Lesedi La Rona May Once Have Been 2,774ct.

The second-largest diamond in history was probably twice as big before it broke into pieces, researchers at the Gemological Institute of America (GIA) have claimed.

Similarities between the 1,109-carat Lesedi La Rona, the 812-carat Constellation and three other stones suggest they were all one large piece of rough weighing at least 2,774 carats before volcanic eruptions or mining processes split them up, the GIA said this week.

Lucara Diamond Corp., which discovered all five diamonds at its Karowe mine in Botswana in November 2015, had already claimed that one of them, a 374-carat stone, was once attached to the Lesedi La Rona. The GIA last year studied three of the other stones — the Constellation, as well as diamonds weighing 296 carats and 183 carats — and speculated that they were also from the same rough.

The theory was strengthened after the GIA gained access to faceted diamonds from the Lesedi La Rona and the 374-carat stone earlier this year, Dr. Ulrika D’Haenens-Johansson, a senior research scientist at the GIA, told Rapaport News Wednesday.

The five diamonds had similar visual characteristics in their rough form, and came from the same part of the Karowe mine at the same time. They also gave results under close gemological analysis that were so similar that it’s unlikely they were unrelated, Dr. D’Haenens-Johansson said. The nature of some of the stones’ surfaces also suggested they had become detached from each other.

“After the 2017 study, all we could do was speculate that all five stones were from the same rough,” she added. “After having the opportunity to examine all five stones in 2018, we are able to reach stronger conclusions. It is probable that there are other unaccounted pieces that would have been part of this historic rough.”
Lucara CEO Eira Thomas said the company had no reason to disagree with the GIA’s findings. Evidence indicates the larger stone broke up both because of natural effects and being knocked around during the recovery process, Thomas noted.

The company used X-ray transmission (XRT) technology to help it recover the five large diamonds. It has since installed additional XRT equipment at Karowe to ensure it unearths exceptional stones as early as possible in the process.

D’Haenens-Johansson presented the findings at the GIA’s International Gemological Symposium in Carlsbad, California, in October, and published a summary in the Fall 2018 issue of Gems & Gemology, the institute’s quarterly journal.

The institute is preparing a full, peer-reviewed article in a forthcoming edition of the publication.
Lucara sold the 374-carat diamond to Graff for $17.5 million in May 2017, and subsequently sold the Lesedi La Rona to the same company for $53 million in September of that year. Graff recently unveiled several polished diamonds it had cut from the 1,109-carat rough.

The Constellation went for $63.1 million in 2016 to a partnership comprising Dubai-based Nemesis International and Swiss jeweler De Grisogono.

Image: The Lesedi La Rona. (Donald Bowers/Getty Images/Sotheby’s).

Source: DCLA

Lesedi La Rona May Once Have Been 2,774ct.

The second-largest diamond in history was probably twice as big before it broke into pieces, researchers at the Gemological Institute of America (GIA) have claimed.

Similarities between the 1,109-carat Lesedi La Rona, the 812-carat Constellation and three other stones suggest they were all one large piece of rough weighing at least 2,774 carats before volcanic eruptions or mining processes split them up, the GIA said this week.

Lucara Diamond Corp., which discovered all five diamonds at its Karowe mine in Botswana in November 2015, had already claimed that one of them, a 374-carat stone, was once attached to the Lesedi La Rona. The GIA last year studied three of the other stones — the Constellation, as well as diamonds weighing 296 carats and 183 carats — and speculated that they were also from the same rough.

The theory was strengthened after the GIA gained access to faceted diamonds from the Lesedi La Rona and the 374-carat stone earlier this year, Dr. Ulrika D’Haenens-Johansson, a senior research scientist at the GIA, told Rapaport News Wednesday.

The five diamonds had similar visual characteristics in their rough form, and came from the same part of the Karowe mine at the same time. They also gave results under close gemological analysis that were so similar that it’s unlikely they were unrelated, Dr. D’Haenens-Johansson said. The nature of some of the stones’ surfaces also suggested they had become detached from each other.

“After the 2017 study, all we could do was speculate that all five stones were from the same rough,” she added. “After having the opportunity to examine all five stones in 2018, we are able to reach stronger conclusions. It is probable that there are other unaccounted pieces that would have been part of this historic rough.”
Lucara CEO Eira Thomas said the company had no reason to disagree with the GIA’s findings. Evidence indicates the larger stone broke up both because of natural effects and being knocked around during the recovery process, Thomas noted.

The company used X-ray transmission (XRT) technology to help it recover the five large diamonds. It has since installed additional XRT equipment at Karowe to ensure it unearths exceptional stones as early as possible in the process.

D’Haenens-Johansson presented the findings at the GIA’s International Gemological Symposium in Carlsbad, California, in October, and published a summary in the Fall 2018 issue of Gems & Gemology, the institute’s quarterly journal.

