Mumbai Bourse to Vote on Lifting Synthetics Ban

 

Mumbai’s Bharat Diamond Bourse (BDB) is on the verge of allowing lab-grown trading, with members due to vote on the matter next week.

The board of the world’s largest diamond hub has recommended the move, arguing that better detection and increased awareness have made it easier to segregate synthetic stones from natural ones. The poll will take place at the annual general meeting (AGM) at the BDB on December 28, according to the exchange’s annual report, which it released last week.

The bourse banned synthetics in 2015, but has been reconsidering the rule for more than two years and holding talks with India’s Natural Diamond Monitoring Committee on how to keep watch of the trade. The board received numerous requests for a meeting in which members could pass the amendment, BDB president Anoop Mehta told Rapaport News Monday.

“I think the vote result will be positive, because a lot of people want to diversify,” Mehta commented.

In the past, “you didn’t have many detection machines, and they were pretty expensive,” he added. “Detection…has gotten much more accessible and reasonable.”

However, companies won’t be able to start trading in synthetics immediately: They will have to apply for this right, Mehta explained. Companies active in both sectors must have detection equipment and keep natural and lab-grown stones in separate rooms, with clear markings on the door to indicate what’s inside. The BDB will cancel the membership of companies that flout the rules.

Meanwhile, the BDB board has recommended removing “natural” from its definition of diamonds, bringing it in line with industry standards, Mehta added. This will also be included in next week’s vote.

Source: DCLA

Mumbai Bourse to Vote on Lifting Synthetics Ban

 

Mumbai’s Bharat Diamond Bourse (BDB) is on the verge of allowing lab-grown trading, with members due to vote on the matter next week.

The board of the world’s largest diamond hub has recommended the move, arguing that better detection and increased awareness have made it easier to segregate synthetic stones from natural ones. The poll will take place at the annual general meeting (AGM) at the BDB on December 28, according to the exchange’s annual report, which it released last week.

The bourse banned synthetics in 2015, but has been reconsidering the rule for more than two years and holding talks with India’s Natural Diamond Monitoring Committee on how to keep watch of the trade. The board received numerous requests for a meeting in which members could pass the amendment, BDB president Anoop Mehta told Rapaport News Monday.

“I think the vote result will be positive, because a lot of people want to diversify,” Mehta commented.

In the past, “you didn’t have many detection machines, and they were pretty expensive,” he added. “Detection…has gotten much more accessible and reasonable.”

However, companies won’t be able to start trading in synthetics immediately: They will have to apply for this right, Mehta explained. Companies active in both sectors must have detection equipment and keep natural and lab-grown stones in separate rooms, with clear markings on the door to indicate what’s inside. The BDB will cancel the membership of companies that flout the rules.

Meanwhile, the BDB board has recommended removing “natural” from its definition of diamonds, bringing it in line with industry standards, Mehta added. This will also be included in next week’s vote.

Source: DCLA

A WORLD-RENOWNED TEAM OF PINK DIAMOND EXPERTS

 

AN UNSURPASSED REPUTATION FOR QUALITY

We’re a team of pink diamond experts, who run Australia’s leading investment diamond brokerage, Australia Diamond Portfolio (ADP).

For nearly a decade we have sourced some of the rarest pink diamonds from our Sydney Headquarters, for clients here and across the world.

ADP’s mission is to make rare coloured diamonds accessible to all investors and with this in mind, we curated the Legacy Collection to enable collectors to experience the magic of pink diamonds and own a soon-to-be-lost piece of Australia’s ancient past.

If you are an investor looking to purchase diamonds as an investment, visit our investment site.

Source: https://www.legacypinkdiamonds.com.au/

A WORLD-RENOWNED TEAM OF PINK DIAMOND EXPERTS

 

AN UNSURPASSED REPUTATION FOR QUALITY

We’re a team of pink diamond experts, who run Australia’s leading investment diamond brokerage, Australia Diamond Portfolio (ADP).

For nearly a decade we have sourced some of the rarest pink diamonds from our Sydney Headquarters, for clients here and across the world.

ADP’s mission is to make rare coloured diamonds accessible to all investors and with this in mind, we curated the Legacy Collection to enable collectors to experience the magic of pink diamonds and own a soon-to-be-lost piece of Australia’s ancient past.

If you are an investor looking to purchase diamonds as an investment, visit our investment site.

Source: https://www.legacypinkdiamonds.com.au/

Christie’s Rakes In $5M from Paris Sale

 

A 14.7-carat diamond ring was the top seller for Christie’s in Paris, nearly tripling its high estimate.

The marquise-cut, E-color, SI1-clarity stone sold for EUR 437,500 ($531,812), or $35,322 per carat, well above its EUR 150,000 ($182,333) upper valuation. It was one of a number of noteworthy diamonds that led the sale Paris Jewels sale, which took place from November 24 to December 9. The auction brought in $5 million, Christie’s said last week.

