News – Page 93

Letšeng Yields Two More Large Stones

166ct-rough-white-and-77ct-yellow-rough-diamond

Gem Diamonds has recovered an additional two large, high quality diamonds from its Letšeng mine in Lesotho.

An “exceptional” quality, 166 carat, type II diamond was unearthed last week, the same day the company found a yellow diamond weighing 77 carats, the miner said Monday. The 166 carat stone is the 12th over 100 carats Gem Diamonds has recovered this year.

Earlier this month the miner unearthed a 162 carat, white diamond, and a 143 carat, type II stone at Letšeng. It also found a 442 carat, type II diamond on August 23, which it claimed was one of the largest gem quality rough diamonds found this year.

Israel, Dubai Diamond Sectors Sign Trade Deal

The-Israel-Diamond-Exchange-and-executives-at-the-opening-of-the-redesigned-Dubai-Diamond-Exchange

Diamond bourses in Israel and the United Arab Emirates (UAE) have signed a cooperation deal following the recent peace accord between the two Middle East countries.

The Israel Diamond Exchange (IDE) will open a representative office in Dubai, while the Dubai Multi Commodities Centre (DMCC) will establish an office Ramat Gan, the organizations said Thursday following a virtual ceremony. The two nations’ diamond sectors will also work together to promote trading, and agreed to organize an Israel-Dubai diamond fair.

“Through the World Federation of Diamond Bourses (WFDB), we have come to know and value the leaders of the Dubai diamond industry,” said Yoram Dvash, president of the IDE and the WFDB. “The agreement will enable us to build on these relationships to the benefit of the members of our respective bourses.”

On August 13, Israel and the UAE agreed to normalize relations and cooperate on trade. While diamond executives had quietly been traveling between the two nations for some time, the peace treaty enabled formal business ties.

Image: The Israel Diamond Exchange and executives at the opening of the redesigned

Source: Dimaonds.net

Israel, Dubai diamond exchanges begin strategic collaboration

The Israel and Dubai diamond exchanges have signed an agreement to promote cooperation in a deal certain to boost direct trade between the Middle East’s main diamond hubs.

The agreement was announced on Thursday two days after Israel and the United Arab Emirates signed an historic agreement to normalize ties and marks a further development in economic collaboration.

The diamond deal, finalised in a video conference ceremony, was welcome news for an industry hit hard by the coronavirus pandemic and overall weaker global demand.

As part of the agreement, the Israel Diamond Exchange (IDE) will open an office in Dubai and the Dubai Multi Commodities Centre (DMCC) will open one in Ramat Gan, home to the Israeli exchange.

The two parties said they will share experience and knowledge, work to promote bilateral trade and collaborate on exhibitions, visits and conferences. They also agreed to arrange an Israeli-Dubai diamond fair to be held in Dubai and Ramat Gan and to promote electronic trade.

Israel is one of the leading exporters of polished diamonds. IDE President Yoram Dvash said that Dubai, with its free zone and convenient business conditions, has become one of the most important diamond centers in the world.

The Dubai Diamond Exchange is part of the government-owned DMCC. The total value of rough and polished diamonds traded in Dubai last year exceeded $23 billion, the DMCC said.

“This agreement will attract businesses to the emirate as well as boost the regional and international trade of this precious stone,” said Ahmed Bin Sulayem, executive chairman of the DMCC and chairman of the Dubai Diamond Exchange.

Israel’s diamond exports fell 28% in 2019 to $4.9 billion.

Reporting by Tova Cohen and Ari Rabinovitch

Ana de Armas Stars in The Natural Diamond Council’s First Ever Celebrity Campaign

The Natural Diamond Council (NDC) announces the imminent launch of its first ever celebrity campaign, starring the actress Ana de Armas.

