Lucara Finds 998 Carat Diamond

 

The Karowe mine has produced a 998-carat diamond, the latest in a string of large rough stones from the lucrative deposit in Botswana.

Lucara Diamond Corp., which owns Karowe, will work with manufacturing partner HB Antwerp to assess how to maximize value from the rough, the miner said Wednesday. The unbroken, high-white, clivage stone — meaning it needs to be split before further processing — came from the EM/PK(S) unit of the site’s south lobe, which has yielded some of the world’s biggest and most famous diamonds.

“Lucara is extremely pleased with the continued recovery of large, high-quality diamonds from the south lobe of the Karowe mine,” said CEO Eira Thomas. “To recover two [500-carat-plus] diamonds in 10 months, along with the many other high-quality diamonds across all the size ranges, is a testament to the unique aspect of the resource at Karowe and the mine’s ability to recover these large and rare diamonds.”

The EM/PK(S) area produced the 1,109-carat Lesedi La Rona in 2015, as well as the 1,758-carat Sewelô, which HB bought in January this year in collaboration with luxury brand Louis Vuitton.

The Belgian manufacturer later agreed to purchase all of Lucara’s rough above 10.8 carats for the remainder of the year. Last week, Lucara announced the sale of a 549-carat diamond from the same high-value patch of Karowe, with HB and Louis Vuitton again partnering on the stone.

The arrangement with HB prevented a heavier decline in Lucara’s sales in the third quarter, the first period in which income from the partnership started appearing in the miner’s top line.

Group revenue fell 9% year on year to $41.3 million in the three months ending September 30, reflecting Lucara’s decision not to hold its usual tenders of stones above 10.8 carats, the company reported Wednesday. Instead, it sold 5,633 carats through the HB partnership, with sales taking place approximately twice a month, while the miner’s online selling platform, Clara, boosted sales of smaller goods.

Total sales volume fell 3% to 112,943 carats, with the average price down 6% to $365 per carat. The company’s net loss deepened by 35% to $5.4 million.

“Lucara is now receiving regular, predictable revenue for its [10.8-carat-plus] diamonds using a superior pricing mechanism based on estimated polished outcomes less a commission and the cost of polishing,” Thomas added.

Source: DCLA

Lucara Finds 998 Carat Diamond

 

The Karowe mine has produced a 998-carat diamond, the latest in a string of large rough stones from the lucrative deposit in Botswana.

Lucara Diamond Corp., which owns Karowe, will work with manufacturing partner HB Antwerp to assess how to maximize value from the rough, the miner said Wednesday. The unbroken, high-white, clivage stone — meaning it needs to be split before further processing — came from the EM/PK(S) unit of the site’s south lobe, which has yielded some of the world’s biggest and most famous diamonds.

“Lucara is extremely pleased with the continued recovery of large, high-quality diamonds from the south lobe of the Karowe mine,” said CEO Eira Thomas. “To recover two [500-carat-plus] diamonds in 10 months, along with the many other high-quality diamonds across all the size ranges, is a testament to the unique aspect of the resource at Karowe and the mine’s ability to recover these large and rare diamonds.”

The EM/PK(S) area produced the 1,109-carat Lesedi La Rona in 2015, as well as the 1,758-carat Sewelô, which HB bought in January this year in collaboration with luxury brand Louis Vuitton.

The Belgian manufacturer later agreed to purchase all of Lucara’s rough above 10.8 carats for the remainder of the year. Last week, Lucara announced the sale of a 549-carat diamond from the same high-value patch of Karowe, with HB and Louis Vuitton again partnering on the stone.

The arrangement with HB prevented a heavier decline in Lucara’s sales in the third quarter, the first period in which income from the partnership started appearing in the miner’s top line.

Group revenue fell 9% year on year to $41.3 million in the three months ending September 30, reflecting Lucara’s decision not to hold its usual tenders of stones above 10.8 carats, the company reported Wednesday. Instead, it sold 5,633 carats through the HB partnership, with sales taking place approximately twice a month, while the miner’s online selling platform, Clara, boosted sales of smaller goods.