The institute is preparing a full, peer-reviewed article in a forthcoming edition of the publication.
Lucara sold the 374-carat diamond to Graff for $17.5 million in May 2017, and subsequently sold the Lesedi La Rona to the same company for $53 million in September of that year. Graff recently unveiled several polished diamonds it had cut from the 1,109-carat rough.

The Constellation went for $63.1 million in 2016 to a partnership comprising Dubai-based Nemesis International and Swiss jeweler De Grisogono.

Image: The Lesedi La Rona. (Donald Bowers/Getty Images/Sotheby’s).

Source: DCLA

Gem Diamonds Unearths 101ct. and 71ct. Diamonds

Gem Diamonds has recovered two large diamonds within a 24-hour period at its Letšeng mine in Lesotho, the company said Wednesday.

The high-quality stones are white, type IIa diamonds weighing 101 carats and 71 carats, it added.

The 101-carat stone is the 14th diamond over 100 carats the miner has found this year, a record for the company. Last year, Gem Diamonds unearthed eight stones of that size.

The largest diamond the miner has found is the 910-carat Lesotho Legend, which it claims is the fifth-largest in history.

 It discovered the stone in January, and sold it in March for $40 million, or $43,912 per carat.

Image: The 101-carat and 71-carat diamonds. (Gem Diamonds)

Source: DCLA

Gem Diamonds Unearths 101ct. and 71ct. Diamonds

Gem Diamonds has recovered two large diamonds within a 24-hour period at its Letšeng mine in Lesotho, the company said Wednesday.

The high-quality stones are white, type IIa diamonds weighing 101 carats and 71 carats, it added.

The 101-carat stone is the 14th diamond over 100 carats the miner has found this year, a record for the company. Last year, Gem Diamonds unearthed eight stones of that size.

The largest diamond the miner has found is the 910-carat Lesotho Legend, which it claims is the fifth-largest in history.

 It discovered the stone in January, and sold it in March for $40 million, or $43,912 per carat.

Image: The 101-carat and 71-carat diamonds. (Gem Diamonds)

Source: DCLA

Low Prices Trigger A Four-Way Merger Proposal For African Diamond Miners

Tough times in some parts of the diamond-mining industry has prompted an innovative solution, a four-way merger to create a new southern African diamond specialist.

The proposal, from the London office of the German bank, Berenberg, could see Gem Diamonds, Petra Diamonds, Lucara Diamond Corporation and Firestone Diamonds emerge as a single business with enhanced financial metrics courtesy of cost savings and a focus on big, high-quality gems.

If the deal happens, and at this stage it is just a proposal from Berenberg and not something the diamond-miners have embraced, the new business would have mines in South Africa, Botswana, Tanzania and Lesotho.

3% By Volume, 8% by Value

Collective diamond production would total five million carats a year, which is equivalent to 3% of global output, but more importantly the proposed business would account for 8% of diamond supply by value.

The difference between volume and value is the key to Berenberg’s plan which has been published at a time when miners of small and low-grade diamonds are battling a flooded market whereas companies able to supply high-quality gems are generating strong profits.

An uncut 25 carat diamond mined in Botswana.

Values At Trough Levels

Berenberg said in a research report titled “Consolidating African diamond mining” that current valuations of diamond mining companies were at trough levels with lacklustre enthusiasm for the sector.

“We think something new is needed to return this sector to its former glory,” Berenberg said.

The bank said the logical way to start the process would be for a transaction between Lucara and Gem, which would create the go-to business for large diamonds, followed by a transaction with Petra and then with Firestone rolled into the structure.

Each company has its own production profile but Lucara is the best known for big diamonds having given the world the monster Lesedi La Rona in 2015, an 1109 carat stone which sold for $53 million and has since been cut into 67 smaller gems by Graf Diamonds.

Strong Cash Flow 

According to Berenberg’s multi-stage merger proposal the new business would emerge with annual revenue of around $1.1 billion and free cash flow of $200 million.

The merged business would overcome problems which hurt investor interest in smaller diamond miners including low stock-market value, high debt levels, project risk, limited growth options and a lack of return to shareholders.

“Our $1.3 billion market capitalization business would have listings in Canada, London and Sweden and, through the ability to pay an attractive dividend (we calculate a possible yield of 7%-to-8%) and the potential to attract investment from a range of global investors,” Berenberg said.

Source: DCLA

Low Prices Trigger A Four-Way Merger Proposal For African Diamond Miners

Tough times in some parts of the diamond-mining industry has prompted an innovative solution, a four-way merger to create a new southern African diamond specialist.

The proposal, from the London office of the German bank, Berenberg, could see Gem Diamonds, Petra Diamonds, Lucara Diamond Corporation and Firestone Diamonds emerge as a single business with enhanced financial metrics courtesy of cost savings and a focus on big, high-quality gems.

