Rio Tinto and Dominion Diamond Mines have revealed three of the finest large rough diamonds from their Canadian diamond mine that will be tendered to diamond specialists from around the world.
Collectively known as The Diavik Stars of the Arctic, the three rough diamonds showcase a rare combination of size, quality and color from the Diavik diamond mine in the remote Northwest Territories of Canada, 220 kilometers south of the Arctic Circle, the miner said in a statement.
The Diavik Stars of the Arctic will headline Rio Tinto’s forthcoming “Specials” Tender, which showcases rough diamonds greater than 10.8 carats. Taking their inspiration from constellations across the night skies of the North.
The Diavik Stars of the Arctic comprised of the, Vega of the Arctic, 177.71 carats, one of the largest and most valuable gem quality rough diamonds ever produced in Canada , Altair of the Arctic, 59.10 carats, a white gem quality rough diamond Capella of the Actic , 24.82 carats, a yellow diamond
Diavik Diamond Mines president and chief operating officer Patrick Boitumelo said, “Diavik diamonds are over two billion years old and it has taken 15 years of production to unearth these extraordinary diamonds, underscoring the ongoing importance of the Diavik ore body in the context of the global diamond industry.”
The Diavik Diamond Mine owned by Rio Tinto 60 per cent and joint venture partner Dominion Diamond Mines (40%) began production in 2003 and has been a fully underground mining operation since 2012. It recently opened its fourth pipe, the A21 pipe, which will provide an important source of incremental production.
The Diavik mine produces predominantly gem quality diamonds destined for high end jewelry in all major consumer markets around the world. The discovery of Lot 3, Capella of the Arctic, a large yellow diamond is very rare, with the mine on average producing only five of these diamonds each year, in effect less than 0.001% of annual production.
The Diavik Stars of the Arctic will be showcased in Antwerp and Israel to large diamond specialists from around the world before bids close on October 25.
HRD Antwerp, a leading European authority in diamond certification, recently undertook a study entitled “The Effect of Fluorescence on the Colour of a Diamond”, concluding that even strong fluorescence does not negatively impact a diamond’s appearance. In fact, their findings demonstrate the contrary: under normal conditions and even when outdoors, strong fluorescence has a positive influence on the color of diamonds. This finding directly contradicts the common perception that fluorescence is a negative property of diamonds, driving down their value. Given HRD Antwerp’s findings, they conclude there is no justification for the price penalties that currently apply to fluorescent diamonds.
Fluorescence, along with the 4Cs (carat weight, clarity, color and cut) is an important characteristic of a diamond and influences its value. Typically, in the diamond trade, it is perceived as a negative property, which drives the value of fluorescent diamonds down. HRD Antwerp’s study found this common perception is not justified. To make this determination, the lab set out to identify how fluorescence influences the color grading results by gemologists in standard laboratory environments, as well as to assess how fluorescence influences the visual appearance of a diamond for regular consumers. The latter was in fact the main purpose of the study: to determine the impact on the appearance of a mounted diamond as observed by an end consumer.
The experiments HRD Antwerp conducted in its laboratory revealed several significant points, foremost of which is that diamond fluorescence has no influence on the color grading of a diamond in a laboratory environment, due to the insignificant UV content in conventional grading lamps. In short, fluorescence should not lower the official color grade. Furthermore, conventional grading through the pavilion (lower half) of a diamond in outdoor conditions actually improves the color grade for diamonds with a fluorescence grade above ‘medium’. As an example, a diamond graded in the HRD Antwerp laboratory as a J color with very strong fluorescence can appear as a D color when examined in outdoor conditions. When the diamond is examined through the table (face up), there is still an improvement in color, although this change is less significant.
The results of HRD Antwerp’s study thus support findings from earlier studies conducted by other labs, adding additional objective assessments. It confirms that even very strong fluorescence has no detrimental effect on the appearance of diamonds in a laboratory setting, and when viewed through the pavilion in outdoor conditions, it results in a clear improvement in a diamond’s color. For the wearer or casual observer, fluorescence has a neutral or even positive impact on the appearance of a diamond, making it appear to be more colorless. Given these observations, HRD Antwerp concludes there are no grounds on which to justify the price penalties that currently apply to fluorescent diamonds.
