Sunday 25 February 2024

US’s New List of Russian Sanctions Includes Diamond Exporter


US’s New List of Russian Sanctions Includes Diamond Exporter

The US Treasury has imposed sanctions against nearly 300 Russian entities in its latest round, including a company specializing in the export of rough and polished diamonds.

The new series of restrictions the Office of Foreign Assets Control (OFAC) has applied marks the two-year anniversary of Russia’s invasion of Ukraine, and is also in response to the death of opposition politician and anti-corruption activist Aleksei Navalny, the Treasury said last week.

OFAC has targeted Almazyuvelirexport, Russia’s state-owned exporter of rough and polished diamonds and precious metals. The company was designated for “operating, or having operated, in the metals and mining sector of the Russian Federation economy,” it added.

Other companies that were banned included financial institutions, the defense industry, companies “providing backdoor support for Russia’s war machine,” and those connected to Navalny’s imprisonment.

Source: DCLA

Thursday 22 February 2024

Lucara unveils diamond recoveries from Botswana mine

Lucara unveils diamond recoveries from Botswana mine

Lucara Diamond Corp. has announced the recovery of a 320-carat, 111-carat, and two +50-carat stones from its 100% owned Karowe Diamond Mine located in Botswana.

These diamonds were recovered from the direct milling of EM/PK(S) kimberlite ore from the South Lobe during a recent production run that saw additional recoveries of numerous, smaller +10.8 carat diamonds of high value.

The 320-carat is a gem-quality, top light brown diamond, while the 111-carat diamond is described as a Type IIa white stone of high quality. The two +50-carat stones add to these recent recoveries and are also Type IIa white diamonds. These recoveries add to the collection of significant diamonds recovered at Karowe and further solidifies Lucara’s reputation as a leader in the recovery of large, high-quality diamonds.

The recoveries from the EM/PK(S) unit highlight the continued success of Lucara’s mining operations at the Karowe Diamond Mine and reinforce the development of the underground mine which will target >95% EM/PK(S) ore during the first three years of underground production. The company’s adoption of advanced diamond recovery technology has enabled the continued identification and retrieval of these extraordinary diamonds and strong resource performance.

William Lamb, President and CEO of Lucara Diamond Corp., commented on the recent discoveries, stating:

“These diamond recoveries from the EM/PK(S) domain of the South Lobe further validate the quality and potential of the Karowe Diamond Mine. We are thrilled with the consistent success we continue to achieve in uncovering large, high-value diamonds, reaffirming Lucara’s position as a leading producer of large high-quality gem diamonds. Our team’s dedication to innovation and operational excellence continues to drive our success, and we look forward to delivering further value to our stakeholders through these extraordinary discoveries.”

Source: DCLA

Wednesday 21 February 2024

Iconic Pieces Loom Large at Sotheby’s Single-Owner Sale


Iconic Pieces Loom Large at Sotheby’s Single-Owner Sale

Sotheby’s is set to offer over 180 iconic pieces of jewelry belonging to a single owner, featuring items such as Van Cleef & Arpels’ famous Zip necklace, a Cartier Panthère and a Bulgari Serpenti.

The event, called From the Vault: Exceptional Signed Jewels, will take place on March 7 during the company’s New York Luxury sales, it said Tuesday. The auction house curated the collection with a special focus on iconic motifs, it added.

Prices for the pieces, all signed by well-known design houses, range from $3,000 to $3 million. The top item is a matching necklace and earrings set by Asprey, comprising 50 graduated round, fancy-vivid-yellow diamonds and one round, fancy-intense-yellow diamond weighing a total of 55.26 carats, accented with white diamonds. It is estimated to bring in between $2 million and $3 million.

