The industry continued to downsize in the US in the third quarter, according to the latest data from the Jewelers Board of Trade (JBT).
Some 113 businesses exited the sector during the three months ending September 30, compared with 101 in the same period a year earlier, the figures showed Friday. In total, the number of companies active in the US industry fell 1.9% year on year to 23,984.
Bankruptcies dropped to zero from nine a year earlier, while closures due to consolidation — mergers, acquisitions and similar transactions — declined to 28 from 37 a year before. However, 85 companies left the industry for other reasons that the JBT does not specify, up from 55 for the same quarter in 2020.
The industry continued to downsize in the US in the third quarter, according to the latest data from the Jewelers Board of Trade (JBT).
Some 113 businesses exited the sector during the three months ending September 30, compared with 101 in the same period a year earlier, the figures showed Friday. In total, the number of companies active in the US industry fell 1.9% year on year to 23,984.
Bankruptcies dropped to zero from nine a year earlier, while closures due to consolidation — mergers, acquisitions and similar transactions — declined to 28 from 37 a year before. However, 85 companies left the industry for other reasons that the JBT does not specify, up from 55 for the same quarter in 2020.
Rio Tinto achieved record-breaking figures at its 2021 Argyle Pink Diamonds Tender, with prices strong amid dwindling supply from the mine.
Once in a Blue Moon
The Australian miner offered 70 rare pink and red diamonds at the last-ever edition of the tender, which follows Argyle’s closure in November 2020. The “historical” collection, called The Journey Beyond, comprised the final diamonds mined during the Western Australian deposit’s last year of operation, Rio Tinto said Thursday.
“The 2021 Argyle Pink Diamonds Tender delivered a record-breaking price performance across individual diamonds and for the overall collection,” the company noted. “The diamonds were fiercely contested around the world in a series of virtual and face-to-face viewings.”
A total of 19 bidders from nine countries successfully acquired lots, with prices maintaining their upward trajectory, Rio Tinto explained. Australian jeweler Calleija bought several stones, including the Argyle Eclipse, a radiant-shaped, 3.47-carat, fancy-intense-pink diamond, and the Argyle Bohème, a radiant-shaped, 1.01-carat, fancy-red diamond.
A veteran bidder in Singapore took home both the Argyle Stella, a square radiant-shaped 1.79-carat, fancy-vivid-purplish-pink diamond, and the Argyle Solaris, a radiant-shaped, fancy-intense pink weighing 2.05 carats. Another, based in the US, won the Argyle Lumiere, a square radiant-shaped, 2.03-carat, fancy-deep-pink diamond.
Alongside the pink-diamond tender, Rio Tinto sold a record-breaking collection of 41 blue and violet diamonds from Argyle to a single buyer. Hong Kong fancy-color specialist Kunming Diamonds purchased the entire 24.88-carat lot in a “history-making global bid” at the separate Once in a Blue Moon tender, the miner said. The stones are the final blues to come from Argyle. Kunming also won nine pink lots.
“I don’t think it’s ever been so competitive, so mind-blowing in terms of how the prices have been, how much competition we faced, and there was a lot of emotional premium everyone added, as this was the ultimate tender,” Harsh Maheshwari, executive director of Kunming, told Rapaport News. “So I guess everyone felt that they would like to at least own a few tender stones while they had the opportunity.”
It’s rare for there to be so many successful bidders at the pink tender, Maheshwari noted. Usually, only half that number would take home diamonds.
“This basically shows how varied the prices must have been, and that these stones went to jewelers from all over the world,” Maheshwari added.
Rio Tinto achieved record-breaking figures at its 2021 Argyle Pink Diamonds Tender, with prices strong amid dwindling supply from the mine.
Once in a Blue Moon
The Australian miner offered 70 rare pink and red diamonds at the last-ever edition of the tender, which follows Argyle’s closure in November 2020. The “historical” collection, called The Journey Beyond, comprised the final diamonds mined during the Western Australian deposit’s last year of operation, Rio Tinto said Thursday.
“The 2021 Argyle Pink Diamonds Tender delivered a record-breaking price performance across individual diamonds and for the overall collection,” the company noted. “The diamonds were fiercely contested around the world in a series of virtual and face-to-face viewings.”
A total of 19 bidders from nine countries successfully acquired lots, with prices maintaining their upward trajectory, Rio Tinto explained. Australian jeweler Calleija bought several stones, including the Argyle Eclipse, a radiant-shaped, 3.47-carat, fancy-intense-pink diamond, and the Argyle Bohème, a radiant-shaped, 1.01-carat, fancy-red diamond.
A veteran bidder in Singapore took home both the Argyle Stella, a square radiant-shaped 1.79-carat, fancy-vivid-purplish-pink diamond, and the Argyle Solaris, a radiant-shaped, fancy-intense pink weighing 2.05 carats. Another, based in the US, won the Argyle Lumiere, a square radiant-shaped, 2.03-carat, fancy-deep-pink diamond.
Alongside the pink-diamond tender, Rio Tinto sold a record-breaking collection of 41 blue and violet diamonds from Argyle to a single buyer. Hong Kong fancy-color specialist Kunming Diamonds purchased the entire 24.88-carat lot in a “history-making global bid” at the separate Once in a Blue Moon tender, the miner said. The stones are the final blues to come from Argyle. Kunming also won nine pink lots.