The largest and finest fancy vivid pink diamond ever offered at auction by Christie’s it’s about to go under its hammer in Geneva, with experts expecting it to fetch a record price of between $30 million and $50 million.
The Pink Legacy was once owned by the Oppenheimer family, the former owners of De Beers.The rectangular cut diamond, named Pink Legacy, was once part of the Oppenheimer collection, Christie’s said, referring to the family who built De Beers into the world’s No. 1 diamond producer.
It’s rated “vivid”, which is the highest rating for a diamond’s colour, as it displays the optimum hue of the stone. At 18.96 carats, is also the largest fancy vivid pink diamond Christie’s has ever offered and it would lead its Magnificent Jewels auction in November.
“To find a diamond of this size with this colour is pretty much unreal,” Rahul Kadakia, International Head of Jewellery at Christie’s said in a statement. “You may see this colour in a pink diamond of less than one carat. But this is almost 19 carats and it’s as pink as can be. It’s unbelievable.’
Scientists classify diamonds into two main “types” Type I and Type II. In the latter, the diamond has a particularly rare, almost homogenous colour. “Pink diamonds fall under the rare Type IIa category of diamonds,” Kadakia said. “These are stones that have little if any trace of nitrogen, and make up less than two per cent of all gem diamonds. Type IIa stones are some of the most chemically pure diamonds often with exceptional transparency and brilliance.”
Pink Diamonds have been fetching record prices at auctions. The 59.6 carat Pink Star diamond, in fact, sold for $71.2 million in April last year, becoming most expensive gem ever sold that way.
In November, another pink rock set in a ring embellished with smaller diamonds sold for about $32 million at Christie’s in Hong Kong after a three-minute contest.
The Pink Legacy will be shown in Hong Kong, London and New York before being auctioned in Geneva on Nov. 13.
Lucapa Diamond Company will sell six large stones weighing a total of 449 carats from its Lulo mine in Angola after an overhaul of the nation’s mining laws prompted it to delay the sale, it said.
The Angolan government introduced reforms to its diamond sector in the first half of the year to help boost foreign investment. Those measures included a new marketing policy for Angolan diamonds, and the option of offering goods for sale in locations such as Antwerp.
Anticipating the changes, Lucapa has been holding back a selection of large stones from previous sales, and will now sell them under the new policy, it explained Friday. These include six type IIa white diamonds weighing 114 carats, 85 carats, 75 carats, 70 carats, 62 carats and 43 carats, as well as a 46-carat pink diamond.
“The discussions with our Angolan partners regarding the policy changes taking place in the Angolan diamond sector have reached a stage where we are now able to plan for the sale of these large, premium-value Lulo diamonds held over from previous sales,” Lucapa managing director Stephen Wetherall said. “We look forward to marketing these exceptional diamonds as soon as the necessary arrangements are put in place to continue showcasing Angolan diamonds to the world.”
The decision to delay the tender for those stones had a negative impact on Lucapa’s first-half results, the company added. Its losses grew to $4.6 million for the period, versus a loss of $1.2 million a year earlier.
Even so, Lucapa’s sales rose 3% year on year to $15.9 million in the first half, while production for the same period climbed 15% to 9,566 carats. The average price of rough diamonds from Lulo rose 1% to $1,642 per carat. Rough-diamond inventory from the asset grew 61% year on year to 2,755 carats as of June 30, the miner reported.
Lucapa’s most recent sale of 2,531 carats of rough from Lulo fetched $2.5 million, achieving an average price of $985 per carat, the company noted.
Chinese corporate giant Fosun has agreed to buy an 80% stake in the International Gemological Institute (IGI), the grading laboratory said Wednesday.
“The interest of this large conglomerate to invest in IGI shows the confidence it has in our industry,” said Roland Lorie, IGI’s CEO. “As demand for certification increases, the investment…will significantly accelerate our core business, offering and presenting many new opportunities all over the globe.”
