Alrosa Finds 2 Huge Diamonds at Udachnaya on the Same Day

Two large high-quality diamonds – each larger than 50 carats – were unearthed in Yakutia on December 2, 2022, Bankers Day, “when Russian bankers celebrated their professional holiday,” according to Rough & Polished.

The two stones were extracted at Processing Plant No. 12 from the ore mined at the Udachnaya diamond pipe. One weighs over 67 carats, while the second diamond, a type IIa, weighs more than 52 carats,

Dmitry Amelkin, Alrosa’s Strategy Director, commented: “Finding two of these rare gem-quality diamonds on one and the same day is a unique coincidence. It is symbolic that this happened precisely on the Udachnaya diamond pipe, which has been accompanied by good luck since its discovery 

Credit: Alrosa

De Beers Slashes Prices of Larger Rough Diamonds

 

        Rough diamonds on display at De Beers

De Beers has made sharp price changes at this week’s sight, implementing deep reductions in larger goods and increases for smaller stones.

Prices fell by as much as 10% in 2-carat rough and above, with lower-quality items seeing the most significant drops, sources told Rapaport News Monday on condition of anonymity. Prices of diamonds under 0.75 carats rose by similar percentages, reflecting a market split that has persisted since late last year, insiders said. Sizes in between saw more modest declines.

“There have been quite wild increases and decreases,” one source said. “Not to say that they’re not justified, but it’s interesting that they’ve done that.”

De Beers declined to comment.

The adjustments follow months of sluggishness in larger, lower-quality rough as Chinese demand slumped during the country’s Covid-19 outbreaks and inflation dented mid-market US spending. Stones in the 3-grainer category and below have remained relatively strong due to steady sales of polished melee and Indian manufacturers’ efforts to fill factories with cheaper material.

De Beers kept its prices firm throughout 2022 despite the weakness in the larger categories, which constitute a significant proportion of its sales. This impacted profit margins at cutting firms, many of which perceived the miner’s rough to be expensive, insiders explained.

“These are the prices [at] which they should have been selling since October,” a sightholder commented. “It’s aligning with reality [rather than] reflecting a relatively poor end of year.”

De Beers is known for its reluctance to reduce prices during downturns, as was the case during the Covid-19 crisis. Now, as then, it has waited for a slight improvement in trading before taking action. China’s reopening has boosted sentiment, while the recent US holiday period was satisfactory, albeit slower than 2021’s record season.

The first sight of 2023, which runs Monday to Friday, comes amid uncertainty about the global economic situation, the Russia-Ukraine crisis, and the prospects for the Chinese New Year, which occurs on January 22.

It’s also a time of transition at De Beers, which is welcoming a new CEO, Al Cook, to succeed Bruce Cleaver on February 20 and is in the middle of negotiations with the Botswana government over an updated sales deal.

“Generally, things are a bit better than they were four or five months back, but that is because of low [polished] production, not because of an improvement of the market,” a manufacturing executive commented. “So the challenges remain.”

Source: DCLA

Sarine to Buy Majority Stake in Grading Lab GCAL

 Sarine to Buy Majority Stake in Grading Lab GCAL

A grader at GCAL

Sarine Technologies has agreed to acquire a majority share in New York-based Gem Certification and Assurance Lab (GCAL) amid a push to expand in the American market.

“At the beginning of last year, we started ramping up our activities in the US,” Sarine CEO David Block told Rapaport News on Thursday. “Due to that, the discussions with regard to this [deal] ramped up along with our involvement in the US market. This [deal] should be quite a significant jump in the scope of our business in the US.”

Israel-based Sarine has signed a nonbinding memorandum of understanding (MoU) to purchase the stake for an all-cash consideration, it announced in a statement on Wednesday. The parties plan to reach a final agreement in a few months once due diligence is complete, Block said. The companies have not disclosed the sale price or the size of the share.

GCAL will continue to offer its customers the same products and services as before the deal, and its executives will remain in charge, Sarine said.

However, while currently operating out of a single location in New York, GCAL will be able to implement Sarine’s e-Grading — an automated grading service using artificial intelligence (AI) — to develop the lab’s capabilities across the US and globally. The companies will begin integrating their technology and services even before the deal closes, Block explained. Sarine will continue to offer its services independently outside the US.

Founded in 2001 by Don Palmieri, family-owned GCAL is known for providing diamond certificates carrying a guarantee, rather than just reports that act as a description of grades. In 2021, it launched 8X, a cut-grading standard that it claims is more exacting than the industry’s triple Ex score.

“Sarine’s technologies will allow us to continue to abide by [our] key code of ethics while still expanding our services to meet the growing demand by consumers seeking confidence that their acquired products and services meet all norms of quality and sustainability,” said GCAL chief operating officer Angelo Palmieri.

Source: DCLA

Fosun weighs sale of Belgian diamond-grading firm IGI

Fosun International Ltd. is weighing a sale of International Gemological Institute in a deal that could value the diamond-grading firm at about €200 million ($215 million), according to people with knowledge of the matter.

