Jacob & Co. Unveils $20 Million ‘Billionaire Timeless Treasure’ Yellow Diamond Watch

Jacob & Co. Yellow Diamond Watch

Jacob & Co. unveiled its $20 million Billionaire Timeless Treasure Yellow Diamond watch on Monday in Geneva, concurrent with the Watches & Wonders Geneva 2023 exhibition. The complex tourbillon timepiece is totally ensconced in 425 Asscher-Cut Fancy Yellow and Intense Yellow diamonds. The feat of simply collecting and cutting all of the highest color and quality of matching diamonds alone took three and a half years.

This is not the first Billionaire watch the brand has built. In fact, in 2015 it released its first Billionaire watch bedecked with 260 carats of white diamonds. Three years later, in 2018, Floyd Mayweather bought a Billionaire watch (only 21 have been made since 2015, with all of them selling except for one) for $18 million. The brand then unveiled, also in 2018, its $6 million yellow diamond Millionaire watch with 127 carats of intense yellow diamonds. But that wasn’t enough for this independently owned and operated jewelry and watch brand. Thee needed to take each of those renditions to new heights.

When it was determined that the brand would move forward with this timepiece, ten top-notch gemologists scoured the Earth for enough perfectly matched rare diamonds. In the end, the brand purchased 880 carats of rough yellow diamonds and had them cut over the course of several years into what would end up being individual Asscher-cut stones weighing 216.89 carats total. Just the studying of the rough diamonds and the cutting and polishing took thousands of hours.

The Asscher Cut, invented during the Art Deco era, is a square diamond with clipped or angled corners that offers a nice open view into the stone. The Asscher Cut diamonds on this watch boast 57 facets on the edges and the crown sits higher, so more rough stone is needed than for, say, a brilliant-cut stone. As such, there was more diamond-waste to creating the Asscher Cuts, according to the brand.

Read more: forbes

The 10.57-Carat ‘Eternal Pink’ Diamond Could Fetch $35 Million At Sotheby’s

“The Eternal Pink,” a 10.57-carat internally flawless fancy vivid purplish-pink diamond

“The Eternal Pink,” a 10.57-carat internally flawless fancy vivid purplish-pink diamond, will be offered at Sotheby’s New York on June 8. Its estimate is $35 million, which if achieved, would make it one of the most valuable gems ever sold at auction.

Its per-carat estimate of more than $3.3 million is the largest such estimate ever placed on a diamond or gemstone, according to Sotheby’s.

Quig Bruning, head of Sotheby’s Jewelry, Americas, says it’s the most vivid pink diamond to ever to come to market. “This color is the most beautiful and concentrated shade of pink in diamonds that I have ever seen.”

The cushion-shaped diamond will first be on view in Hong Kong April 1 – 7 to coincide with the 50th anniversary of Sotheby’s presence in Asia. The gem will then travel to Dubai, Singapore, Shanghai, Taiwan and Geneva before being offered as the top lot at Sotheby’s New York Magnificent Jewels auction on June 8.

The 23.78-carat rough which yielded The Eternal Pink was mined by De Beers at the Damtshaa mine in Botswana. Diamond manufacturer, Diacore, took six months to cut and polish the gem into its current color, described as “bubblegum” by the auction house.

“This stunning diamond is the best of the best when it comes to exceptional pink diamonds and it is difficult to overstate its rarity and beauty,” said Wenhao Yu, chairman of Jewellery and Watches at Sotheby’s Asia.

Sotheby’s has had some experience with important pink diamonds. The auction house sold the record-breaking CTF Pink Star, a 59.60-carat oval mixed-cut Fancy Vivid Pink Internally Flawless diamond, sold for $71.2 million—a world auction record for a diamond and any gemstone or jewel—in Hong Kong in April 2017. More recently, Sotheby’s sold the Williamson Pink Star, an 11.15-carat fancy vivid pink internally flawless diamond, for $57.7 million in a single-lot auction at Sotheby’s Hong Kong on October 8, 2022, setting the world record price per carat for any diamond or gemstone at more than $5.1 million.

