Flawless blue diamond sells for $42m
The 10.10 carat oval shape, vivid blue diamond flawless diamond sold for $42 Million ( $32 Million USD ) , it took just minutes to hammer at Sotheby’s Hong Kong.
The Vivid Blue diamond named the De Beers Millennium Jewel 4 is one of the De Beers Millennium Jewel collection.
The exceptional diamond recovered at a mine in South Africa is the largest diamond of its kind to appear at auction.
The Diamond was purchased by an anonymous telephone bidder at a record price for a gemstone at auction in Asia.
14.6 carat blue diamond
Christie's is set to auction the exceptional 14.6 ct Vivid Blue diamond, it could sell for as much as $45 million a new record for a blue diamond.
Blue diamond is one of the rarest and valuable of colours, the colour comes from the carbon bonding with boron.
Only one in ten of all blue diamonds are larger than a carat and fewer have the highest colour rating of vivid. Vivid is the purest blue colour, dark rich, navy blue.
The diamond, called the Oppenheimer Blue, was owned by Philip Oppenheimer, the late chairman of the De Beers diamonds.
CVD Lab-Grown Diamonds with GIA Natural Diamond Certificates
Alibaba, the leading online internet platform for global wholesale trade, has sent special Trade Alerts by email to millions of potential diamond buyers, offering CVD Lab-Grown Diamonds with GIA Natural Diamond Certificates as one of its Top Products of the Week.
This offer is a blatant – and ostensibly fraudulent – attack on the Gemological Institute of America’s (GIA) product integrity. Made on behalf of a New Delhi-based supplier of synthetic diamonds and gem simulants, the offer is akin to selling a fake Rolex watch with a genuine Rolex certificate of authenticity and guarantee.
The offer was concrete and specific: the seller, the International Trading Corporation (ITC), claimed to have the ability to supply 10,000 carats of CVD diamonds a week. Priced at $100 per carat and above, each and every one of these CVD diamonds (i.e., pieces over 0.15 carats) carried a genuine GIA natural diamond report. If this was true, it might easily be the most serious marketing fraud in the diamond business ever. In response to our queries about this offer, GIA Senior Vice President Tom Moses said: “We will immediately investigate this fraudulent use of our certificates.” Alibaba’s Marketing Power The publicly traded Alibaba Group “reached a milestone of over 400 million annual active buyers,” said Alibaba’s CEO Daniel Zhang in his most recent quarterly review. “Our proven ability to deliver an unparalleled consumer experience and to help merchants attract, engage and retain buyers will drive future growth in our core business,” he added. It is that unparalleled global marketing power that enables innocuous, almost anonymous, unscrupulous entities to wreak havoc in the diamond world. Catastrophic Reputational Consequences for GIA Our first reaction upon receiving the Alibaba Trade Alert directly to our inbox was to think that the combination of synthetic stones with a GIA natural diamond report was a contradiction in terms. We believed that no bona fide diamond buyer could be that naive, and browsed the website of the seller (www.itc.org.in), seeking an explanation. Lo and behold, the ITC website gave the inexplicable explanation in bold letters: “Some of the CVD Diamonds when sent to Laboratories get passed as Natural diamonds, and hence they can be provided with GIA natural diamond certificates.” Is this plausible? Unlikely? Impossible? We have learned over the years that nothing is impossible. What makes the statement ridiculous, however, is the volumes this seller was offering. Could the GIA really “miss” up to 10,000 CVD carats a week and mistakenly issue natural diamond reports for them? Not in a million years. We thought it must just have been a mistake. But, what if out in the market, there are thousands or tens of thousands of synthetic diamonds inscribed with GIA certificate numbers corresponding to genuine GIA natural diamond reports? This scenario would not only be “the beginning of the end” of trust in both diamonds and diamond traders, but also catastrophic for the GIA and its reputation. Not a single diamond trader or consumer holding a numbered natural GIA certificate and a laser-inscribed diamond will ever suspect that his or her diamond may be synthetic. At least not until now. Purchase Inquiries and Price Quotes Assuming the ITC might be reluctant to the talk to the press, we asked a Dutch-based trader, Tyson Edgon, to approach someone calling himself Mr. Shobhit, who seemed to be the principal of the Delhi-based synthetic diamond trading company, to make an initial purchase for us and to ask some specific questions by e-mail. Complete and unequivocal answers were provided by the company. Tyson went ahead and first asked for price quotations for 20 round CVD synthetic diamonds (each of G color, VS clarity, and 0.95-0.99 carats) and for 30 round diamonds (G color, SI1 clarity, and 0.45-0.50 carats). The answer was quite surprising. The diamonds of just below one carat would come to $1,290 per carat, plus $298 per stone for the GIA natural diamond report and $50 per laser inscription. The almost half caraters would cost $780 per carat for G/VVS-VS. If we required SI1, the price would go down to $690 per carat. Comparing these prices to IDEX Real Prices, some goods were up to 70% below going market price, others were closer to the natural market prices. A separate inquiry was also made, which was directed at Rajesh Dubey, the name listed on the Alibaba offer as Head of International Sales at ITC. We asked for price quotations for “CVD diamonds sized 0.50-0.69 carats (some 75 stones) with GIA natural diamond certificate.” Dubey replied immediately: “We can supply the size you required at US$790 per carat. The cost of certificates will be $75 each. The order must be minimum 100 stones.” So, we had two separate, unequivocal, and quite similar price quotations. Tyson then followed this up with a request: “In the Alibaba publicity and in our [order] inquiry, it is specifically noted that these CVD goods come with a GIA Natural Diamond Certificate. Please confirm that this is indeed the case.” The answer: “YES, it is true. They will come with GIA certificate and laser inscription of GIA number written on the girdle of diamond. Plus they can also be verified at www.gia.edu, GIA official website.” That could not be clearer. Stocks of GIA Natural Diamond Reports? We wondered whether the supplier had these goods in stock or whether they needed to be produced. This gives added meaning to the remark on the ITC website that the GIA “mistakenly” certifies CVD diamonds as natural. If there are not enough specific goods in stock, how can the company know beforehand that the GIA will “mistake” these lab-grown diamonds for natural diamonds? On Tyson’s aforementioned specific order, Shobhit replied: “We have 1.00-1.10 carat sizes, F-G-H, VVS-VS in stock, around 14 pieces as samples. Rest we need to cut and polish. The raw material is always in stock with us. The lead time of order fulfillment is 7-10 days.” That is miraculous, as the GIA takes 7-10 days to certify the stones. One wonders how they polish, certify and ship them in this time, and as a result our skepticism grew to suspicion. Tyson asked for a picture of one of the natural certificates that would come with a CVD diamond. Shobhit sent him GIA certificate 7206591355, a round brilliant of 1.05 carats, issued on August 10, 2015. We found the report on the GIA website. A further inquiry with Moses in New York, revealed that this diamond was a Type I diamond – thus it could not have been a