THE INTERNATIONAL INSTITUTE OF DIAMOND GRADING
The International Institute of Diamond Grading & Research is part of the
De Beers group of companies.
Based in Antwerp and run by the world's top diamond experts, the International Institute of Diamond Grading & Research benefits from proprietary equipment of the De Beers group of companies that enables the most precise grading and assessment for both rough and polished diamonds
Lab Created diamonds Are like real thing says producer
Consumers can now save thousands of dollars on diamonds, with a technological breakthrough that allows Synthetic diamonds to be created in a lab.
Bissell said the lab diamonds are not different in any material way and have all the optical, chemical and physical properties of mined diamonds, and they’re 100 percent carbon because they’re genuine diamonds.
The lab created diamonds are grown in pressurized containers on a small piece of carbon known as a seed,. The ultimate result is a high quality Synthetic diamond with the same properties as a natural diamond.
John King of the Gemmological Institute said lab grown diamonds are essentially the same as natural ones, and it’s just a matter of educating consumers.
To keep up with the new technology equipment to test stones and prove natural or synthetic is available at laboratories.
Created diamonds do come with certification from some laboratories with regard to colour and clarity.
In Australia DCLA does not certificate treated or synthetic diamonds and guarantees all diamonds ever submitted have been tested and are natural as stated on the certificate.
NOTE: If you have a certificate or report which does not say the diamond is natural, it has NOT been tested.
ALROSA third quarter loss of $223 Million USD
A reported a loss of RUB 10.3 billion for the third quarter ending September 30, is primarily foreign exchange losses. ALROSA posted a profit of RUB 8.3 billion $180 million for 2013.
Western sanctions imposed in response to the Ukraine crisis have devalued the Ruble by 27 percent since January.
ALROSA reported operating profit fell only 2 percent year on year to $258 million. Revenue rose 8 percent to $909 million with the average price of its gem-quality diamonds down 9 percent from the previous quarter to $182 per carat.
The company noted that the average price fell mainly due to a change in its product mix, while market prices rose 3 percent.
Open letter regarding over grading certification from the WFDB
Colleagues and friends,
The diamond industry is facing a serious challenge to its integrity which could lead to major consumer confidence problems, if diamonds are sold with overstated certification. I want to stress that this is an industry problem that must be resolved by the industry in order to retain consumer confidence in our product and sustain and develop the international diamond trade.
Recently, awareness was raised regarding problems existing within a specific laboratory group and the overstating of grading from certain laboratories in this group, which has led to the exclusion of said laboratories certificates by the Rapaport Group.
Your attention is drawn to the following issues:
(a) Ethical grading and certification are the most basic principles of the industry and these cannot be compromised.
(b) As part of the sales transaction the seller of diamonds provides a guarantee to the buyer of what is being sold and this forms a binding contract between the two parties. The seller cannot later hide behind an overstated grading report claiming ignorance as he/she will be held responsible regardless of any grading report supplied with the diamond(s) being sold. Diamantaires cannot hide behind certificates with the excuse that these goods sell cheaper. There is a common standard of colours and purities, and it is not about price but quality.
(c) In blatant cases the misrepresentation can amount to fraud with criminal consequences, depending on a countries consumer laws.
(d) Member Bourses must implement action in countries experiencing this kind of practice:
(i) If the offending party is a member, then the bourse concerned should take action under its own rules.
(ii) If the offending party is not a member, then the bourse concerned should report it to that countries consumer rights regulator in order to protect consumers rights..
On behalf of the Board and with regard to this issue, I commit the WFDB to ensure that we resolve matters as quickly as possible. We cannot reserve our position whilst this kind of practice prevails from a few laboratories that are damaging the entire diamond industry. Decisive and immediate action is required to eliminate this practice and the WFDB is in terms of its mandate compelled to take the lead. To this end a meeting will shortly be called of all the major laboratories to find common ground on the way forward.
I call on all responsible stakeholders across the world to stand together to eliminate this practice as it will harm our industry in a way that could dwarf any previous problems faced by the diamond industry.
