Bonhams to Offer $100K Cartier Diamond Ring

 

A Cartier diamond ring is set to lead the upcoming Bonhams jewelry sale in California, where it is expected to bring in up to $100,000.

The center stone is a rectangular step-cut, 3.89-carat, H-color, VS2-clarity diamond flanked by tapered baguette emeralds. It’s the star of the July 18 California Jewels auction, Bonhams said Monday.

“The lots offered highlight craftsmanship from leading names in jewelry that will entice…aficionados and collectors everywhere,” noted Emily Waterfall, director of the jewelry department at Bonhams in Los Angeles.

The auction will feature a ring bearing an emerald-cut, 9.70-carat, fancy-intense-yellow, VS2-clarity diamond with an upper estimate of $90,000. A second ring, with a round brilliant-cut, 4.12-carat, F-color, VS2-clarity diamond, is expected to fetch up to $70,000.

Meanwhile, a platinum, diamond and sapphire Art Deco bracelet with a presale estimate of $20,000 to $30,000 will be on offer, as will a gold Mario Buccellati bracelet with a high price tag of $20,000. That piece is set with oval sapphire cabochons weighing a total of 4.50 carats, surrounded by rose-cut diamonds and accented by round diamonds weighing about 1.60 carats.

Jewels by well-known designers, including David Webb, Piaget, Tiffany & Co., and Van Cleef & Arpels, will also go under the hammer.

Source: DCLA

Diamonds are for now: Botswana reach new deal with De Beers

Botswana has reached an eleventh-hour deal with diamond giant De Beers after months of tense negotiations that saw the continent’s top producer threatening to cut ties with the storied company.

The Botswana government and Anglo-American, the majority owner of De Beers, have reached an “agreement in principle”, the two sides said in a statement issued late Friday.

The agreement provides for a new 10-year agreement to sell the rough diamonds produced by Debswana — a joint venture equally owned by the government and De Beers — and a 25-year extension of its mining licenses.

The agreement also gives Botswana an increased 30 percent of diamond production for sale via the state-owned Okavango Diamond Company, progressively increasing to 50 percent in the final year of the contract, De Beers said in a separate statement on Saturday.

No value was given for the agreement.

The previous 2011 sale agreement between the southern African country, one of the continent’s richest, and the world’s largest diamond company by value, was extended exceptionally until June 30, 2023, due to the coronavirus pandemic.

Under terms negotiated by the two sides in 2011, De Beers received 90 percent of the rough diamonds mined, while Botswana had 10 percent to sell itself.

In 2020, Botswana’s share was hiked to 25 percent.

President Mokgweetsi Masisi had threatened to cut ties with the company if the latest talks proved unfavourable for his country.

“If we don’t achieve a win-win situation each party will have to pack its bags and go,” he said in February.

The country turned up the heat the following month by announcing it would soon conclude an agreement to take a 24 percent stake in the Belgian diamond manufacturer HB Antwerp.

Last year, De Beers obtained about 70 percent of its rough diamonds from Botswana.

Diamond mining accounts for a third of the landlocked country’s GDP.

Source: DCLA

US Sanctions Gold, Diamond Companies Aiding Wagner Group

The US Department of the Treasury has issued sanctions against four companies and an individual in the gold and diamond industries that have provided funding to Russian military organization Wagner Group.

The Central African Republic (CAR), United Arab Emirates (UAE) and Russia-based entities have “engaged in illicit gold dealings” to help Wagner “sustain and expand” its army in Ukraine and Africa, the government office said Tuesday.

“Treasury’s sanctions disrupt key actors in the Wagner Group’s financial network and international structure,” explained Brian Nelson, under secretary of the Treasury for Terrorism and Financial Intelligence. “The Wagner Group funds its brutal operations in part by exploiting natural resources in countries like CAR and Mali.”

The targets include:

Midas Ressources, which holds the rights to the Ndassima gold mine in CAR, and Diamville, a gold and diamond purchasing company that participated in a gold scheme and the shipment of diamonds mined in the African country to help fund Wagner activities.
Dubai-based industrial goods distributor Industrial Resources General Trading, which provided support to Wagner leader Yevgeniy Prigozhin by purchasing the diamonds sold by Diamville in exchange for cash to support the military group.
Limited Liability Company DM (OOO DM), a Russia-based firm accused of participating in a gold-selling scheme with Diamville.
Andrey Ivanov, an executive in the Wagner Group who facilitated weapons deals and mining operations with the government of Mali.
The announcement follows Wagner’s attempted rebellion against the Russian government last week. Prigozhin called off the mutiny and went into exile in Belarus.

The sanctions are the latest round against the Wagner Group, which the US has labeled a “significant transnational criminal organization.” Australia, Canada, Japan, the UK and the European Union have also sanctioned the military entity.

Source: DCLA

Trade Groups Sign Deal on Lab-Grown Diamonds

The World Jewellery Confederation (CIBJO) and the International Grown Diamond Association (IGDA) have agreed to collaborate to protect consumer confidence around synthetic diamonds.

The organizations have signed a memorandum of understanding (MoU) calling for the pair to develop standards, operating principles and terminology for lab-grown diamonds, they said Monday. IGDA president Joanna Park-Tonks will sit on CIBJO’s laboratory-grown diamond committee, which has created a “Laboratory-Grown Diamond Guideline” governing standards for trading and handling synthetic stones.

The honest and accurate presentation of sustainability issues is a current focus for CIBJO’s laboratory-grown committee and was an element during the discussions between CIBJO and IGDA, the organizations said.