Ana de Armas is a rising Hollywood star. She recently received a Golden Globe nomination for her role in Knives Out, and she’ll soon appear in the upcoming James Bond film, No Time to Die. Ana de Armas also shines throughout this new multipart campaign, which was developed to celebrate the myriad connections with which natural diamonds are worn or exchanged, and to bring awareness to the Natural Diamond Council’s “Only Natural Diamonds” online platform. The Natural Diamond Council represents seven of the world’s leading diamond producers, all of which must follow the group’s ethical codes, with an emphasis on mindful and sustainable mining practices and the support of women and families in diamond-mining communities. The “Only Natural Diamonds” portal serves as a window of discovery into this natural diamond universe.

The campaign—which was lensed in coastal Portugal, directed by Manu Cossu and photographed by Camilla Åkrans—will be released on September 20, 2020, during the first ever virtual Emmy Awards. Teasers will be dropped in the weeks leading up to the ceremony, and information about the campaign will appear on the NDC’s website from September 16, 2020.

Ana de Armas was approached for the project as she radiates with poise and modernity, and she epitomises an ascendant, free-thinking generation. Her elegant, effervescent and easygoing demeanor reflects the next chapter in the history of natural diamonds; a mindset in which the traditional tenets of diamond-wearing and exchanging are dismantled, leaving an open playing field in their place. From a barefoot party in a fragrant vineyard to a tangerine sunset along the Portuguese coast—diamond baguettes catching and diffusing the glowing rays as the sun slides into the horizon—this new attitude is casual, fun, energetic, present, and, most importantly, driven by connection and experience. Whether heading to a reunion with loved ones after months of isolation, seeing your best friend for a glass of wine after a long day, or taking a twilight walk with a partner, each and every moment is its own—and every moment is like no other.

“I love thinking of diamonds this way, as special emblems of even the small personal moments in our lives,” says Ana de Armas. “They represent joy and warmth and beauty.”

The campaign’s 30-second hero spot airing at the Emmys will be complemented by a series of shorter video segments, spotlighting the various relationships portrayed from the clip. She is seen in laid-back outdoor settings with friends, with a parent, and with a partner. In this, a fresh, opened-up association continues to be emphasised: diamonds are not solely the purview of romantic interests or formal occasions. They are meant for every type of connection.

This new campaign marks a number of firsts for the Natural Diamond Council, in addition to welcoming its first Hollywood headliner. It is the first celebrity-fronted campaign for a diamond group (brand agnostic), adding an important contribution to an industry that supports the livelihoods of roughly 10 million people worldwide. This is also the first campaign dedicated to NDC’s “Only Natural Diamonds” platform, and the first marketing initiative by the NDC to showcase such a diverse roster of jewellery designers that work with natural diamonds in exceptionally modern ways.

“Ana is a true talent, and the dynamism she exemplifies is exactly what we seek to do daily in our support of the natural diamond industry,” says David Kellie, CEO of Natural Diamond Council. “This campaign redefines traditional diamond moments, celebrating a variety of personal connections with these natural stones. It’s a more contemporary approach to the diamond dream, for meaningful moments large or small.”

A selection of the designers and brands featured in the campaign, all of which use diamonds from the Natural Diamond Council’s producers, include: Anita Ko, KATKIM Fine Jewelry, De Beers Jewellers, Ana Khouri, Delfina Delettrez, Gabriel & Co, Zoe Chicco, Eriness, London Jewelers, Jade Trau, Lorraine Schwartz, Suzanne Kalan, Fernando Jorge, Vanleles, Foundrae, Marla Aaron, Nikos Koulis and more.

Following its Emmys debut, the campaign will be featured in print media, including Vogue and Vanity Fair’s respective November 2020 issues, The New York Times, and at online publications ranging from Bustle to Who What Wear. It will, additionally, be featured on non-linear TV, from Hulu to Amazon Fire. The Natural Diamond Council will also distribute campaign materials through its owned channels, including its website, which will feature behind-the-scenes footage and an interview element with Ana de Armas, as well as comprehensive information about the brands and designers that are seen. The campaign will have a global presence, also running in the United Kingdom, China and India.

