Gem Diamonds Recovers 183 Carat Diamond

Gem Diamonds Limited has announced the discovery of an exceptional 183-carat white Type IIa diamond from the Letseng mine in Lesotho on February 3.

The miner also announced that it also recovered two different high quality diamonds, one of 89 carats and the other of 70 carats, from the mine. 

The Letseng mine is the highest dollar per carat kimberlite diamond mine in the world.

Source: DCLA

Gem Diamonds Recovers 183 Carat Diamond

Gem Diamonds Limited has announced the discovery of an exceptional 183-carat white Type IIa diamond from the Letseng mine in Lesotho on February 3.

The miner also announced that it also recovered two different high quality diamonds, one of 89 carats and the other of 70 carats, from the mine. 

The Letseng mine is the highest dollar per carat kimberlite diamond mine in the world.

Source: DCLA

Zimbabwe’s ZCDC Sets Sight On Doubling Diamond Production

The Zimbabwe Consolidated Diamond Mining Company (ZCDC) failed to meet its 2019 target of 3 million carats, but officials are buoyant fortunes will turn around as the firm has consolidated its investments in exploration, mining and processing to improve output this year.

Speaking durng a media tour of Chiadzwa diamond fields on Friday last week, Acting ZCDC Chief Executive Officer Roberto DePreto said they are aiming to double the 1.6 million carats produced last year through joint venture agreements, increased exploration as well as mitigating viability challenges, linked to power shortages and access to foreign currency.

“Since the Diamond Policy was issued we are now looking for joint venture partners, those joint venture partners get allocated a particular concession and we then subdivide the (overall) 626 special grant into specific special grants for those venture companies.

“Last year we produced 1.6 million carats and this year we are targeting to double that through our investments in new plant machinery and our exploration capabilities,” said DePreto.

Consuming an average of 5 megawatts and at 25 000 of diesel daily, ZCDC has also invested in new plant machinery from Belarus which needs foreign currency for repair and maintenance, with at least seventy percent of consumables and spares imported.

Officials said such overheads have hampered production targets, costing in total a minimum of 8 million tons of unprocessed diamond ore from the down time caused by the listed operation constrains.

Mine manager, Innocent Guvakuva said focus will be placed on optimizing processing capacity, already on a positive trajectory following acquisition of new plant machinery, as well as improving power supply to reduce production downtime.

“Last year there were issues to do with power, this year there has been a bit of improvement but last year it was worse, issues to do with fuel and general forex availability because 70 percent of all consumables and spares we import.

“So, if your foreign currency access scenario is not stable you are bound to suffer, but this year things have started on a better note… one of the biggest challenges in Zimbabwe is that we are a cash economy.

“We lost a lot last year in terms of production down time we lost, probably in terms of total material mined we are looking at about 8 million tones that we could have moved last year, which is very big,” said Guvakuva.

He added, “We have installed a 450 ton per hour plant it’s got phases now we are installing phase three where carat production is expected to go up, our focus now in terms of mining we are stable but it’s the liberation and optimization of the plant that we will work on.”

Guvakuva said focus will also be placed on greenfield and ground field, together with exploration contractors under a ‘hybrid exploration model’ in the seven approved special grants in regions considered diamondiferous.

“We are increasing our exploration through a hybrid model in the sense that we have our own exploration drill rigs, commissioned them in 2018, they are called diamond drill rigs that can drill up to 250 metres, we have what we call a Reverse Circulation Rigs (RCO).

“We have also engaged contractors which makes it the hybrid model, they have done work right now the contract has ended, but we are doing a lot of exploration we have a lot of ground field and greenfield projects all over the place.

“ZCDC we have seven approved special grants, in this whole area which is about 26 to 30 kilometers its assumed to be diamondiferous, but the economics of it is what we do through exploration. To say we will be here for two or three years I will be lying (is an under estimation) but we will be here for a very long time,” said Guvakuva.

Source: DCLA

Zimbabwe’s ZCDC Sets Sight On Doubling Diamond Production

The Zimbabwe Consolidated Diamond Mining Company (ZCDC) failed to meet its 2019 target of 3 million carats, but officials are buoyant fortunes will turn around as the firm has consolidated its investments in exploration, mining and processing to improve output this year.

Speaking durng a media tour of Chiadzwa diamond fields on Friday last week, Acting ZCDC Chief Executive Officer Roberto DePreto said they are aiming to double the 1.6 million carats produced last year through joint venture agreements, increased exploration as well as mitigating viability challenges, linked to power shortages and access to foreign currency.

“Since the Diamond Policy was issued we are now looking for joint venture partners, those joint venture partners get allocated a particular concession and we then subdivide the (overall) 626 special grant into specific special grants for those venture companies.

“Last year we produced 1.6 million carats and this year we are targeting to double that through our investments in new plant machinery and our exploration capabilities,” said DePreto.

