A Nearly 64 Carat Diamond Cartier Bracelet Could Fetch HK$40 Million at Sotheby’s

 

An iconic Cartier bracelet with 63.66 carats of pear-shaped D color, internally flawless diamond set on rock crystal is expected to fetch between HK$40 million and HK$65 million (US$5.16 million and US$8.39 million) at Sotheby’s Hong Kong’s sale of magnificent jewels in April.

Taking nearly 2,000 hours to create, the bangle-bracelet from the collection “L’Odyssée de Cartier —Parcours d’un Style,” pays homage to an Art Deco inspiration featuring sparkling stones and the French maison’s emblematic panther, orchid, and Oriental motifs.

Louis Cartier, the brand’s third-generation jeweler was a pioneer in working with rock crystal, which became popular in the 1920s. Cartier utilized a polishing technique from the Renaissance period to give a soft shine to rock crystal which, when paired with a diamond, creates an intriguing light effect.

The unique piece “combines a phenomenal diamond, mesmerizing design and impeccable craftsmanship, and represents a high jewelry collectible that will shine through time,” Wenhao Yu, deputy chairman of jewelry at Sotheby’s Asia, said in a statement.

Also on offer is “Circle of Happiness,” a bangle made of 277.7 carats of green jadeite-jade from Myanmar. Sotheby’s did not disclose the estimate of this bracelet.

Sotheby’s sale of magnificent jewels will also feature pieces from the houses of Boucheron, Bulgari, Chanel, Chopard, Graff, Harry Winston, Hermès, Van Cleef & Arpels, and more.

“The appetite for high-quality jewels has never been stronger in Asia, with discerning collectors looking for rare diamonds and gemstones, as well as unique and iconic designs,” Yu said.

Source: DCLA

A Nearly 64 Carat Diamond Cartier Bracelet Could Fetch HK$40 Million at Sotheby’s

 

An iconic Cartier bracelet with 63.66 carats of pear-shaped D color, internally flawless diamond set on rock crystal is expected to fetch between HK$40 million and HK$65 million (US$5.16 million and US$8.39 million) at Sotheby’s Hong Kong’s sale of magnificent jewels in April.

Taking nearly 2,000 hours to create, the bangle-bracelet from the collection “L’Odyssée de Cartier —Parcours d’un Style,” pays homage to an Art Deco inspiration featuring sparkling stones and the French maison’s emblematic panther, orchid, and Oriental motifs.

Louis Cartier, the brand’s third-generation jeweler was a pioneer in working with rock crystal, which became popular in the 1920s. Cartier utilized a polishing technique from the Renaissance period to give a soft shine to rock crystal which, when paired with a diamond, creates an intriguing light effect.

The unique piece “combines a phenomenal diamond, mesmerizing design and impeccable craftsmanship, and represents a high jewelry collectible that will shine through time,” Wenhao Yu, deputy chairman of jewelry at Sotheby’s Asia, said in a statement.

Also on offer is “Circle of Happiness,” a bangle made of 277.7 carats of green jadeite-jade from Myanmar. Sotheby’s did not disclose the estimate of this bracelet.

Sotheby’s sale of magnificent jewels will also feature pieces from the houses of Boucheron, Bulgari, Chanel, Chopard, Graff, Harry Winston, Hermès, Van Cleef & Arpels, and more.

“The appetite for high-quality jewels has never been stronger in Asia, with discerning collectors looking for rare diamonds and gemstones, as well as unique and iconic designs,” Yu said.

Source: DCLA

Two Major Trade Bodies Sign Partnership Deal

 

The World Diamond Council (WDC) and the Responsible Jewellery Council (RJC) have agreed to work together on key issues such as the Kimberley Process (KP), conflict diamonds and sustainability.

The two organizations have entered into a cross-membership partnership, meaning the RJC has become a member of the WDC, and the WDC has become a member of the RJC, they said Tuesday. The groups have also signed mutual codes of conduct.

An RJC official will join the WDC’s Kimberley Process (KP) Task Force and participate in discussions about matters including the expansion of the KP’s definition of conflict diamonds, principles for responsible diamond sourcing, and the worldwide adoption of the WDC’s System of Warranties. Meanwhile, a WDC official will become part of an RJC task force that focuses on ensuring the jewelry and watch industry achieves the United Nations’ Sustainable Development Goals (SDGs). Both appointments will take effect immediately.

The WDC and the RJC will report to their members on progress with the System of Warranties and the SDGs, and will help people in the industry apply them into their own businesses.

