breaching of German defences at the Hindenburg Line in September.

By early October the exhausted Australians were withdrawn from battle. They had achieved a fighting reputation out of proportion to their numbers, but victory had come at a heavy cost. They suffered almost 48,000 casualties during 1918, including more than 12,000 dead.

In the four years of the war more than 330,000 Australians had served overseas, and more than 60,000 of them had died.

The social effects of these losses cast a long shadow over the postwar decades.

Each year on this day Australians observe one minute’s silence at 11am, in memory of those who died or suffered in all wars and armed conflicts. Lest We Forget

Source: DCLA

It’s been a terrible week for diamond miners

While the world’s biggest diamond miner surprised the market by cutting prices this week, a slew of filings from its smaller rivals show the move was inevitable.

While De Beers is a price maker in the supply of rough diamonds, dictating what its customers pay, most other miners are price takers. Gem Diamonds and Lucara Diamond — both known for digging up the most-expensive stones — and Mountain Province Diamonds all reported lower prices this week.

Much of the industry’s current problems have focused on tumbling prices for cheaper, smaller goods, the sort of diamonds that end up in a Walmart ring, but the recent results show even the crown jewels are also feeling the pinch.

Diamond buyers, the industry’s invisible link between African mines and jewelry stores in New York, London and Hong Kong, are being squeezed like rarely before. With too much supply and banks tightening their financing, many traders have been unable to make a profit. That’s now blowing back on the miners.

The De Beers price cut was catching up with the “reality of market conditions,” said Edward Sterck, an analyst at BMO Capital Markets in London. “We think we must be approaching the nadir of the diamond market, which may just mean that a recovery is in the cards,” he added.

Gem Diamonds, which mines the world’s most expensive stones, sold its diamonds for $1,417 a carat in the third quarter. While still an eye-watering figure in an industry that averages less than $200 a carat, it’s down from about $2,100 in 2018.

Lucara reported an average selling price of $390 a carat in the third quarter. That’s a 13% drop from last year and a steep fall from 2015, when gems sold for $593 a carat.

At the bottom end of the market, things have been difficult for a long time. Mountain Province has been struggling with low prices since the beginning. In a 2014 feasibility study, it expected prices of $120 a carat, but sold stones for $53 per carat in the third quarter. The company runs the Gahcho Kue diamond mine in Canada in a joint venture with De Beers.

Source: DCLA