Colored diamonds continue to demand high prices at auction with exceptional pink and blue diamonds leading the way. It is because of their rarity, according to Sotheby’s. Of all the diamonds submitted to the Gemological Institute of America, fewer than 3% are classified as colored diamonds. Within these colored diamonds, pink is one of the rarest to occur naturally in diamonds. A diamond that is more than 10 carats, with strong color, internally flawless clarity, and classified as a “vivid pink,” the highest grade for a pink diamond is extremely rare.

Source: forbes

Western Attempts to Hinder Russian Diamond Exports Contradict Industry Interests: Moscow

Russian Diamond

Western countries’ attempts to interfere with Russian diamond exports may lead to disruption of supply chains, which runs counter to the interests of the industry as a whole, Dmitry Birichevsky, the head of the Russian Foreign Ministry’s economic cooperation department, told Sputnik.

“It is clear that the restrictive measures that are being developed, whatever they may be, risk disrupting established supply chains and thus inimical to the interests of the diamond industry as a whole. In this regard, Westerners are trying to provide a plausible pretext for their irresponsible actions, including on various international platforms,” Birichevsky said.

Russia is one of the largest diamond industry players, accounting for 30% of world production, the official noted.

“At the same time, Russian manufacturers are exceptionally responsible market participants, whose activities not only meet, but often exceed international standards and are in many ways a model for others,” Birichevsky said.

He noted that opponents should be aware that any attempts to prevent Russian diamond exports are non-market oriented.

“For our part, we consistently counter attempts to deliberately distort the foundations and principles of the relevant multilateral formats that determine the functioning of the global diamond market. It is encouraging that a vast majority of industry representatives share our approaches,” Birichevsky added.

Earlier this month, top US and European Commission officials met with diamond industry leaders to discuss ways to cut-off billions in revenue to Russia.

In February, the Group of Seven (G7) countries agreed to further sanction the Russian diamond industry in an attempt to slash Russian revenues amid Moscow’s special military operation in Ukraine. The G7 said in a joint statement that they would engage key partners on further measures on Russian diamonds, including rough and polished ones.

On Saturday, Polish Prime Minister Mateusz Morawiecki said he expected the European Union’s 11th package of sanctions to target Russian state nuclear corporation Rosatom and Russian diamonds.

Source: DCLA

Adam O’Grady Becomes Lightbox’s First COO

 

Adam O’Grady

Lightbox has promoted Adam O’Grady to the newly created role of chief operating officer, effective March 27.

The executive will lead all aspects of supply chain and manufacturing activity for the De Beers-owned lab-grown diamond company, it said last week. These include diamond synthesis and jewelry manufacturing, cutting and polishing, and research and development.

O’Grady has been general manager of the Lightbox lab since 2019. In addition to his new responsibilities, he will continue to oversee operations and engineering at the company’s advanced manufacturing lab in Gresham, Oregon, where he is based.

“He is a transformational leader with deep knowledge of the lab-grown diamond category,” said Lightbox CEO Antoine Borde.

Prior to joining Lightbox, O’Grady spent his two-decade professional career at Element Six, De Beers’ industrial super-materials and synthetic-diamond business. He served in a series of general management and senior project roles in South Africa, China and the UK. In 2019, he oversaw the design and construction of Lightbox’s $94 million manufacturing lab in Gresham, which opened in October 2020.

Source: Diamonds.net

HB Antwerp Invests in Botswana’s Young Diamond Talent

HB Antwerp has announced a partnership with Botswana to foster a new generation of diamond talent.

It has signed a a five-year memorandum of understanding with the Botswana International University of Science and Technology (BIUST).

They will jointly organize traineeships for Botswanan youth, offer scholarships for promising local talent, drive innovative projects backed by digital supply chains, and create job opportunities in the diamond sector.

The move comes as Botswana threatens to walk away from its long-standing sales agreement with De Beers, which is due for renewal at the end of June.

There has been media speculation that the Okavango Diamond Company (ODC), wholly owned by the Botswana government, was planning to sell its specials (+10.8-carats) to Belgian manufacturer HB Antwerp and to Canada-based Lucara and instead of De Beers.

HB Antwerp says it promotes respect for local communities, fair labor and pay, and investment in skills training and job placement opportunities for local workers.

Rafael Papismedov, its managing partner and strategy director, said: “Young people in Africa have incredible potential, but often do not have access to meaningful opportunities.

“We believe in the power of diamonds to catalyze positive change and look forward to leveraging this partnership to deliver on that potential for the Botswanan people.”

