‘Grading’ Is Just for Natural Diamonds, Says CIBJO

 

Laboratories should reserve the term “grading report” for natural diamonds rather than lab-grown stones, the World Jewellery Confederation (CIBJO) has urged.

Lab-grown diamonds lack the rarity that underpins the concept of grading, CIBJO argued Tuesday. Instead, documents providing details of synthetics should be called “Laboratory-Grown Diamond Product Specifications,” the organization says in a new set of guidelines it released to the trade this week.

The standard grading report implies “a degree of rarity of the product,” a CIBJO spokesperson told Rapaport News. “But on the other hand, the consumer has a right to know what the components of the product are. The important element is that the term ‘grading’ is taken out.”

CIBJO’s board has made its new Laboratory-Grown Diamond Guidance available for review by affiliated companies and national associations, the organization said. The consultation phase is the final stage in a two-year process to create harmonized standards for man-made stones.

The rule book, which is not binding, also calls for laboratories to include extra information such as the name of the manufacturer, the country and method of manufacture (chemical vapor deposition or High Pressure-High Temperature), and information about post-growth treatments. It also recommends that the letters “LG” precede the color and clarity grades on the report to indicate the stones are lab-grown.

The guidelines deal with how to describe lab-grown diamonds and display them at events such as trade shows. They also provide recommendations on how companies should disclose the origin of the stones on invoices and consignment documents, and discuss synthetics detection technology.

“A key principle of the Laboratory-Grown Diamond Guidance is that, to ensure confidence, consumers must receive complete and unambiguous information about what they are buying, so that they can make consciously informed purchasing decisions,” CIBJO explained.

CIBJO’s Blue Book, a separate document on grading standards and terminology, notably kept “natural” in its definition of diamonds even after the US Federal Trade Commission dropped the word in 2018.

Source: DCLA

‘Grading’ Is Just for Natural Diamonds, Says CIBJO

 

Laboratories should reserve the term “grading report” for natural diamonds rather than lab-grown stones, the World Jewellery Confederation (CIBJO) has urged.

Lab-grown diamonds lack the rarity that underpins the concept of grading, CIBJO argued Tuesday. Instead, documents providing details of synthetics should be called “Laboratory-Grown Diamond Product Specifications,” the organization says in a new set of guidelines it released to the trade this week.

The standard grading report implies “a degree of rarity of the product,” a CIBJO spokesperson told Rapaport News. “But on the other hand, the consumer has a right to know what the components of the product are. The important element is that the term ‘grading’ is taken out.”

CIBJO’s board has made its new Laboratory-Grown Diamond Guidance available for review by affiliated companies and national associations, the organization said. The consultation phase is the final stage in a two-year process to create harmonized standards for man-made stones.

The rule book, which is not binding, also calls for laboratories to include extra information such as the name of the manufacturer, the country and method of manufacture (chemical vapor deposition or High Pressure-High Temperature), and information about post-growth treatments. It also recommends that the letters “LG” precede the color and clarity grades on the report to indicate the stones are lab-grown.

The guidelines deal with how to describe lab-grown diamonds and display them at events such as trade shows. They also provide recommendations on how companies should disclose the origin of the stones on invoices and consignment documents, and discuss synthetics detection technology.

“A key principle of the Laboratory-Grown Diamond Guidance is that, to ensure confidence, consumers must receive complete and unambiguous information about what they are buying, so that they can make consciously informed purchasing decisions,” CIBJO explained.

CIBJO’s Blue Book, a separate document on grading standards and terminology, notably kept “natural” in its definition of diamonds even after the US Federal Trade Commission dropped the word in 2018.

Source: DCLA

Dominion Diamond Mines sale of Ekati falls through

 

The future of the Ekati diamond mine in Canada’s Northwest Territories remains uncertain after Dominion Diamond Mines announced that a deal to sell it to a subsidiary owned by its parent company, The Washington Companies, has fallen apart.

Dominion Diamond reported on Oct. 9 that three insurance companies – Aviva Insurance Company of Canada, Argonaut Insurance and Zurich Insurance – had reached “an impasse” in negotiation with the purchaser, and stated “there is no reasonable prospect of reaching a satisfactory agreement among them.”

