India urges G7 to delay ban on Russian diamonds as rules lack clarity -sources

India has urged the Group of Seven (G7) countries to delay an incoming ban on Russian diamonds because the rules to trace the origins of gems remain unclear, two sources aware of the matter said.

India, home to 90% of the world’s diamond cutting and polishing industry, is critical to the implementation of the ban.

New Delhi has also sought more clarity in its talks with G7 leaders, said the sources, who did not wish to be identified because they are not authorised to talk to the media.

Earlier this month, G7 nations announced a direct ban on Russian diamonds starting Jan. 1, followed by phased-in restrictions on indirect imports of Russian gems from around March 1. A new system to trace the origin of the gems will be introduced in September.

Russia is the world’s biggest producer of rough diamonds by volume. New restrictions on the trade of Russian gems are part of the bloc’s broader measures designed to limit Moscow’s revenues that aid and fund its invasion of Ukraine.

“The timeline to start restrictions on indirect imports from Russia in three-four months is impractical, as the rules on how the origin for a gem will be traced are not clear,” one of the sources said.

India has also expressed its reservations over G7’s new “traceability-based verification and certification” system, which may require sharing of data about Indian businesses, the first source said.

Some data might be sensitive and businesses might not be comfortable with sharing such information, he said.

The federal trade ministry, which is involved in talks with G7 on proposed restrictions, did not immediately respond to a request for comment.

India mostly processes smaller Russian diamonds, and that’s why the country expects minimal trade disruption, a government official said earlier this month.

Still, the proposed ban would impact the diamond supply chain, industry officials say.

India’s diamond sector already faces weaker demand. The country’s polished diamond exports fell 29% to $10 billion during the first seven months of the current fiscal year that began in April.

It exported polished diamonds worth more than $22 billion last fiscal year that ended on March 31. The industry, based mainly in the western state of Gujarat, employs millions of people across small and medium firms.

Source: DCLA

Arkansas man finds 4.87-carat diamond at Crater of Diamonds State Park

 

A Lepanto man just learned he found a 4.87-carat diamond this spring. Jerry Evans visited Crater of Diamonds State Park for the first time this year and within ten minutes of entering the park, he found what he thought was a piece of glass.

A release from the Arkansas Department of Parks, Heritage, and Tourism says he put the glass in his pocket with the rest of his finds from the day. Evans told the department he and his girlfriend “were picking up everything thinking it was a diamond.”

Eventually, though, Evans couldn’t contain his curiosity and sent the stone to the Gemological Institute of America for identification. A few weeks later, he learned his clear piece of glass was actually a diamond.

Evans told the department that “when they called and told me it was real, I was tickled to death!”

Assistant park superintendent Waymon Cox said it’s not uncommon for people to ask him to identify something they’ve found, but “this is the first time someone has contacted [him] after they’ve had a diamond identified by the GIA.”

Cox said Evans has since taken the diamond back to the park to have it officially registered.

This is the largest find registered at the park since 2020. Kevin Kinard of Maumelle discovered a 9.07-carat brown diamond on Labor Day that year.

The park says Evans has decided to name his diamond the “Evans Diamond”. Many diamond-finders choose to name the diamonds they find at the state park.

Source: DCLA

108ct. Pink Diamond at Heart of New Partnership

Dubai-based manufacturer Choron has signed an agreement with Storm Mountain Diamonds to cut and polish a 108.39-carat stone from the Kao mine in Lesotho.

Storm Mountain, a joint venture between Namakwa Diamonds and the Lesotho government, recovered the type IIa diamond in March. The stone is one of the largest pink diamonds ever discovered, Storm Mountain said last week.

“Storm Mountain continues to consistently deliver extraordinary diamonds, and this diamond further cements the Kao mine as the primary producer of pink diamonds globally,” said Storm Mountain board chairman Robert Cowley. “We are thrilled to enter into this agreement with Choron, and we look forward to the next chapter of this diamond’s story.”

Storm Diamonds will retain a minority share in the stone, while Choron will manufacture and market it, Choron CEO Anshul Gandhi told Rapaport News. The company has not disclosed the other terms of the partnership.

“It is a privilege for Choron to unlock the secrets within this remarkable pink diamond, and we look forward to revealing the story of this historic diamond,” said Ghandi. “Our artisans will meticulously transform this rough diamond into an array of polished diamonds that will be remembered for generations to come.”

Source: DCLA

Heritage Companies Rahaminov Diamonds And Bucherer Form A Dazzling Partnership

When it comes to large natural colored and D-flawless diamonds, the name Rahaminov immediately comes to mind. A family-owned business with an 80-year legacy, the company continues to provide consumers, collectors and connoisseurs with an unparalleled collection of rare cuts and colors, which include large pear-shaped natural yellow, rare cushion-shaped natural pink and round or fancy cut white diamonds, among many others. Due to similar values, Rahaminov Diamonds’ fine jewelry collections will now be featured in five of the renowned Bucherer retail network’s boutiques, which include one store in New York City and 17 other shops throughout the United States.

After being owned by the Bucherer family for three generations, in August 2023, Rolex acquired the company to evolve it and work with different heritage companies such as Rahaminov.