Here are some of the other pieces that will be offered at the auction:

Iconic Pieces Loom Large at Sotheby’s Single-Owner Sale
This Harry Winston necklace was designed by François Tavernier as a line of round diamonds bordered by alternating pear- and marquise-shaped diamonds. The piece, which can be detached into several sections, has a presale range of $1.2 million to $1.8 million.
Iconic Pieces Loom Large at Sotheby’s Single-Owner Sale
A Van Cleef & Arpels bracelet set with baguette, tapered baguette, square-cut and round diamonds weighing a total of 27.54 carats, and 47.63 carats of Burmese, Kashmir and Ceylon sapphires, is expected to fetch $1 million to $1.5 million at the auction.
Iconic Pieces Loom Large at Sotheby’s Single-Owner Sale
Sotheby’s will sell this cut-cornered rectangular modified brilliant-cut, 41.02-carat, fancy-intense-yellow diamond ring for up to $1.2 million.
Iconic Pieces Loom Large at Sotheby’s Single-Owner Sale
A Van Cleef & Arpels Bals de Légende necklace bearing cabochon emeralds and round, baguette, pear, marquise, square and oval diamonds is estimated to fetch $500,000 to $700,000.
Iconic Pieces Loom Large at Sotheby’s Single-Owner Sale
This Zip necklace — composed of herringbone links bordered by heart motifs and accented by round diamonds — can be converted into a bracelet. The Van Cleef & Arpels piece, which comes with matching tassel ear clips, has an estimate of $400,000 to $600,000.
Iconic Pieces Loom Large at Sotheby’s Single-Owner Sale
A Bulgari Serpenti necklace set with round diamonds and pear-shaped diamond eyes is set to go for $300,000 to $500,000.
Iconic Pieces Loom Large at Sotheby’s Single-Owner Sale
A Cartier diamond, emerald and onyx Panthère cuff bracelet will also go up for sale. It carries a price tag of $100,000 to $150,000.

Source: DCLA

GIA Opens New Lab in Dubai


GIA Opens New Lab in Dubai

The Gemological Institute of America (GIA) has launched a new laboratory in the Dubai Multi Commodities Centre (DMCC).

The location opened on February 19, the GIA said Tuesday. The lab will provide services only for clients operating in Dubai’s free trade zones and will be unable to accept submissions from other areas in the emirate, the GIA explained. However, in the near future the location will be able to accept intake from additional countries.

“The establishment of the GIA DMCC laboratory…adds significant value not only for our free-zone members but also for the wider industry, particularly when it comes to speeding up cycle times,” said Ahmed bin Sulayem, executive chairman and CEO of the DMCC.

The new Dubai lab will grade diamonds ranging in color from D to Z and weighing up to 3.99 carats, the GIA added.

Source: DCLA

Tuesday 20 February 2024

Lucara Diamond revives sales deal with gem trader HB Antwerp


Lucara Diamond revives sales deal with gem trader HB Antwerp

Lucara Diamond has revived a gem sales agreement with polishing and trading company HB Antwerp, it said on Monday, five months after severing ties with the Belgian business.

Canadian miner Lucara said it will supply HB Antwerp with rough diamonds of 10.8 carats and above for 10 years from last December.

Lucara had terminated its relationship with HB Antwerp last September because of what it said was “a material breach of financial commitments”.

HB Antwerp declined to comment on the matter at the time and did not respond immediately to a request for comment on Monday.

Botswana, where Lucara mines diamonds at its Karowe project, has been reassessing plans to acquire 24% of HB Antwerp.

The two companies’ first diamond sales agreement was struck in 2020 and extended for 10 years in 2022.

Lucara said the purchase price for rough stones in its revised deal would be based on mutual agreement of the estimated value of polished diamonds, with a further payment based on actual achieved polished sales.

The pricing mechanism is expected to deliver regular cash flow, Lucara said.

“This partnership reflects our commitment to ensuring stability and sustainability in our operations,” said Lucara chief executive William Lamb.

Source: DCLA

Monday 19 February 2024

HIGH QUALITY 113 CARAT TYPE II WHITE DIAMOND

HIGH QUALITY 113 CARAT TYPE II WHITE DIAMOND

Gem Diamonds Limited (LSE: GEMD) is pleased to announce the recovery of a high quality 113 carat white Type II diamond, recovered at the Letšeng mine in Lesotho on 17 February 2024.

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Together with the 295 carat high quality Type II white diamond recovered on 8 January 2024 and a 139 carat low quality Boart diamond recovered on 17 January 2024, the 113 carat is the third greater than 100 carat diamond recovered to date this year.

Source: DCLA

Sunday 18 February 2024

Are Lab-grown Diamonds Sustainable?

Are Lab-grown Diamonds Sustainable?

Human-made diamonds come with an appealing claim: Manufacturers say the stones are produced ethically using renewable energy. But many of the products do not meet that claim or their producers do not confirm the electricity sources they use. And, laboratory diamonds require a lot of electricity to produce.

In the United States, lab-grown diamond sales increased 16 percent in 2023 from 2022, says Edahn Golan, an industry expert. The stones cost much less than natural diamonds.

Bario Neal is a jewelry store in Philadelphia, Pennsylvania. It uses lab diamonds. All of the stones are either made with renewable energy or neutral use of energy through the carbon credit system. Credits pay for activities like planting trees, which capture carbon.

Social media posts show Millennials and Generation Zs proudly explaining the purchase of their lab-grown diamonds for sustainability and ethical reasons. But the sustainability of production is questionable. A high number of manufacturers are not transparent, or open, about their operations.

Many of the manufacturers are in India, where about 75 percent of electricity comes from burning coal. The companies use words like “sustainable” and “environmentally-friendly” on their websites. But they do not release reports on the environmental effects of their operations.

Cupid Diamonds, for example, says on its website that it produces diamonds in “an environmentally friendly manner.” But it did not answer questions about the sustainability of its operations.

Solar energy is quickly expanding in India and there are some companies, such as Greenlab Diamonds, that use renewables in their manufacturing processes.

China is the other major country producing laboratory diamonds. The largest makers did not return requests for comment. They also did not release details about their electricity source.

More than half of China’s electricity came from coal in 2023.

Paul Zimnisky is a diamond industry expert. He said few companies are honest about their supply chains and their use of renewable energy.

Zimnisky said a lot of companies claim to make an “environmentally-friendly product when they aren’t really doing anything that’s environmentally friendly.”

How it is made

Lab diamonds have been in production around seventy years. Producers treat carbon to high pressure and high temperature. The idea is to copy the natural conditions that form diamonds underground. But, nature spends at least one billion years to make a diamond. Lab diamonds are complete in a few weeks.

In the past, the stones were used mostly in industries like stone cutting, mining and dentistry tools.

Over time the laboratories, or foundries, have gotten better at making stones. Production costs have dropped as technology improves.

Companies now can manufacture as many stones as they want and choose their size and quality.

Diamonds, whether lab-grown or natural, are chemically identical and entirely made out of carbon. Experts can identify between the two using lasers to examine their atomic structures.

Marketing battle

The lab diamond is competing in the same market as natural stones. Worldwide, lab-grown diamonds are now 5 to 6 percent of that market. And, the public battle for customers has begun.

The natural diamond industry and some experts argue that lab-grown diamonds will not hold value over time.

Zimnisky predicts that natural diamonds will continue to sell in the thousands and tens of thousands of dollars for engagement rings.

And the human-made stone?

“Five to ten years into the future, I think there’s going to be very few customers that are willing to spend thousands of dollars for a lab diamond,” he said.

Page Neal said she co-founded Bario Neal in 2008 to “create jewelry of lasting value that would have a positive impact on people and the planet.”

She added: “We want to only work with materials that we feel like our clients would be proud to own.”

I’m Dan Novak.

Dan Novak adapted this story for VOA Learning English based on reporting by The Associated Press.

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