“I don’t think it’s ever been so competitive, so mind-blowing in terms of how the prices have been, how much competition we faced, and there was a lot of emotional premium everyone added, as this was the ultimate tender,” Harsh Maheshwari, executive director of Kunming, told Rapaport News. “So I guess everyone felt that they would like to at least own a few tender stones while they had the opportunity.”
It’s rare for there to be so many successful bidders at the pink tender, Maheshwari noted. Usually, only half that number would take home diamonds.
“This basically shows how varied the prices must have been, and that these stones went to jewelers from all over the world,” Maheshwari added.
Lucapa Diamond Company’s revenue rose in the third quarter amid strong demand and an increase in sales volume.
Sales from the miner’s Lulo deposit in Angola and Mothae in Lesotho soared 86% to $8.6 million for the three months ending September 30, it said last week. Sales volume jumped 57% to 15,690 carats, outweighing a 14% drop in the average price to $995 per carat.
“The market for diamonds continued to be buoyant in a constrained rough-supply environment,” said Lucapa managing director Stephen Wetherall. “As a result, we have upgraded our full-year guidance.”
Production from Lulo increased 1% year on year during the quarter to 9,444 carats, with the miner recovering 83 diamonds above 10.8 carats. The largest of those was a 94-carat, D-color, type IIa white stone. Lucapa also unearthed several fancy-pink diamonds during the quarter, it noted.
Output from Mothae came to 9,567 carats, with 60 diamonds weighing more than 10.8 carats. The Australia-based miner recovered a 51-carat stone, along with a number of fancy-light pinks and yellows. Lucapa did not produce any rough from Mothae during the same period last year, as the site was on care and maintenance due to Covid-19-related regulations in Lesotho.
Lucapa has made progress toward satisfying the conditions for its acquisition of the Merlin mine in Australia. It believes the final outstanding conditions will be dealt with in the fourth quarter.
The company upgraded its guidance for the full year due to the strong demand. It expects revenue to be between AUD 66 million ($48.9 million) and AUD 71 million ($52.6 million), compared to the AUD 50 million ($37 million) to AUD 56 million ($41.5 million) it forecast in May.
The miner is also conducting exploration at the Brooking lamproite project in Australia and the Orapa site in Botswana.
Image: A selection of rough white, pink and yellow diamonds sold during the quarter.
Lucapa Diamond Company’s revenue rose in the third quarter amid strong demand and an increase in sales volume.
Sales from the miner’s Lulo deposit in Angola and Mothae in Lesotho soared 86% to $8.6 million for the three months ending September 30, it said last week. Sales volume jumped 57% to 15,690 carats, outweighing a 14% drop in the average price to $995 per carat.
“The market for diamonds continued to be buoyant in a constrained rough-supply environment,” said Lucapa managing director Stephen Wetherall. “As a result, we have upgraded our full-year guidance.”
Production from Lulo increased 1% year on year during the quarter to 9,444 carats, with the miner recovering 83 diamonds above 10.8 carats. The largest of those was a 94-carat, D-color, type IIa white stone. Lucapa also unearthed several fancy-pink diamonds during the quarter, it noted.
Output from Mothae came to 9,567 carats, with 60 diamonds weighing more than 10.8 carats. The Australia-based miner recovered a 51-carat stone, along with a number of fancy-light pinks and yellows. Lucapa did not produce any rough from Mothae during the same period last year, as the site was on care and maintenance due to Covid-19-related regulations in Lesotho.
Lucapa has made progress toward satisfying the conditions for its acquisition of the Merlin mine in Australia. It believes the final outstanding conditions will be dealt with in the fourth quarter.
The company upgraded its guidance for the full year due to the strong demand. It expects revenue to be between AUD 66 million ($48.9 million) and AUD 71 million ($52.6 million), compared to the AUD 50 million ($37 million) to AUD 56 million ($41.5 million) it forecast in May.
The miner is also conducting exploration at the Brooking lamproite project in Australia and the Orapa site in Botswana.
Image: A selection of rough white, pink and yellow diamonds sold during the quarter.
Christie’s will offer a 74-carat diamond necklace that could fetch up to $7 million at its upcoming Hong Kong auction.
The piece contains a 73.68-carat, F-color, internally flawless center stone, called the Snowdrop Diamond, and 78 additional diamonds weighing a total of 130.92 carats. It will headline the auction house’s November 28 Magnificent Jewels sale, together with a heart-shaped, 36.20-carat, D-color, internally flawless diamond pendant necklace carrying a high estimate of $3.2 million, Christie’s said Wednesday. Designer Ronald Abram created both jewels.
Two colored-diamond pieces are also set to star in the sale. A pair of earrings featuring fancy-vivid-blue diamonds weighing 3.06 and 2.61 carats along with white diamonds is set to go under the hammer with a price tag of up to $8 million. Meanwhile, a 3.32-carat, fancy-vivid-blue, internally flawless diamond ring could fetch as much as $6.4 million, Christie’s noted.
Other notable pieces include a jadeite cabochon ring with a high valuation of $1 million, a pair of jadeite cabochon earrings estimated at $480,000 to $750,000, and a jadeite, ruby and diamond necklace and bracelet set by Cartier.
A selection of cufflinks containing diamonds, emeralds, rubies and sapphires, assembled over decades by a prominent private collector, will also be on offer, the auction house added.
Christie’s will preview the items in Taipei, Taiwan; Tokyo; Shanghai; Beijing; and Hong Kong.