“Cooperation at this level is critical to raising the level of knowledge about responsible sourcing, driving action, and having a positive impact on all businesses, small and large, at every level of the diamond supply chain,” said Elodie Daguzan, the WDC’s executive director. “Through this partnership, we can do more to increase understanding of the [Kimberley Process Certification Scheme] and present a united industry front dedicated to broadening its scope through the expansion of the definition of conflict diamonds.”

Source: DCLA

Two Major Trade Bodies Sign Partnership Deal

 

The World Diamond Council (WDC) and the Responsible Jewellery Council (RJC) have agreed to work together on key issues such as the Kimberley Process (KP), conflict diamonds and sustainability.

The two organizations have entered into a cross-membership partnership, meaning the RJC has become a member of the WDC, and the WDC has become a member of the RJC, they said Tuesday. The groups have also signed mutual codes of conduct.

An RJC official will join the WDC’s Kimberley Process (KP) Task Force and participate in discussions about matters including the expansion of the KP’s definition of conflict diamonds, principles for responsible diamond sourcing, and the worldwide adoption of the WDC’s System of Warranties. Meanwhile, a WDC official will become part of an RJC task force that focuses on ensuring the jewelry and watch industry achieves the United Nations’ Sustainable Development Goals (SDGs). Both appointments will take effect immediately.

The WDC and the RJC will report to their members on progress with the System of Warranties and the SDGs, and will help people in the industry apply them into their own businesses.

“Cooperation at this level is critical to raising the level of knowledge about responsible sourcing, driving action, and having a positive impact on all businesses, small and large, at every level of the diamond supply chain,” said Elodie Daguzan, the WDC’s executive director. “Through this partnership, we can do more to increase understanding of the [Kimberley Process Certification Scheme] and present a united industry front dedicated to broadening its scope through the expansion of the definition of conflict diamonds.”

Source: DCLA

US Sanctions on Myanmar Receive Broad Support

Members of the jewelry industry are confident that US sanctions on Burmese gems will punish leaders of the Asian country’s military coup without damaging the trade.

The Myanmar army seized control of the country on February 1. On February 11, US President Joe Biden’s administration banned US companies from transacting with three entities that, it claimed, were associated with the perpetrators of the takeover: Myanmar Ruby Enterprise, Myanmar Imperial Jade Co., and Cancri (Gems and Jewellery) Co.

Crucially, the US did not blacklist all gemstones coming out of Myanmar (also known as Burma) — the most important of which are rubies and jade. This contrasts with the old sanctions regime, the Tom Lantos Block Burmese JADE (Junta’s Anti-Democratic Efforts) Act, which lasted from 2008 until 2016 but attracted criticism for harming the wrong people.

“[Those] sanctions really didn’t affect the generals at all, but they definitely affected the traders, the small business people,” said Jeffrey Bilgore, a gemstone dealer and former president of the American Gem Trade Association (AGTA). He expressed hope that the targeted nature of the new actions would have more effect.

“These sanctions are intended, first, to hurt the military leaders and to restrict their activity, and to prevent US businesses from doing business with them,” added Sara Yood, senior counsel at the Jewelers Vigilance Committee (JVC).

The State Department has told the JVC that it had no interest in a blanket ban on gemstone imports from Myanmar, “because they know that it hurts the small artisanal miners, which just hurts the actual people of Myanmar,” Yood revealed.

The JVC, like other trade groups, has published guidance for industry members, urging them to check the origin of their gems and cease doing business with any of the banned companies.

US companies should ask suppliers for written assurances that the colored gemstones they are buying from them do not originate from any of the sanctioned entities, Jewelers of America (JA) instructed. But the restrictions shouldn’t heavily impact the supply chain, said JA CEO David Bonaparte.

“I don’t think you’re going to see the dealers saying [they] can’t get ruby anymore from Myanmar,” Bonaparte pointed out. “Other legitimate companies are still able to do business, and there are legitimate companies that are not sanctioned.”

Still, there is some confusion over how much of the Myanmar gem industry is under the control of those three companies.

“I’m hearing [from the State Department] that [these businesses are] pretty significant,” Yood said. “From American gem dealers, I’m hearing that they’ve never heard of these companies. That doesn’t necessarily mean that they’re not significant. It may just be that by the time it gets to the US, it’s gone through 12 different hands.”

The vast majority of Myanmar’s jade goes to China, where the gem is highly popular. The more significant product for the US market is ruby.

Some rubies, especially lower-value ones, go through long and complex supply chains. This could lead to a greater bureaucratic burden for buyers and dealers.

