Lucapa recovers two +100 carat diamonds at Mothae Mine

Lucapa Diamond Company has reported the recovery of two more +100 carat diamonds from the Mothae kimberlite mine in Lesotho.

One of the stones was a 220 carat stone and is the largest of the three +100 carat diamonds recovered to date from Mothae, since commercial production in January 2019.

The other diamond was 127 carat. Both diamonds were recovered from the treatment of recovery tailings. While the two diamonds are not high-quality, they continue to underline the large-stone nature of the Mothae deposit.

Lucapa Diamond Company reports the recovery of two more +100 carat diamonds from the Mothae kimberlite mine in Lesotho.

Ownership of the mine is split as follows: Lucapa 70%; Government of Lesotho 30%.

The 220 carat stone is the largest of the three +100 carat diamonds recovered to date from Mothae since commercial production commenced in January 2019.

The 220 carat and 127 carat diamonds were recovered from the treatment of recovery tailings.

While the two diamonds are not of high-quality, they continue to underline the large-stone nature of the deposit.

The mine continues to perform well in its first year of commercial production, with another monthly production record of 3,096 carats in the month of October.

Source: DCLA

Lucapa recovers two +100 carat diamonds at Mothae Mine

Lucapa Diamond Company has reported the recovery of two more +100 carat diamonds from the Mothae kimberlite mine in Lesotho.

One of the stones was a 220 carat stone and is the largest of the three +100 carat diamonds recovered to date from Mothae, since commercial production in January 2019.

The other diamond was 127 carat. Both diamonds were recovered from the treatment of recovery tailings. While the two diamonds are not high-quality, they continue to underline the large-stone nature of the Mothae deposit.

Lucapa Diamond Company reports the recovery of two more +100 carat diamonds from the Mothae kimberlite mine in Lesotho.

Ownership of the mine is split as follows: Lucapa 70%; Government of Lesotho 30%.

The 220 carat stone is the largest of the three +100 carat diamonds recovered to date from Mothae since commercial production commenced in January 2019.

The 220 carat and 127 carat diamonds were recovered from the treatment of recovery tailings.

While the two diamonds are not of high-quality, they continue to underline the large-stone nature of the deposit.

The mine continues to perform well in its first year of commercial production, with another monthly production record of 3,096 carats in the month of October.

Source: DCLA

Petra Sells 20ct. Blue Diamond for $15M

Petra Diamonds sold a 20.08-carat blue diamond from its Cullinan mine in South Africa for just under $15 million, it said Friday.

“We are very pleased with this result, which is in line with our expectations and confirms the resilience in the value of very high-quality blue diamonds,” said Petra CEO Richard Duffy. “We look forward to following this exceptional stone’s journey to its polished form.”

An undisclosed leading diamond company purchased the type IIb, gem-quality stone at tender in Johannesburg, South Africa, for $14.9 million, or $741,000 per carat.

“This is an encouraging result and shows that there is still strong demand for special diamonds,” noted investment bank Berenberg. “This is positive for Petra and puts extra cash on the balance sheet to work down debt…. We believe that today’s announcement is an undoubted positive for the shares.” Petra’s stock price rose 10% Friday.

The miner recovered the stone from the western portion of Cullinan in September. At the time, Berenberg estimated the selling price at $10 million to $15 million, while Shore Capital forecast it would fetch between $13 million and $15 million.

The company also plans to restructure its operation, implementing a flatter management structure, whereby the head of each mine will report directly to Duffy. As a result, the company has eliminated the position of chief operating officer, and Luctor Roode, who held that position, will leave Petra with immediate effect, the miner said.

Source: DCLA

Petra Sells 20ct. Blue Diamond for $15M

Petra Diamonds sold a 20.08-carat blue diamond from its Cullinan mine in South Africa for just under $15 million, it said Friday.

“We are very pleased with this result, which is in line with our expectations and confirms the resilience in the value of very high-quality blue diamonds,” said Petra CEO Richard Duffy. “We look forward to following this exceptional stone’s journey to its polished form.”

An undisclosed leading diamond company purchased the type IIb, gem-quality stone at tender in Johannesburg, South Africa, for $14.9 million, or $741,000 per carat.

“This is an encouraging result and shows that there is still strong demand for special diamonds,” noted investment bank Berenberg. “This is positive for Petra and puts extra cash on the balance sheet to work down debt…. We believe that today’s announcement is an undoubted positive for the shares.” Petra’s stock price rose 10% Friday.

The miner recovered the stone from the western portion of Cullinan in September. At the time, Berenberg estimated the selling price at $10 million to $15 million, while Shore Capital forecast it would fetch between $13 million and $15 million.

The company also plans to restructure its operation, implementing a flatter management structure, whereby the head of each mine will report directly to Duffy. As a result, the company has eliminated the position of chief operating officer, and Luctor Roode, who held that position, will leave Petra with immediate effect, the miner said.

Source: DCLA

Cartier Bracelet Soars Past Estimate at Sotheby’s

A sapphire and diamond bracelet fetched more than double its high estimate at Sotheby’s Geneva auction, selling to a female Asian collector after a bidding war.

The piece contains a 47.07-carat, royal-blue Burmese sapphire center stone with high clarity, cut in a cabochon shape and flanked by two pear-shaped white diamonds weighing 9.27 carats and 8.60 carats. Created by Cartier in 1927, the bracelet fetched $6.1 million against a high estimate of $3 million, and earned one of the highest prices at auction for an Art Deco bracelet.

In total, the Magnificent Jewels and Noble Jewels sale on Wednesday brought in $53.9 million, with 80% of lots sold, more than half of which exceeded their estimates.

“With its sensational ‘sugar loaf’ Burmese sapphire and powerful geometric design, the Cartier bracelet that led tonight’s sale was a true masterpiece, among the most important Art Deco pieces we’ve ever handled,” said David Bennett, worldwide chairman of Sotheby’s jewelry division.

The bracelet spearheaded a strong showing for Art Deco pieces, which achieved a combined $9.6 million at the sale, against a high estimate of $6 million, Sotheby’s noted.

A 6.03-carat, fancy-intense-purple-pink diamond pendant estimated at $2.5 million to $3.5 million garnered $3.4 million, while a diamond pendant weighing 78.29 carats went for $2.9 million, beating its $2.8 million high estimate.

A set of diamond jewels by Moussaieff, including a necklace, earrings and a bracelet, brought in $2.7 million. The collection was estimated at $2 million to $4 million.

Other notable items, many of which sold for well above their estimates, included a sapphire and diamond necklace set with a 14.97-carat Kashmir sapphire. The piece, dated 1890, fetched $1.4 million against its upper estimate of $800,000, while an emerald and diamond pendant-brooch combination, created by Cartier in 1927, garnered $1.1 million, smashing its $250,000 high estimate.

Meanwhile, Sotheby’s sold 93% of the jewels on offer from an Asian-American private collection, fetching a total of $12.7 million, against a high estimate of $8.9 million, the auction house said. The sale noted strong activity from Asian collectors, approximately half of whom were female buyers, more than double the number of women purchasers five years ago, Sotheby’s added.

Source: DCLA

Cartier Bracelet Soars Past Estimate at Sotheby’s

A sapphire and diamond bracelet fetched more than double its high estimate at Sotheby’s Geneva auction, selling to a female Asian collector after a bidding war.

The piece contains a 47.07-carat, royal-blue Burmese sapphire center stone with high clarity, cut in a cabochon shape and flanked by two pear-shaped white diamonds weighing 9.27 carats and 8.60 carats. Created by Cartier in 1927, the bracelet fetched $6.1 million against a high estimate of $3 million, and earned one of the highest prices at auction for an Art Deco bracelet.

In total, the Magnificent Jewels and Noble Jewels sale on Wednesday brought in $53.9 million, with 80% of lots sold, more than half of which exceeded their estimates.

“With its sensational ‘sugar loaf’ Burmese sapphire and powerful geometric design, the Cartier bracelet that led tonight’s sale was a true masterpiece, among the most important Art Deco pieces we’ve ever handled,” said David Bennett, worldwide chairman of Sotheby’s jewelry division.

The bracelet spearheaded a strong showing for Art Deco pieces, which achieved a combined $9.6 million at the sale, against a high estimate of $6 million, Sotheby’s noted.

A 6.03-carat, fancy-intense-purple-pink diamond pendant estimated at $2.5 million to $3.5 million garnered $3.4 million, while a diamond pendant weighing 78.29 carats went for $2.9 million, beating its $2.8 million high estimate.

A set of diamond jewels by Moussaieff, including a necklace, earrings and a bracelet, brought in $2.7 million. The collection was estimated at $2 million to $4 million.

Other notable items, many of which sold for well above their estimates, included a sapphire and diamond necklace set with a 14.97-carat Kashmir sapphire. The piece, dated 1890, fetched $1.4 million against its upper estimate of $800,000, while an emerald and diamond pendant-brooch combination, created by Cartier in 1927, garnered $1.1 million, smashing its $250,000 high estimate.

Meanwhile, Sotheby’s sold 93% of the jewels on offer from an Asian-American private collection, fetching a total of $12.7 million, against a high estimate of $8.9 million, the auction house said. The sale noted strong activity from Asian collectors, approximately half of whom were female buyers, more than double the number of women purchasers five years ago, Sotheby’s added.

Source: DCLA

Botswana Diamonds digs up first stones at South African mine

Botswana Diamonds said Tuesday that it recovered the first diamonds from plant commissioning activities on its Marsfontein mine in Limpopo, South Africa.

The announcement comes only days after it received a mining permit for diamond-bearing gravels and residual unprocessed stockpiles around the operation.

Chairman John Teeling said the plant was very close to reaching full operations following the installation of an in-field screen, two rotary pans, grease and x-ray recovery system.

“I am delighted with the rapid progress the team has made on-site and it is noteworthy that the first diamonds were recovered within two weeks of the mining permit being granted,” Teeling said.

The Marsfontein mine was operated for two years in the late 1990s, with a payback of its entire development costs in less than four days. The mine’s grade was 172 carats per hundred tonnes, at a bottom cut-off of more than 1.2 mm, containing many fancy coloured diamonds.

The surrounding deposits in question were overlooked when the mine was closed.

Diamond miners are struggling across the board, especially those producing cheaper and smaller stones where there is an over-supply in the market.

Buyers, those that polish and cut diamonds for retailers, have been hit this year by lower prices and tighter credit, prompting them to delay purchases.

De Beers, the world’s top diamond producer by value, has responded by axing production — with a target of 31 million carats this year compared with 35.3 million in 2018.

It has also announced it would spend more on marketing. At the latest sale, the company increased the amount of stones buyers were allowed to reject in each lot purchased from 10% to 20%, according to people familiar with the auction.

Source: DCLA