Dominion Diamond, which was purchased by The Washington Companies in November 2017 for $1.2 billion, was granted creditor protection in April. Mining was suspended and the Ekati mine placed on care and maintenance in March due to the coronavirus.

Altogether, the three insurance companies have issued about C$280 million in surety bonds to the government of the Northwest Territories that were intended to guarantee that the diamond mine could be closed safely and reclaimed once the mine closes permanently.

The sale was subject to a condition that the insurance companies and the purchaser reached an agreement on the treatment of the existing surety bonds.

Dominion remains in creditor protection until November 7, 2020, unless extended, it said, and is working with its advisors on next steps.

“The company will be assessing all strategic alternatives to return the Ekati diamond mine to full operations for the benefit of its employees, the Northwest Territories and other stakeholders,” Dominion Diamond stated in its news release.

The company has also confirmed that Pat Merrin, the company’s interim CEO since February, has relinquished that role. “In light of this development, Pat has advised that it would be appropriate that he step down as Interim CEO,” a company spokesman wrote in an email to The Northern Miner.

“Kristal Kaye, CFO and Mike Welch, COO will lead Dominion through this challenging period with strong support from the rest of the management team and our independent Chairman Brendan Bell.”

Dominion Diamond Mines is one of the world’s largest producers and suppliers of premium rough diamonds. The company owns a controlling interest in the Ekati diamond mine, which it operates, and 40% of the Diavik diamond mine. It also holds a controlling interest in the Lac de Gras diamond project. All of its assets are in the Northwest Territories.

Source: DCLA

Dominion Diamond Mines sale of Ekati falls through

 

The future of the Ekati diamond mine in Canada’s Northwest Territories remains uncertain after Dominion Diamond Mines announced that a deal to sell it to a subsidiary owned by its parent company, The Washington Companies, has fallen apart.

Dominion Diamond reported on Oct. 9 that three insurance companies – Aviva Insurance Company of Canada, Argonaut Insurance and Zurich Insurance – had reached “an impasse” in negotiation with the purchaser, and stated “there is no reasonable prospect of reaching a satisfactory agreement among them.”

Dominion Diamond, which was purchased by The Washington Companies in November 2017 for $1.2 billion, was granted creditor protection in April. Mining was suspended and the Ekati mine placed on care and maintenance in March due to the coronavirus.

Altogether, the three insurance companies have issued about C$280 million in surety bonds to the government of the Northwest Territories that were intended to guarantee that the diamond mine could be closed safely and reclaimed once the mine closes permanently.

The sale was subject to a condition that the insurance companies and the purchaser reached an agreement on the treatment of the existing surety bonds.

Dominion remains in creditor protection until November 7, 2020, unless extended, it said, and is working with its advisors on next steps.

“The company will be assessing all strategic alternatives to return the Ekati diamond mine to full operations for the benefit of its employees, the Northwest Territories and other stakeholders,” Dominion Diamond stated in its news release.

The company has also confirmed that Pat Merrin, the company’s interim CEO since February, has relinquished that role. “In light of this development, Pat has advised that it would be appropriate that he step down as Interim CEO,” a company spokesman wrote in an email to The Northern Miner.

“Kristal Kaye, CFO and Mike Welch, COO will lead Dominion through this challenging period with strong support from the rest of the management team and our independent Chairman Brendan Bell.”

Dominion Diamond Mines is one of the world’s largest producers and suppliers of premium rough diamonds. The company owns a controlling interest in the Ekati diamond mine, which it operates, and 40% of the Diavik diamond mine. It also holds a controlling interest in the Lac de Gras diamond project. All of its assets are in the Northwest Territories.

Source: DCLA

Sotheby’s Expects Pink to Fetch Up to $38M

 

Sotheby’s will sell the largest vivid purple pink diamond ever to appear at auction, with expectations it could achieve up to $38 million at a November sale.

The oval modified brilliant-cut, 14.83 carat, fancy vivid purple pink, internally flawless, type IIa stone is set to go under the hammer at the Magnificent Jewels and Noble Jewels auction in Geneva on November 11, Sotheby’s said Monday. The company has given the piece a presale estimate of $23 million to $38 million.

