Diamcor recovers 72.53 carat gem quality diamond

Diamcor recovers 72.53 carat gem quality diamond

Diamcor Mining has announced the recovery of a 72.53 carat gem quality rough diamond and reports the initial sale of 1,466.12 carats of rough diamonds during the current quarter from the processing of quarry material at the company’s Krone-Endora at Venetia Project.

The sale of the 1,466.12 carats of rough diamonds generated gross revenues of US$294,696.73, resulting in an average price of US$201.00 per carat.

The 72.53 carat gem quality special rough diamond recovered by the company is currently being offered for tender and sale in Dubai and is expected to offset the lower-than-expected total carats sold in the initial sale of the quarter. Additional rough diamonds recovered to date during the period are being held as stock on hand for later tender and sale.

“The recovery of yet another larger gem quality 72.53 carat rough diamond demonstrates the project’s continued potential to contain these higher value rough diamonds even while operating below the Project’s processing capacity”, stated Dean Taylor, Diamcor CEO.

“I am confident the implementation of the power supply back-up systems will provide improved power consistency needed for the processing plant to reach its designed potential.”

Initial Tender and Sale of Rough Diamonds. The total number of carats of rough diamonds initially tendered and sold in the current quarter at 1,466.12 was lower than anticipated due to widely reported increases in daily load-shedding / power outages throughout South Africa. The company recently announced it is in advanced discussions on objectives aimed at reducing the impact of this load-shedding for the long-term.

Strong Average Dollar Per Carat Continues. With the project’s high percentage of gem quality diamonds to date, the average dollar per carat continued to remain in line with company expectations and achieved a strong average dollar per carat of US$201.00.

Recovery of Large Gem Quality Rough Diamond. The recovery of a 72.53 carat diamond, another large gem quality rough diamond in the specials category (+10.8 carats), continues to confirm the potential for these types of large rough diamonds to be recovered from the project’s deposits and provide a positive impact to gross revenues.

Current Rough Diamond Recovery. The company recovered approximately 1,500 carats of rough diamonds during this period which are currently being held as stock on hand. These rough diamonds, along with additional rough diamonds recovered prior to March 31, 2023, will either be tendered and sold in the quarter’s final tender and sale, or held as stock on hand at the end of the current period, and tendered in the company’s next quarter.

Advanced Discussions on Procurement and Installation of Power Systems. The company’s operational team has operated this past year within the constraints of the well documented power supply issues in South Africa with the objective to find the right solution to mitigate the impact load-shedding has had on the Project. The company is in advanced stages of discussions on procurement and the installation of back-up power systems.

Source: miningreview

Are Diamonds traceable

Diamond traceability refers to the ability to track the journey of a diamond from its source to the market. This includes tracing the diamond’s origin, the path it takes through the supply chain, and the ultimate destination where it is sold to consumers.

Diamond traceability is important for a number of reasons. For one, it can help ensure the ethical and sustainable sourcing of diamonds, by allowing for greater transparency and accountability in the supply chain. This can help prevent the trade of conflict diamonds, which are used to finance armed conflict and human rights abuses. Additionally, diamond traceability can help provide assurance to consumers that the diamonds they purchase are of high quality and have been sourced responsibly.

The diamond industry has established various initiatives to promote diamond traceability, including the Kimberley Process Certification Scheme, which aims to prevent the trade of conflict diamonds, and the Responsible Jewellery Council, which sets standards for responsible sourcing practices in the industry. Additionally, some diamond producers have implemented blockchain technology to enable the secure tracking of diamonds throughout the supply chain.

Certification is another key aspect of diamond traceability. By obtaining a diamond certificate, which includes a record of the diamond’s characteristics and its journey through the supply chain, consumers can be assured that the diamond they are purchasing is of high quality and has been sourced responsibly.
Overall, diamond traceability is an important aspect of the diamond industry, as it can help promote responsible sourcing practices and provide assurance to consumers about the quality and authenticity of the diamonds they purchase.

While it may not be possible for an individual to physically track a diamond from the source, certification and other industry initiatives can help ensure the ethical and sustainable sourcing of diamonds, as well as provide assurance to consumers about the quality and authenticity of the diamonds they purchase.