Total sales volume fell 3% to 112,943 carats, with the average price down 6% to $365 per carat. The company’s net loss deepened by 35% to $5.4 million.

“Lucara is now receiving regular, predictable revenue for its [10.8-carat-plus] diamonds using a superior pricing mechanism based on estimated polished outcomes less a commission and the cost of polishing,” Thomas added.

Source: DCLA

De Beers says recovery to Extend – Well Beyond 2020

 

The diamond sector’s rebound from the Covid-19 crisis will feature ups and downs that will continue into next year at least, De Beers predicted.

“The demand recovery is not expected to be linear, particularly as localized lockdowns take place,” De Beers explained Monday in its annual Diamond Insight Report. “Retailer expectations for the second half of the year are mixed, with more optimism in the US but muted sentiments in India and the Far East.”

The pandemic severely hit Chinese demand in the first quarter of this year and US sales in the second quarter, with the recovery likely to “extend well beyond 2020,” the company noted. The impact of Covid-19 on the global economy and the second wave of lockdowns in the fourth quarter have further harmed consumer spending, it added.

“The consequences of these events will determine the short to medium-term outlook,” De Beers added. “However, a weakening US dollar could offset some of the softness in demand in local currencies.”

The pandemic dented the positive trends that were visible at the end of 2019, De Beers said. Diamond-jewelry sales to Chinese consumers slid 45% year on year in the first quarter of 2020, and by around a third for the entire first half, the company estimated. The second-quarter recovery was “tentative,” mainly benefiting established brands and online sales, it added.

In the US, sales dropped about 40% in the second quarter of 2020, and by just under 20% for the first half. There was “evidence of rising sales” among independent jewelers and chains, as well as online, in June and the third quarter, the company continued. Demand in India dropped by more than 30% in the first half, reflecting a slump of nearly 50% during the April-May lockdown.

In 2019, global diamond-jewelry demand increased 0.5% to $79 billion — a weaker growth figure than in previous years as the strong dollar dented sales in China. Demand rose 4% in the US and 3% in Japan, offsetting weaker figures in other markets. The US expanded its share of the polished-diamond market to 48%, from 46% in 2018, while China slipped to 15% from 16%.

The Chinese yuan depreciated against the dollar in 2019 amid a trade war between Beijing and Washington, DC. In local-currency terms, demand from Chinese consumers climbed 1%.

Source: DCLA

De Beers says recovery to Extend – Well Beyond 2020

 

The diamond sector’s rebound from the Covid-19 crisis will feature ups and downs that will continue into next year at least, De Beers predicted.

“The demand recovery is not expected to be linear, particularly as localized lockdowns take place,” De Beers explained Monday in its annual Diamond Insight Report. “Retailer expectations for the second half of the year are mixed, with more optimism in the US but muted sentiments in India and the Far East.”

The pandemic severely hit Chinese demand in the first quarter of this year and US sales in the second quarter, with the recovery likely to “extend well beyond 2020,” the company noted. The impact of Covid-19 on the global economy and the second wave of lockdowns in the fourth quarter have further harmed consumer spending, it added.

“The consequences of these events will determine the short to medium-term outlook,” De Beers added. “However, a weakening US dollar could offset some of the softness in demand in local currencies.”

The pandemic dented the positive trends that were visible at the end of 2019, De Beers said. Diamond-jewelry sales to Chinese consumers slid 45% year on year in the first quarter of 2020, and by around a third for the entire first half, the company estimated. The second-quarter recovery was “tentative,” mainly benefiting established brands and online sales, it added.

In the US, sales dropped about 40% in the second quarter of 2020, and by just under 20% for the first half. There was “evidence of rising sales” among independent jewelers and chains, as well as online, in June and the third quarter, the company continued. Demand in India dropped by more than 30% in the first half, reflecting a slump of nearly 50% during the April-May lockdown.