Consuming an average of 5 megawatts and at 25 000 of diesel daily, ZCDC has also invested in new plant machinery from Belarus which needs foreign currency for repair and maintenance, with at least seventy percent of consumables and spares imported.

Officials said such overheads have hampered production targets, costing in total a minimum of 8 million tons of unprocessed diamond ore from the down time caused by the listed operation constrains.

Mine manager, Innocent Guvakuva said focus will be placed on optimizing processing capacity, already on a positive trajectory following acquisition of new plant machinery, as well as improving power supply to reduce production downtime.

“Last year there were issues to do with power, this year there has been a bit of improvement but last year it was worse, issues to do with fuel and general forex availability because 70 percent of all consumables and spares we import.

“So, if your foreign currency access scenario is not stable you are bound to suffer, but this year things have started on a better note… one of the biggest challenges in Zimbabwe is that we are a cash economy.

“We lost a lot last year in terms of production down time we lost, probably in terms of total material mined we are looking at about 8 million tones that we could have moved last year, which is very big,” said Guvakuva.

He added, “We have installed a 450 ton per hour plant it’s got phases now we are installing phase three where carat production is expected to go up, our focus now in terms of mining we are stable but it’s the liberation and optimization of the plant that we will work on.”

Guvakuva said focus will also be placed on greenfield and ground field, together with exploration contractors under a ‘hybrid exploration model’ in the seven approved special grants in regions considered diamondiferous.

“We are increasing our exploration through a hybrid model in the sense that we have our own exploration drill rigs, commissioned them in 2018, they are called diamond drill rigs that can drill up to 250 metres, we have what we call a Reverse Circulation Rigs (RCO).

“We have also engaged contractors which makes it the hybrid model, they have done work right now the contract has ended, but we are doing a lot of exploration we have a lot of ground field and greenfield projects all over the place.

“ZCDC we have seven approved special grants, in this whole area which is about 26 to 30 kilometers its assumed to be diamondiferous, but the economics of it is what we do through exploration. To say we will be here for two or three years I will be lying (is an under estimation) but we will be here for a very long time,” said Guvakuva.

Source: DCLA

De Grisogono’s Bankruptcy and the 800 Carat Diamond

This week, The New Yorker ran a fascinatingarticle about how Canadian miner Lucara has used new technology to unearth a string of freakishly large diamonds from its Karowe mine in Botswana. Among them was the 812.77 ct. Constellation (pictured), discovered in November 2015.

In 2016, the Constellation was purchased by Swiss jeweler de Grisogono and Dubai, United Arab Emirates, diamond company Nemesis International for $63 million—the largest price ever paid for an uncut stone.

What makes this interesting is that, also this week, de Grisogono filed for bankruptcy in Switzerland. The move followed reports that linked the red carpet favorite to Isabel dos Santos, the daughter of Angola’s former president, and her husband, Sindika Dokolo. De Grisogono declined comment on the reports; dos Santos dubbed the allegations “misleading and untrue.”

At press time, it was not clear whether de Grisogono still has an ownership stake in the Constellation—and if it does, what will happen to it, post-bankruptcy. The fine jeweler did not return a request for comment from JCK.

After the purchase, Nemesis cut the Constellation into eight different stones, including the 313 ct. Constellation 1. GIA subsequently rated the emerald cut the largest D-color diamond on record. Last year, a Nemesis International spokesperson told JCK the Constellation 1 is “priceless,” and it had “no commercial plans” for the stone.

But while Nemesis may own the Constellation and its offshoots, it’s not clear who owns Nemesis. In December, an Angolan court linked Nemesis to dos Santos and Dokolo. Last week, the International Consortium of Investigative Journalists also tied Nemesis to Dokolo. Nemesis did not respond to a request for comment.

Nemesis was founded in 2015. Under chief executive officer Konema Mwenenge—who, in 2010, told Global Witness that he had a “professional relationship” with Dokolo—it’s made a name for itself in its home base of Dubai.

In October 2017, it opened the city’s first high-tech diamond-cutting factory, Almas Diamond Services, in partnership with Sodiam, the Angolan state diamond company. At the time, Sodiam also held a stake in de Grisogono. (Two months later, Sodiam said it was divesting its holding.)

In 2016, de Grisogono said its “partnership with Nemesis International [allows] the company to market their best stones.” That same year, Nemesis sold the Swiss company a 404 ct. diamond discovered at the Lulo mine in Angola.

That diamond, the largest ever found in Angola, was cut into a 163 ct. D flawless and christened the “Art of de Grisogono, Creation 1.” It sold for $34 million at a Christie’s Geneva auction in 2017.

The Constellation 1, if it ever comes up for sale, might double that price. Christie’s jewelry specialist François Curiel told The New Yorker it could fetch as much as $70 million.That’s a nice chunk of change—whoever gets it.

Source: DCLA

De Grisogono’s Bankruptcy and the 800 Carat Diamond

This week, The New Yorker ran a fascinatingarticle about how Canadian miner Lucara has used new technology to unearth a string of freakishly large diamonds from its Karowe mine in Botswana. Among them was the 812.77 ct. Constellation (pictured), discovered in November 2015.

