Pink diamond sells for $49.9m

The 11.15-carat Williamson Pink Star diamond 

An 11.15 carat pink diamond has been sold for $49.9m in Hong Kong, setting a world record for the highest price per carat for a diamond sold at auction.

Auctioned on Friday by Sotheby’s Hong Kong, the Williamson Pink Star diamond was originally estimated at $21m.

The gem draws its name from two legendary pink diamonds.

The first is the 23.60 carat Williamson diamond which was presented to the late British Queen Elizabeth II as a wedding gift in 1947.

The second is the 59.60 carat Pink Star diamond that sold for a record $71.2m at auction in 2017.

The Williamson Pink Star is the second largest pink diamond to appear at auction.

Pink diamonds are among the rarest and most valuable of the coloured diamonds.

Source: DCLA

Lucara Sales Fall Amid Lack of High-Value Diamonds

          Lucara Diamonds – Karowe Diamond Mine

Lucara Diamond Corp.’s sales dropped in the third quarter as the company supplied fewer large and expensive stones from its lucrative Karowe mine in Botswana.

Revenue fell 31% year on year to $49.9 million, while net profit slumped 86% to $1.8 million, Lucara reported Wednesday.

Sales of rough from Karowe declined 36% to $46.5 million, with volume down 15% at 99,301 carats and the average price falling 43% to $337 per carat. The remaining revenue came from sales of third-party goods on Lucara’s Clara online platform.

Management blamed a decrease in the number of high-value diamonds the company sold to HB Antwerp through the pair’s supply agreement. The Belgian manufacturer is contracted to buy all Karowe rough of 10.8 carats or more, with Lucara receiving a proportion of the final polished proceeds.

In the third quarter a year earlier, Lucara sold four pink diamonds and two white, type IIa stones — weighing 393.5 and 257.5 carats — to HB. As a result of the unfavorable comparison, revenue from the agreement plummeted 46% to $27.1 million.

“Despite the overall decrease in revenue recognized in [the third quarter], diamond-market fundamentals continued to support healthy prices as steady demand and some inventory shortages were reported,” Lucara said. Fluctuation in the availability of 10.8-carat production is expected, it added.

Output from Karowe slid 19% year on year to 78,879 carats for the quarter.

Source: DCLA

Contraband handbags, diamonds and vodka auctioned off by French government

France’s finance ministry is auctioning off customs contraband in an “extraordinary sale” featuring platinum bars seized en route to the UK, designer handbags, valuable historic coins, several collections of uncut diamonds and 2,016 bottles of vodka.

The 350 lots – valued collectively at about €1m – also include a Volkswagen Golf stopped at France’s border with Spain and found to contain 480kg of cannabis resin.

A white gold Rolex set with 40 rubies, with a catalogue estimate of €15,000. 

More than 1,200 potential buyers have signed up to take part in the auction, which will be held in the finance ministry at Bercy in Paris.

The 14 platinum bars weighing 1kg each and stamped “Crédit Suisse” were reportedly discovered by French customs officials in the baggage of two people travelling to the UK who claimed they were working for a Paris business. Each ingot is for sale at a starting price of €22,000.

One of the 14 platinum bars up for auction. 

Seized items detailed in the catalogue also include gold sovereigns bearing the heads of the British monarchs Elizabeth II, Victoria, Edward VII and George V, as well as several gold “Napoléons”.

Among the luxury goods up for auction are Louis Vuitton, Chanel, Fendi and Valentino handbags and several expensive watches including a white gold Rolex set with 40 rubies – catalogue estimate €15,000 – as well as perfumes and a pair of Bottega Veneta shoes seized at Nice airport. The uncut diamonds, being sold in several lots – one of which is listed as totalling 197.95 carats – were seized at Paris airports.

Certain items will be sold only to professional buyers for security or legal reasons, including three and a half pallets of Grey Goose vodka bottles, listed with a starting price of €10,000.

Three and a half pallets of Grey Goose vodka bottles are listed with a starting price of €10,000

The finance ministry said the sale reflected “the diversity of objects seized by customs officers”.

“The customs service battles daily against all illegal traffic that threatens our territory and our society in order to protect citizens and the environment,” it added.

Source: DCLA

Debswana posts 37.5% jump in 9-month diamond sales

 

Rough diamonds sales by Debswana Diamond Company jumped 37.5% in the first nine months of 2022, statistics released by the Bank of Botswana showed Tuesday, driven by steady demand for jewellery.

A joint venture between Anglo American unit De Beers and Botswana government, Debswana sells 75% of its output to De Beers with the balance taken up by state-owned Okavango Diamond Company.

Debswana’s January-September sales rose to $3.578 billion from $2.602 billion a year earlier, data from the central bank showed.

In Botswana’s pula currency, Debswana’s rough diamond sales rose 52.5% to 43.237 billion pula reflecting a stronger dollar in the period.

