Kunming partners with Rio Tinto for Argyle diamonds

The world’s second-largest miner, Rio Tinto (ASX, LON, NYSE: RIO), announced that Hong Kong-based coloured diamond specialist Kunming Diamonds is now one of the company’s 13 authorized partners for Argyle pink diamonds. 

In a press release, Rio said this means Kunming will be entrusted with the care and custody of the gems. 

Established in 1987, Kunming is a global, multi-generational company that has built its business into one of Asia’s leading coloured diamond specialists. In 2019, the company was successful in acquiring the entire Argyle Pink Everlasting Collection, a one-off exclusive selection of certified Argyle pink and red diamonds. 

“This is a wonderful honour and showcases our commitment to bringing the world’s rarest diamonds to our global partners and client base,” Harsh Maheshwari, director of Kunming, said in the brief.

Source: DCLA

Kunming partners with Rio Tinto for Argyle diamonds

The world’s second-largest miner, Rio Tinto (ASX, LON, NYSE: RIO), announced that Hong Kong-based coloured diamond specialist Kunming Diamonds is now one of the company’s 13 authorized partners for Argyle pink diamonds. 

In a press release, Rio said this means Kunming will be entrusted with the care and custody of the gems. 

Established in 1987, Kunming is a global, multi-generational company that has built its business into one of Asia’s leading coloured diamond specialists. In 2019, the company was successful in acquiring the entire Argyle Pink Everlasting Collection, a one-off exclusive selection of certified Argyle pink and red diamonds. 

“This is a wonderful honour and showcases our commitment to bringing the world’s rarest diamonds to our global partners and client base,” Harsh Maheshwari, director of Kunming, said in the brief.

Source: DCLA

India Extends Deadline for Duty-Free Reimports

The Indian government has granted diamond companies extra time to ship polished goods back to the country without incurring customs duty.

At present, reimports are subject to the 7.5% levy once the diamonds have been outside India for three months. The Central Board of Indirect Taxes and Customs (CBIC) has extended the deadline by a further three months for all parcels for which the cutoff date was previously between February 1 and July 31, it said Friday.

The country’s Gem & Jewellery Export Promotion Council (GJEPC) had been lobbying for the change after the Covid-19 pandemic delayed the return of goods companies had sent overseas for grading and other services.

“The latest notification on the extension of three months on reimport of certified diamonds is a great respite for our exporters,” said GJEPC chairman Colin Shah.

Last week, the council urged the government to reduce customs duty on polished to 2.5%, arguing that the move would boost India’s status as a hub for trading and distribution of diamonds.

Source: DCLA

India Extends Deadline for Duty-Free Reimports

The Indian government has granted diamond companies extra time to ship polished goods back to the country without incurring customs duty.

At present, reimports are subject to the 7.5% levy once the diamonds have been outside India for three months. The Central Board of Indirect Taxes and Customs (CBIC) has extended the deadline by a further three months for all parcels for which the cutoff date was previously between February 1 and July 31, it said Friday.

The country’s Gem & Jewellery Export Promotion Council (GJEPC) had been lobbying for the change after the Covid-19 pandemic delayed the return of goods companies had sent overseas for grading and other services.

“The latest notification on the extension of three months on reimport of certified diamonds is a great respite for our exporters,” said GJEPC chairman Colin Shah.

Last week, the council urged the government to reduce customs duty on polished to 2.5%, arguing that the move would boost India’s status as a hub for trading and distribution of diamonds.

Source: DCLA

Southstone Minerals recovers many large, high quality diamonds

Southstone Minerals Ltd. [SML-TSXV] provided a production and operational update for December 1, 2019, to February 28, 2020 (Q2 2020), and March 1 to May 31, 2020 (Q3 2020), on its project portfolio in South Africa.

The Oena Project consists of one New Order Mining Lease located in the Northern Cape Province, South Africa. Oena is 8,800 hectares in size and covers a 4.8-km wide strip along a 15-km length of the lower Orange River. Southstone owns 43% of African Star Minerals (Pty) Limited which owns 100% of the property.

Southstone continues to focus and prioritize its efforts on the alluvial Oena diamond mine. There is currently one mining contractor on site using eight pan plants to process run-of-mine (ROM) material and one Bourevestnik (BVX) unit used for diamond recovery.