A ring set with a rectangular cut-cornered, H-color, VS2-clarity diamond, weighing 1.22 carats, fetched EUR 237,500 ($288,696), or $25,167 per carat, nearly double its high estimate. Meanwhile, a ring containing two old-cut, J-color diamonds, each weighing 6.73 carats, smashed its presale high estimate, selling for EUR 137,500 ($167,139).

Colored stones also performed well, Christie’s noted. A pair of ruby and diamond mystery-set earrings by Van Cleef & Arpels garnered EUR 137,500 against a EUR 40,000 ($48,626) upper estimate, while a Ballerina brooch by the designer brought in EUR 106,250 ($129,164), doubling its estimate. A retro ruby and diamond bracelet, which transforms into double clips, tripled its valuation, achieving EUR 93,500 ($113,664).

In total, Christie’s sold 80% of the items on offer, with many pieces selling above their estimates.

“This last jewelry auction of the season demonstrated the continued strength of the jewelry market despite the challenges due to the pandemic,” said Violaine d’Astorg, director of the jewels department at Christie’s France. “Limited exhibition time and auctions without [the] public in the room were compensated [for] by intense activity on the phone and over Christie’s Live.”

Source: DCLA

Christie’s Rakes In $5M from Paris Sale

 

A 14.7-carat diamond ring was the top seller for Christie’s in Paris, nearly tripling its high estimate.

The marquise-cut, E-color, SI1-clarity stone sold for EUR 437,500 ($531,812), or $35,322 per carat, well above its EUR 150,000 ($182,333) upper valuation. It was one of a number of noteworthy diamonds that led the sale Paris Jewels sale, which took place from November 24 to December 9. The auction brought in $5 million, Christie’s said last week.

A ring set with a rectangular cut-cornered, H-color, VS2-clarity diamond, weighing 1.22 carats, fetched EUR 237,500 ($288,696), or $25,167 per carat, nearly double its high estimate. Meanwhile, a ring containing two old-cut, J-color diamonds, each weighing 6.73 carats, smashed its presale high estimate, selling for EUR 137,500 ($167,139).

Colored stones also performed well, Christie’s noted. A pair of ruby and diamond mystery-set earrings by Van Cleef & Arpels garnered EUR 137,500 against a EUR 40,000 ($48,626) upper estimate, while a Ballerina brooch by the designer brought in EUR 106,250 ($129,164), doubling its estimate. A retro ruby and diamond bracelet, which transforms into double clips, tripled its valuation, achieving EUR 93,500 ($113,664).

In total, Christie’s sold 80% of the items on offer, with many pieces selling above their estimates.

“This last jewelry auction of the season demonstrated the continued strength of the jewelry market despite the challenges due to the pandemic,” said Violaine d’Astorg, director of the jewels department at Christie’s France. “Limited exhibition time and auctions without [the] public in the room were compensated [for] by intense activity on the phone and over Christie’s Live.”

Source: DCLA

De Beers Trims Production Plan for Coming Years

 

De Beers has reduced its production plan for the next two years, aiming to avoid releasing too much rough into the market as the diamond sector attempts to exit the crisis that dominated 2020.

The miner expects to unearth 33 million to 35 million carats in 2021, down from its previous forecast of 34 million to 36 million carats, parent company Anglo American said Friday in a presentation to investors. Output in 2022 will range from 30 million to 33 million carats — compared with earlier guidance of 33 million to 35 million carats — and will remain at the same level in 2023.

De Beers will produce around 26 million carats this year, after the pandemic prompted management to rethink the previous outlook of 32 million to 34 million carats.

“There’s an appropriate degree of prudence being exercised in what we’re forecasting going forward, and we certainly aren’t going to be a contributor to overstocking across the industry now,” said Anglo American CEO Mark Cutifani. “Given the supply situation, we’re going to watch that very carefully. We won’t push more production out there unless we’re comfortable prices are going to increase.”

The adjusted figures came despite De Beers’ expectations of limited global supply, with around 30 million carats dropping out of the pipeline as a result of Covid-19 and the closure of the Argyle mine, he estimated. At least two-thirds of that is unlikely to come back into the market, the executive pointed out. Meanwhile, Cutifani noted signs of a recovery in demand after a difficult year for the industry.

“[It’s] a bit early to call how the Thanksgiving [to] New Year selling season will go, but so far [it’s] quite encouraging despite the obvious Covid issues in the US,” he explained. “China’s been very strong. So far, things are going pretty well.”

However, caution is necessary following a string of major internal and external events that have derailed the diamond market in recent years. Those include a credit crisis in the Indian market in 2018, as well as the US government shutdown that occurred in late 2018 and early 2019, the CEO warned.

Separately, De Beers has made an advance purchase of rough from Debswana, its joint venture with the Botswana government, providing the company with inventory to sell in the first quarter if the demand recovery continues. It also received a one-year extension to negotiations with the African country over their sales deal, after the pandemic prevented the parties from reaching an agreement this year. The 10-year arrangement was due to expire on December 31, 2020.

Source: DCLA