Rio Tinto will dig the last diamonds up from the ground at its Argyle deposit in Australia on Tuesday, marking the end of an era in the industry. The company will continue to sift through ore at the adjacent processing plant until December, and will hold the final rough sale at the end of that … Read more
The largest deal in luxury is back on after New York’s famed jeweller Tiffany agreed to a slightly reduced offering price from LVMH in Paris. LVMH will now pay $US131.50 for each Tiffany share, putting the total price tag at $US15.8 billion ($22.5 billion), down from the $16.2 billion that was first offered earlier this … Read more
Blue Nile has launched an exclusive line of Lightbox lab-grown diamond jewelry, its first foray into synthetics in its 21-year history. De Beers-owned Lightbox seemed like the obvious choice for a partner, given the alignment of the two companies’ perspectives, Blue Nile CEO Sean Kell told Rapaport News Thursday. “We’ve been watching the lab-grown diamond market for … Read more
Africa-focused Gem Diamonds became on Wednesday the latest miner to show signs of a slow but steady recovery in the market after showing it had swung to positive cash flow and slashed debt on the back of rising diamond prices. The company reduced its net debt position by $6.6 million in the July-September quarter, ending … Read more
Australian Diamond Portfolio is set to showcase a selection of the last pink diamonds to be unearthed in Australia before Rio Tinto closes the Argyle mine in Western Australia. It is rumoured that final excavation at the Argyle mine will take place on November 2. Sydney-based Australian Diamond Portfolio will curate a set of pink … Read more
Global miner Rio Tinto is seeking court approval to sell its partner’s share of diamonds from a mine in Canada’s Northwest Territories, a filing showed, hoping to recover around C$120-million plus legal fees and other costs. Rio owns 60% of Diavik Diamond Mines Inc (DDMI) and says it is owed C$119.5-million plus about C$2.4-million in … Read more
Sotheby’s garnered $17.9 million from its Important Jewels sale in New York, with a pink-diamond ring taking the top spot. The pear-shaped, 12.38-carat, fancy-pink, VVS2-clarity diamond ring fetched $4.6 million, or $373,337 per carat, falling within the price range the auctioneer had estimated. It led the auction house’s first live jewelry sale in the state since … Read more
Petra Diamonds (LON: PDL) announced the launching of a special tender process for the Letlapa Tala Collection, which comprises five blue diamonds sourced from the Cullinan mine in South Africa. Cullinan is known as the world’s most important source of blue diamonds, as well as being the place of birth of the 3,106-carat Cullinan diamond, … Read more
Rio Tinto will launch a tender of large rough diamonds, including the last of its special stones from the Argyle deposit in Australia. The miner will feature 28,399 carats of special-sized rough — weighing more than 10.8 carats — from Argyle at the sale, which will take place in October and November, Rio Tinto said … Read more
Petra Diamonds has abandoned plans to sell the business in favour of a debt-for-equity restructuring, it said on Tuesday, sending its shares lower because of the deal’s dilutive effect on existing stakeholders. The London-listed company, which mines diamonds in South Africa and Tanzania, had put itself up for sale in June as part of the … Read more