One technique used to determine the origin of diamonds is through the analysis of their chemical composition. Diamonds from different geographic locations can have different trace elements and isotopic compositions, which can be used to identify their origin. For example, diamonds from different mines in South Africa can have different isotopic signatures.

Another method to determine the origin of a diamond is through the use of spectroscopy, which involves analyzing the unique spectral characteristics of a diamond. This can provide clues about its origin and the geological conditions under which it formed.

It’s worth noting that while these techniques can provide clues about a diamond’s origin, they are not foolproof and may not provide a definitive answer in every case. Nonetheless, advances in technology and the diamond industry’s commitment to responsible sourcing have made it increasingly possible to track and trace diamonds from their source.

Source: Michael Cohen DCLA

Rio Tinto to spend $40m on Diavik diamond mine expansion

 Rio Tinto to spend $40m on Diavik diamond mine expansion

Rio Tinto is going ahead with a $40 million expansion of its iconic Diavik diamond mine in the Northwest Territories of Canada, which will extend the operation’s life to at least early 2026.

The approved first phase of the project will expand diamond extraction underground, below the existing A21 open pit. Mining of that area, opened in 2018, recently concluded.

A second phase an additional cost will be put forward for approval in 2024, Rio said.

Phase one below A21 is slated to produce an extra 1.4 million carats, with phase two adding another 800,000 carats.

“This is good news for our employees, partners, suppliers and local communities in the Northwest Territories,” Sinead Kaufman, Rio Tinto Minerals’ chief executive, said in a statement.

Rio Tinto became in 2021 the sole owner of the operation, after buying the 40% share held until then by Dominion Diamond Mines.

The company has operated Diavik since production began in 2003. Located approximately 300 km north-east of Yellowknife, the mine employs over 1,100, of which 17% are Northern Indigenous people.

Diavik is Canada’s largest diamond mine in terms of production with between 6 and 7 million carats of rough diamonds produced each year. Since mining began in 2003 Diavik has produced over 100 million carats of diamonds.

The Northwest Territories’ two other diamond mines – Ekati, operated by Arctic Canadian Diamond and De Beers-Mountain Province’s Gahcho Kué – are expected to close in 2024 and 2028, respectively.

Diavik is about 30 km southeast of Ekati, and Gahcho Kué is 125 km southeast of Diavik.

Source: Mining.com

WHAT ARE CONFLICT DIAMONDS

WHAT ARE CONFLICT DIAMONDS

Conflict diamonds, also known as blood diamonds, are diamonds that have been mined in war zones and sold to finance armed conflict against governments. These diamonds are typically mined under inhumane conditions by workers who are often forced to work in dangerous and exploitative conditions.
The profits from the sale of these diamonds are then used to fund armed conflicts, which often involve violence, human rights abuses, and forced labor. This cycle of violence and exploitation is known as the “diamond curse.”
To combat the trade in conflict diamonds, the international community has established the Kimberley Process Certification Scheme, which requires that all rough diamonds be certified as conflict-free before they can be sold on the international market. The Kimberley Process has helped to significantly reduce the trade in conflict diamonds, but concerns remain about the effectiveness of the scheme and the ongoing trade in illicit diamonds.

What percentage of diamond production are conflict diamonds
The percentage of diamond production that can be considered conflict or blood diamonds has decreased significantly since the introduction of the Kimberley Process Certification Scheme in 2003. According to the Kimberley Process, the percentage of conflict diamonds in the global diamond trade has fallen from approximately 15% in the 1990s to less than 1% today.
However, it is important to note that some critics have raised concerns about the effectiveness of the Kimberley Process in preventing the trade in conflict diamonds. They argue that the definition of conflict diamonds used by the Kimberley Process is too narrow, and that some diamonds mined in areas of conflict may still be entering the market through illegal channels.
Furthermore, there have been reports of human rights abuses and unethical practices in diamond mining in countries that are not considered conflict zones. So while the percentage of conflict diamonds in the global diamond trade is believed to be low, it is important to remain vigilant and continue efforts to ensure that all diamonds are mined and traded ethically and responsibly.