Source: prnewswire

Petra Diamonds recovers five rare large high-quality blue diamonds at Cullinan Mine

South Africa’s Petra Diamonds, which put itself up for sale in June, announced on Wednesday it had found five high-quality blue diamonds, but toned down the news by saying the discovery won’t help turn around its fortunes.

Petra, which has been hit by a triple whammy of weak market conditions, power emergencies in the home country and covid-19, found the Type IIb blue diamonds at its flagship Cullinan mine.

The high quality stones, in terms of both their colour and clarity, range in size from 9.6 carats to 25.8 carats, the company said.

The miner didn’t indicate the diamonds’ potential value but said it is considering sale options.

“These finds, whilst a positive development, will not have a material impact on the likely terms of the required long-term solution to improve the group’s capital structure, nor the significant level of equity dilution that existing shareholders are likely to experience in connection with its implementation,” Petra said in the statement.

The company also warned that measures to improve its capital structure could result in significant equity dilution.

Blue stones are among the rarest and most valuable and have lately fetched higher prices than white diamonds. Last year, Petra sold a 20.08-carat blue gem for $14.9 million, or about $741,000 per carat.

“Flexible” approach to sales
Petra was already struggling when the covid-19 pandemic added further pressure to a sector that was just beginning to show some green shots.

The miner tried in 2019 to turn around its fortunes after piling up debt to expand its flagship Cullinan mine in South Africa. The renowned mine, where the world’s largest-ever diamond was found in 1905, produces about a quarter of the world’s gem-quality diamonds. It is also the source of the vast majority of blue stones.

In May, Petra failed to make an interest payment on a $650 million bond, but won some breathing space from creditors who said they would not declare a default until August.

The diamond producer also cancelled May and June tenders because of travel restrictions and low demand from the midstream. While it originally expected to hold a tender in September, Petra said it was still evaluating the optimal route to market for the stones it mines. It added it would release further information to its customer base once a decision about the marketing plan to follow had been made.

For now, the company is taking a “flexible” approach to selling diamonds in light of ongoing travel restrictions triggered by the global pandemic.

Despite the numerous challenges, Petra is targeting a ramp-up to pre-covid-19 production levels. It added it will disclose production targets for 2021 once it reaches a “sustainable level of operational stability.”

HB Antwerp Buys Sightholder’s Cutting Factory

HB Antwerp has acquired the manufacturing facility of Belgian large-stone specialist AMC Diamonds, gaining 13 employees alongside the company’s machinery and technology.

“With this acquisition, HB Antwerp confirms its ambition to bring the diamond-polishing process back to Antwerp in its entirety by combining the typical Antwerp savoir faire with the latest techniques in the field of laser technology, blockchain and [artificial intelligence],” a spokesperson for HB said.

Two-thirds of HB’s workforce now comprises technicians such as diamond polishers, software engineers and mechanical engineers, the company explained. It plans to carry out more recruitment in the coming months, HB added.

AMC, a De Beers sightholder, will maintain this status, and still has manufacturing facilities, a spokesperson for the company noted.

HB, which diamantaire Oded Mansori cofounded, partnered with Louis Vuitton earlier this year to buy the 1,758-carat Sewelô diamond from Lucara Diamond Corp. It also agreed to purchase all of Lucara’s rough over 10.8 carats through the end of 2020.

It since hired Boaz Lev from Malca-Amit as operations director and one of its managing partners, and hired former Antwerp World Diamond Centre spokesperson Margaux Donckier as director of communications and external affairs.

Source: Diamonds.net

US citizen charged with running diamond Ponzi scheme, cryptocurrency scam

A 51 year-old US citizen has been charged with running a diamond and cryptocurrency based Ponzi scheme.

The US Department of Justice said on Friday that Aman was the operator of a Ponzi scheme from May 2014 to May 2019. Together with his partners, Aman allegedly solicited individuals to invest in “diamond contracts,” in which their money would be used to buy large, rough, uncut diamonds.

These diamonds would then be cut and polished in order to be resold at a profit. To instill trust in the organization, