Lucara recovers 341 carat white diamond

 

Canada’s Lucara Diamond has found an unbroken 341-carat white gem-quality rock at its prolific Karowe mine in Botswana, with analysts estimating it could fetch more than $10 million.

The Vancouver based miner said the diamond was recovered over the Christmas period from milling of ore coming from the south western quadrant of Karowe’s South Lobe.

The diamond is the 54th stone over 200 carats recovered at Karowe since it began commercial operations in 2012.

The find builds on previous historic recoveries which include the 342-carat Queen of the Kalahari, the 549 carat Sethunya, the 1,109 carat Lesedi La Rona found in 2015, and the 1758 carat Sewelô, recovered in 2019.

Beyond Sewelô, the only larger diamond ever unearthed is the 3,106 carat Cullinan Diamond, discovered in South Africa in 1905. The Cullinan was later cut into smaller stones, some of which now form part of British royal family’s crown jewels.

Source: DCLA

Lucara recovers 341 carat white diamond

 

Canada’s Lucara Diamond has found an unbroken 341-carat white gem-quality rock at its prolific Karowe mine in Botswana, with analysts estimating it could fetch more than $10 million.

The Vancouver based miner said the diamond was recovered over the Christmas period from milling of ore coming from the south western quadrant of Karowe’s South Lobe.

The diamond is the 54th stone over 200 carats recovered at Karowe since it began commercial operations in 2012.

The find builds on previous historic recoveries which include the 342-carat Queen of the Kalahari, the 549 carat Sethunya, the 1,109 carat Lesedi La Rona found in 2015, and the 1758 carat Sewelô, recovered in 2019.

Beyond Sewelô, the only larger diamond ever unearthed is the 3,106 carat Cullinan Diamond, discovered in South Africa in 1905. The Cullinan was later cut into smaller stones, some of which now form part of British royal family’s crown jewels.

Source: DCLA

Petra Diamonds’ investors back restructuring

 

Struggling Petra Diamonds (LON: PDL) said on Wednesday its investors have approved plans to restructure the business, a move that aims to provide the miner with a more stable, deleveraged capital structure to ensure its short and long-term viability.

Over 95% of shareholders voted in favour of a resolution that includes reducing authorized share capital of the company by cutting the nominal value of all ordinary shares from 10p to 0.001p.

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It also involves an increase to Petra’s authorized share capital through the creation of 8.5-million ordinary shares and the authorization for directors to allot ordinary shares up to £88,447 ( just over 8.8-million ordinary shares).

Hefty debt
Petra Diamonds’ weak financial position, a product of stagnant demand and heavy borrowing to expand its mines, particularly the iconic Cullinan, pushed it to put itself up for sale in June. Petra reversed the decision in October, opting instead for the debt-for-equity restructuring approved Wednesday.

The company noted it expected to complete the reorganization in the first quarter of 2021.

Petra’s shares slumped by more than 80% last year as the covid-19 pandemic battered the global diamond sector, with mines forced to shut down while consumer demand continued to fall.

The diamond miner, which has three operations in South Africa and one in Tanzania, is also dealing with allegations of human rights abuses at its Williamson mine in Tanzania, resulting from the actions of its security guards.

Source: DCLA

Petra Diamonds’ investors back restructuring

 

Struggling Petra Diamonds (LON: PDL) said on Wednesday its investors have approved plans to restructure the business, a move that aims to provide the miner with a more stable, deleveraged capital structure to ensure its short and long-term viability.

Over 95% of shareholders voted in favour of a resolution that includes reducing authorized share capital of the company by cutting the nominal value of all ordinary shares from 10p to 0.001p.

SIGN UP FOR THE PRECIOUS METALS DIGEST
It also involves an increase to Petra’s authorized share capital through the creation of 8.5-million ordinary shares and the authorization for directors to allot ordinary shares up to £88,447 ( just over 8.8-million ordinary shares).