“We have had open lines of communication for some time already, and IGDA did participate in the public review before we released the ‘Laboratory-Grown Diamond Guidance’ document in 2021,” said CIBJO president Gaetano Cavalieri. “Over the past several years, the laboratory-grown diamonds sector has grown into a large and a prominent part of our industry, and we all have a vested interest in each other’s success.”

The signing took place on Sunday during the National Association of Jewellers (NAJ) Summit in Birmingham, UK.

Source: DCLA

Junior miner recovers spectacular pink diamond from banks of Middle Orange River

JOHANNESBURG- A junior diamond mining company has recovered a spectacular pink diamond from the banks of the Middle Orange River.

The diamond, named Protea Pink, is a fancy pink, 29.52 ct type II diamond, with unusual depth of colour and exceptional clarity. Its colour is reminiscent of the pink hues found in South Africa’s national flower, the protea.

This diamond was most likely derived from the 90-million-year-old Lesotho kimberlites and made a remarkable journey down the Orange river to be trapped in an ancient river terrace, approximately 500 km from its source, South African Diamond Producers Organisation (Sadpo) vice-chairperson and geologist Lyndon de Meillon stated in a release to Mining Weekly.

Sadpo, an organisation that aims to streamline the diamond diggers industry, is headed by CEO Yamkela Makupula, who is a director of Pioneer Tender House, where Protea Pink will be sold on tender in South Africa during the week of 26/30 June. The sale will end on Friday 30 June.

The Middle Orange River, which is known as the area with the highest average value per carat in the world, also has the lowest grade in carat per hundred tonnes of any area actively mined, De Meillon explained.

The modern-day alluvial diamond miner utilises no chemicals in the recovery process and rehabilitation of the mining areas has been proven to improve the carrying capacity of the land, De Meillon added.

Unemployment rates in the area are alarmingly high, exceeding 70%, with mining operations, such as this one by a junior miner, playing a crucial role in supporting the local economy by providing job opportunities and stimulating economic growth.

The revenue generated from diamond mining can contribute to infrastructure development, education, healthcare, and other essential services in the community.

Source: DCLA

Dubai-Israel Diamond Trade Hits $1.75bn in 2022

 Dubai-Israel Diamond Trade Hits $1.75bn in 2022

The volume of trade exchange between UAE and Israel, in the diamond trade, increased to $1.75 billion in 2022, an annual increase of 163%, according to the Dubai Multi Commodities Center (DMCC), a leading global free zone and government body concerned with the trade of goods and projects.

The ties between the diamond industries of both countries developed rapidly after ‘Abraham Accords’. On September 17, 2020, just two days after the signing of ‘Abraham Accords’ in Washington and the establishment of diplomatic relations between Israel and UAE, Israel Diamond Exchange (IDE) and Dubai Diamond Exchange (DDE) signed a cooperation agreement.

In 2022, the Israel Diamond Exchange opened an office in Dubai, and the Dubai Diamond Exchange opened in Ramat Gan, Israel’s diamond capital.

In May 2020, Israel and UAE signed Comprehensive Economic Partnership Agreement, eliminating tariffs on diamonds and precious stones.

Ahmed Bin Sulayem, executive chairman and CEO of DMCC, said: “Over the past two years we have witnessed strong growth in Israeli companies setting up in our free zone, as they take full advantage of growing their businesses globally and the vertical integration we bring to the category.”

“As the trade relationship grows and matures between Israel and the UAE, we look forward to welcoming more business from Israel in diamonds as well as other key sectors,” he added.

The UAE has witnessed soaring growth in the sector over the past three years, with the rough diamond trade rising by 72% and polished by 50%. Bin Sulayem noted this success, adding that Israel has played a significant part in its accomplishment.

“Dubai, via our Dubai Diamond Exchange, has become the global leader in the diamond trade. This is reflected in the diamond trade numbers with Israel, with $ 1.75 billion traded last year,” he said.

Dubai provides Tel Aviv with greater opportunities for trading in the global market due to its position as a prominent regional trading center, and its proximity to Asian centers for the production of precious stones, in addition to the preference given to Israeli occupation companies to trade without additional costs or taxes, as stipulated in the free trade agreement between UAE and Israel.

The DDE, which was established in 2002 under the umbrella of the Dubai Multi Commodities Centre (DMCC), has over 1,100 licensed companies. It now handles some $25bn in total trade, double that of Israel’s IDE.

Source: DCLA

De Beers Sales Slide as Slow Trading Continues

De Beers’ sales value fell this month as global rough demand weakened and the miner reduced prices of its larger stones.

Proceeds dropped 32% year on year to $450 million at 2023’s fifth sales cycle from $657 million in the equivalent period a year earlier, De Beers reported Wednesday. Sales declined 6% compared with the $479 million that the fourth cycle brought in. The total included the June sight as well as auction sales.

“Following the JCK [Las Vegas] show, and with ongoing global macroeconomic challenges continuing to impact end-client sentiment, the diamond industry remains cautious heading into summer,” said De Beers CEO Al Cook. “Reflecting this, we saw demand for De Beers rough diamonds during the fifth sales cycle of the year slightly softer than in the fourth cycle.”

De Beers lowered prices at the sight by 5% to 10% mainly in 2-carat categories and larger, as well as for some 1- to 1.5-carat items, market insiders said. It also extended its buyback program, which allows sightholders to sell goods back to the miner following the purchase.

This reflected weakness in the rough that produces polished above 0.30 carats, and especially the stones that yield 1-carat finished diamonds. These sizes are especially weak in the US market amid economic uncertainty and a lull in engagements, dealers explained. Rough under 0.75 carats has seen a mild recovery as Indian manufacturers look to fill their factories with low-cost material.

Source: DCLA