Amir Goldfiner, Rahaminov Diamonds President, said over the phone, “We are excited to partner with such a revered retailer as Bucherer. It feels like the perfect venue to showcase some of our stand-out one-of-kind styles, such as a unique blue diamond toi et moi ring and other special pieces in their boutiques. And it’s been wonderful working with their team to provide a range of natural colored and white diamond designs that tap into their customer’s needs. I look forward to expanding the collection further as we grow together.”

To kick off their partnership, the two companies threw an exclusive cocktail event at the New York flagship, the TimeMachine store, on December 6, 2023.

Rahaminov Diamonds’ heritage dates back three generations to the 1940s when the Rahaminov brothers became diamond cutters in Israel’s pioneering Buchara Diamonds cooperative, establishing their foothold in the diamond world with their expertise and eye for the rare stones of impeccable quality. The torch was passed in the 1980s to Tamara Rahaminov and her husband, Amir Goldfiner, who further built the company’s prestige and reputation by opening a Los Angeles-based office and transforming Rhaminov into a luxury brand. Today, the third generation, represented by daughters Nicol and Melanie Goldfiner, have imbued the family business with a relevant and modern slant, yet never straying too far from the company’s motto of “where the diamond inspires the design.” They have taken those words to heart, creating a collection of jewelry that starts with finding the most genuinely unique fancy cuts with character and presence and then designing around the stones. Each piece is crafted in platinum and/or 18K gold and focuses on one jaw-dropping diamond or awe-inspiring configurations of the different cuts and colors..

Bucherer, founded in Lucerne in 1888, has one of the most distinguished reputations in the watch and jewelry industry in Europe. In addition to its impressive range of luxury timepieces and exquisite jewelry from renowned brands, Bucherer offers its customers its own exclusive Bucherer Fine Jewellery collection and Carl F. Bucherer watches. The company is also a leader in certified pre-owned timepieces with a carefully selected range of the highest quality and guaranteed provenance. The company features over 36 exclusive European retail locations, including a flagship boutique in Vienna and Paris and retail stores that count fifteen in Switzerland, twelve in Germany, three in Copenhagen and four boutiques in London. By acquiring the American luxury watch dealer Tourneau in 2018, Bucherer established itself as the world’s largest watch and jewelry company in the U.S. and Europe.

Together, the two companies represent six generations of luxury jewels.

Source: Beth Bernstein Forbes

Petra Believes Rough Prices Have ‘Bottomed’

Petra Diamonds’ rough prices started to bounce back at its latest tender, indicating the market has “likely bottomed,” it said Thursday.

The company’s third trading session brought in $67.9 million from the sale of 519,397 carats, at an average price of $131 per carat. Prices were 19% higher on a like-for-like basis — comparing similar categories of diamonds — than at the fiscal year’s second tender, which ended in October.

Last week, the miner reported early results from the tender of $58.7 million from 462,794 carats, at an average price of $127 per carat. During the remainder of the tender, it sold an additional 56,600 carats for $9.3 million. That comprised 25,200 carats from the Cullinan and Finsch mines in South Africa, which yielded $3.1 million, and 31,400 carats from the Williamson mine in Tanzania, bringing in $6.2 million.

Total rough-diamond revenue for the first fiscal half, which included three tenders, came to $187.8 million, down 7% year on year, the company noted. Like-for-like prices for the six months fell 13% compared to the equivalent three tenders the year before.

Source: DCLA

US Polished Imports Fall in October

US polished-diamond imports dropped 21% to $1.5 billion in October, recording a fifth consecutive year-on-year decline, according to recent data from the US Commerce Department. The decrease reflected a fall in the volume of imports as well as a lower average price. Polished imports have not seen a year-on-year rise since May, when the timing of the JCK Las Vegas show prompted an 18% increase.

Source: US Commerce Department data; Rapaport archives.

About the data: The US, the world’s largest diamond retail market, is a net importer of polished. As such, net polished imports — representing polished imports minus polished exports — will usually be a positive number. Net rough imports — calculated as rough imports minus rough exports — will also generally be in surplus. The nation has no operational diamond mines but has a manufacturing sector, so it normally ships more rough in than out. The net diamond account is total rough and polished imports minus total exports. It is the US’s diamond trade balance, and shows the added value the nation creates by importing — and ultimately consuming — diamonds.

Source: Diamonds.net

Christie’s New York Jewelry Auction Fetches $38.1 Million

 Christie’s New York Jewelry Auction Fetches $38.1 Million

Important fancy-colored diamonds and Kashmir sapphires led Christie’s December 6 Magnificent Jewels auction in New York. The sale of approximately 157 lots achieved more than $38.1 million.

However, what was billed as the top lot of the sale was withdrawn at the “11th hour without explanation,” according to a gem dealer who attended the auction. Christie’s confirmed this a few days later, again without explanation.

“California Sunset” earrings withdrawn before going to sale. Its estimate was $7 – $12 million

The lot was a pair of fancy vivid orange-yellow diamond earrings weighing 12.20 and 11.96 carats. The earrings were named “California Sunset Diamonds” and had an estimate of $7 million to $12 million.

Source: DCLA