CVD stone. The statement, therefore, on the ITC website claiming that these natural certificates represented grading mishaps by the GIA and that the laboratory had failed to recognize CVD, was clearly false. According to the ITC’s own “About Us” section on its website, the company only deals in synthetic and simulated gems, stating this fact repeatedly. However, the website also states: “Currently we are holding a stock of more than 25,000 IGI and GIA certified diamonds.” Let’s think about this – no, let’s not. I really don’t want to think about the possibility that the company has 25,000 falsely-certified diamonds. Some of the CVD diamonds offered to us have already been certified. [See detailed list.] An Indian Company that is Really Chinese The Indian company, by its own admission, acts solely as the sales office of a Chinese mother company. But strangely, it is emphasized that none of its products originate from China. “We do not deal in any kind of Chinese or Korean Products. Our products are made in Czech Republic, Austria, Egypt and USA,” says the ITC. Apparently the company’s main offices are in Shenzhen, China. The Indian sales office was reportedly established in 2009 “to provide better services to their customers located in international market.” There are also sales offices in the Czech Republic and in China. The invoice issued by the Delhi office also notes the address of the Shenzhen head office on its letterhead. Strangely, however, its registration for Indian VAT purposes was only completed in November 2014. So too was the website. What does the company say about itself? “With the experience of 50 years in the field of synthetic Lab grown diamonds & cubic zirconia, [we] are one of the oldest houses to cater the requirements of [our] esteemed customers in all their stimulated [sic] diamond needs. Along with serving its old customers, the company has created its unique identity in the market for machine-cut high quality synthetic diamonds and cubic zirconia.” For a 50-year-old company it lacks any “visible” history either on records or on the Internet. Synthetic Diamond Sources Unknown Where do the CVD raw materials come from? We really don’t know – at least not yet. Maybe the FBI will be able to find that out. The website asserts that “synthetic lab-grown diamonds [are] made [by] CobLabs Hong Kong Limited and [our] HPHT/CVD synthetic diamonds can pass all [natural] diamond testers. The company has got tie-ups with top brands so as to deliver the right quality and its consistency to their customers.” This one simple line impugns the credibility of all synthetic diamond detection devices. We searched the Internet, company registration records in Hong Kong, and in every data bank we could find. There was no CobLabs in Hong Kong. Then we checked Internet domains. Lo and behold, we found a COBLABS.COM domain registration. The registered owners and domain operators are – make one guess – International Trading Corporation in New Delhi. That website is not active. The domain registration has expired – it can be picked up for $8. Who is ITC? We subsequently checked “International Trading Corporation.” Apparently, it does not exist as a limited company. We only found an address. Their invoices have a VAT number (called TIN number in India). The number was indeed issued in the name of International Trading Corporation, but the address was entirely different. It seems to be a residential apartment address – not a corporate location and not the address on the invoice’s letterhead. Maybe, just maybe, the whole organization is just a few con-men, determined to make a fast buck – and disappear when exposed. Or perhaps they are “freelancers,” employees of a larger company massively engaged in this fraud. What is real, however, is the bank. The YES Bank Ltd., India’s fifth largest private sector bank and founded about a dozen years ago is a “Full Service Commercial Bank.” At the very least, the account seems real. We refrained from contacting the bank and have yet to pay for our outstanding diamond invoice. My own bank, when learning why DIB suddenly wanted to make a diamond purchase, warned me. I was told that if the product I purchase is “fake,” and if the sellers can be suspected of being engaged in illegal activities, there may be a reasonable chance that the Indian anti-money-laundering authorities may actually confiscate the account – and my money. I may end up paying money for nothing. Suspicions about the Fraudulent Scheme Moses confirmed that he has been aware for some time of an active trade in genuine GIA certificates – and only in the certificates, separate from the diamonds. Many traders and jewelers have a GIA certificate that is used as a basis for in-store certification or for jewelry sales where the consumers are not really interested in certificates. “When you sell a tennis bracelet, the consumer is not getting a bundle of a few dozen GIA certificates,” confirmed one jeweler. There are millions of genuine GIA certificates in circulation, and it may not be ruled out that these are being purchased by unscrupulous parties. If that would be the case, a CVD manufacturer or trader could simply cut and polish a synthetic stone in conformity with the certificate specifications – easily making a stone of the same weight and proportions. “We know that this has happened,” admitted Moses. Another option is going onto the GIA website, randomly selecting some certificates, and then simply manufacturing a CVD diamond accordingly. The number on the girdle will allow the owner or buyer of a stone to verify the quality and characteristics of his or her diamond, even without having a certificate. And, of course, there is also a possibility that false certificates are being printed. This brings us back to the Rolex comparison: fake watches with fake documentation. Options Open to the GIA The disclosures made in this Intelligence Briefing may be one concrete, though isolated example of fraud or it might turn out to be the tip of the iceberg. For all practical purposes, this disclosure might mean that there may be hundreds or even thousands of GIA-certified undisclosed synthetic diamonds in circulation that may have the same number of the real stone on their girdles. Some of these duplicate numbered stones may be synthetic, some others may be of another simulant. They may also just be an inferior quality natural diamond recut to the precise measurements of a GIA certificate. As we said, we know this has also happened. Establishing a Chain of Custody for Certificates? It comes down to controlling the value chain or as some call it, the chain of custody. This also applies to GIA certification. One of the ideas floating around to counter such possible fraud would be to require the registration of every new owner of an issued GIA certificate. This would mean that just as with many other branded products, the owner would register their details. The diamond industry would most likely vehemently oppose such a move. Maybe a pilot project for large goods could be considered. However, in the end, it becomes a commercial cost-benefit analysis for the GIA. The GIA will need to do its utmost to defend its brand – which will also be in the best interest of the entire diamond industry. Though the industry is often reluctant to involve police, this is an instance where the FBI and India’s Central Intelligence Directorate (CID) should be called in. The FBI, the Indian police, and lawyers, through legal actions against those who cause damage to a product, may solve specific isolated instances of fraud. But this does not solve the issue itself. Let’s wait and see what both the industry and the GIA will do.