I look forward to your full and ongoing support in this matter.
Blue diamond record price
A blue diamond has set a new record price of $US32.6 million at Sotheby’s auction in New York.
The magnificent blue diamond broke the world record for any diamond of its colour, and set the new record for the price per carat for diamond of any colour.
A Hong Kong collector purchased the 9.75 carat pear shaped diamond after 20 minutes of bidding at the Thursday evening auction.
Rapaport Calls for End to Over grading Diamonds
Martin Rapaport has released a comprehensive editorial entitled “Honest Grading” that discloses the systematic over grading of over one hundred thousand diamonds, valued at more than a billion dollars.
Rapaport calls upon the legitimate jewellery trade to reject those selling over graded diamonds that fool consumers into believing they are getting better diamonds than they are receiving.
Zimbabwe removal of tax on locally polished diamonds to be considered
Minister of Mines Walter Chidhakwa said that Zimbabwe is considering repealing 15 percent tax royalties on locally polished diamonds. This is likely be announced in the 2015 budget set for later this month.
The change is in order to attract investment in the diamond production sector.
Currently 90 percent of Zimbabwe's diamonds are sold as rough in Belgium and Dubai.
Zimbabwe rough diamonds sales are estimated at 1.34 million carats during the first quarter of this year, according to ministry of mines figures.
Synthetic or Lab grown Diamonds
The question is how many synthetic or Laboratory grown Diamonds are there in the market.
The Gem and Jewellery Export Promotion Council estimated current laboratory created or synthetic diamond production at 350,000 carats per year.
A report on laboratory grown diamonds by Frost and Sullivan, estimates that synthetics currently constitute up to 0.6 percent of the total value of the polished diamond market or up to $135 million by value. With a anticipated three percent growth in two years.
In 2013 there were numerous reports of undisclosed Synthetic stones discovered at laboratories with the technology to identify the Synthetic diamonds.
Since De Beers and the GIA introduced new testing machines and De Beers launched an Indian testing service, the trade is more protected.
In Australia DCLA has tested every diamond ever submitted to the DCLA laboratory.
GIA Suspends Diamond Duplicate Reports and Sealing Services
The Gemmological Institute of America (GIA) has suspended duplicate reports diamond and diamond sealing services at all locations.
The action is being taking this action after receiving a sealed diamond for verification that did not match the data label in the sealing packet.
GIA, along with a corporate investigation firm, is investigating the circumstances surrounding the submission to determine the source of the sealing packet.
Lost, stolen or damaged GIA reports will not be replaced but the online Report Check service will show a data document.
GIA customers with concerns may submit the sealed diamonds to GIA for examination. GIA will verify that the diamond matches the report information and return it in a sealing packet at no charge.
1.21 ct Argyle Cardinal
Rio Tinto mine in Western Australia sold a 1.21 ct red diamond for a record price, the miner won't disclose the price of the radiant cut rare red diamond, but said the total price for Argyle pink diamonds has tripled over the past decade.
Named the Argyle Cardinal, the diamond is one of 13 red diamonds larger than one carat, and one of 54 pink and red diamonds sold at the latest international tender.
Christie's Geneva Jewel Auction
Christie’s Geneva magnificent jewels Auction on 11 of November, features over 390 lots.
The jewellery auction is estimates sales to exceed $80 million.
The auction is highlighted by a pair of earrings by Bulgari set with a 6.95 carat fancy vivid blue diamond and a 6.79 carat fancy vivid pink diamond, with an estimate of $12 million and $15 million.
U.S. online jeweller Blue Nile experiments with brick and mortar
U.S. online jeweller Blue Nile experiments with brick and mortar
With diamond rings on display for shoppers to inspect the gems quality up close. It is the first time Blue Nile has turned to brick and mortar, showcasing products in two Nordstrom stores.
Blue Nile, which reports results next week lets shoppers buy at prices are up to 40 percent below diamonds sold in stores, the company cut its prices in 2012 while increasing its marketing budget, reaching $450 million in sales last year.
We think that over time, the brand builds with incremental sales, incremental customers, all by referral, Binder said.
