3ct. Blue Diamond to Lead Phillips Sale

Phillips will feature a blue diamond ring by Tiffany & Co. at its upcoming New York Jewels auction, expecting it to fetch up to $2.5 million.

The cut-cornered square modified brilliant-cut, 3.02-carat, fancy-intense-blue, VS2-clarity diamond ring will lead the December 9 sale, the auction house said Wednesday.

An assortment of colorless diamonds will also go under the hammer, including an emerald-cut, 11.34-carat, D-color, VVS2-clarity, type IIa diamond ring by Harry Winston. The piece, which is flanked by two triangle-shaped diamonds weighing a total of 1.45 carats, has a presale estimate of $500,000 to $800,000. A 1925 Art Deco ring by Spaulding & Co., featuring a modified marquise brilliant-cut, 7.69-carat, D-color, VS2-clarity, type IIa diamond, will go under the hammer for $150,000 to $250,00, while a cut-cornered rectangular modified brilliant-cut, 13.05-carat diamond ring is estimated at $80,000 to $120,00.

Other notable items include a fancy-color diamond and gold necklace, featuring a pear modified brilliant-cut, 3.01-carat, fancy-blue-grey diamond, estimated at $250,000 to $450,000. A cut-cornered square step-cut, 16.23-carat, fancy-intense-yellow, VS1-clarity diamond ring by De Beers carries a presale estimate of $220,000 to $400,000.

Source: DCLA

3ct. Blue Diamond to Lead Phillips Sale

Phillips will feature a blue diamond ring by Tiffany & Co. at its upcoming New York Jewels auction, expecting it to fetch up to $2.5 million.

The cut-cornered square modified brilliant-cut, 3.02-carat, fancy-intense-blue, VS2-clarity diamond ring will lead the December 9 sale, the auction house said Wednesday.

An assortment of colorless diamonds will also go under the hammer, including an emerald-cut, 11.34-carat, D-color, VVS2-clarity, type IIa diamond ring by Harry Winston. The piece, which is flanked by two triangle-shaped diamonds weighing a total of 1.45 carats, has a presale estimate of $500,000 to $800,000. A 1925 Art Deco ring by Spaulding & Co., featuring a modified marquise brilliant-cut, 7.69-carat, D-color, VS2-clarity, type IIa diamond, will go under the hammer for $150,000 to $250,00, while a cut-cornered rectangular modified brilliant-cut, 13.05-carat diamond ring is estimated at $80,000 to $120,00.

Other notable items include a fancy-color diamond and gold necklace, featuring a pear modified brilliant-cut, 3.01-carat, fancy-blue-grey diamond, estimated at $250,000 to $450,000. A cut-cornered square step-cut, 16.23-carat, fancy-intense-yellow, VS1-clarity diamond ring by De Beers carries a presale estimate of $220,000 to $400,000.

Source: DCLA

Rio Tinto Sees Strong Bidding for Argyle Pinks

Rio Tinto saw a double-digit increase in the number of bids at its 2019 Argyle Pink Diamond Tender, the company reported Wednesday.

The miner offered two collections at the tender, with one buyer acquiring all 64 lots of the Everlasting Collection, comprising 211 carats of smaller diamonds. The center piece Hero stones included six pink and red diamonds weighing 1.07 carats to 2.01 carats.

Australia-based Blue Star & Kiven Diamonds, a subsidiary of Aurostar Group, bought the Argyle Enigma, the most valuable diamond in the sale, Rio Tinto said Wednesday. The company also won the Argyle Verity.

“To have acquired two of the last Argyle pink diamonds to ever be unearthed, and one of the few fancy-red Argyle diamonds in existence, is the ultimate privilege,” noted Blue Star & Kiven Diamonds director Ron Kiven.

Meanwhile, Hong Kong-based fancy-colored-diamond dealer Kunming Diamonds purchased the entire Argyle Pink Everlasting collection. Rio Tinto did not disclose the sales price for any of the lots.

“With the imminent closure of the Argyle mine, a collection such as this deserves to be showcased to the world and we look forward to announcing our plans at a later date,” said Harsh Maheshwari, director of Kunming Diamonds.

The Argyle mine in Western Australia is nearing the end of its operational life, with Rio Tinto expecting to produce diamonds there until the end of 2020.

