Petra Diamonds Ltd. sold a 39.3-carat blue gem for more than $40 million, making it one of the most expensive rough diamonds ever.
The small miner sold the exceptional Type IIb blue diamond to a joint venture between top producer De Beers and Diacore, a trading company owned by the billionaire Steinmetz family, it said Monday. The stone fetched just over $1 million per carat and is the most expensive gem Petra has ever sold.
Petra found the diamond at the Cullinan mine in South Africa in April. The mine, once owned by De Beers, is famous for both large and blue stones and was where world’s biggest diamond was found in 1905. Blue stones are among the most rare and valuable.
The sale is good news for Petra, which was forced to restructure its debt last year, when the Covid-19 crisis brought the industry to a standstill at a time when the company was already facing a mountain of debt and falling diamond prices. The shares, which were once worth more than $1.5 billion, closed up 1.1% on Monday.
Petra Diamonds Ltd. sold a 39.3-carat blue gem for more than $40 million, making it one of the most expensive rough diamonds ever.
The small miner sold the exceptional Type IIb blue diamond to a joint venture between top producer De Beers and Diacore, a trading company owned by the billionaire Steinmetz family, it said Monday. The stone fetched just over $1 million per carat and is the most expensive gem Petra has ever sold.
Petra found the diamond at the Cullinan mine in South Africa in April. The mine, once owned by De Beers, is famous for both large and blue stones and was where world’s biggest diamond was found in 1905. Blue stones are among the most rare and valuable.
The sale is good news for Petra, which was forced to restructure its debt last year, when the Covid-19 crisis brought the industry to a standstill at a time when the company was already facing a mountain of debt and falling diamond prices. The shares, which were once worth more than $1.5 billion, closed up 1.1% on Monday.
The 100+ carat diamond has sold for $12.3 million using cryptocurrency. Courtesy Sotheby’s
The Key 10138, the rare pear-shaped diamond, that was auctioned at Sotheby’s on Friday, has been sold for $12.3 million using cryptocurrency. It was sold to an anonymous private collector.
At the time the auction was announced, the piece became the first time a diamond of such size had been offered for public purchase with cryptocurrency. Now it has now become the highest price achieved for any jewelry or gemstone bought with cryptocurrency.
“We are thrilled to witness a historical moment, when one of the Earth’s oldest and rarest treasures was purchased using humanity’s newest universal currency,” said Wenhao Yu, Deputy Chairman of Sotheby’s Jewellery in Asia, in a statement. “By introducing this innovative payment option to our luxury sale, we open up new possibilities and expand our reach into a whole new clientele, many of whom are from the digitally savvy generation. The result today not only attests to the resilient demand for top quality diamonds, but also reinforces Sotheby’s position as a pioneer in the luxury field.”
The 101.38 carat diamond from which it takes its name is the second largest pear-shaped diamond to appear on the public market and came from the world-leading diamond company Diacore, the auction house says.
The Key 10138 has achieved the highest gradings in both colour (D colour – the highest grade for a white diamond) and clarity (completely flawless, both internally and externally). It also belongs to the rare subgroup comprising less than 2% of all gem diamonds, known as Type IIa. Diamonds in this group are the most chemically pure type of diamond and often have exceptional optical transparency.
The 100+ carat diamond has sold for $12.3 million using cryptocurrency. Courtesy Sotheby’s
The Key 10138, the rare pear-shaped diamond, that was auctioned at Sotheby’s on Friday, has been sold for $12.3 million using cryptocurrency. It was sold to an anonymous private collector.
At the time the auction was announced, the piece became the first time a diamond of such size had been offered for public purchase with cryptocurrency. Now it has now become the highest price achieved for any jewelry or gemstone bought with cryptocurrency.
“We are thrilled to witness a historical moment, when one of the Earth’s oldest and rarest treasures was purchased using humanity’s newest universal currency,” said Wenhao Yu, Deputy Chairman of Sotheby’s Jewellery in Asia, in a statement. “By introducing this innovative payment option to our luxury sale, we open up new possibilities and expand our reach into a whole new clientele, many of whom are from the digitally savvy generation. The result today not only attests to the resilient demand for top quality diamonds, but also reinforces Sotheby’s position as a pioneer in the luxury field.”
The 101.38 carat diamond from which it takes its name is the second largest pear-shaped diamond to appear on the public market and came from the world-leading diamond company Diacore, the auction house says.
The Key 10138 has achieved the highest gradings in both colour (D colour – the highest grade for a white diamond) and clarity (completely flawless, both internally and externally). It also belongs to the rare subgroup comprising less than 2% of all gem diamonds, known as Type IIa. Diamonds in this group are the most chemically pure type of diamond and often have exceptional optical transparency.
An exceptionally large and white 1,174 carat diamond stone has been unearthed in Botswana, trumping another huge precious stone that was found in the African country in June.
The latest find, which fills the palm of a large hand, was also discovered in June, on the 12th. It was found by the Canadian Diamond firm Lucara and presented to the country’s cabinet in Gaborone on Wednesday.
“This is history in the making, for us and Botswana as well,” said the company’s managing director, Naseem Lahri, adding that the diamond was in third position among the world’s largest gemstones.
On 1 June the Botswanan diamond firm Debswana said it had recovered what was then the “third largest” stone in the world, weighing in at 1,098 carats.
Botswana leads the world for the largest precious stones, accounting for six in the top 10 list. The country is Africa’s leading diamond producer.
The biggest diamond ever discovered anywhere was the 3,106 carat Cullinan, found in South Africa in 1905. Parts of that diamond adorn the British crown jewels.
Mokgweetsi Masisi, the president of Botswana, on Wednesday welcomed the “riveting moment” and the frequency of diamond discoveries in his country.
An exceptionally large and white 1,174 carat diamond stone has been unearthed in Botswana, trumping another huge precious stone that was found in the African country in June.
The latest find, which fills the palm of a large hand, was also discovered in June, on the 12th. It was found by the Canadian Diamond firm Lucara and presented to the country’s cabinet in Gaborone on Wednesday.
“This is history in the making, for us and Botswana as well,” said the company’s managing director, Naseem Lahri, adding that the diamond was in third position among the world’s largest gemstones.
On 1 June the Botswanan diamond firm Debswana said it had recovered what was then the “third largest” stone in the world, weighing in at 1,098 carats.
Botswana leads the world for the largest precious stones, accounting for six in the top 10 list. The country is Africa’s leading diamond producer.
The biggest diamond ever discovered anywhere was the 3,106 carat Cullinan, found in South Africa in 1905. Parts of that diamond adorn the British crown jewels.
Mokgweetsi Masisi, the president of Botswana, on Wednesday welcomed the “riveting moment” and the frequency of diamond discoveries in his country.
A recent global meeting of the Kimberley Process (KP) ended in controversy as Chinese delegates allegedly clashed with a representative of nonprofit organizations on the issue of conflict diamonds.
Attendees from China interrupted a closing statement by Shamiso Mtisi, the coordinator of the Civil Society Coalition, after he criticized the country’s approach to the matter, Mtisi claimed this week. Part of the Chinese delegation left the Zoom meeting in protest, according to another participant.
Speaking at last month’s intersessional, Mtisi singled out China, India and Angola for failing to make progress on the KP’s definition of conflict stones, a central point of debate within the KP.
Proposals to update the definition have been under discussion for many years. The current language limits the term to rough goods used by a rebel group to finance conflict but excludes violence by ruling authorities.
The topic was on the agenda at the intersessional meeting from June 21 to 25, which took place online for the first time because of the Covid-19 pandemic.
However, China, India, Angola and other countries argued that the KP was not a forum for discussing human rights because the organization was for “trade issues,” Mtisi reported. Some governments also pointed out that the KP lacked a mandate to make the change, he said. Under KP rules, a revamp of the wording can only happen when all participating governments give their approval.
Potential motives
The reasons for the trio’s reluctance are murky, leading to speculation about possible factors.
China has invested in diamond mining in Zimbabwe, a producing nation with a contentious history of violence at its deposits, Mtisi explained to Rapaport News. He also alleged that India — the world’s largest rough importer — benefited from cheap diamonds originating in countries affected by human-rights violations. It is not clear why Angola, a mining nation, would oppose an updated definition, given its history of conflict, he said.
The question over the definition of conflict diamonds “is a sensitive issue that needs consensus at the level of all participants and observers,” a spokesperson for Angola’s Ministry of Mineral Resources, Petroleum and Gas said last week. “It is the role of [KP] participants and observers to discuss and reach consensus [on] when the definition of conflict diamonds should be changed.”
Mtisi also alleged that authorities in Angola’s Lunda Norte diamond-mining province were “violently” suppressing community protests against the “destruction of villages and livelihoods.” The Angolan government denied this.
The governments of China and India did not respond to requests for comment by press time. The Gem & Jewellery Export Promotion Council (GJEPC), India’s main trade body for the sector, said it had never opposed rewriting the key definition if it helped create a more sustainable industry free of human-rights violations.
Zoom protest
At one point of his virtual speech, Mtisi — deputy director of the Zimbabwe Environmental Law Association, which leads the Civil Society Coalition — named the three countries that, he claimed, had been dragging their feet for years.
“[The China delegates] unmuted their mic and they started shouting,” he alleged in an interview with Rapaport News. “I didn’t hear exactly what they were protesting about, but they were protesting about my speech and the mention of China as having blocked any discussions on [conflict-diamond] definitions.”
Russia, as chair, offered the protesting governments the opportunity to respond at the end of the speech, said Edward Asscher, president of the World Diamond Council (WDC), which represents the trade at the KP. The US, Canada, the European Union and the WDC all stated their views.
“We pointed out the importance of freedom of speech, and [the] KP meetings should not be an exception,” Asscher stated.
While there was progress at the intersessional, there was still no widespread agreement, Asscher said. He acknowledged that some governments wanted to delay the discussions to a later time.
“Even though consensus was not reached, the discussions allowed participants — governments, civil society and industry — to express their positions,” the president continued. “It is only through discussion and hearing everyone’s concerns that we will make progress towards a wider definition.”
This is not the first incident of this type. At the welcome ceremony of the 2017 intersessional meeting, Chinese delegates reportedly shouted in protest against the involvement of Taiwan, which it did not consider to be a state eligible to take part in such events.
“All delegations at the KP meetings have both a right to be heard and a right to respond to any representations made, which is absolutely fundamental,” a spokesperson for Russia’s KP operation said this week. “Yes, sometimes listening to each other and trying to reach consensus is not an easy task and requires commitment and engagement from all parties around the very large and diverse KP table, and yes, sometimes people do get emotional. But we are confident that this cannot serve as an excuse for disarray.”