Lucapa Recovers Largest diamond in Angolan History
Lucapa Diamond Company has recovered the largest recorded diamond ever found in Angola.
The 404.2 carat rough diamond has been confirmed as type IIa D colour, according to Lucapa’s statement.
Lucapa is a listed Australian Securities Exchange company recovered the exceptional rough diamond at Mining Block 8 of the company’s Lulo Diamond Project in Angola.
Mining Block 8 has already produced more than 60 large diamonds since mining August 2015. Previous largest diamond from Lulo was 133.4 carats and the previous Angolan record was set by the 217.4 carat Angolan Star recovered from the Luarica mine in 2007.
Lucapa holds a 40 percent interest in the alluvial diamond mine it operates in Lulo, Endiama has a 32 percent interest and private local partner Rosas & Pétalas holds the remaining 28 percent.
1 111 carat diamond Named Lesedi La Rona 'Our Light'
Lucara Diamond Corporation in Botswana has officially named the largest diamond to be discovered in 100 years.
The name is "Lesedi La Rona", which means "our light" in Setswana.
The diamond is second in size only to the Cullinan diamond discovered in South Africa.
The diamond will likely be sold by the middle of this year. Lucara will not polish the diamond before selling it.
Graff Diamonds opens Australian store
Graff Diamonds first Australian boutique has opened in Crown Melbourne.
The latest store will house Graff’s exceptional diamonds, gemstones and timepieces.
CEO Francois Graff said over the pasted fifteen years Graff has opened in Europe, the Middle East, Asia and North America.
Graff stores are in fifty five locations in the most luxurious shopping destinations around the world.
Six More Arrested in GIA Hacking Case
Six more people have been arrested in relation to the hacking of Gemological Institute of America (GIA) diamond-grading reports by outside parties as the investigation into the case continues.
A total of eight arrests have now been made as a result of cooperation between the GIA, the Indian authorities and Tata Consultancy Services (TCS), the contractor that supports GIA databases, according to a GIA statement January 26.
In another development, the GIA has extended its submission date for the confirmation service for members of the trade concerned about the validity of their grading reports by two months to March 31, 2016.
Members of the trade with a GIA report originally issued between November 2014 and October 2015 who are concerned about its validity may submit the original report and the referenced diamond to any GIA location at no charge by the new deadline.
To date only 297 of 1,042 invalidated reports have been returned to the GIA. As of November 26, only 175 of the reports had been returned and two arrests had been made.
“It is imperative that all of the diamonds and their reports be returned to GIA to remove the fraudulently altered reports from the market,” the statement said.
De Beers first sight for 2016 is $540 million USD
De Beers the sold $540m worth of diamonds in its first of sale of the year more than double the value of the sales achieved in the final sight of 2015.
Prices for rough diamonds softened last year because of an oversupply of diamonds in the production centres forcing companies such as De Beers and Alrosa, to cut their supply of rough to the market in an effort to restore prices.
Rough diamond demand broadened across the entire range as cutting and polishing factories began to increase their production.
De Beers has said it will change the way it operates its sights to become more flexible and responsive to its clients.
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Petra Sells Rare 23.16 Carat Pink Diamond
The 23.16 carat exceptional pink diamond recovered at the Williamson mine in Tanzania has been sold to M.A. Anavi Diamond Group for 433,938 per carat or$10,050,000 for the stone.
Petra will retain a 20 percent interest in resultant polished sales. This sale result affirms that the market for high quality coloured diamonds remains robust, said Petra CEO Johan Dippenaar. “
Pinks of this size and quality are incredibly rare, but the Williamson mine is known to produce them from time to time.
De Beers' Kimberley Mines sold to Petra Diamonds, Ekapa Mining for $7.2m
Petra Diamonds recovers 23.16 ct Pink Diamond
‘Harsh’ prison sentences given in bribery case.
Antwerp The Correctional Court in Antwerp handed down “extremely harsh” sentences and levied “substantial fines” against four diamond traders accused of bribing a grader at HRD Antwerp to give their diamonds higher color grades than they deserved.
The Antwerp World Diamond Centre (AWDC) announced the sentences via a press release circulated Monday titled “No mercy for those involved in certification fraud.” On Tuesday, an AWDC spokesman said that the traders received up to 30 months in jail, 15 of which is effective immediately.
