Storm Mountain Diamonds finds giant pink rock in Lesotho

Storm Mountain Diamonds (SMD), jointly owned by Namakwa Diamonds Limited and the Government of Lesotho, has recovered a 108.39-carat fancy pink diamond at its Kao Mine in the Southern African country.

The diamond is one of the largest pink roughs ever found in Africa, which include the “Lulo Rose”, 170-carat precious stone recovered by Australia’s Lucapa Diamond in Angola last year.

SMD said the diamond was recovered from a 1.5 tonne sample of kimberlite ore that was processed at the mine’s plant.

It is a Type IIa stone, which means it has very few impurities and a high level of clarity, the company said.

The Kao Mine is one of the largest diamond mines in Lesotho and produces about 400,000 carats of diamonds annually.

Coloured diamonds, especially pink ones, have repeatedly set record-setting prices in recent years as they are rarer than white ones. While they come in many hues, pink and blue are the most coveted.

Source: mining.com

$1m worth of diamonds seized in Grand Bazaar

Istanbul Police, Tuesday, seized unprocessed raw diamonds with a market value of TL 20 million ($1 million), estimated to be 61.38 carats, during an operation in the Grand Bazaar – one of the historical trade centers of Istanbul, local Turkish media reports.

According to the report, the Istanbul Police Department and the Department of Combating Financial Crimes received information about the smuggling of diamonds in the historic Grand Bazaar, Istanbul.

They detained four foreign national suspects, the report added.

It was determined that the seized diamonds were brought to Turkey illegally, via Africa.

Source: DCLA

World Record Ring made of 50,907 Recycled Diamonds

 

Jewelers in India have shattered a world record with a ring made of 50,907 diamonds.

The Eutierria Ring has more than twice as many diamonds as the previous record holder, The Touch of Ami, with 24,679 diamonds. Both rings were made in India.

The new ring, created by H.K. Designs and Hari Krishna Exports, was certified last month by Guinness World Records as the ring with the most diamonds.

The ring took nine months to design and make, entirely of recycled materials – 460.55 grams of gold and 130.19 carats of diamonds all re-purposed from customer returns.

It is designed as a sunflower with four layers of petals, a shank, two diamond discs, and a butterfly.

It has been certified by IGI and has a retail value of $785,645, according to a press release issued jointly by both companies.

It takes its name, Eutierria, from a term describing a positive feeling of oneness with the earth.

Spurce: DCLA

Botswana threatens break-up with De Beers in push for better diamond deal

Botswana may not renew a five-decade sales agreement with De Beers if the diamond producer doesn’t offer a larger share of rough diamonds to the state’s gem trading company, Okavango Diamond Company (ODC).

The move comes after the southern Africa nation acquired last month a 24% stake in Belgian diamond processing firm HB Antwerp for an undisclosed sum.

Analysts saw this deal as a way for Botswana to loosen the Anglo American-owned miner’s grip on its diamond sector, which is a major source of employment and tax revenue for the country.

De Beers and Botswana jointly own Debswana, which mines almost all of the roughs gems in the country — the world’s second-largest diamond producing nation after Russia.

The partnership has helped Botswana become one of Africa’s fastest growing economies, while supplying De Beers 75% of Debswana’s rough diamonds, which are then sorted and sold to sightholders around the world.

Debswana’s diamond sales hit a record $4.6 billion in 2022, compared to $3.4 billion in 2021.

President Mokgweetsi Masisi has threatened to walk away from the talks if Botswana does not get a larger share of Debswana’s output for marketing outside the De Beers system.

The government has not publicly stated what share it seeks, but it is believed to be as high as 50%, double its current allocation.

The two parties have been negotiating for several years to extend their 2011 mining rights and sales agreement, which is due to expire in June this year.

“Colonial” model
Rafael Papismedov, co-founder of HB Antwerp, told the Financial Times that a revised deal would help Botswana break free from the current model of being “stuck in a box that says you can only dig and wash the diamonds.”

Papismedov added that De Beers’ operating model carries on “colonization” principles, acting as if Botswana was incapable of building midstream capabilities for polishing diamonds.

Masisi wants more locals employed in the diamond sector, which accounts for a fifth of the country’s gross domestic product.

The largest diamond producer by value has said it is confident that it can maintain its partnership with Botswana, but that some of the negotiations are complex and require more time.

De Beers has said that the arrangement must make economic and strategic sense for both parties, adding that it is committed to supporting Botswana’s aspirations to grow its diamond industry.

The stakes are high for both sides, as they seek to secure their future in a volatile and competitive industry that has been hit by the covid-19 pandemic, changing consumer preferences and ethical concerns.

A new deal between Botswana and De Beers could have significant implications for the global diamond supply chain and the balance of power in the sector.

Source: mining.com

GIA Reintroduces Paper Certs after Backlash

GIA has bowed to pressure and says it will re-introduce paper certificates, at no extra cost, as of Sunday (9 April).