Source: DCLA

Rio Tinto Sees Strong Bidding for Argyle Pinks

Rio Tinto saw a double-digit increase in the number of bids at its 2019 Argyle Pink Diamond Tender, the company reported Wednesday.

The miner offered two collections at the tender, with one buyer acquiring all 64 lots of the Everlasting Collection, comprising 211 carats of smaller diamonds. The center piece Hero stones included six pink and red diamonds weighing 1.07 carats to 2.01 carats.

Australia-based Blue Star & Kiven Diamonds, a subsidiary of Aurostar Group, bought the Argyle Enigma, the most valuable diamond in the sale, Rio Tinto said Wednesday. The company also won the Argyle Verity.

“To have acquired two of the last Argyle pink diamonds to ever be unearthed, and one of the few fancy-red Argyle diamonds in existence, is the ultimate privilege,” noted Blue Star & Kiven Diamonds director Ron Kiven.

Meanwhile, Hong Kong-based fancy-colored-diamond dealer Kunming Diamonds purchased the entire Argyle Pink Everlasting collection. Rio Tinto did not disclose the sales price for any of the lots.

“With the imminent closure of the Argyle mine, a collection such as this deserves to be showcased to the world and we look forward to announcing our plans at a later date,” said Harsh Maheshwari, director of Kunming Diamonds.

The Argyle mine in Western Australia is nearing the end of its operational life, with Rio Tinto expecting to produce diamonds there until the end of 2020.

Source: DCLA

Zimbabwe to Take Smaller Cut of Diamond Sales

Zimbabwe plans to reduce the percentage of sales diamond miners must pay to the state, aiming to encourage companies to invest in the Marange fields.

The government proposed a new royalty rate of 10% in the annual budget last week. Diamond producers currently pay 15% of gross revenues, but their overall costs have escalated as they shift toward hard-rock — or “conglomerate” — mining, which is lucrative but expensive.

The change could benefit companies such as Russia’s Alrosa, which is exploring for rough in the country, as well as Botswana Diamonds and Vast Resources, which operate a joint venture at the Marange fields.

“The royalty rate of 15% on diamonds was set during the period when mining was predominantly alluvial, and extraction cost was relatively low,” Mthuli Ncube, minister of finance and economic development, explained in his budget statement. “However, diamond miners are [now] exploiting conglomerate deposits, hence the cost of extraction has significantly increased.”

Last year, the state-owned Zimbabwe Consolidated Diamond Company installed a crushing plant at Marange to help it process the harder rock. The nation plans to increase its annual production to 11 million carats by 2023, from 3.2 million carats in 2018, Reuters reported last month.

The state intends to introduce the lower royalty rate on January 1 with the goal of attracting investment in exploration and extraction. The country has also made progress in its plans to repeal an “indigenization” law limiting foreign ownership of diamond and platinum mines, Ncube continued.

Source: DCLA

Zimbabwe to Take Smaller Cut of Diamond Sales

Zimbabwe plans to reduce the percentage of sales diamond miners must pay to the state, aiming to encourage companies to invest in the Marange fields.

The government proposed a new royalty rate of 10% in the annual budget last week. Diamond producers currently pay 15% of gross revenues, but their overall costs have escalated as they shift toward hard-rock — or “conglomerate” — mining, which is lucrative but expensive.

The change could benefit companies such as Russia’s Alrosa, which is exploring for rough in the country, as well as Botswana Diamonds and Vast Resources, which operate a joint venture at the Marange fields.

“The royalty rate of 15% on diamonds was set during the period when mining was predominantly alluvial, and extraction cost was relatively low,” Mthuli Ncube, minister of finance and economic development, explained in his budget statement. “However, diamond miners are [now] exploiting conglomerate deposits, hence the cost of extraction has significantly increased.”

Last year, the state-owned Zimbabwe Consolidated Diamond Company installed a crushing plant at Marange to help it process the harder rock. The nation plans to increase its annual production to 11 million carats by 2023, from 3.2 million carats in 2018, Reuters reported last month.

The state intends to introduce the lower royalty rate on January 1 with the goal of attracting investment in exploration and extraction. The country has also made progress in its plans to repeal an “indigenization” law limiting foreign ownership of diamond and platinum mines, Ncube continued.

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