Although the AWDC is not releasing their names, the spokesman did reveal that three of the traders are from India--from Surat, Bhiwandi and Mumbai--and were managers of Belgian diamond companies. The fourth is from Sierra Leone.
The grader, whose name also is being withheld, received a “heavy” sentence as well, 18 months in jail, 9 of which is effective immediately, and a substantial fine in the case.
The AWDC did not have specific information on the amount of the fines. Judicial authorities in Antwerp could not immediately be reached for further comment on the case.
The HRD Antwerp grading bribery case dates back to March 2012, when news first surfaced that the lab fired a total of four graders for what it called at that time an “unprofessional act.” That June, a total of four people--reported to be two diamond traders, an HRD employee and a “facilitator”--were arrested in connection with the case.
The AWDC said there is another firm allegedly involved in the case and that the public prosecutor in Antwerp is submitting an appeal to enable this firm to receive an “even heavier” sentence.
Lucara diamond miner recovered a 1,111 carat rough diamond
Lucara Diamond Corp has recovered a 1.111 ct diamond at the Karowe mine in Botswana.
The second largest gem quality stone ever mined is the most important discovery is recent history.
The diamond second only to the legendary Cullinan diamond, which was recovered in South Africa in 1905 and weighed 3,106.75 carats.
The 1.111ct rough diamond is a white Type IIa diamond considered the purest form of diamond.
HRD Antwerp corporate statement regarding the deliberate provision of incorrect diamond certificates by employees in 2012.
Blue Moon Diamond
The Blue Moon Diamond has been sold for a record US$48.26m at Sotheby’s in Geneva.
The sale price is a record per carat and for total value for any gemstone.
Blue Moon Diamond has no inclusions and has been officially declared flawless.
The 29.62-carat diamond was found at the Cullinan Mine in South Africa in January last year, blue diamonds make up only 0.1% of diamonds unearthed at the mine.
It was then cut and polished in New York, a process which took six months and eventually produced the 12.03 carat vivid blue gem.
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GIA Laboratory Alert
The GIA has invalidated another 1042 diamond reports.
Sarine rough diamond mapping
Sarine Launchs a Super-Fast small rough mapping technology system for rough diamonds.
The Galaxy technology is now implemented in Meteor, a system specifically targeted at the smaller rough diamond segment, enabling a fast, efficient inclusion mapping solution for manufacturers of smaller goods. The Meteor will increase the speed of scanning up to 220 stones per day.
Sarine technologies Israel’s foremost diamond equipment producer, focuses on the evaluation, planning, processing, finishing, grading and trade of diamonds and gemstones, said the new system will provide faster, cost-effective inclusion mapping for small rough diamonds.
16.08 ct Pink diamond
This vivid pink diamond could break records at auction. The 16.08 ct is featured at the Christie's auction and it's estimated to bring as much as $28 million.
Fancy vivid pink colour is the purest and strongest saturation; this could mean a record price per carat for the 16.08 carat vivid pink diamond when it's offered in Geneva on Nov. 10.
Christie's auction house said it is the largest cushion cut vivid pink diamond of its kind to come to auction.
A 8.72 carat pink diamond of the same grade and shape sold for $15.9 million at auction in May.
The Blue Moon diamond
Sotheby's Magnificent Jewels auction in Geneva this November will showcase 'The Blue Moon', diamond.
The exceptional 12.03 carat internally flawless fancy vivid blue diamond, the highest possible grade for one of the largest fancy vivid blue diamond’s known to exist.
Sotheby’s estimate the Blue Moon diamonds value between $35 and $55 Million USD
The Blue Moon was discovered in South Africa
$19.3m for the 357 carat rough diamond
Gem Diamonds LTD has sold the 357 carat exceptional white diamond recovered from the Letšeng mine for $19.3 million USD.
Gem Diamonds owns 70% of the Letšeng mine in Lesotho and 100% of the Ghaghoo mine in Botswana which is producing the exceptional rough diamonds.
The 314 carat diamond recovered in May 2015 sold in June 2015, and the 357 carat diamond which sold on the Antwerp tender last week for $19.3 million.
Both rough diamonds achieved top prices in the current market showing price resilience of large top quality diamonds.
Producing four of the twenty largest white gem quality diamonds ever recorded, Letšeng mine is renowned as highest dollar per ct kimberlite diamond mine in the world.
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Hot lasers will chip or fracture diamonds. High quality polished girdles are especially at risk for fracturing or chipping with "Hot" lasers.
The picture is a classic case of the damage done by hot laser. This will lower the value of your diamond by changing the clarity grade or polish grade of the diamond.
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De Beers cuts rough diamond prices and sight
De Beers which produces thirty percent of world rough diamonds has cut prices by 10 percent for the sight.
This comes after two reductions in its annual production output by 15 percent failed to slow slump in prices of rough.
Rough diamond prices have dropped 14 percent in some categories and are in their fifth consecutive quarterly loss, which is the longest in a decade.
De Beers cut the size of the sight to $250 million and reduced the prices by 9 percent, according to sight holders.
De Beers has also contributed tens of millions to a jewellery advertising campaign. Its advertising campaign will promote diamond jewellery in the U.S. and to Chinese consumers.
De Beers could cut diamond prices by nine percent
The world's largest diamond producer of rough diamonds by value, De Beers has reduced prices for its rough diamond sight.
This is due to continued weakness in the polished diamond market this year and resulting softening of diamond prices.
De Beers took steps to cut rough diamond prices, after cutting rough production did not support demand.
Russian diamond miner Alrosa has also lowered diamond prices by six percent since January.
Lucara recovers more exceptional diamonds
Lucara’s Karowe Diamond Mine in Botswana has recovered of a number of exceptional diamonds.
The mine is continuing to produce in line with expectations with the recovery of a spectacular 336 carat Type IIa diamond along with a 184 a 94 carat a 86 carat and a 12 carat pale pink diamond just for this week.