Production results for both Q1 and Q2 were impacted as a result of the mandatory closure of the mine for the period from March 26, 2020, to May 3, 2020, due to COVID-19. A total of 803.92 carats (112 diamonds) were produced, placed on tender and sold with an average price of US $1,957 per carat.

Bluedust Carats produced No. of stones US$/carat

Q2 2020 ROM 588.14 77 1,942

Q3 2020 ROM 215.78 35 2,001

The Oena diamond mine continues to produce very large and high-quality diamonds. For example, 52.62 carats (sold for US $127,975), 44.25 carats (US$243,000), and 37.03 carats ($188,962). Twenty other stones were greater than 10 carats.

Kwena Group, Republic of South Africa

Shareholders approved the disposition of the Kwena Group on May 15, 2020, and the company received final approval from the TSX Venture Exchange on the May 25, 2020. This disposition of the Kwena Group resulted in a total of 4,527,416 shares being returned to treasury and the forgiveness of outstanding indebtedness of the equivalent of $1.2-million.

Southstone agreed to settle an outstanding debt of $35,430 to two creditors by issuing 708,600 shares at $0.05 per share, subject to TSXV approval.

Source: DCLA

Southstone Minerals recovers many large, high quality diamonds

Southstone Minerals Ltd. [SML-TSXV] provided a production and operational update for December 1, 2019, to February 28, 2020 (Q2 2020), and March 1 to May 31, 2020 (Q3 2020), on its project portfolio in South Africa.

The Oena Project consists of one New Order Mining Lease located in the Northern Cape Province, South Africa. Oena is 8,800 hectares in size and covers a 4.8-km wide strip along a 15-km length of the lower Orange River. Southstone owns 43% of African Star Minerals (Pty) Limited which owns 100% of the property.

Southstone continues to focus and prioritize its efforts on the alluvial Oena diamond mine. There is currently one mining contractor on site using eight pan plants to process run-of-mine (ROM) material and one Bourevestnik (BVX) unit used for diamond recovery.

Production results for both Q1 and Q2 were impacted as a result of the mandatory closure of the mine for the period from March 26, 2020, to May 3, 2020, due to COVID-19. A total of 803.92 carats (112 diamonds) were produced, placed on tender and sold with an average price of US $1,957 per carat.

Bluedust Carats produced No. of stones US$/carat

Q2 2020 ROM 588.14 77 1,942

Q3 2020 ROM 215.78 35 2,001

The Oena diamond mine continues to produce very large and high-quality diamonds. For example, 52.62 carats (sold for US $127,975), 44.25 carats (US$243,000), and 37.03 carats ($188,962). Twenty other stones were greater than 10 carats.

Kwena Group, Republic of South Africa

Shareholders approved the disposition of the Kwena Group on May 15, 2020, and the company received final approval from the TSX Venture Exchange on the May 25, 2020. This disposition of the Kwena Group resulted in a total of 4,527,416 shares being returned to treasury and the forgiveness of outstanding indebtedness of the equivalent of $1.2-million.

Southstone agreed to settle an outstanding debt of $35,430 to two creditors by issuing 708,600 shares at $0.05 per share, subject to TSXV approval.

Source: DCLA

Three exceptional diamonds sell at auctions.

The first a heart shaped gem was a 5.04 carat fancy vivid blue heart modified brilliant cut diamond with VS2 clarity. The stone is mounted on a platinum ring flanked by two pear-shaped diamonds. It achieved more than $10.5 million USD, making it the top lot at the Sotheby’s auction.

The second was a 4.49 carat heart modified brilliant cut, internally flawless, fancy vivid pink diamond. It’s mounted on an 18k white gold ring flanked by pear shaped diamonds. It achieved more than $8.1 million USD. at the high end of its estimate, making it the number three lot of the sale.

The buyer or buyers for both lots is unknown at this time and there is no indication whether a single person purchased both fancy colored diamonds.

A 12.11-carat fancy intense blue diamond sold for $15.9 million CHRISTIE’S

A 12.11 carat fancy intense blue diamond sold for $15.9 million USD at Christie’s Hong Kong Magnificent Jewels auction. The internally flawless marquise shaped, brilliant cut gem was sold during a long, drawn out bidding process that was gradually narrowed down to two phone bidders, as seen through the auction house’s live stream.

It blew past its $12.3 million high estimate with a hammer price of $13.6 million which doesn’t include the buyer’s premium. The price per carat was $1.31 million.

Source: DCLA