In 2016, the Constellation was purchased by Swiss jeweler de Grisogono and Dubai, United Arab Emirates, diamond company Nemesis International for $63 million—the largest price ever paid for an uncut stone.

What makes this interesting is that, also this week, de Grisogono filed for bankruptcy in Switzerland. The move followed reports that linked the red carpet favorite to Isabel dos Santos, the daughter of Angola’s former president, and her husband, Sindika Dokolo. De Grisogono declined comment on the reports; dos Santos dubbed the allegations “misleading and untrue.”

At press time, it was not clear whether de Grisogono still has an ownership stake in the Constellation—and if it does, what will happen to it, post-bankruptcy. The fine jeweler did not return a request for comment from JCK.

After the purchase, Nemesis cut the Constellation into eight different stones, including the 313 ct. Constellation 1. GIA subsequently rated the emerald cut the largest D-color diamond on record. Last year, a Nemesis International spokesperson told JCK the Constellation 1 is “priceless,” and it had “no commercial plans” for the stone.

But while Nemesis may own the Constellation and its offshoots, it’s not clear who owns Nemesis. In December, an Angolan court linked Nemesis to dos Santos and Dokolo. Last week, the International Consortium of Investigative Journalists also tied Nemesis to Dokolo. Nemesis did not respond to a request for comment.

Nemesis was founded in 2015. Under chief executive officer Konema Mwenenge—who, in 2010, told Global Witness that he had a “professional relationship” with Dokolo—it’s made a name for itself in its home base of Dubai.

In October 2017, it opened the city’s first high-tech diamond-cutting factory, Almas Diamond Services, in partnership with Sodiam, the Angolan state diamond company. At the time, Sodiam also held a stake in de Grisogono. (Two months later, Sodiam said it was divesting its holding.)

In 2016, de Grisogono said its “partnership with Nemesis International [allows] the company to market their best stones.” That same year, Nemesis sold the Swiss company a 404 ct. diamond discovered at the Lulo mine in Angola.

That diamond, the largest ever found in Angola, was cut into a 163 ct. D flawless and christened the “Art of de Grisogono, Creation 1.” It sold for $34 million at a Christie’s Geneva auction in 2017.

The Constellation 1, if it ever comes up for sale, might double that price. Christie’s jewelry specialist François Curiel told The New Yorker it could fetch as much as $70 million.That’s a nice chunk of change—whoever gets it.

Source: DCLA

De Grisogono Files for Bankruptcy Amid Probe

De Grisogono has filed for bankruptcy shortly after being caught up in an alleged money-laundering scandal involving the daughter of Angola’s former president and her husband.

Last week, media reports stated Isabel dos Santos’s husband, Sindika Dokolo, bought a stake in the Swiss luxury jeweler together with Angolan national diamond-trading company Sodiam through a Malta-based shell company. Over $150 million in Angolan money was invested in De Grisogono, Bloomberg reported.

The jeweler has now filed for creditor protection following failed talks to find a buyer over the last few months. If protection is granted, De Grisogono will implement a “mass redundancy procedure” in which all 65 employees at the Swiss office will be dismissed, the jeweler said Wednesday.

“Without financial support from the current shareholders, and without a new investor, unfortunately the company cannot continue as a going concern,” De Grisogono continued.

On January 22, Angola’s prosecutor general launched an investigation into dos Santos, while an Angolan court froze local assets belonging to her and her husband. Prosecutors alleged they were complicit in illegal transactions in Angola that cost the government $1.14 billion, the Bloomberg report explained.

Dos Santos said the news stories about her were part of a political witch hunt to discredit her, and she insisted her fortune was self-made.

Rumors concerning the jeweler’s connection to dos Santos had been circulating on social media since October 2017. The Instagram account @degrisogononews was specifically set up to bring attention to the questionable diamond-trading practices attributed to dos Santos and her husband.

Following the so-called Luanda Leaks reported by The New York Times and other international publications, gemstone dealer and explorer Yianni Melas revealed he was the Instagram account owner on January 20.

Melas went on a 31-day hunger strike in November and December 2017 to protest the sale of The Art of De Grisogono, Creation I at Christie’s Geneva. The necklace featured a 163.41-carat, D-flawless center diamond sourced in Angola.

On the news of the Swiss house going into bankruptcy, Melas told Rapaport News, “[During my hunger strike,] there is a photograph of me with my hands up in the air at the Acropolis because I knew that one day this would happen.”

“I feel mixed emotion, sadness about how an amazing brand associated with beautiful jewels would lose its name, but at the same time the overwhelming feeling is that I am happy because it belonged to somebody who didn’t deserve it. And also it’s a lesson to anyone who is involved with brands which are not good that initially it appears great and beautiful but in the end justice prevails,” Melas added.

Source: DCLA