The Karowe Diamond Mine in Lucara has recovered 216 diamonds which have sold for more than $250,000 each. And twelve of these diamonds have sold for more than $5.0 million each.
GIA Bans Cristy Gems for Fraudulent Report Inscriptions
Cristy Gems can no longer submit diamonds to the GIA for grading.
The laboratory suspects that the company along with four partner companies repeatedly submitted diamonds which were inscribed with pre-existing fake GIA report numbers.
The GIA said it was intentional conduct, because of the numerous times it has happened.
ISO International Standard, welcomed by CIBJO
All laboratories must have DIAMOND on the report or certificate.
DIAMOND is used exclusively for diamonds of natural origin. In layman’s terms, if your diamond certificate or report does not state clearly DIAMOND IE: NATURAL DIAMOND on the certificate then is not compliant or working to Cibjo or IDC rules adopted by the ISO. This means the laboratory has not tested or proven the stone to be of natural origin.
MILAN, ITALY: JULY 27, 2015 - CIBJO has welcomed the publication of ISO International Standard 18323, entitled "Jewellery - Consumer confidence in the diamond industry," which specifies a set of permitted descriptors for the diamond industry that are designed to be understood by consumers. The new ruling by the International Standards Organisation explicitly defines a diamond as having been "created by nature" and further notes that "the denomination 'diamond' without further specification always implies 'natural diamond.'"
The new ISO International Standard mirrors the definitions outlined in CIBJO's Diamond Blue Book, which are aligned with those of the International Diamond Council (IDC). The Diamond Blue Book, the IDC Rules, and also the PAS 1048 documents, relating to terminology and classification of grading polished diamonds that were developed by CIBJO with the support of the German Standards Institute (DIN), were cited as the primary sources in the ISO International Standard's bibliography.
See: how to read a DCLA certificate. DCLA diamond grading reports are only issued for natural untreated and unenhanced diamonds. Therefore every diamond report issued by the DCLA has the term NATURAL DIAMOND clearly noted at the top of the certificate.
De Beers sightholders refuse boxes Update
De Beers’s the world’s largest rough producer felt the pain, when only $300 million of the $450 million estimated sight was taken up by their sightholders. This leaves 30 percent of the rough on offer on the table.
Anglo has previously counted on diamond revenues to offset a collapse in the price of other metals and minerals it mines. Anglo may cut the company’s dividend for the first time since 2009 according to analysts.
This is an indication of turmoil in the $80 billion diamond industry as traders, cutters and polishers suffer from a poor liquidity and weaker demand for jewellery.
Producers in India, where 90 percent of rough diamonds are cut and polished, may halt imports over the supply glut.
Update: Report sightholders may have refused 35%-50% at July sight which may be as low as $200M.
India’s diamond sector is hurting from Defaults and lay-offs
The diamond sector in Surat is experiencing rising losses and payment defaults.
This is causing uncertainty for workers in India's diamond capital.
It is estimate 70 to 80 percent of workers are affected by retrenchment, pay cuts and reduced working hours.
To address this crisis the diamond producers are considering holding the import of rough diamonds for a month or two, Diamond producers and dealers would hold a vote on the matter in Surat.
Global demand for both rough and polished diamonds has taken a severe down turn, with prices of rough diamonds falling up to nine percent in a year.
132 Ct Unveiled by Graff
Pictures of the Spectacular Fancy Yellow Diamond Polished by Graff Diamonds have been released.
Laurence Graff, the founder of the international luxury diamond and jewellery firm that bears his name, purchased the 299 ct rough diamond from the Letšeng mine in the Southern African kingdom of Lesotho.
Graff’s latest masterpiece named “The Golden Empress,” was polished into the 132.55 Cts stone an extremely rare diamond is a Fancy Intense yellow cushion cut,
The diamond is among the largest and rarest in the world. Only one in 10,000 diamonds discovered are classified as fancy coloured such as this yellow diamond.
Arbitrators to Weigh Cases Involving GIA Grading Reports
Shmuel Schnitzer IDE's president, said The Israel Diamond Exchange will appoint arbitrators deal with transactions of treated diamonds certified determined by the Gemmological Institute of America (GIA).
He explained that the bourse decided it would enable arbitration hearings to restore business confidence and given the lack of any significant updates in the GIA's investigation.
The GIA issued a laboratory alert on May 12 recalling diamond grading reports for diamonds suspected of having undergone a ‘temporary’ colour treatment.
The GIA voided reports which GIA said had undergone undisclosed temporary colour treatment, and offered free of charge to regrade the stones in question.
The IDE banned members from trading the stones using the old GIA reports.
32.26 ct laboratory created diamond polished
The (IGI) International Gemmological Institute in Hong Kong has certified synthetic laboratory grown diamond weighing 10.02.
The synthetic diamond is produced by Russian company, New Diamond Technology based in St. Petersburg.
IGI laboratory said the 10 carat synthetic diamond has a unique technology behind synthesizing processes, significantly more advanced than other laboratory created diamonds.
The size and exceptional colour are comparable with the best of the natural diamonds.
New Diamond Technology hopes to unveil the stone at the JCK Vegas show.
Kimberley diamond mines up for sale by De Beers
De Beers Diamond mining Groups Kimberley Mines are no longer in the company's strategic plan.
De Beers has been mining at Kimberley South Africa for more than a century, said it hoped to conclude the sale in a matter of months. De Beers produced 722 000 carats of diamonds at Kimberley in 2014.
In 2011 De Beers moved the whole of the company's sales operation which was London based to Gaborone in Botwana,
Anglo American planned to cut diamond production this year due to lower demand and prices, since late 2014 due to in most part to liquidity problems.