Fosun will implement the acquisition through Yuyuan, its holding company for the consumer sector, IGI explained. The Lorie family will retain a 20% interest, with Roland Lorie still managing the company. Marc Brauner, who was previously Lorie’s co-CEO, has left IGI after 30 years with the group. The parties did not release any further financial details.
Antwerp-based IGI, founded in 1975, operates 23 laboratories and schools around the world. Fosun is one of China’s largest corporations, spanning the financial, health-care, pharmaceuticals, consumer, real-estate, mining and energy industries, with Club Med and Cirque du Soleil among the brands it owns. It bid to acquire Gemfields last year, but lost out to Pallinghurst Resources.
“IGI has built great fundamentals and human capital over the years, with highly respected expertise and input from both the Lorie and Brauner families,” said Xu Xiaoliang, executive director and copresident of Fosun and chairman of Yuyuan. “We believe IGI is well positioned to bring its gemological knowledge and expertise to emerging markets, including China.”
Do you know the Martian Pink from the Perfect Pink, the Sweet Josephine or the Pink Promise? Christie’s jewellery specialist Marie-Cécile Cisamolo tells the stories of these and other fabulous pink diamonds that have bedazzled our salerooms
Prices for top-quality, large pink diamonds have increased exponentially in recent years, driven by collector demand and increasingly limited supply. Pink diamonds gain their highly desirable colour as a result of a rare, naturally occurring slippage of the crystal lattice in the stone while it is forming deep within the Earth’s crust. Here we take a look back at some of the biggest and the best stones and pink diamond rings sold at Christie’s in recent times.
1
A Fancy Vivid Pink rectangular-cut diamond, 5.18 caratsSold for $10,709,443 in 2015
Set on a lady’s ring with a unique oval-shaped, gold-mounted diamond surround, this pink stone was the star lot of Christie’s Magnificent Jewels sale in May 2015 in Geneva.
A magnificent coloured diamond ring. Sold for CHF 10,021,000 on 13 May 2015 at Christie’s in Geneva
Because fewer than 10 per cent of pink diamonds weigh more than 0.2 carats, this example, at 5.18 carats, sold for almost a million dollars more than its low estimate.
2
The Vivid Pink, a Fancy Vivid Pink diamond, 5.00 caratsSold for $10,776,660 in 2009
Flanked on either side by shield-shaped diamonds, this pink stone is set on a platinum and 18k rose gold ring designed by the British jeweller Graff. When it went under the hammer in Hong Kong, ‘The Vivid Pink’ sold for more than double its low estimate and achieved the highest price ever paid per carat for a pink diamond at the time ($ 2,155,332). The record remained unbeaten until the sale of ‘The Pink Promise’ by Christie’s in 2017.
The Vivid Pink, an exquisite coloured diamond and diamond ring, by Graff. Sold for HK$83,540,000 on 1 December 2009 at Christie’s in Hong Kong
This example is certified ‘IIA’ by the Gemological Institute of America — meaning it has a particularly rare, almost homogenous colour.
3
The Grand Mazarin, a Light Pink brilliant-cut diamond, 19.07 caratsSold for $14,461,250 in 2017
This square-shaped diamond, which is a particularly light shade of pink, was given by Cardinal Mazarin to Louis XIV in 1661. It then spent 225 years as part of the French crown jewels, passing through the hands of four kings, four queens, two emperors and two empresses, before its 1887 sale when the royal treasury was dispersed and its whereabouts became unknown.
Le Grand Mazarin — an historic coloured diamond. Sold for CHF 14,375,000 on 14 November 2017 at Christie’s in Geneva
In 2017, while on a site visit to a client’s house, ‘Le Grand Mazarin’ was revealed from inside an old parcel paper to Christie’s jewellery specialist Jean-Marc Lunel. ‘Holding such an important piece of French royal history in my hands was unbelievable,’ he would later recall of the historic diamond’s rediscovery.
4
The Clark Pink, a Fancy Vivid cushion-cut purplish-pink diamond, 9.00 caratsSold for $15,762,500 in 2012
Stored in a bank vault since the 1940s, this unique purplish-pink diamond is set in a Belle Epoque ring made by Dreicer & Co. and formerly belonged to the reclusive American mining and railroad heiress, Huguette M. Clark. When it sold for almost double its upper estimate in 2012, it became the most expensive pink diamond ever seen at auction in the United States.
