Gemfields hit by Slump in Emerald Sales

Gemfields suffered a slump in sales and prices at its latest auction of rough emeralds from its Kagem mine, in Zambia.

The UK-based company blamed conflicts, elections, and economic uncertainty in China, compounded by a diary clash with an emerald competitor, reportedly selling at low prices.

Gemfields sold only 61 per cent of the almost 4m carats on offer in a series of auctions ending 13 September in Jaipur, India, and online. At the last four sales it sold well over 90 per cent.

Total sales were $10.8m, down 67 per cent on its September 2023 sales. The average price per carat was $4.47, down by a half on the same event last year.

Gemfields says the mix and quality of lots varies, so the results of each auction are not always directly comparable.

Today’s overall result is weaker than expected,” said Adrian Banks, Gemfields’ managing director of product and sales, “exacerbated in part by a competing emerald producer scheduling their own auction to finish in early September 2024, in the middle of ours, and selling through their emeralds at what customers reported as low prices.”

He said the company was committed to acting responsibly – as it did at this auction – by withholding auction lots when fair market prices were not achieved.

Source: DCLA

Farmer Unearths 32.8 ct Diamond in Field

An Indian farmer weeding his field unearthed a 32.80 carat gem quality diamond, one of the biggest finds of recent years.

The rough gem could fetch $120,000 to $180,000 in a forthcoming auction by the Panna Diamond Office, in the central Indian state of Madhya Pradesh.

Many thousands of residents rent small patches of land in the diamond rich district, in the hope of a big find.

In February 2022 another part time prospector dug up a 26.11 carat diamond which later sold for $193,000.

And in February 2021 laborer Rampyare Vishwakarma unearthed a 14.09 ct diamond.

In this case Swamidin Pal had spent five months a year, for the last five years, digging for diamonds.

He said proceeds from the sale would be life changing, and would allow him to buy agricultural land for his sons.

Source: DCLA

Lucara recovers sixth diamond larger than 1,000 carats at Karowe mine in Botswana

Canada’s Lucara Diamond has dug up a 1,094 carat diamond from its Karowe mine in Botswana.

This is the sixth diamond weighing more than 1,000 carats to be recovered at the mine, and it comes only weeks after the recovery of a 2,492 carat diamond the second-largest diamond ever recovered.

“This remarkable stone bears striking similarities to the 692 carat diamond announced in August 2023, which was polished by HB Antwerp and yielded polished diamonds that sold for in excess of $13 million,” the company said in a press release.

“This newly recovered 1,094 carat stone will also be polished by HB Antwerp, as part of the ongoing partnership between the two companies,” Lucara said.

The Karowe mine has produced several large diamonds in recent years, including the 1,758-carat Sewelô in 2019, the 1,109 carat Lesedi La Rona in 2015, and the 813 carat Constellation, also in 2015. The mine is also credited for having yielded Botswana’s largest fancy pink diamond to date, the Boitumelo.

Botswana is the world’s largest producer of diamonds, and the trade has transformed it into a middle-income nation.

Karowe remains one of the highest margin diamond mines in the world, producing an average of 300,000 high value carats each year.

Shares of Lucara rose 8% by 11:40 a.m EDT in Toronto. The miner has a market capitalization of C$221 million ($162 million).

Source: mining.com

Lab Grown Discussions at AGS Confluence

The American Gem Society (AGS) will present panel discussions on lab grown diamond pricing and supply, advances in lab grown identification and the art of natural diamond storytelling.

The three-hour Confluence is an online-only event, featuring three pre-recorded sessions, designed to allow the speakers to take part in a live chat Q&A.

The event is scheduled for 25 September and will be accessible to non-AGS members for a $150 fee. The sessions will remain available, on demand, until 31 December.

The Importance of Diamond Screening: Challenges, Techniques, and Resources covers the latest screening technologies and their limitations, providing guidance on using gemological instruments for verification.

Laboratory-Grown Diamonds: Pricing, Supply, and Disclosure explores the complexities of the lab grown diamond market, including pricing dynamics and the importance of transparency.

And The Incredible Story of Natural Diamonds delves into the geological history and mining processes of natural diamonds, featuring insights from experts at GIA , which is sponsoring the event.

AGS is a nonprofit trade association representing a select group of jewelers, independent appraisers, and suppliers in the jewelry industry.

Source: DCLA

Holly Ramsay Perfect Yellow Diamond Engagement Ring from Adam Peaty

Congratulations are in order for Gordon Ramsay’s daughter, Holly, and her partner Adam Peaty.

The couple announced the news of their engagement on Thursday, Sept. 12, with an Instagram post filled with romantic couple’s photos and close-ups of Holly’s unique ring.

Peaty, a 29 year old swimmer and Olympic gold medalist, worked with Pragnell on the rock, which boasts a large yellow diamond on a gold band. On his Instagram Stories, the athlete revealed the ring took 10 months to come together.

“I trusted you with my vision and you delivered,” he wrote over a picture of Holly wearing the sparkler. “It’s perfect.”

In the carousel of snapshots, Holly wore a white bikini top and baby pink manicure, which complemented the colorful gemstone.

Proud dad Gordon, 57, shared well wishes to his 24 year old on Instagram.

“Congratulations to this gorgeous girl hollyramsayy. So happy for you and adam_peaty ! Hols, watching you become the woman you are today with your kindness and your love is absolutely infectious. Adam is a very lucky man! Welcome to the family,” he wrote.

Holly and Peaty became Instagram official on July 10, 2023, and in her engagement post on Instagram, she expressed how excited she is to wed her “best friend.”

“I truly cannot put into words how I am feeling right now. I still remember how big my smile was the morning I got home from my first date with you,” she wrote.

“Thank you for letting the little girl inside of me feel loved, seen and happier than ever. I love you & I cannot wait to be your wife.”

Source: DCLA

Gem Diamonds finds 126.2 carat stone at Letšeng mine

Africa focused miner Gem Diamonds has unearthed yet another large white diamond at its prolific Letšeng mine in Lesotho.

The 126.21 carat Type II white diamond is the twelfth greater than 100 carat precious stone mined this year at the operation, the company said.

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Type IIa diamonds are the most valued and collectable precious gemstones, as they contain either very little or no nitrogen atoms in their crystal structure.

The Letšeng mine, owned 70% by Gem Diamonds, is one of the world’s ten largest diamond operations by revenue. At 3,100 metres (10,000 feet) above sea level, it is also one of the world’s most elevated diamond mines.

The operation has a track record of producing large, exceptional white diamonds, which makes it the highest dollar per carat kimberlite diamond mine in the world.

Source: DCLA

Tiffany Vacates Half its Flagship Shanghai Store

Shanghai,China-Oct.7th 2022: large Tiffany Co. flagship store at Huaihai Road with many walking people

Tiffany & Co. is reportedly vacating half of its 12,000 sq ft flagship store in Shanghai as luxury sales plummet in China.

The two-floor store (pictured), at the city’s Hong Kong Plaza, opened in 2019, with a bold design featuring almost 7,000 handcrafted glass diamonds.

But LVMH, the luxury conglomerate that owns Tiffany, has been hit by the economic slowdown globally and by government restrictions in China on ostentatious consumption.

In Q2 of this year LVMH posted a 14 per cent drop in sales for Asia (excluding Japan), which includes China. Profits globally for its watch and jewelry operations fell by 19 per cent during the quarter.

Tiffany will give up half the space at its Shanghai store later this month, according to a Bloomberg news report, and the landlord is in talks with potential new tenants.

It said Tiffany had asked property development and investment Lai Fung to reduce its rent.

Source: DCLA