Hundreds of diamonds recalled by the GIA
Diamonds certified by the GIA had an undisclosed treatment which fades over time, but improves their colour by as much as three grades.
GIA is asking anyone in trade stocking these potentially treated stones to turn them back into the GIA for re-examination.
The majority of the GIA certified diamonds are one carat or larger, with a number of three to five carat diamonds. A colour grade of three higher in these sizes amounts to a very big difference in price.
GIA has terminated the client agreements with companies suspected of knowing the diamonds were treated and did not disclose it.
GIA discovered the treatment when a client who purchased one of the diamonds resubmitted it to GIA for re-check.
It was then that the GIA connected this stone with hundreds of treated diamonds submitted by the companies.
The GIA has notified industry bodies about the still unidentified temporary treatment.
Upgraded Cutting Technology for Zimbabwe Diamond Centre
The updated equipment will have production capacity of up to 700 stones per day.
The new diamond center incorporates miners, diamond dealers, cutters and polishers, jewellers, financial institutions and government regulatory authorities. This centralises the diamond industry and can address accountability, security and transparency in the Zimbabwean diamond industry.
Zimbabwe has realised, the country is not getting value for its rough diamonds, and production of the rough will add value to the diamonds and country.
When the rough diamonds are sold to factories in Zimbabwe, mining companies will benefit from added liquidity, as well as the fully processed diamonds will remain in the country for sale.
Zimbabwe is showing itself to be more forward thinking and proactive.
341.90 carat gem recovered by Lucara
Lucara’s Karowe diamond mine in Botswana has produced a 341.90 ct type IIa rough diamond gem while processing kimberlite from the central and south lobe interface.
The diamond will be sold along with two other stone weighing over 100 cts each.
DCLA PRICE LIST 2015
DCLA Diamond Certificate
Prices GST exclusive
Up to 0.39ct $65.00
0.40 - 0.69ct $85.00
0.70 - 0.99ct $100.00
1.00 - 1.49ct $115.00
1.50 - 1.99ct $125.00
2.00 - 2.99ct $150.00
3.00 - 3.99ct $175.00
4.00 - 4.99ct $200.00
5.00 - 9.99ct $250.00
Over 10.00ct $500.00
LASERLOGO SYMBOL $30.00
LASER INSCRIPTION DCLA CERTIFICATE $55.00
LASER INSCRIPTION (OTHER CERTIFICATE) $150.00
VERIFICATION OF DCLA CERTIFICATE $35.00
RECHECK COLOUR / CLARITY $25.00
REPRINT CERTIFICATE $35.00
CHECK FOR HEARTS AND ARROWS $10.00
PRELIMINARY GRADING $75.00
PRIORITY SERVICE (SAME DAY*) $50.00
COLOUR AUTHENTICATION $100.00
ADDITIONAL TESTING $150.00
DCLA INSURANCE VALUATION (including laser inscription) $75.00
DIAMOND RECUT / REPAIR BASED ON QUOTE PRIOR
REPAIR HOT LASER DAMAGE $55.00
ROUGH DIAMOND POLISHING BASED ON QUOTE PRIOR
• Discounts are volume based and subject to review
• Prices are subject to change without notification
* Depending on volume
SA diamond trader gambled the money away
An unnamed diamond trader is suspected of stealing diamonds valued at around US$1 million from several dealers in the Johannesburg diamond center in South Africa, according to a report in The Star.
The diamonds were apparently handed over to the diamond trader with the expectation that payment for them would be made within a few days, as is the custom in the diamond trade. The news source says an industry insider told them that the man was known to have a gambling problem and it was discovered that he had pawned the diamonds and gambled the money away over a period of two weeks.
The diamond trader is said to be in hiding, and his life is believed to be in danger.
South African Diamond Dealers Club Treasurer Michael Ellis is quoted by the news source saying that he is aware of the incident, and that the man is not a member of the Diamond Dealers Club, although he is known within gem circles. "You get a few incidents like this ever so often, but it happens with fringe members, not mainstream dealers," said Ellis, as quoted by The Star, adding that when any theft takes place, a ban on the dealer is placed worldwide, meaning that they will never be able to work in the industry anywhere in the world.
Debswana to cut output
Debswana's Managing Director Balisi Bonyongo said, the Diamond Company will cut diamond production at its mines as the company tries to match demand in the short to medium term.
The company would prefer to keep the diamonds in the ground until the market to recovers.
Bonyongo said that the company expected the market to return to normal after it slowed in the last year. In part due the liquidity constraints in India.
Hatton Garden Safe Deposit robbed
According to the police, robbers used heavy cutting equipment to break into the vault at Hatton Garden. The vault founded in 1954 is in use by almost 300 diamond and gold dealers and more than 50 stores.
The robbers broke into an office upstairs and then abseiled down a disused lift shaft. They then cut through steel exterior walls and finally broke into the vault on Friday. The gang then opened 300 boxes belonging to Diamond dealers and jewellers.
The gang took advantage of the holiday period to open the boxes. This robbery dwarfs any of Britain's previous biggest heists, with an estimated lost exceeding 300 million USD.
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Tiffany & Co launches CT60 watch line
Swiss made CT60 collection is a tribute to founder Charles Lewis Tiffany.
The traditional Tiffany design fused with modern high tech watchmaking includes men’s and women collection in stainless steel or gold.
A 60 piece limited edition in 18 karat rose gold, with a calendar and a 42 hour power reserve will be individually numbered.
The collection is available at Tiffany & Co. locations worldwide and retail price starts at $4,250.
De Beers diamond grading and inscription facility opened in Surat
The major investment in Surat facility reflects a world class diamond cutting and polishing centre characterised by skill, innovation and the effective use of technology.
De Beers the world's leading diamond company is considering a diamond auction centre in India.
This laboratory is the second of its kind in the world owned International Institute of Diamond Grading and Research.