Blue Nile sold far more engagement rings than biggest online competitor Amazon.
Rough 232-Ct Diamond sold for $15M
The exceptional 232.08 ct white diamond was recovered at the Cullinan mine in South Africa.
Cullinan mine owned and operated by Petra Diamonds earned its place in history in 1905 with the discovery of the largest rough gem diamond ever found weighing 3,106 carats.
Petra sold the 232.08 ct gem for $15,219,219 or $65,577 per carat.
DCLA offers the only qualified service for rough diamonds direct from our South African DCW.
Our diamond expertise in the DCW (Diamond Cutting Works) is third generation.
Surat diamond companies financial strength evaluate by banks
Diamond companies in India, Antwerp and Dubai receive $15 billion worth of finance per annum.
Leading private and public sector banks have started to visit the Surat diamond hub to evaluate the financial strength of diamond companies that were using large facilities.
After the closure of Antwerp Diamond Bank and the Standard Chartered Bank cutting exposure to the diamond industry alarm bells are ringing in the Indian banking sector.
Bank officials from Mumbai visited diamond companies in Katargam and Varachha, and conducted meetings with their owners on diamond prices and demand of diamonds from the US and China.
De Beers October Sight Estimated at $460M
De Beers sight for October is estimated at $460 million USD. De Beers reported the prices for several different categories of goods were down between 2 percent and 4 percent.
Sightholders also said that De Beers changed the assortment for some of its boxes for higher qualities which may offset the lower prices.
8.41Ct IF Fancy Vivid Purple Pink Sells For Record $17.8M
Sotheby’s auctioneers announced a world record auction price for a fancy vivid pink diamond. The sale of an 8.41 ct Internally Flawless Fancy Vivid Purple Pink Diamond sold for $17.77 million beating the estimate $13 million to $15.5 million.
The Magnificent Jewels and Jadeite Sale in Hong Kong on Tuesday raised $75 million.
DCLA has moved to a new office.
After 13 years the DCLA laboratory has moved to a new office, DCLA now resides at 901/9 floor Citiside House 155 Castlereagh Street. We now have an office with a view. All customers welcome to visit.
Lesotho Storm 23.82 Pink Diamond
KAO Mine in Lesotho has recovered a second exceptional pink diamond weighing 23.82 cts. The diamond has been named the ‘Lesotho Storm’.
The KAO Mine is the largest diamond-bearing diamond pipe in Lesotho and the fourth-largest in South Africa and Lesotho. The mine regularly produces a broad spectrum of sizes and qualities, including exceptional large white and fancy coloured stones.
3.37 Ct Purple Orchid Diamond
A fancy intense pinkish purple VS2 diamond will be on display to the public at the Hong Kong Fair, and the Purple Orchid has an asking price of $1.2 million per carat.
The exceptional diamond belonging to Israeli firm Leibish & Co originated from an unnamed South African mine, one of the few in the world where purple diamonds can be found.
There is nothing more unique on the market right now, and this incredible 3 carat purple diamond is more than a cut above the rest.
Diamonds not always a buyer’s best friend, dispute shows
Founded in Tel Aviv in 1974 and now with eight offices worldwide, EGL (European Gemological Laboratory) is the target in a lawsuit in US courts after claims of “over-grading” diamonds, certifying them as being worth more than they really are – a charge the service vehemently denies.
Whether the issue for EGL’s alleged over-certification of the diamonds is fraud – or the result of a decades-old difference of opinion on how to fix and rate the value of stones – will be for the courts to decide.
EGL suffered the latest blow this week when Martin Rapaport, chairman of the Rapaport Group, which publishes an authoritative diamond price list and table that is considered the standard for diamond pricing in the US, said that his service would no longer list stones evaluated and certified by EGL for the all-important “four C’s” that determine the value of a diamond – carat, color, clarity and cut. In a statement, Rapaport said that his service “is opposed to the misrepresentation of diamond quality. The over-grading of diamonds is an unfair practice that destroys consumer confidence and the legitimacy of the diamond industry.”