“Pink diamonds, perhaps more than any other colored diamond, have captured the imagination of collectors for centuries, making up five out of the 10 most valuable diamonds ever sold at auction,” said Benoit Repellin, head of the auction house’s Geneva Magnificent Jewels auction. “These exceptional sales, all realized in the last decade, are a testament to the growing appreciation and awareness of the great scarcity of these natural treasures around the world, and with the supply of these beautiful stones becoming ever more limited, they are likely to continue to become even more prized.”

Alrosa cut and polished the diamond from a 27.85 carat rough it unearthed at its Ebelyakh deposit in Yakutia in July 2017. The miner named the polished The Spirit of the Rose after the famous Russian ballet premiered by the Ballets Russes company in 1911, and called the rough Nijinsky, in honor of Vasalv Nijinsky, one of the ballet’s principal dancers.

The Spirit of the Rose is one of the three-stone Spectacle collection Alrosa has dedicated to Russian ballet. The set also includes the Firebird, an Asscher-cut, 20.69-carat, fancy vivid yellow, VS1-clarity diamond, which Alrosa sold to Graff for an undisclosed amount in December. The miner is still manufacturing the third stone. Alrosa had originally expected to sell The Spirit of the Rose in November 2019, it said last year.

Sotheby’s will exhibit The Spirit of the Rose in Hong Kong; Singapore; Taipei, Taiwan; and Geneva prior to the sale.

Source: DCLA

Sotheby’s Expects Pink to Fetch Up to $38M

 

Sotheby’s will sell the largest vivid purple pink diamond ever to appear at auction, with expectations it could achieve up to $38 million at a November sale.

The oval modified brilliant-cut, 14.83 carat, fancy vivid purple pink, internally flawless, type IIa stone is set to go under the hammer at the Magnificent Jewels and Noble Jewels auction in Geneva on November 11, Sotheby’s said Monday. The company has given the piece a presale estimate of $23 million to $38 million.

“Pink diamonds, perhaps more than any other colored diamond, have captured the imagination of collectors for centuries, making up five out of the 10 most valuable diamonds ever sold at auction,” said Benoit Repellin, head of the auction house’s Geneva Magnificent Jewels auction. “These exceptional sales, all realized in the last decade, are a testament to the growing appreciation and awareness of the great scarcity of these natural treasures around the world, and with the supply of these beautiful stones becoming ever more limited, they are likely to continue to become even more prized.”

Alrosa cut and polished the diamond from a 27.85 carat rough it unearthed at its Ebelyakh deposit in Yakutia in July 2017. The miner named the polished The Spirit of the Rose after the famous Russian ballet premiered by the Ballets Russes company in 1911, and called the rough Nijinsky, in honor of Vasalv Nijinsky, one of the ballet’s principal dancers.

The Spirit of the Rose is one of the three-stone Spectacle collection Alrosa has dedicated to Russian ballet. The set also includes the Firebird, an Asscher-cut, 20.69-carat, fancy vivid yellow, VS1-clarity diamond, which Alrosa sold to Graff for an undisclosed amount in December. The miner is still manufacturing the third stone. Alrosa had originally expected to sell The Spirit of the Rose in November 2019, it said last year.

Sotheby’s will exhibit The Spirit of the Rose in Hong Kong; Singapore; Taipei, Taiwan; and Geneva prior to the sale.

Source: DCLA

Piaget’s Diamond Heliconia Necklace Brings to Mind a Stunning Tropical Bloom

 

The Diamond Heliconia Necklace, a creation from Piaget’s latest Wings of Light Collection, evokes a tropical bloom with 130 gorgeous pear-shaped diamonds.

Piaget’s latest high jewellery collection, Wings of Light, invites you to escape to a fantasy land of magic, mystery, romance and rarity. The creations embody a flourishing natural utopia, while capturing the splendour of a lush, secret jungle filled with hidden treasures. Drawing inspiration from exotic bird plumage, vibrant flowers and sunsets, a universe of extraordinary shapes and colours awaits.

Showing off the maison’s unsurpassed skill in recreating naturalistic pieces is this Diamond Heliconia Necklace. A breathtaking 130 pear-shaped diamonds and 16 brilliant-cut diamonds totalling 44.81 carats evoke the distinctive tropical blooms with flowering bracts.

The vines intersect to lead the gaze to a spectacular pear-shaped fancy vivid 6.46-carat yellow diamond. Remaining true to the precision the maison is known for, the necklace is a transformable piece that can be worn four different ways.

Source: DCLA