The laboratories primary function will be to select and inscribe Forevermark diamonds with the unique serial number to deliver an accurate and reliable grading for diamonds.
De Beers is the world’s leading diamond company established in 1888 experts in exploration, mining and marketing of diamonds.
Tough rules for De Beers diamond customers
Biggest reforms in a decade from De Beers’s over concerns of the financial stability and transparency of their sightholders.
The world’s largest supplier by value is changing the deal, introducing tougher rules for companies wanting to join its coveted group of sightholders.
De Beers will also insist customers hold a specified proportion of equity in their businesses, making them less reliant on bank borrowing.
Bank finance has receded and no new banks are coming forward after Antwerp Diamond Bank closed to new business in September. Over the past two years banks have cut credit lines to the diamond trade, causing liquidity problems and a sharp fall in rough diamond prices.
The De Beers group which sells $6bn of unpolished diamonds annually will clarify the financial situation of all the companies. The belief is transparency will benefit the whole sector.
Trillions of carats of diamonds from meteorite
A meteorite impact 35 million years ago in Siberian, is said to have brought enough industrial diamonds which could supply the globe for thousands of years.
The discovery of meteorite crater known as Popigai in the early 1970s contains more industrial quality diamonds than all the present known deposits around the world.
The Diamonds crystal formation makes them much harder than gem quality diamonds, and could make them important in high grade industrial uses.
The meteorite crater is 100 kilometres in diameter was kept secret for close to two decades.
Rare Orange diamond to showcase at Shapiro Auctioneers
Orange / yellow Orange one of the rarest colours found in natural diamond.
In 2014 a spectacular orange fancy vivid pear shape diamond mined in South Africa, weighing 14.82 carats was auctioned for a record price of $2.39 million per carat or $35.54m for the diamond. Setting a new record price per carat for any fancy colour.
The 1.03 ct Intense Fancy yellow Orange Round brilliant is made rarer because of the combination of the size, shape, colour and clarity.
Shapiro’s Auctioneers will auction the diamond at the May 13 Jewellery sale.
Source Fairfax Media Publications FR
The Fascination by Graff
The Diamond Watch that effortlessly turns into an exquisite ring
Created by Graff Diamonds a London based jewellers founded in 1960.
Fascination is a diamond encrusted masterpiece piece which features a 38.13 ct pear shaped diamond which can be worn as a ring or inserted into a diamond encrusted watch bracelet with 152.96 cts of white diamonds.
Graff uses only the very finest diamonds, resulting in the creation of the most fabulous jewels in the world.
The Fascination will be on show at the BaselWorld watch fair in Switzerland, which begins tomorrow.
IIa Technologies Diamond manufacturer launches greenhouse
IIa Technologies created a 3.04 ct synthetic white diamond, which is the largest polished laboratory grown diamond disclosed.
The company expects 25 to 30 per cent growth in consumer demand for laboratory grown diamonds.
The research centre based in Singapore will use the diamond greenhouse to grow Type IIa colourless diamonds, and will continue an industry wide adoption of advanced technologies like additive manufacturing, lasers and optics, and robotics.
24K Gold Apple iWatch
On Monday Apple unveiled its new smart watch to consumers, it is available in two sizes.
Starting at $350.00 USD for the entry level model, and rising up to $10.000 for the 18K gold version the new iwatch is set to change the way we look at watches.
While 10.000 will get you the standard 18K gold, for the best you will need to add $65.000.
The custom Apple watch has multiple rows of diamonds set around the face and strap.
Is this $75,000 USD diamond Apple iwatch is the ultimate smart watch?
Coloured diamonds are best investment
Fancy coloured diamonds are fast overtaking the colourless white gems as a safe long term investment option.
The Fancy Colour Research Foundation (FCRF) latest research shows that fancy colour diamonds have outperformed white diamonds prices.
Natural fancy diamonds come in many different colours including the rare blue, orange, pink, red, and greens are achieving higher prices on the international market.
The FCRF has seen striking changes in the value of fancy coloured diamonds over the past. The data revealed patterns between investment and world economies.
Recently an 8.41 carat vivid purple pink diamond was sold for a record $17.10 million, and a 14.82 carat orange diamond sold for a world record $35.5 million.
Diamonds to be auctioned by Rapaport
Rapaport has announced that will be opening its melee auction in the Hong Kong International Diamond show, the auction consists of premium quality diamond parcels in all shapes.
Limited spaces are available and viewing is by appointment only. Rapaport will auction the record 98,000 carats of diamonds.
Director of Global Trading, Ezi Rapaport, said "all eyes are on the Hong Kong show as it will play a determining role for the trend in Quarter two”.
Brown Diamonds natural or synthetic
Causes of colour in heat treated brown diamonds and synthetic brown diamonds are similar to treated pink diamonds.
In natural diamond the colour is related to a lattice imperfection. This can be mimicked in synthetic or treated diamond by a variety of treatments including annealing, heating or irradiating. The heat and pressure or irradiation can result in the lattice deviation resulting in the brown or pink colour.
Synthetic brown diamond is created by compressing graphite under extreme pressure and heat to above 1500 Celsius. The treatments were perfected in several laboratories in Russia, United States and China.
Lazare Kaplan Internationals Belgium subsidiary Pegasus Overseas Ltd marketed the General Electric processed diamonds under the name GE POL or in the USA as Bellataire.
This led to a technique for creating, or treating brown diamonds into higher valued colours like yellow or colourless diamond.
The disclosure of the treatment is noted by the “GEPOL" inscribed on the girdles of every treated diamond.
Brown diamonds are often marketed with expensive sounding names like Cognac, Champagne or Chocolate diamonds. Natural brown diamonds are a cheap alternative to more expensive colours.