The brouhaha stems from a series of lawsuits against Genesis Diamonds, a retailer in Nashville, brought by several customers who claim they were sold overpriced diamonds. In one case, a customer paid $135,000 for two stones, one weighing 3.01 carats and the second 3.04 carats, rated as “excellent” and “very good” cuts by EGL. But another appraisal placed the stones a grade lower, at “very good” and “good.” That appraisal valued them at just $22,500. The case was covered on a local Nashville television station, which highlighted the issue of the EGL report. Since then, other suits have been filed against Genesis.
But EGL CEO Guy D. Benhamou said that the reports got it all wrong — the issue is not fraud, but subjective interpretations of what constitutes a “good” diamond. In a statement, Benhamou said that “it is well known that since gemology is not an exact science, the same diamond sent to several gem labs could produce different grading results. You can receive different grades for the same diamond from several different labs. That does not mean that any of the diamond labs made a mistake, it is simply in the nature of the business. Any diamond grader and lab will tell you that.”
232.08 carat D colour Diamond
232.08 carat D colour Type IIa diamond recovered by Petra diamonds at the Cullinan mine in South Africa. The diamond is of exceptional size and clarity, and is a incredible example of the large, high quality diamonds for which the Cullinan mine is renowned.
Gem Diamonds revenue at three year high
Gem Diamonds Ltd has had a 50 percent value increase this year. Rough diamond prices have risen about 14 percent year to date on Chinese demand.
Gem Diamonds average sales were at $2,747 per carat an increase 58 percent. Gem Diamonds Letseng mine in Lesotho has produced some of the world’s biggest diamonds, including the 603-carat Lesotho Promise.
A polished diamond from the Lesotho Promise is at Graff Diamonds in London. Gem Diamonds reported first two quarter profit of $19.7 million. And Gem reported an increase in sales of 54 percent to $148.9 million.
Gem Diamonds recovers 198 ct diamond
Gem Diamonds recovered 198-carat the type IIa diamond at its Letseng mine at the end of July. The diamond a top white with no fluorescence will fetch an exceptional price when sold this later this year.
Diamond Production Up By 12% De Beers
Debswana in Botswana and De Beers Consolidated Mines in South Africa year to date production has increased by 12%.
Total diamond sales were also up 15%, to $3.5 billion. This reflected the reasonably positive outlook for polished diamonds in the key markets of the US, China and India De Beers said in a statement.
De Beers group said that due to the seasonal nature of polished diamond consumption, it expects that H2 will see lower demand for rough diamonds.
Funding Zimbabwe diamond mines risky
Rand Merchant Bank (RMB) a leading South African bank said diamond mining ventures in Zimbabwe are difficult to fund because of the high political risk and uncertainty in the country.
Zimbabwe has of late rescinded the licence of a diamond company and threatened not to renew those of others.
These policies leave mining firms unable to complete the projects the money was borrowed for and hence are unable to pay their financiers back.
Petra Diamonds discovers 122.5 ct blue diamond
Petra Diamonds has found a 122.5 carat blue diamond at the Cullinan mine in South Africa.
This is the largest blue diamond found by Petra since the mine was sold to Petra by De Beers in 2008.
In February 2010 Petra sold the 507 carat white stone found at the same Cullinan mine for $35.3 million. This stone may break that record.
Cullinan mine is renowned for producing largest and most exceptional diamonds including the worlds largest at 3,106 cts.
DCLA 13 Years old.
DCLA Australia's leading diamond grading laboratory has turned 13.
The Sydney based DCLA laboratory is a one of a kind, as the only laboratory in Australia grading to international IDC standards and regulations.
Technologically advanced and accurate the DCLA has been long considered the industry standard, Respect by the discerning trade and consumers.
Thank you for your support and , We look forward to celebrating the milestone with you.
DCLA Synthetic diamond identification
DCLA Laboratory established in 2001 has always had the ability and equipment to identify synthetic diamonds.
The DCLA laboratory has identified many synthetic diamonds over the past several years.
DCLA is compliant and works strictly to the IDC rules.