“I would expect that if you are maybe not a US business, but you’re an intermediary type of gemstone dealer located outside the US, you can expect that your US customers are going to be asking for documentation that these gemstones have not come from one of these three companies,” said Yood at the JVC.

Source: DCLA

US Sanctions on Myanmar Receive Broad Support

Members of the jewelry industry are confident that US sanctions on Burmese gems will punish leaders of the Asian country’s military coup without damaging the trade.

The Myanmar army seized control of the country on February 1. On February 11, US President Joe Biden’s administration banned US companies from transacting with three entities that, it claimed, were associated with the perpetrators of the takeover: Myanmar Ruby Enterprise, Myanmar Imperial Jade Co., and Cancri (Gems and Jewellery) Co.

Crucially, the US did not blacklist all gemstones coming out of Myanmar (also known as Burma) — the most important of which are rubies and jade. This contrasts with the old sanctions regime, the Tom Lantos Block Burmese JADE (Junta’s Anti-Democratic Efforts) Act, which lasted from 2008 until 2016 but attracted criticism for harming the wrong people.

“[Those] sanctions really didn’t affect the generals at all, but they definitely affected the traders, the small business people,” said Jeffrey Bilgore, a gemstone dealer and former president of the American Gem Trade Association (AGTA). He expressed hope that the targeted nature of the new actions would have more effect.

“These sanctions are intended, first, to hurt the military leaders and to restrict their activity, and to prevent US businesses from doing business with them,” added Sara Yood, senior counsel at the Jewelers Vigilance Committee (JVC).

The State Department has told the JVC that it had no interest in a blanket ban on gemstone imports from Myanmar, “because they know that it hurts the small artisanal miners, which just hurts the actual people of Myanmar,” Yood revealed.

The JVC, like other trade groups, has published guidance for industry members, urging them to check the origin of their gems and cease doing business with any of the banned companies.

US companies should ask suppliers for written assurances that the colored gemstones they are buying from them do not originate from any of the sanctioned entities, Jewelers of America (JA) instructed. But the restrictions shouldn’t heavily impact the supply chain, said JA CEO David Bonaparte.

“I don’t think you’re going to see the dealers saying [they] can’t get ruby anymore from Myanmar,” Bonaparte pointed out. “Other legitimate companies are still able to do business, and there are legitimate companies that are not sanctioned.”

Still, there is some confusion over how much of the Myanmar gem industry is under the control of those three companies.

“I’m hearing [from the State Department] that [these businesses are] pretty significant,” Yood said. “From American gem dealers, I’m hearing that they’ve never heard of these companies. That doesn’t necessarily mean that they’re not significant. It may just be that by the time it gets to the US, it’s gone through 12 different hands.”

The vast majority of Myanmar’s jade goes to China, where the gem is highly popular. The more significant product for the US market is ruby.

Some rubies, especially lower-value ones, go through long and complex supply chains. This could lead to a greater bureaucratic burden for buyers and dealers.

“I would expect that if you are maybe not a US business, but you’re an intermediary type of gemstone dealer located outside the US, you can expect that your US customers are going to be asking for documentation that these gemstones have not come from one of these three companies,” said Yood at the JVC.

Source: DCLA

Dividend-paying Gem Diamonds working on technologies to reduce diamond damage

 

Diamond mining and marketing company Gem Diamonds is advancing innovative technologies that reduce diamond damage by extracting rock nonmechanically and being able to see diamonds in a certain size of rock, Gem CEO Clifford Elphick said on Thursday when the London-listed company reported positive operational and financial results, the Covid-19 pandemic notwithstanding.

On revenue of $189.6-million and underlying operational earnings of $53.2-million, Gem directors have proposed dividends of 2.5c a share in a year in which it recovered 16 diamonds larger than 100 ct each compared with 11 in 2019.

Gem achieved an average value of $1 908/ct, with the highest value of $38 827/ct achieved for a white rough diamond.

Its Letšeng mine, located in the Maluti mountains of Lesotho, is known for the recovery of large quality diamonds, including 2020’s 439 ct Letšeng Icon, which the company displayed during the presentation, along with six other large stones, one of them an 112 ct yellow diamond.

Gem Diamonds owns 70% and the Lesotho government 30% of the mine’s holding company Letšeng Diamonds.

Elaborating on damage-reducing technologies, Elphick said at the presentation covered by Mining Weekly: “There are two aspects to it. The one is to get the diamonds out of the rock using non-mechanical means. We’ve ticked the box there. That has gone well and we’re very comfortable with the final stage of the process.