Threat to Profitability from Synthetic Diamonds says De Beers
The flooding of synthetic diamonds in the industry is threatening long term sustainability of Rough and Polished.
Bruce Cleaver Head of Strategy and Corporate Affairs said “duds” were threatening profitability. And the impact of synthetic diamonds is more severe when manufactures don’t disclose Synthetics to the market.
APA estimates total market value of synthetic diamonds at $9 billion.
SDA detects synthetic diamonds mixed in natural diamond parcel
The Surat Diamond Association detected synthetic diamonds in a parcel belonging to two diamond traders in Varachha the world's largest diamond cutting and polishing centre.
The parcel was sold by Ramesh Mavani a diamond merchant, who had purchased it from one Chandu Sheta.
The Natural Diamond Monitoring Committee is dealing with the investigation.
A committee was set up in 2013 after a huge quantity of synthetic diamonds was found mixed in with natural diamond parcels in Mumbai.
De Beers a crown jewel
De Beers Group to invest around $3bn over ten years on diamond mining operations in its key South African mine Venetia.
De Beers reported operating profit of $1.4bn USD up 36% year on year, due to higher demand and increased production.
Diamond production was up 5% to 32.6m carats, largely to the production of Debswana the Botswana mine.
Anglo American owns 85% of De Beers
Perfect 100 ct emerald shape diamond for auction
A rare Emerald shape 100.20 ct diamond, originally mined in South Africa by De Beers will showcase the Sotheby’s Auction.
The diamond is one of only six of equal quality ever to be sold at auction, and could sell for $25 million.
The size, quality of the cut and colour make this gem extremely rare because the stone is type IIa stone D colour, internally flawless.
Original polished out of rough weighing over 200 cts.
Fancy Coloured Diamonds Asia's Best Friend
Fancy Coloured diamonds popularity and price has risen globally, partly driven by Asian investors.
Fancy Orange, Pink, Yellow, and Blue diamonds have appreciated over 150 % according to the Fancy Colour Research Foundation.
Hong Kong and China represent 40% of sales of the fancy coloured diamond sales; this demand of the extremely rare colours is pushing up its prices.
In Recent months Auction houses have sold some of the most valuable natural colour diamonds setting new records for Fancy Orange, Pinks and Blues.
Tiffany's diamond heist
Armed robbers forced customers and staff to the floor, and then ordered one worker to open the jewellery cases.
The robbers made off with an unknown number of diamonds from the Tiffany & Co. store in San Francisco.
Sgt. Monica McDonald said authorities were viewing footage from surveillance cameras in the Westfield San Francisco Centre area, but remains baffled how the robbers pulled off the heist undetected.
No one was hurt during the robbery.
Surat Diamond Association synthetic diamonds seminars
Diamond industry leaders, the (SDA) and the Gems and Jewellery Export Promotion Council (GJEPC) will begin an awareness campaign in the diamond industry. They will focus on the various types of synthetic diamonds, and the identification and disclosure.
Detailed information on the various forms of synthetic diamonds including High Pressure High Temperature and Chemical Vapor Deposition will be provided.
Dealers, Jewellers and valuers in the industry are not able to differentiate between natural and synthetic diamonds. Leading to Lab grown diamonds being mixed in parcels with natural diamonds.
This has made it necessary to educate manufacturers and dealers, and bring awareness to the entire trade.
Natural diamonds will have the term Natural diamond on the certificate, or have a natural diamond report.
Christie's, Sotheby's 2014 Jewellery results
Christie's and Sotheby’s auction sales rose to new records for both the auction houses.
Jewellery sales topped $740 million and $602.5 respectively.
A notable sale was The Graff Vivid Yellow diamond reaching $16.3 million, a record price for any yellow diamond to date.
During 2014 Sotheby's jewellery sold over 3,900 lots of which 77 items topped $1 million. With an overall sell through rate in was 81 percent.
Letseng Sales Drop 10% in Q4
Gem Diamonds reported that it saw an encouraging end to a very positive year after the fourth quarter of 2014.
CEO Clifford Elphick said the despite a drop in diamond recovery, 25,525 carats down from 28,365 carats in the third quarter. The Letseng mine in Lesotho has continued to perform strongly.
Gem Diamonds remains on track to declare a maiden dividend in March 2015, Based on the positive results and the rise in the price per carat from $2,043 in 2013 to $2,540 in 2014.
Estimate value of De Beers January Sight is $450M
Assortment and qualities showed no significant changes.
Although with the first sight of 2015 having an estimated value of $450 million, De Beers has anticipated the slowing rough market with an estimated 4 percent price adjustment across the board.
In the open rough market prices for similar goods are 20 percent lower than the contract sales, by the major miners. According to a sightholder.
General sentiment in the rough market was negative among sightholders and brokers. “I don’t know of a single box at the sight on which people will make money,” said a sightholder
De Beers has relaxed sightholder allocation rules for the January sight, allowing the deferment of 25 percent for two months without a penalty.
20 percent of the sight boxes buy values were deferred.
Fancy Orange Diamonds
Being the ultimate possession for diamond lovers, Natural fancy Orange diamond is extremely rare. To be classified as a fancy orange, there can be no brown in the diamonds colour.
Orange colour in diamond is rarer in nature than most other fancy colours, so rare even the GIA rarely grades an orange diamond.
As a result, orange diamonds that receive pure orange are even rarer than the natural fancy red or blue diamonds. And have therefore set records per carat exceeding any other fancy colour.
Orange is the colour of the true fancy diamond connoisseur.
South African diamond mine robbed
A diamond mine outside of Prieska in the Northern Cape of South Africa, became the latest victim of a robbery on Monday.
South African police are looking for a group of sixteen men who tied up security guards, before they demanded the safe keys from two employees.
Unable to access the safe, they broke into the sorting room, and managed to get away with an undisclosed quantity of rough diamonds.