The Clark Pink. A Fancy Vivid, cushion-cut purplish-pink diamond, 9.00 carats. Sold for $15,762,500 on 17 April 2012 at Christie’s in New York
The ring was the top lot of a collection of 17 of Clark’s jewels that were auctioned by Christie’s, which also sold her collection of paintings by artists including Monet, Renoir and Whistler, two years later.
5
The Martian Pink, a brilliant-cut Fancy Intense Pink diamond, 12.04 caratsSold for $17,395,728 in 2012
Mounted on an 18k gold ring by the famous New York jeweller Harry ‘King of Diamonds’ Winston, this ring was nicknamed ‘The Martian Pink’ by his son Ronald, who was inspired by the 1976 launch of a US satellite to photograph the ‘red planet’ Mars, and the stone’s similar strong pink colour.
A coloured diamond ring, by Harry Winston. Sold for HK$135,060,000 on 29 May 2012 at Christie’s in Hong Kong
The Martian was certified as having virtually no nitrogen in its crystalline structure and unlike most pink diamonds, which exhibit tones of purple, orange or grey, it shows absolutely no trace of any secondary colour. As a result, it sold for more than double its low estimate when it went under the gavel in Hong Kong in 2012.
6
A Fancy Vivid Pink pear-shaped diamond, 9.14 caratsSold for $18,174,632 in 2016
Only a few mines in the world produce pink diamonds, and of those diamonds that are cut and polished only one in roughly 10 million will possess a colour pure enough to be graded ‘Fancy Vivid’.
A rare coloured diamond ring. Sold for CHF 18,127,500 on 15 November 2016 at Christie’s in Geneva
This large example, which is mounted between tapered baguette-cut diamond shoulders on a platinum ring, was certified Fancy Vivid in June 2016 by the Gemological Institute of America, helping it push past its top auction estimate and achieve more than $18 million when it sold in Geneva in the same year.
7
The Perfect Pink, a Fancy Intense rectangular pink diamond, 14.23 caratsSold for $23,165,968 in 2010
At the time of this stone’s sale in 2010, it was one of only 18 pink diamonds weighing more than 10 carats to have ever appeared at auction. And of those 18, none apart from this diamond had ever been graded Fancy Intense Pink at the time of its sale, which placed it in a league of its own.
The Perfect Pink, a superb coloured diamond and diamond ring. Sold for HK$179,860,000 on 29 November 2010 at Christie’s in Hong Kong
Flanked on either side by two clear diamonds mounted in 18k rose gold and white gold, the pink diamond sold for almost 30 per cent more than its upper estimate when it appeared in the Hong Kong saleroom, demonstrating a strong demand for coloured diamonds in Asia.
8
The Sweet Josephine, a cushion-shaped Fancy Vivid Pink diamond, 16.08 caratsSold for $28,523,925 in 2015
Mounted in a diamond twin-surround and with a diamond-set hoop, this ring set a new world-record price for any pink diamond when it sold at Christie’s in Geneva in 2015. Owned by an American family for 15 years prior to the sale, the stone was, at the time, the largest cushion-shaped pink diamond classified as Fancy Vivid Pink to ever come to auction.
The largest cushion-shaped Fancy Vivid Pink diamond at auction. Sold for CHF 28,725,000 on 10 November 2015 at Christie’s in Geneva
After the sale the diamond, which sold for around $5.5 million more than its lower estimate, was named ‘The Sweet Josephine’ by the winning bidder in honour of his seven-year-old daughter.
9
The Pink Promise, an oval-shaped Fancy Vivid Pink diamond, 14.93 caratsSold for $32,480,500 in 2017
This pink stone, with its circular-cut diamond surround featuring more pink diamonds and a platinum ring, set a new price-per-carat world record for any pink diamond when it sold in 2017 — a whopping $2,175,519.
A rare coloured diamond and diamond ring. Sold for HK$249,850,000 on 28 November 2017 at Christie’s in Hong Kong
The diamond’s initial grading was Fancy Intense before the jeweller, Stephen Silver, cut it down from 16.21 to 14.93 carats in 2013, shaving off areas of inclusions after years of detailed planning. The resulting stone was upgraded to the much rarer Fancy Vivid category, the highest possible colour mark for pink diamonds.
10
The Princie, a cushion-cut Fancy Intense Pink diamond, 34.65 caratsSold for $39,323,750 in 2013
The Princie pink diamond was discovered about 300 years ago in India, and was initially owned by the Nizams of Hyderabad. It was first auctioned in 1960, where it was purchased for £46,000 by Van Cleef & Arpels. The diamond was promptly named ‘Princie’, and the house threw a christening party for the stone in its Paris showroom.
The Princie Diamond. Sold for $39,323,750 on 16 April 2013 at Christie’s in New York
Of the seven million diamonds that have passed through the Gemological Institute of America, no more than 40 have exhibited a rare orange glow when examined under ultraviolet light, and the Princie is the largest of all of them. This fluorescent quality pinpoints the stone’s origin to the Golconda mines of India.
As it is the largest Golconda-type Fancy Intense pink diamond to ever be graded by the GIA, it’s little wonder that it sold for almost $40 million when it appeared in the sale room in New York in 2013, making it the most expensive pink diamond ever sold at Christie’s — a record it still holds.
Anglo American’s De Beers, the world’s No.1 diamond miner by value, has just had the lowest sales for its seventh cycle since it began releasing data in 2016, as it let customers delay acquiring smaller stones for the first time.
Sales for the cycle stood at a provisional $505 million, down 5.5% from the $533 million obtained in the previous cycle of the year and 0.4% from $507 million for same period in 2017.
“De Beers Group provided Sightholders with the opportunity to re-phase the allocation of some smaller, lower value rough diamonds.” chief executive officer, Bruce Cleaver, acknowledged in the statement.
The unusual move (De Beers is known for requiring buyers to take what’s offered) says lots about the state of the low-end diamond market. The last time the company did something similar, in fact, was two years ago, when India’s move to ban high-value currency notes pushed down demand.
Sales were down $134 million or 21% compared to the same cycle in 2016, when De Beers began releasing this kind of data.The diamond giant has about 80 handpicked clients called sightholders who are allocated parcels of diamonds sorted and aggregated in Gaborone. The 10 annual sales events are known as sights.
De Beers’ new strategy for small stones, paired with its looming entry into the lab-grown stones market, have many in the industry worrying about prices.
Cheaper diamonds, which are often small and low quality, are selling for a lot less now than five years ago. And when it comes to synthetic stones, De Beers’ entry in the market will create a big price gap between mined and lab diamonds, pressuring rivals that specialize in synthesized stones at the same time.
A 1-carat man-made diamond sells for about $4,000 and a similar natural diamond fetches roughly $8,000. De Beers new lab diamonds will sell for about $800 a carat. That’s a fifth of the price of existing man-made stones and one-tenth of the cost of buying a similar natural gem.
No wonder competitors are worried. The lab-grown industry has filed a complaint with the U.S. Federal Trade Commission, accusing De Beers of price dumping and predatory pricing.
Low sales, stable demand
In 2016, De Beers recorded sales of $639 million for the seventh of its tenth annual sales events. That is $134 million or 21% more than what it just made after letting buyers reject small, low-quality stones. That means that, to date, 2018 is shaping to be the worst in terms of sales for the Beers in the past two years, with combined sales of $3.93 billion against the previous year’s $4 billion and 2016’s sales of $4.12 billion.
The dip is sales comes despite demand has remained stable ahead of the Hong Kong Jewellery & Gem Fair, at least according to what Cleaver said. The exhibit, which takes place from Friday this week to Tuesday next week, last year reportedly attracted 3,695 exhibitors and 59,122 buyers.
Signet Jewelers will consider selling lab-grown diamonds at its stores if consumer demand justifies such a move, CEO Gina Drosos said in a conference call with analysts.