The move to digital-only Diamond Dossiers, for stones up to 1.99-cts, provoked widespread criticism from retailers, who said some customers were refusing to buy a diamond without one.

In a message to clients, GIA (Gemological Institute of America) said it “did not adequately anticipate the potential difficulties of adopting the digital-only GIA Diamond Dossier report.

“We appreciate your candid and constructive feedback. After much consideration, we have decided to return to printed GIA Diamond Dossier reports beginning April 9.”

All diamonds currently at GIA labs, or submitted from Sunday, will be returned with a printed GIA Diamond Dossier report just like those issued before the introduction of the digital-only report in January.

It will also issue, at no cost, a printed certificate for diamonds that were graded without one from January until now.

GIA introduced digital-only certificates as the first step towards phasing out all printed reports within three years, saving tons of paper and plastic.

De Beers finds diamond within a diamond, names it the “Beating Heart”

The “Beating Heart”

De Beers, the largest diamond producer by value, has unveiled a unique piece it named the “Beating Heart”, a 0.33-carat rough specimen that consists of a diamond within another diamond.

The unusual discovery – a D-colour, type IaAB diamond – has an internal cavity enclosing a smaller loose diamond, which is trapped, yet free to move around within the space.

De Beers said the gemstone was discovered at one of its mines in either Africa or Canada, but the exact origins can’t be pinpointed.

It arrived at the De Beers Institute of Diamonds facility in Maidenhead, England, in November last year, where it was verified to be a natural occurring stone.

Initial conclusions from the Institute’s experts suggest that an intermediate layer of poor-quality diamond etched away during its travel to the surface of the Earth, leaving only the better-quality material: the outer diamond and the core.

“The ‘Beating Heart’ is a remarkable example of what can happen on the natural diamond journey from formation to discovery,” Jamie Clark, Head of Global Operations at De Beers Institute of Diamonds, said in the statement.

Now registered on De Beers’ Tracr blockchain platform, which certifies a diamond’s provenance and production journey, the “Beating Heart” will be kept in its rough form for research and educational purposes.

Competitor Alrosa found a similar diamond in 2019, which was named “Matryoshka” after the famous Russian nesting dolls. The 0.62 carat gem, estimated to be over 800 million years old, resulted from one diamond growing inside another, according to Alrosa’s scientists.

Source: DCLA

Diamond Trade Pressures GIA to Rethink Digital Dossiers

Gemological Institute of America

Diamond dealers and manufacturers have complained to the Gemological Institute of America (GIA) about its new paperless dossier reports, claiming they reduce security and are less popular among retailers.

The reports — available for 0.15- to 1.99-carat, D- to Z-color diamonds — have caused consternation in the industry since the GIA switched to digital-only versions at the beginning of this year.

GIA customers who submit a diamond receive the stone back in a small envelope that shows the key specifications and a unique QR code that links to an online report. Although the girdle gets inscribed, other people can easily copy the code and associate it with a different diamond, according to traders who spoke with Rapaport News in recent weeks.

Suppliers are also seeing pushback from retailers that are accustomed to selling diamonds and jewelry with physical certificates. Using the digital documents is especially difficult with mounted jewelry, an official in the Indian diamond industry noted, as reading the girdle is difficult or impossible.

“In January, they started doing this digital certification,” he told Rapaport News last week on condition of anonymity. “By now, some of the retailers are getting the stones and they’re having concerns, and customers are returning stones that don’t have a [paper] certificate.”

India’s Gem & Jewellery Export Promotion Council (GJEPC) and the Bharat Diamond Bourse (BDB) in Mumbai have raised the issue with the GIA. A representative of the GIA fielded questions from members at the Diamond Dealers Club in New York in a recent address, while delegates discussed the matter at the World Diamond Congress, the triennial meeting of the World Federation of Diamond Bourses (WFDB), which took place in Israel last week.

“Concerns were expressed as to the security of the digital certificates as well as the desire of retailers and consumers to receive a printed certificate,” a WFDB spokesperson told Rapaport News on Sunday. “It was discussed that for a certain period of time, the GIA might provide both digital and printed certificates to those who request them. The presidents of the bourses who participated in the congress asked the WFDB to present their concerns to the GIA.”

A GIA spokesperson said the organization had “heard from clients — manufacturers, brokers, dealers and retailers — about their concerns regarding the digital GIA diamond dossier reports and how integrating the digital reports into their processes could disrupt their businesses.”

“We appreciate the constructive feedback and are considering how we can best address their concerns within the context of our mission to protect consumers and ensure their trust in gems and jewelry.”

The switch to digital dossiers is part of a plan to make all GIA reports paperless by 2025.

Update, April 4, 2023: Information about a GIA visit to the Diamond Dealers Club in New York has been added to this story.

Source: Diamonds.net