Source: DCLA

How do I know where my diamond was mined ?

 

It can be challenging to determine the exact location where a diamond was mined, but there are several ways to get an idea of its origin:

1. Diamond certificate: A diamond certificate or grading report from a reputable laboratory such as GIA, AGS,HRD, IGI or DCLA will provide information about the diamond's characteristics, including its colour, clarity, and carat weight. Some certificates may also include information about the diamond's origin or a statement that the diamond is of natural origin.

2. Inscription: Some diamonds may have a laser inscription on the girdle (the thin outer edge) of the diamond that identifies the diamond's report and sometimes brand origin or other information about the diamond. The inscription is a laser inscription or a micro-inscription that can only be viewed under magnification.

3. Jewellers and diamond dealers: An experienced jeweller or diamond dealer may be able to provide information about the diamond's origin based on their knowledge and experience in the industry.

4. Diamond tracing programs: Some diamond companies offer programs that trace the origin of their diamonds from the mine to the consumer. For example, the De Beers Group has a program called Tracr that provides a digital certificate of a diamond's journey from mine to retailer. It's important to note that not all diamonds can be traced to their exact origin, but the above methods can provide some information about a diamond's potential source. Diamonds can be found in various places around the world, but the most famous diamond sources are:

1. Botswana: Botswana is the world's leading producer of diamonds by value and is responsible for about 25% of the world's diamond supply.

2. Russia: Russia is the world's largest diamond producer by volume, accounting for about 27% of global diamond production. The majority of diamonds mined in Russia come from the Yakutia region in northeastern Russia.

3. Canada: Canada is the world's third-largest diamond producer, and its diamond mines are known for producing high-quality gemstones. The majority of Canada's diamond mines are located in the Northwest Territories.

4. Australia: Australia is known for producing some of the world's most valuable pink and red diamonds. The Argyle Diamond Mine in Western Australia was the world's largest source of pink diamonds until its closure in 2020.

5. South Africa: South Africa is one of the earliest sources of diamonds, and the country's Kimberley region is famous for its diamond mines. The Cullinan Diamond, the largest rough diamond ever found, was discovered in South Africa in 1905.

Source: Certin 

Diamond Importers Might Have to Declare Russian Origin

Polished diamonds

G7 countries could oblige companies to affirm that their imported polished diamonds are not of Russian provenance, according to the US’s top sanctions official.

Leaders of the bloc will meet at a summit in mid-May and are looking to have a plan in place by then, according to a member alert the Jewelers Vigilance Committee (JVC) released Tuesday summarizing remarks by Ambassador James O’Brien, who heads the US’s Office of Sanctions Coordination.

“There could be a required declaration that finished diamonds imported to the US and other G7 markets were not originally mined in Russia or other kinds of restrictions that apply to polished diamonds,” O’Brien said, according to the note. “The aim is to ensure this is phased in at a time and flow that will accommodate the work of the industry.”

O’Brien made his comments at last week’s annual JVC luncheon, where he was the guest speaker. The summary contained a mix of direct and paraphrased quotes, wrote JVC president and general counsel Tiffany Stevens.

The G7 includes the US, as well as Canada, France, Germany, Italy, Japan and the UK. The European Union is known as its “eighth member.”

Alrosa, in which the Kremlin holds a stake, “is deeply rooted to the power structure within Russia, and our government wants to make sure its revenue is not available for them to raid,” O’Brien explained. The state is seeking sources of funds to keep the war in Ukraine going, he added.

Important issues to tackle include how long to wait for Russian diamonds that are currently in the market to exit the system, the sizes of stones to which sanctions would apply, and how enforcement will work, the ambassador pointed out. “Having thoughts on these questions that can contribute to a framework in time for the mid-May meeting is a goal of the US government,” he said.

He also said that the US wanted to make sure Burma — also known as Myanmar — didn’t help Russia. The Asian country has been subject to various US sanctions since a military takeover in 2021.

“Russia is going to its allies and asking them to give back military equipment,” the official said, according to the JVC summary. “Burma supports Russia, so the government also wants to make sure Burma is restricted in its sources of revenue, so it doesn’t help Russia as well. This includes ensuring the regime does not earn money from the sale of rubies and other gemstones.”

Source: Diamonds.net