How do i ensure the diamond i buy is conflict free
To ensure that the diamond you buy is conflict-free, you should look for a diamond that has been certified as such by a reputable organization. The most widely recognized certification scheme for conflict-free diamonds is the Kimberley Process Certification Scheme (KPCS), which was established in 2003 to prevent the trade in conflict diamonds.
Here are some steps you can take to ensure that the diamond you buy is conflict-free:

1. Buy from a reputable jeweller: Look for a jeweller that is committed to selling conflict-free diamonds and has a policy in place to verify the origin of their diamonds. Many jewelers are members of organizations that promote ethical and responsible diamond sourcing, such as the Responsible Jewellery Council or the Jewelers of America.
2. Ask for a certificate of authenticity: Ask your jeweller for a certificate of authenticity that verifies the origin of the diamond you are interested in buying. The certificate should state that the diamond is conflict-free and has been mined and traded in compliance with the Kimberley Process.
3. Look for laser inscriptions: Some diamonds may have a laser inscription on the girdle that indicates the origin of the diamond and its certification number. This can be a helpful way to verify the diamond’s origin and ensure that it is conflict-free.
4. Consider buying a lab-grown diamond: Lab-grown diamonds are an ethical and sustainable alternative to mined diamonds. They are produced in a laboratory using advanced technology and do not have the same environmental or social impacts as mined diamonds.
   

By taking these steps, you can help ensure that the diamond you buy is conflict-free and has been mined and traded in a responsible and ethical manner.

Source: Roy Cohen DCLA

How rare are fancy coloured diamonds and will the price increase

Argyle pink diamonds are extremely rare and highly sought-after, making them some of the most valuable diamonds in the world. The Argyle diamond mine in Western Australia is the primary source of pink diamonds, and it is estimated that only 0.01% of the diamonds recovered from the mine are pink in colour, with an even smaller percentage being of the highest quality.

The Argyle mine ceased operations in 2020, which has led to speculation that the prices of pink diamonds, including argyle pink diamonds, may increase in the coming years. With the mine no longer producing new stones, the limited supply of these rare diamonds is expected to drive up demand and prices. However, like any investment, it’s important to carefully consider market trends and consult with a qualified professional before making any decisions.

The largest pink argyle diamond found to date is the Argyle Pink Jubilee, which was discovered at the Argyle mine in Western Australia in 2011. The diamond weighs 12.76 carats and is a vivid pink colour, making it one of the largest and most valuable pink diamonds ever found. The Pink Jubilee was cut and polished over a period of ten months, during which time the rough diamond was studied and analyzed extensively to determine the best way to bring out its natural beauty and maximize its value. The diamond was sold at auction in 2013 for an undisclosed sum, but it is believed to have fetched a record-breaking price per carat for a pink diamond.

Red diamonds are extremely rare, even more so than pink diamonds. It is estimated that only a handful of natural red diamonds are found each year, and most of them are less than half a carat in size. Red diamonds are so rare that many jewelers and gemologists may go their entire careers without ever seeing one.

The red colour in diamonds is caused by the presence of a rare mineral which causes “graining,”, This occurs when the crystal structure of the diamond is distorted during its formation. The graining causes the diamond to absorb green light and reflect red light, resulting in a beautiful and distinctive red hue.
Because of their rarity, red diamonds are among the most valuable and expensive gemstones in the world. They are highly sought-after by collectors and investors, and prices for top-quality stones can reach millions of dollars per carat at auction.

Blue diamonds are also quite rare, but not as rare as pink or red diamonds. Blue diamonds account for only about 0.02% of all diamonds mined worldwide. The blue colour in diamonds is caused by the presence of trace amounts of boron during their formation, which causes the diamond to absorb red, yellow, and green light, resulting in a blue hue.

Blue diamonds are highly prized for their unique colour and rarity, and they can command very high prices at auction. The value of a blue diamond depends on a variety of factors, including its size, colour intensity, clarity, and overall quality. Blue diamonds range in colour from pale blue to vivid blue, with the most valuable stones being those with a deep, rich blue colour.

One of the most famous blue diamonds is the Hope Diamond, which is a 45.52-carat blue diamond that is part of the Smithsonian Institution’s collection of natural history specimens.