As per the IDC rules the Synthetic diamonds Must be disclosed as “Synthetic diamond”.
Labs will have the choice whether or not to issue a grading report/certificate for synthetic diamonds. In case one is issued only a full grading report may be delivered.
If they do not issue grading reports, a short statement with weight, shape and nature of the stone must be available. The term “Synthetic Diamond Examination Report” or “Synthetic Diamond Assurance Report” is suggested for this limited document.
The terms laboratory-created/laboratory-grown/man-made/synthetic diamond may be used. The term “cultured” may not be used in any way to describe synthetic diamonds.
The DCLA will not certificate synthetic diamonds or diamonds with reversible treatments as this could lead to confusion in the Australian market.
Where's the best place to buy loose diamonds?
General consensus is to definitely buy online.
Simple reason is online sales don’t have the expense of retail location, security and personnel.
All of these add to the cost of the diamond, but not the value.
But before you do buy, ask these questions.
Do all online diamond sellers ship free of charge?
Can you view before buying, if you wish?
Is the diamond certified by an IDC or equally highly recognised Laboratory?
Is the diamonds quality guaranteed?
Only at the DCLA Diamond Exchange the answer is yes to all these questions.
The Diamonds are certified by the best laboratories in the world and are Fully Guaranteed.
The shipping is Free across Australia.
And most important, a trained diamond grader will personally show you all the diamonds attributes, as well as explain all the details so that you understand and make an educated decision before you buy.
This is all done as a free service complements of the DCLA laboratory which is the only qualified and state of the art IDC Laboratory in Australia.
To buy diamonds click here
162.06 ct type II Diamond
Gem Diamonds has sold a 162.06-carat type II stone sold for $11.1 million and a 161.74-carat type I diamond sold for $2.4 million, the two diamonds where recovered at the Letšeng mine.
Gem Diamonds has produced four of the top 20 largest white gem quality diamonds on record.
Pink star default
Inventory at Sotheby's rose significantly due to acquisition of the Pink Star, renamed the Pink Dream the 59.60 ct, internally flawless, fancy vivid pink diamond which was sold to diamond cutter Isaac Wolf in November for $83,187,381 USD. The reason Sotheby's aquired the rare stone is due to Wolf's default.
Sotheby's are quite comfortable with their valuation and comfortable in owning it at this price. Sotheby’s is currently pursuing a resolution with the buyer, while also considering other alternatives against the default.
29.6 carat blue diamond found in South Africa
Petra Diamonds has recovered a 29.6 ct blue diamond, possibly the rarest and most coveted in the world.
Cailey Barker at brokers Numis said the diamond could fetch between $15 million and $20 million at auction.
Chief Executive Johan Dippenaar said “this is probably the most significant stone we've ever, in terms of blue stones, recovered”. At the mine is located in South Africa.
De Beers has introduced forward contracts for rough
The world’s largest rough diamond miner De Beers has introduced forward contracts for rough diamond sales.
DTC site holders can order diamonds supply ahead, including the specific quantities and qualities of stones required for monthly productions. Indian jewellers believe the new system could artificial increase rough diamond prices.
The first contract was issued in London on Tuesday and it is anticipated the contracts to bid for supplies for the year will be introduced in 2014.
De Beers posted a 6.29 per cent rise in rough diamond production for the first two quarters of 2013. Overall rough diamond production rose to 14.295 million carats form 13.449 million carats in the period last year.
1.78-Ct created Diamond
The producer of gem quality, laboratory grown diamonds is offering one of the purest and largest Type IIa white diamond yet created.
The diamond is that weighs 1.78 carats, is G colour, and SI1 clarity. This follows the 1.29-carat, E colour, VVS2 clarity, which the firm said at the time was the world’s largest, whitest lab-grown diamond. Gemesis current inventory includes more than 1,200 VVS2 and VVS1 clarity grades, as well as a range of E and F colour diamonds.
Gemesis also recently introduced pink laboratory grown diamonds on its e-commerce site last month. The diamond is certified by the International Gemmological Institute.