If the deal happens, and at this stage it is just a proposal from Berenberg and not something the diamond-miners have embraced, the new business would have mines in South Africa, Botswana, Tanzania and Lesotho.

3% By Volume, 8% by Value

Collective diamond production would total five million carats a year, which is equivalent to 3% of global output, but more importantly the proposed business would account for 8% of diamond supply by value.

The difference between volume and value is the key to Berenberg’s plan which has been published at a time when miners of small and low-grade diamonds are battling a flooded market whereas companies able to supply high-quality gems are generating strong profits.

An uncut 25 carat diamond mined in Botswana.

Values At Trough Levels

Berenberg said in a research report titled “Consolidating African diamond mining” that current valuations of diamond mining companies were at trough levels with lacklustre enthusiasm for the sector.

“We think something new is needed to return this sector to its former glory,” Berenberg said.

The bank said the logical way to start the process would be for a transaction between Lucara and Gem, which would create the go-to business for large diamonds, followed by a transaction with Petra and then with Firestone rolled into the structure.

Each company has its own production profile but Lucara is the best known for big diamonds having given the world the monster Lesedi La Rona in 2015, an 1109 carat stone which sold for $53 million and has since been cut into 67 smaller gems by Graf Diamonds.

Strong Cash Flow 

According to Berenberg’s multi-stage merger proposal the new business would emerge with annual revenue of around $1.1 billion and free cash flow of $200 million.

The merged business would overcome problems which hurt investor interest in smaller diamond miners including low stock-market value, high debt levels, project risk, limited growth options and a lack of return to shareholders.

“Our $1.3 billion market capitalization business would have listings in Canada, London and Sweden and, through the ability to pay an attractive dividend (we calculate a possible yield of 7%-to-8%) and the potential to attract investment from a range of global investors,” Berenberg said.

Source: DCLA

552 Carat Yellow Diamond Is The Largest Ever Found In Canada

Finding exceptionally large diamonds is rare. Finding extra large diamonds in fancy colors is even more rare. As such, the announcement by  Dominion Diamond Mines that it has unearthed  the largest known diamond ever found in North America is big news.

 Found in October at the Diavik Diamond Mine in  Calgary, Canada, the Canadamark yellow diamond weighs in at 552 carats and beats the previous record (held by the Diavik Foxfire diamond) of 187.7 carats that was also found at the same mine.

Dominion Diamond Mines ULC sources responsibly mined diamonds and owns 40 percent of Diavik.

 The Diavik Diamond Mine is just shy of 150 miles south of the Arctic Circle in the Northwest Territories of Canada, and has produced several important stones in the past. This newest discovery measures about 1-1/2 inches in diameter and more than 2 inches in height. The color and texture are unique geologically speaking, as such a large and rare yellow diamond doesn’t usually form in the region. According to Dominion Diamond Mines’ release, “Abrasion markings on the stone’s surface attest to the difficult journey it underwent during recovery, and the fact that it remains intact is remarkable.”

The Canadamark(TM) program by Dominion Diamond Mines ensures that all diamonds bearing its logo are rigorously tracked from mine to polished gem in order to offer final consumers  full transparency of the supply chain. Once the rough is cut, the diamonds will  be certified as Canadamark(TM).

In the case of the previously found Diavik Foxfire diamonds,  rather than sell it in the rough, the stone was  cut and polished  — yielding a 37.87-carat brilliant-cut pear shaped diamond and a 36.80 carat brilliant-cut pear shape. Both of these stones sold recently at a Christie’s auction for $1.3 million.  It is expected that Dominion Diamond Mines will take the same approach with the 552-carat Canadamark(TM) yellow diamond. The yield could be several larger sized diamonds that Foxfire, or could be similar sizes but more of them.  It is impossible to know, as a rough diamond must be carefully studied before being cut to determine the perfect size and shape of the finished, polished stones that will show off their most beautiful color and brilliance.

Certain other fancy yellow  diamonds have made history. In fact, among the world’s largest yellow diamonds is the 439.86 carat light-yellow diamond that was found by DeBeers in 1888 and later cut into a 234.65-carat cushion-cut stone.  The Tiffany Yellow Diamond is also one of  the largest ever discovered. It weighted 287.42 carats in the rough when it was found in 1878 in the Kimberly Mine in South Africa. It was eventually cut in to the 128.54-carat cushion known a the Tiffany Yellow Diamond.

According to  a release issued by Dominion Diamond Mines, Kyle Washington, Chairman, says  “This incredible discovery showcases what is truly spectacular about Canadamark diamonds. “The color and texture of the diamond are a unique example of the journey that natural diamonds take from their formation until we unearth them. Our Diavik Mine has produced some of the most beautiful diamonds in the world, and this one certainly tops the list.”

Souce: DCLA