“The first stage of the process was to see the diamonds in the rock. That didn’t deliver as well as we thought it might do. We have brought that plant back to Johannesburg. We have pulled it apart, taken out what wasn’t working. We’re busy putting it back together again. Of course, as things move, computing power improves. The detection units are improving as well as the pixilation capabilities, and so we are upgrading that plant and moving to pilot plant two.

“The ambition remains the same: to be able to see diamonds in a certain size of rock and then to be able to eject them at the speed which is required to meet a commercial need. We can do this at slow speeds but that doesn’t really help us. It’s a question of improving and making this faster. So, technology advances, we seem to rush forward and then crawl forward and then have a rush forward, and that’s exactly where we are. We’ve got a team coming here from Europe in the next month to take this forward to the next step,” Elphick outlined.

Letšeng has an opencast life-of-mine that stretches to the 2030s. “We’ll need to start looking at the underground, and that will come at some point in time,” said Elphick.

On Gem’s climate-change adaption plan, Elphick spoke of a lot of work going into the company’s adoption of the United Nations Sustainable Development Goals: “A lot of work goes into this and we make a major effort there,” he said.

On the 2020 diamond market, he noted that demand growth, particularly in China, the US, India and Australia, was showing strong post-Covid recovery, which was pushing its way through to stock market valuations. “And we know there’s a correlation between stock market valuations and diamond prices; that correlation was a little bit disturbed, but is now back, we think, with diamond prices rising quite strongly. Inflation started to appear but very much recent information it seems as it’s not quite as frothy as one might have expected, but no doubt as the world roars back from the Covid crisis, we may well see some inflation, and, of course, that’s helpful for diamond prices,” he said.

He described the 2020 holiday retain season as being strong, with the maturing Chinese and Indian consumer markets continuing to show strong growth trends.

Midstream inventory and debt levels decreased substantially and this part of the diamond pipeline was in relatively much better shape than for some time.

“And we’re not finding, at this point, the synthetic diamonds are having any impact on the demand or the prices for the sorts of goods that the Letšeng orebody delivers,” he said, adding that being the highest dollar per carat kimberlite producer was a good position to be in.

“We’ve had a good year in terms of recoveries on almost all categories, but particularly the top end,” he said.

Elphick said Gem had been participating in trials to capture additional value, involving its goods being polished into the high-end luxury brands strategy, and the company was capturing some of the additional value between rough and polished and finding its way into the brand. So far we’ve had a good experience and we’re pushing these trials out further to see what it might mean in the longer term. We’re quite excited about that,” Elphick said.

Mining Weekly put these two questions to Gem relating to going green and decarbonising:

What steps is Gem taking to be carbon neutral. Is Gem replacing fossil electricity with renewable energy, and when will Gem likely be carbon neutral? Or will the company opt for carbon offsets?
What value does Gem place in potentially becoming a miner and a marketer of carbon-neutral diamonds, or is the market not demanding decarbonised diamonds currently?
In response, Elphick said: “Diamonds are carbon so it is difficult to sell non-carbon diamonds. I’m not trying to be facetious, but we haven’t got into this in as much detail as your question is assuming.

“There is a big debate on the footprint of mining and there’s quite a complicated answer. There is a little bit of work being done particularly on man-made diamonds to what their carbon footprint and how their carbon footprint is hugely in excess of naturally mined diamonds.

“If you wouldn’t mind us coming back to you in time with a more considered answer to get into best practice, but at this point frankly I don’t have an intelligent answer to give you. Buying carbon offsets. That’s the same issue.

“With respect to replacing fossil electricity with renewable energy, we have looked at this in some detail, particularly solar and wind, and the combination. We have assessed this quite often and unfortunately the outcome of that is not good enough from a cost perspective to make a transition right now.

“It is moving in the right direction and there will come a minute when that is right. Of course, we have to also access, not just a straight-forward cost question, but the cost of not doing this and what that does to our contribution to the planet. It’s not just a simple cost answer, but just to give you comfort there that we have looked at this in great detail over a number of years,” Elphick said.

Profit for the year from continuing operations was $27.5-million and attributable profit from continuing operations $16.9-million.

Earnings a share from continuing operations were 12.1c and cash on hand $49.8-million as at December.

At Letšeng, 100 780 ct were recovered in the 12 months to December 31, with waste mined totalling 15.6-million tonnes.

Ore treated of 5.4-million tonnes was below the 6.7-million tonnes of 2019.

Source: DCLA