Non-disclosure of synthetic diamonds
Our industry is facing a serious crisis with regards to the non-disclosure of synthetic diamonds by certain unscrupulous persons in our trade.
It is a crisis that if it is not halted could lead to loss of confidence in our product bringing with it serious consequences for our industry.
Given the above we all have a collective role and duty to play in protecting our industry.
To this end the World Federation of Diamond Bourses has instructed its Presidents of the Bourses around the world what to do, compiled a statement that is to be incorporated on every invoice/memo and adopted a zero tolerance stance.
We, the World Federation of Diamond Bourses, in conjunction with your laboratory need to collaborate in combating this scourge, each party cannot act alone if we wish to eradicate the problem.
I therefore ask you to please inform us when stones are submitted for the certification without disclosure.
The time has come for us to act and stand together to make sure that consumer confidence and our businesses will be protected at all costs.
DMIA calls for all-industry, international meeting on misrepresentation of synthetics as natural diamonds
New York, November 12, 2013
Much has been written in the past month concerning synthetic diamonds being represented as natural diamonds. We at the DMIA believe that it is imperative that the industry respond immediately and forcefully.
DMIA issued a formal call to action 18 months ago in May of 2012 (reprinted below in its entirety) and do so again now. In our view, one of the major problems in attacking this issue is the lack of cohesion from stakeholders all of whom are rightfully very concerned.
As an industry leader DMIA is indeed making progress as we are in constant contact with local as well as Federal law enforcement agencies, the United States Department of State, and our domestic industry leaders; among them GIA, JA, AGS, MJSA, JVC, to mention just a few.
We once again call on the international and domestic leaders from industry, law enforcement, and laboratories to physically gather together as soon as possible and for as long as is necessary to finalize the best approach.
To that end, we reiterate today that we are ready to host a conclave in New York City and will work immediately with our colleagues to make it a reality.
Ronnie VanderLinden, President
Diamond Manufacturers & Importers Association of America
Pink Diamond Sells for $83 Million
The 59.60 carat oval shape pink diamond has sold for $83 million, setting a record for any gemstone sold at auction.
Steinmetz Diamonds, Owned by Beny Steinmetz, Cut and polished the exceptional diamond, which was mined by De Beers in South Africa.
After two years marking and polishing the diamond was completed and shown to the public for the first time in Monaco in 2003.
The 59.60 diamond is fancy vivid pink, the best possible colour and purity grade for diamonds stands alone in the world.
The Diamond sold tonight in Geneva, by New York-based Sotheby’s.
Orange diamond hits record price
A spectacular Deep Orange fancy vivid pear shape diamond found in South Africa, weighing 14.82 carats. The largest known Orange diamond was auctioned for a record price of $35.54m in Geneva.
It is a world record price per carat for any coloured diamond, said Christie's auction house. The purchaser left the room to a round of applause. Christie's did not reveal his identity.
Pure orange diamonds, also known as "fire diamonds", are extremely uncommon and few have been auctioned, with the largest never more than 6 carats.
Synthetic Diamond warning.
The World Federation of Diamond Bourses (WFDB) has noted with concern the growing tendency of undisclosed synthetic diamonds to enter the market.
The Federation has put out an official warning that it will not stand for the passing off of synthetics as natural. The diamond and Jewellery industry needs to understand that they are personally responsible for what they sell, which is why it is of the utmost importance to know your supplier and the legitimacy of their product whether it is ensuring they are Kimberley Process compliant or disclosing synthetics.
The law is clear and the punishment for fraud will be pursued. The WFDB will work with all legal agencies across the globe to assist in the prosecution of those who participate in this type of fraud in the diamond industry.
DCLA is the only laboratory that guarantees all diamonds have been tested for treatments and natural origin. DCLA is the only laboratory working to the International Diamond Council (IDC) rules in Australia.
Over 2 Million for 1.56 ct fancy red diamond.
An Argyle 1.56 ct, fancy red diamond, has sold for over $2 million the highest price per carat for an Argyle produced diamond ever.