In 2019, global diamond-jewelry demand increased 0.5% to $79 billion — a weaker growth figure than in previous years as the strong dollar dented sales in China. Demand rose 4% in the US and 3% in Japan, offsetting weaker figures in other markets. The US expanded its share of the polished-diamond market to 48%, from 46% in 2018, while China slipped to 15% from 16%.

The Chinese yuan depreciated against the dollar in 2019 amid a trade war between Beijing and Washington, DC. In local-currency terms, demand from Chinese consumers climbed 1%.

Source: DCLA

6.70 ct Zimmi Yellow Diamond could Fetch $700,000

 

A rare 6.70-carat VS1 natural fancy deep yellow diamond from the famous Zimmi mine, in Sierra Leone, could fetch as much as $705,000 at auction.

Canary yellow diamonds from Zimmi can command double the price of other fancy yellows because of their uniquely high color saturation levels. Yellow Zimmi stones over five carats are extremely rare.

This gem will lead the Tiancheng International Jewellery and Jadeite Autumn Auction 2020 in Hong Kong on 28 November.

Also at the sale is a pair of Zimmi natural fancy deep yellow diamond earrings 3.03 carat and 3.01 carat with an estimate of up to $320,000.

The Zimmi mine is in the heart of the rainforest region of Sierra Leone where the Mano river marks the border with Liberia.

Yellow diamonds occur when a single nitrogen atom replaces a carbon atom, absorbing the violet and blue light.

Source: DCLA

6.70 ct Zimmi Yellow Diamond could Fetch $700,000

 

A rare 6.70-carat VS1 natural fancy deep yellow diamond from the famous Zimmi mine, in Sierra Leone, could fetch as much as $705,000 at auction.

Canary yellow diamonds from Zimmi can command double the price of other fancy yellows because of their uniquely high color saturation levels. Yellow Zimmi stones over five carats are extremely rare.

This gem will lead the Tiancheng International Jewellery and Jadeite Autumn Auction 2020 in Hong Kong on 28 November.

Also at the sale is a pair of Zimmi natural fancy deep yellow diamond earrings 3.03 carat and 3.01 carat with an estimate of up to $320,000.

The Zimmi mine is in the heart of the rainforest region of Sierra Leone where the Mano river marks the border with Liberia.

Yellow diamonds occur when a single nitrogen atom replaces a carbon atom, absorbing the violet and blue light.

Source: DCLA

Arkansas man unearths 4.49-carat gem at Crater of Diamonds

 

Steven McCool of Fayetteville, Ark., found a 4.49 carat sparkling, canary yellow diamond during his recent trip to Crater of Diamonds State Park. The discovery was the third largest diamond found at the park so far this year. Photo courtesy of Arkansas State Parks

An Arkansas man visited the state’s Crater of Diamonds State Park and discovered a 4.49 carat sparkling, canary yellow diamond the third largest diamond found in the park this year.

Steven McCool, of Fayetteville, said he had decided to spend the day at the park since recent rains had made for optimal diamond hunting conditions, and he was on his 11th sifting bucket of the day when he spotted something just 30 minutes before the park closed.

“As my eyes were panning to it, I was thinking it could be an amber piece of glass like an old Coke bottle,” McCool said. “Once I focused on it though, I knew it was a diamond. I was like ‘No way! No way!'”

McCool took his discovery to the diamond identification table, where his suspicions were proved correct.

“Mr. McCool’s find is a 4.49 carat sparkling, canary yellow diamond that is about the size of a jellybean and seems to have great clarity. It is a stunning diamond,” Crater of Diamonds State Park Assistant Superintendent Meghan Moore said.

Officials said it was the third largest discovery so far this year.

McCool dubbed his discovery the BamMam Diamond, in honor of his children’s initials.

“What’s more precious than a precious gem? My children. So, I named it after my children and the name will stay with the diamond forever,” he said.

“I called my son afterward and asked him if he remembered what Thanos’ Mind Stone looked like, and told him I found one!”

Source: DCLA