Considerations are preliminary and Fosun may decide to keep the asset, the people said. A spokesperson for Deutsche Bank declined to comment, while representatives for Fosun and Shanghai Yuyuan Tourist Mart Co., the Fosun unit that owns an 80% stake in IGI, didn’t immediately respond to requests for comment.

Backed by billionaire Guo Guangchang, Fosun is one of China’s largest non-state conglomerates with businesses including consumer, health care, property, financial services and mining. The firm is in the midst of trying to bolster its balance sheet and investor confidence. It told analysts in October that it’s targeting to sell as much as $11 billion of assets within 12 months.

Fosun’s bonds have rebounded recently after it unveiled a slew of planned asset sales and began weighing billions of dollars in other potential deals, including for resort chain Club Med as Bloomberg News reported in November. Last week, the company announced it would sell stakes in four units to raise about $975 million.

Founded in 1975, IGI is one of the two main institutions that certify diamonds and other gems for their color, cut, clarity and weight. IGI operates 20 laboratories globally, grading finished jewelry, natural diamonds, lab-grown diamonds and gemstones, its website shows. It also runs 14 schools of gemology that train professionals in the diamond industry.

Shanghai Yuyuan bought an 80% stake in IGI in 2018 for $108.8 million from shareholders Roland Lorie and Marc Brauner. The founding Lorie family kept the remaining 20%.

Source: DCLA

Mouawad Unveils $5.75M Miss Universe Crown Featuring Sapphires and Diamonds

 

The Miss Universe Organization unveiled “The Crown Number 12: Force for Good,” crafted by luxury jeweler Mouawad.

The crown will honor the winner of the 71st Miss Universe competition on Jan. 14 in New Orleans. It features pear-shaped blue sapphires surrounded by diamonds and is valued at approximately $5.75 million, according to a press release.

The design “evokes the Miss Universe Organization’s belief in a future forged by women who push the limits of what’s possible and the incredible women from around the world who advocate for positive change,” said Mouawad co-guardian Fred Mouawad.

A unique, bespoke work of art and craft, the Force For Good Crown emanates Mouawad’s passion for crafting the extraordinary, featuring the meticulous setting of sapphires and diamonds, whose design is replete with symbolism. Reflecting the point that significant change does not happen in an instant, the base of the crown is set with diamonds symbolizing the status quo. From the base upwards, rippling wave motifs reflect the momentum of change, with their varying sizes portraying that this momentum gains ground gradually through advocacy at different moments and places, to audiences large and small, over time.

“It has been an honor to craft a new crown for The Miss Universe Organization, and to create a new sparkling chapter in the story of Mouawad Miss Universe crowns, said Mouawad co-guardian Fred Mouawad. “The Mouawad Miss Universe Force for Good Crown is a work of extraordinary craftsmanship, completely crafted and set and by hand, featuring 108.44 carat of blue sapphire and 48.12 carat of white diamond in a design that evokes the Miss Universe Organization’s belief in a future forged by women who push the limits of what’s possible and the incredible women from around the world who advocate for positive change.”

Upon closer inspection, the culmination of these wave-like curls at the base emulates a serpent’s head, symbolizing the challenges involved in swaying opponents and those with a vested interest in maintaining the status quo. As the eye moves upward from the base of the crown, the color gradient changes from the glistening white of diamonds to the warm blue of sapphires, deepening in intensity toward the pinnacle of the crown. At the top, a stunning pear-shape 45.14 carat sapphire displays a depth of color emblematic of the goodness that can be achieved through persistent action and of the hope for a brighter future. The wave motifs also mimic the theme of stage design for the 71st MISS UNIVERSE® competition that accentuates water as key element. While symbolizing the flow of life which can encompass strength and resistance, water inspires activation of energy that turns pain into power, as well as serves as teaser for the upcoming launch of MISS UNIVERSE Mineral Water, the first Miss Universe-branded product, in the first quarter of 2023.

Anne Jakapong Jakrajutatip, Chief Executive Officer of JKN Global Group Public Company Limited, as the new owner of The Miss Universe Organization, said: The Miss Universe 2022 Force for Good Crown stands for a graceful reincarnation of The Miss Universe Organization’s long-standing values and heritage as a guiding light, shining bright to the future glory. The new crown is also the dazzling illustration of both the challenges and rewards that come when young women advocate for causes close to their heart and strive makes an impact on the world.”

“As we are stepping into the new era of women’s empowerment, The Miss Universe Organization (MUO) will continue to be a global organization run by women for women with promise to serve as an inspirational platform that celebrates diverse women, supporting them to realize their ambition and build self-confidence, while evolving the brand over time to be more relevant and appealing to the next generation. Our new ambition is to instill the sense of passion for ‘transformational leadership among us all with firm belief that everyone can lead, to be successful and achieve their life goals. With this future-oriented approach, the Miss Universe brand is keen to take on a pivotal role in involving and engaging people on a journey toward social inclusion, gender equality and environmental sustainability,” added Anne Jakapong.