Another 2.51 ct fancy deep pink diamond has set a record for the highest price for a Pink diamond. The total tender has sold but the value for the 64 stones ranging in size from 0.20 carats to 3.02 cts was not disclosed by the Argyle mine in Australia.
$20 million for 14Ct Orange Diamond.
The largest fancy vivid orange diamond 14.82 carats will be the top lot in Christie’s Magnificent Jewels sale to be held in Geneva. It is expected to sell for as much as $20 million.
Orange colour is the result of nitrogen in the diamonds atomic structure, present during the diamond’s creation.
Diamond sells for record-setting $30 million.
The 118 carat D Flawless Diamond was recovered at one of the mines of South Africa in 2011. Its weight was 299 carats before it was polished.
The exceptionally rare diamond was auctioned off by Sotheby's on Monday for $30.6 million. While the new owner is unknown it is estimated that more than 80 percent of large rare diamonds have been purchased by Asian buyers.
Lucara Diamonds recovers 257 carat stone
The 257 carat diamond is from Karowe Mine in Botswana.
The AK6 kimberlite, has reported the recovery of 47 diamonds of sizes greater than 50 carats, including 14 that exceeded 100 carats. The Karowe mine continues to outperform with the consistent recovery of large, high value diamonds, the recovery of this magnificent 257 carat diamond, along with the recovery of a significant parcel of larger stones over the past 6 months, strengthens our understanding of the resource at Karowe, said president and CEO William Lamb.
Sotheby's to Sell Pink Star for $60M
The Pink Star a 59.60-carat, internally flawless, fancy vivid pink, type IIa diamond will be up for sale at Sotheby’s Geneva.
The Pink Star originally a 132.50-carat rough diamond that was recovered by De Beers in South Africa in 1999 was then cut and polished by Steinmetz Diamonds taking two years to finish.
The diamond was first shown by Steinmetz in Monaco in 2003.
With a presale estimate in excess of $60 million the exceptional diamond is expected to sell November 13.
The Pink Star weighs more twice the 24.78-carat Graff Pink diamond, which reached a world auction record at $46.2 million at Sotheby’s Geneva in 2010.
The DCLA announces new Laboratory Director Mr Matthew Zamel.
Mr Zamel the third generation diamantaire from the original Zamel family from Adelaide. After 6 years as a control grader at DCLA, Matthew assumes responsibility as DCLA head of Laboratory Director.
Mr Zamel brings years of experience in diamond grading and diamond industry knowledge. Mr Zamel’s history in the in the diamond industry extends back three generations as one of Australia’s best known and respected diamond and Jewellery families. Mr Zamel’s extensive knowledge and technical ability makes him an important asset to the company and trade.
For any further information on services and pricing, please call or email Mr Zamel at DCLA.
De Beers August Sight Estimated at $520M
$520 million De Beers August sight after sightholders refused a significant part of the goods on offer. De Beers have adjusted prices on some cheaper Indian and rejection boxes.
The Indian rupee fell to a low of 69.22/$1 during sight week. The currency has lost fell 8.1 percent in August, recording its worst month since 1992.
The sightholders said that the adjustment wasn’t enough to make a difference for the devaluation of the rupee against the US dollar, which has affected the Indian diamond manufacturers.
This has cause a liquidity problem in the manufacturing sector as banks have become more prudent in their lending to the industry. Activity on the secondary market is limited as people are not buying without 90 to 120 days credit.
October site will be the final sight that De Beers holds in London. The company will transfer its sightholder sales to Gaborone, Botswana by the November sight.
Premier Blue could make $19 Million USD
Sotheby’s Hong Kong Magnificent Jewels is offering the 7.59 ct fancy vivid blue round diamond as the top lot.
Known as the Premier Blue the internally flawless round brilliant diamond is the largest fancy vivid blue round diamond ever graded by the GIA and is expected to make around $19 million.
The incredibly rare diamond will go on tour throughout Asia as well as in Geneva, London, New York and Doha at before the auction in Hong Kong. Blue diamonds seldom come to market and have been coveted by royals and celebrities for centuries