The most expensive diamond ever sold is the Pink Star, a 59.60-carat oval-cut pink diamond that was sold for $71.2 million at a Sotheby’s auction in Hong Kong in 2017. The diamond, which is the largest internally flawless fancy vivid pink diamond ever graded by the Gemological Institute of America (GIA), was mined in Africa in 1999 and took two years to cut and polish.

The Pink Star was originally sold at auction in 2013 for a record-breaking $83 million, but the sale was later cancelled after the buyer defaulted on the payment. The diamond was put back up for auction in 2017 and sold to a jewelry retailer in Hong Kong for $71.2 million, setting a new world record for the most expensive diamond ever sold at auction.

Yellow diamonds are not as rare as pink, red, or blue diamonds, but they are still considered rare and highly prized. Yellow diamonds are formed when nitrogen atoms are trapped in the crystal lattice structure of the diamond during its formation, causing it to absorb blue light and reflect yellow light.

The intensity of the yellow colour in a diamond can vary widely, ranging from a pale yellow or light lemon colour to a deep, intense yellow. The most valuable yellow diamonds are those with a deep, rich colour that is evenly distributed throughout the stone.

Yellow diamonds are mined in various parts of the world, including South Africa, Australia, and Canada. While yellow diamonds are not as rare as some other coloured diamonds, high-quality yellow diamonds can still command very high prices at auction, especially those with a large carat weight and intense colour.

Orange diamonds are considered rare and highly valuable. The orange colour in diamonds is caused by the presence of nitrogen and other impurities in the crystal lattice structure of the diamond, which absorb blue and green light, resulting in an orange hue.

Orange diamonds can range in colour from pale orange to a deep, vivid orange, with the most valuable stones being those with a pure and intense colour. Orange diamonds are not as commonly found as white or yellow diamonds and are considered much rarer than brown or gray diamonds.

The most famous orange diamond is the Pumpkin Diamond, a 5.54-carat fancy vivid orange diamond that was mined in South Africa. The Pumpkin Diamond was sold at auction in 1997 for over $1.3 million, and it is now part of the collection at the Smithsonian Institution’s National Museum of Natural History in Washington, D.C.

Source: Michael Cohen DCLA

What is the difference between a natural mined diamond and a laboratory grown diamond?

Laboratory grown rough diamond type 2A carbon crystal.

The main difference between a natural mined diamond and a laboratory grown diamond is their origin. Natural diamonds are formed deep within the Earth’s mantle under extreme heat and pressure over millions of years, while laboratory grown diamonds are created in a controlled environment in a laboratory setting.
Some other differences between natural mined diamonds and laboratory grown diamonds include:

1. Cost: Laboratory grown diamonds are generally less expensive than natural mined diamonds, as they don’t require expensive mining and extraction processes.
2. Clarity: Laboratory grown diamonds are generally more consistent in terms of their clarity, as they are grown under controlled conditions. Natural mined diamonds can have inclusions or blemishes, which can affect their clarity and value.
3. Size and Colour: Laboratory grown diamonds can be grown to larger sizes and in a wider range of colours, which may not be as easily available in natural mined diamonds.
4. Environmental impact: The environmental impact of laboratory grown diamonds is generally considered to be lower than that of natural mined diamonds, as mining can have a significant impact on the environment.
5. Rarity and Value: Natural mined diamonds are still considered more rare and valuable than laboratory grown diamonds, due to their long history and cultural significance.
   Ultimately, whether someone chooses a natural mined diamond or a laboratory grown diamond may depend on their personal preferences and priorities, such as environmental concerns, budget, or the desire for a natural, unique stone.

It is worth noting that both natural mined diamonds and laboratory grown diamonds are chemically and physically identical, and both can be certified and graded by independent gemmological laboratories based on the same criteria.

Source: Roy Cohen DCLA

Diamonds, gold, platinum owned by fugitive Nirav Modi’s firm to go under hammer next month

Nirav Modi fled India in 2018 to evade the law days before a case was registered against him and his associates.

By Press Trust of India: Gold, platinum, diamond and jewellery of Firestar Diamond International, owned by fugitive diamantaire Nirav Modi, will go under the hammer on March 25, according to a sale notice.

Source: indiatoday