The “MISS UNIVERSE x MOUAWAD: Unveiling the new crown “Force for Good”, the New Emblem of Beautifully Confident press conference to reveal the new crown held in True Icon Hall, 7th floor, Iconsiam, Bangkok, Thailand.

The event was also live streamed on Miss Universe Youtube and JKN18 Facebook page, attended by thousands of international media.

The partnership between The Miss Universe Organization and Mouawad has formed in 2019, which saw winners of a prestigious competition, MISS UNIVERSE® honored with crowns crafted by Mouawad.

Anne Jakapong Jakrajutatip said she was excited to bring the new crown to the stage of the 71st MISS UNIVERSE® competition herself. The event will take place on Saturday, January 14, 2023 at the New Orleans Ernest N. Morial Convention Center, New Orleans, Louisiana, United States. Last year’s winner Miss India Harnaaz Sandhu will crown her successor at the end of the event.

Source: DCLA

20,000 jobs lost in Surat as diamond demand fades

                        Diamond Workers

Plummeting demand for cut and polished diamonds in the West and China has pushed some 20,000 workers out of work in the last one month in Surat, where 80% of the diamonds sold globally are polished.

Surat, the main centre of India’s diamond industry, offers employment to some 800,000 workers in its 4,000-odd cutting and polishing units. But work has been drying up, forcing the units to work at 60-70% capacity, said Damji Mavani, secretary of Surat Diamond Association (SDA). It also means fewer workers are needed.

“Fear is looming large in the diamond city of Surat whether the recession of 2008 will be repeated this year too,” said Bhavesh Tank, vice president of Diamond Workers Union, Gujarat. “Orders are fewer and so the workload is less. Therefore, the units are reducing workforce. Some units are cutting down work days so that they do not have to pay the workers on days when they are not working.”

According to Tank, nearly 20,000 diamond workers in Surat have lost jobs in the last one month.

The US is the biggest market for cut and polished diamonds, followed by China.

India’s diamond exports began slowing in November last year. According to data from the Gem & Jewellery Export Promotion Council (GJEPC), overall gross exports of cut and polished diamonds in the April to November period of FY23 declined by 5.43% from the year-ago period.

Another reason is the dropping price of the polished pieces. While the price of rough diamonds continues to be high, that of the polished ones have softened due to low demand, which is impacting the margins of diamantaires and forcing them to reduce workforce.

Mavani of SDA said the workers who have lost their jobs will find work in other areas. “There is a 30% vacancy in most of the factories,” he said.

However, there’s an air of uncertainty in Surat due to the fear of recession in the US, Europe and China. “We do not know when the situation will improve. It may take one year for a robust uptick in demand from overseas markets,” the SDA secretary said.

“With the pandemic in China making a comeback and there are no signs of respite from the war between Russia and Ukraine, inflation soaring in some parts of the world, we are out there for some tough times,” said Vipul Shah, chairman, GJE ..

Shah said the drop in price of polished diamond is eating into the margins of traders.

Traders said business in polished diamonds is also sluggish because of the seasonal lull, lingering economic uncertainty, and the slowdown in China. Although China eased its Covid-19 lockdowns last month, another outbreak stifled the recovery ahead of their Lunar New Year.

Source: economictimes.indiatimes

GIA Launches The Digital Diamond Dossier

                 Digital GIA Diamond Dossier

The start of 2023 marks a significant milestone in the digital transformation of the global diamond industry – the launch of the fully digital GIA Diamond Dossier, the most widely available diamond grading report in the world. The GIA Diamond Dossier is available for D-to-Z diamonds from 0.15 to 1.99 carats without colour treatments. Printed GIA Diamond Dossier reports issued before January 2023 remain valid.

Tom Moses, GIA Executive Vice President and Chief Laboratory and Research Officer, said, “The launch of the digital GIA Diamond Dossier report starts the conversion of all GIA’s laboratory reports to a modern digital format. This important change improves data security, offers efficiencies across the supply chain and reduces our reliance on paper.”

The first digital GIA Diamond Dossier report was issued at the GIA laboratory in Ramat Gan, Israel, on Monday, 2nd January 2023. More than 33 million printed GIA Diamond Dossier reports were issued since the introduction of the service in 1998.

Pritesh Patel, GIA’s Chief Operating Officer, added, “In 2025, when all GIA reports are digital, retailers and consumers will find greater convenience and a more immersive experience. Eliminating printed reports is an important advancement, reducing the impact of using, shipping and storing the nearly 40 tons of paper and plastic that go into printed GIA reports each year.”

The secure digital GIA Diamond Dossier is available in the reimagined GIA App or on computers, tablets and phones through the robust and secure online GIA Report Check Service and the GIA advanced application programming interface (API) for commercial users. The digital report service includes a Report Access Card with the report number, a QR code linking to the digital report and 4Cs information to embed into receipts, invoices and e-commerce sites.

The new GIA App is widely available for Apple and Android devices. The Android app for China is in development and will be available at a later date. The GIA Match iDTM inscription matching service is expected to be available in the first half of 2023, accessible exclusively through the reimagined GIA App.

Printed GIA Diamond Dossier reports issued before January 2023 remain valid.

Source: DCLA