In dollar and pula terms, the nine-month sales top the company’s full-year results in 2021 when sales totalled $3.466 billion and 38.134 billion pula.

Debswana accounts for almost all diamonds produced in Botswana with Lucara’s Karowe mine being the only other operating diamond mine in the country.

Botswana generates about 30% of its revenue and 70% of its foreign exchange earnings from diamonds.

However, De Beers sees the risk of the market slowing down in the coming months due to a deterioration in global economic conditions, reduced consumer spending and continued Chinese covid-19 lockdowns.

“In line with normal seasonal trends, we anticipate that sales in the final quarter of the year will be affected by the normal temporary closure of cutting and polishing factories for the religious holidays in India,” parent firm Anglo American said last week.

Source: DCLA

41ct. Diamond Could Fetch Up to $5M at Christie’s

 

De Beers Eases Buyer Terms Amid Market Slowdown

 

De Beers will offer widened concessions to purchasers of larger rough diamonds at its upcoming sight as trading has slowed amid difficult market conditions.

The miner will increase its “buyback” allowance to 20% for 1-carat goods and up at the sale, which begins later this month, industry insiders told Rapaport News this week.

Buybacks are a mechanism enabling sightholders to sell 10% of stones back to De Beers after making their purchases. They are popular among clients when markets are weak, as customers can handpick the least profitable items and hope the miner will offer a good price. For De Beers, they provide a way of promoting sales without reducing prices.

Lockdowns in China and global economic uncertainty have spooked sections of the industry, with De Beers’ move reflecting a split in the market. Companies that usually buy 1-carat and larger rough destined for the Far East have reduced their purchasing, while top US and European brands continue to buy melee, supporting the trade in rough under 0.75 carats, dealers explained. In that context, the miner will maintain its usual 10% buyback allowance for rough under 1 carat.

“People actually did buy a lot [of the larger items] up till June [or] July this year, when they thought China would slowly start opening up again,” a market participant said. “That clearly hasn’t happened, and there are people now sitting on those goods.”

Sightholders are expecting De Beers’ next sales cycle — its ninth of the year — to bring the miner around $400 million after buybacks, compared with $500 million in September. The sight will run from October 31 to November 4. The December sight is also likely to be relatively small as southern African cutting factories shut for the holidays.

The October sight will take place amid the Diwali season in India, for which manufacturers are expected to implement extended production pauses of up to three weeks because of the sluggish market. Many of them have been trying to slash their inventories ahead of the holiday.

“De Beers is not too eager to reduce prices at this stage. I think they want to wait till early 2023 for that,” a sightholder predicted.

Source: DCLA

Audemars Piguet Goes Crazy With Gems on 20 New Royal Oaks

 

It’s raining bling! Audemars Piguet CEO François-Henri Bennahmias isn’t holding back before his impending departure from the brand in 2023. Instead, true to his persona, he’s upping the ante for the Q4 celebrations of the Royal Oak’s 50th anniversary with a flashy lineup of 20 Royal Oak Selfwinding Rainbow pieces (10 in 41 mm and 10 in 37 mm) fully set—from the dial to the bezel to the case to the bracelet—in emeralds, rubies, tourmalines, tanzanites, tsavorites, chrysoberyls and spessartites. Unlike other “rainbow” watches, these are arranged in monochrome settings such as a fully yellow chrysoberyl-set version to one dressed in solid rubies.

Adding to the difficulty in setting the variations of stones is that each watch had to be adjusted according to the typology, hardness and other specifics according to the makeup of each type of stone. The baguette stones were also cut in 179 different sizes for the 41 mm version and 153 different sizes for the 37 mm iteration before being hand-polished.

To make sure the stones covered as much surface as possible, Audemars Piguet and Salanitro arranged them in an invisible setting—a jewelry technique in which as little metal as possible is revealed around the gems to give the appearance that they are floating—on the dial and bracelet links. To achieve this, tiny grooves were cut into the 18-karat white gold cases with the stones attached inside via hidden rails mounted in the metal. This kind of setting is notoriously difficult and only 10 out of 80 artisans at Salanitro’s studio are able to complete the task. They worked for a month and a half on the setting alone for each set.

The AP’s Royal Oak Selfwinding Rainbows contain the caliber 4309 for the 41 mm version—the most recent self-winding hours, minutes and seconds movement in this diameter—and the Caliber 5909 for the 37 mm model. The 5909 is based on the Caliber 5900, which first appeared this year in other Royal Oaks of the same case size. Like other 50th anniversary editions, these will also come with a 22-carat pink gold oscillating rotor that spells out “50 years.” The Audemars Piguet logo and “Swiss Made” label have been cautiously printed on the sapphire crystal so as not to interfere with the gems.

Source: DCLA