Hefty debt
Petra Diamonds’ weak financial position, a product of stagnant demand and heavy borrowing to expand its mines, particularly the iconic Cullinan, pushed it to put itself up for sale in June. Petra reversed the decision in October, opting instead for the debt-for-equity restructuring approved Wednesday.

The company noted it expected to complete the reorganization in the first quarter of 2021.

Petra’s shares slumped by more than 80% last year as the covid-19 pandemic battered the global diamond sector, with mines forced to shut down while consumer demand continued to fall.

The diamond miner, which has three operations in South Africa and one in Tanzania, is also dealing with allegations of human rights abuses at its Williamson mine in Tanzania, resulting from the actions of its security guards.

Source: DCLA

Mothae diamonds sell for $7.2 million

 

Lucapa Diamond Company and its partner, the Government of the Kingdom of Lesotho, have provided an update on the first sale of diamonds in 2021 from the Mothae kimberlite mine in Lesotho.

The parcel of 4,676 carats of rough diamonds were sold for a total of US$5.6 million or US$1,198 per carat. This is the highest average US$ per carat price achieved by Mothae on the sale of any run of mine production parcel.

The sale included a number of Specials (diamonds weighing >10.8 carats), including the 101 carat D colour diamond recovered following re-opening of the mine in Q4 2020, which is the most valuable diamond recovered to date at Mothae.

Lucapa MD, Stephen Wetherall comments:

“Following a tough 2020, where both of our mines were impacted by the pandemic, our valued teams have shown their resilience and operations have bounced back strongly.

“The good recoveries at both mines and growing demand leading to strengthening diamond prices has seen a strong start to 2021.”

“We look forward to Mothae receiving further value following implementation of the cutting and polishing partnership and to completing the expansion at Mothae this quarter.”

Source: DCLA

Mothae diamonds sell for $7.2 million

 

Lucapa Diamond Company and its partner, the Government of the Kingdom of Lesotho, have provided an update on the first sale of diamonds in 2021 from the Mothae kimberlite mine in Lesotho.

The parcel of 4,676 carats of rough diamonds were sold for a total of US$5.6 million or US$1,198 per carat. This is the highest average US$ per carat price achieved by Mothae on the sale of any run of mine production parcel.

The sale included a number of Specials (diamonds weighing >10.8 carats), including the 101 carat D colour diamond recovered following re-opening of the mine in Q4 2020, which is the most valuable diamond recovered to date at Mothae.

Lucapa MD, Stephen Wetherall comments:

“Following a tough 2020, where both of our mines were impacted by the pandemic, our valued teams have shown their resilience and operations have bounced back strongly.

“The good recoveries at both mines and growing demand leading to strengthening diamond prices has seen a strong start to 2021.”

“We look forward to Mothae receiving further value following implementation of the cutting and polishing partnership and to completing the expansion at Mothae this quarter.”

Source: DCLA

Tiffany to Sell Its Most Expensive Diamond

 

Tiffany & Co. will offer a necklace featuring an 80-carat diamond, expected to be its most expensive piece ever, at the reopening of its New York Fifth Avenue flagship store next year.

The oval-cut, D-color, internally flawless stone, which the jeweler sourced from Botswana and will set in-house in New York, is at the center of the piece, Tiffany said Tuesday. It is also the largest diamond the company has ever offered. Only the 128.54-carat, yellow Tiffany Diamond worn by both Audrey Hepburn and Lady Gaga is larger, and that piece is not for sale.

The original 1939 version of the necklace 

The jewel is a reimagined version of a Tiffany necklace created in 1939 for the World’s Fair, which features an aquamarine in place of the diamond. The unveiling of that piece set the stage for the original opening of the flagship store on the corner of 57th Street and Fifth Avenue in 1940.

“What better way to mark the opening of our transformed Tiffany flagship store in 2022 than to reimagine this incredible necklace from the 1939 World’s Fair, one of our most celebrated pieces when we opened our doors…for the first time,” said Victoria Reynolds, chief gemologist at Tiffany.

Source: DCLA