“We are very closely monitoring and assessing the demand for this emerging category,” Drosos said during the company’s earnings call last week. “We’ll make sure that Signet is well positioned to participate in that space if the growth and the economics of it are attractive and if customers point us in that direction.”
Lab-grown diamonds have garnered greater interest recently, after De Beers unveiled its Lightbox lab-grown-diamond jewelry brand in early June, and which is slated to start selling online this month. De Beers plans to forge partnerships with brick-and-mortar retailers to carry the collection in their stores in the next year or two, with growing speculation that Signet might be lining up to carry the collection.
Signet is a sigththolder client for De Beers rough diamonds and is also participating in the miner’s Tracr blockchain initiative.
Drosos echoed De Beers’ messaging that customers prefer natural diamonds for “really important purchases,” such as for engagement rings, special birthdays or graduations, whereas there is growing interest in lab-grown for fashion jewelry. She stressed that the company currently didn’t carry lab-grown diamonds at any of its stores, which include Kay Jewelers, Zales and Jared.
Frontier Diamonds has uncovered an 111 carat diamond at its Bellsbank kimberlite pipe project in South Africa while processing kimberlite material and tailings through its recently built dual purpose plant.
The company pointed out it was unable to confirm whether the diamond came from the tailings or kimberlite bulk sample from the project.
However, during earlier plant commissioning, Frontier recovered a 1.45ct diamond, which it pinpointed to coming from Bellsbank material.
An independent report has confirmed the presence of a 0.35 hectare kimberlite deposit at Bellsbank with an estimated grade between 10 carats per hundred tonnes and 30cpht.
Before today’s news, Frontier was in the process of undertaking a $1.075 million placement to boost its working capital while it ramps up production at its other South African diamond operations: Sedibeng and Star.
As a result of the placement proceedings, Frontier placed its securities in a trading halt when it confirmed the Bellsbank diamond had been discovered.
Under the placement, Frontier will now only accept commitments from investors that held securities prior to today’s news.
Frontier hopes to raise $1.075 million by issuing 26.875 million shares at $0.04 each – which is 20% discount to the company’s share price prior to news of this latest diamond find at Bellsbank.
Frontier sent the diamond for an independent valuation and will update the market on its value.
Only a year ago, very few in the diamond industry would have heard of POZ Minerals. But the company, better known as a phosphates producer, is trying to build a portfolio of projects in Western Australia that could make it a niche supplier of fancy-yellow diamonds.
POZ announced Tuesday that it was bidding for the Ellendale mine after the state government’s call for investors in the asset last week. While POZ already owns the adjacent Blina mine, it hopes to combine the two assets and solidify its position in the fancy-yellow category, Jim Richards, POZ chairman, explained in an interview with Rapaport News Monday.
Owning both “would result in economies of scale and efficiencies in exploration and development and would be a major step towards building a branded diamond-mining company producing the fancy yellows for which Blina and Ellendale are justifiably famous,” the company added in a statement it released Tuesday.
Richards believes the company is a front-runner in the Ellendale bid, given that it already has four mining leases at Blina and since POZ is the only miner in the area with such a license. It also already has a deal with Bunuba Group, the native titleholder for both the Blina and Ellendale land.
Ellendale comes with some history, however, after former owner Kimberley Diamonds ran up bills and a list of creditors that forced it to close the mine in 2015. That, despite a lucrative supply agreement with luxury jewelry Tiffany & Co. for its fancy-yellow diamonds.
Richards is hoping to reestablish that partnership and forge new ones with other retailers. Ellendale’s yellows have a consistency few other mines can achieve, he explains. Meanwhile, POZ is in talks with retailers in Australia and abroad for similar offtake agreements and branding of yellow diamonds from the Blina mine.
POZ is still in a testing phase at Blina and is looking for investors, or to partner with “an experienced mining company,” before production can proceed. Testing shows that fancy yellows account for about 7% of Blina’s production, while white stones make up 18%, 46% are off-white diamonds, and 29% brown. Of those, 93% are gem content or near-gem content, Richards noted.
A parcel of stones from the mine was valued at an average price of $389 per carat, with the fancy-yellow diamonds estimated at approximately $3,391 per carat.
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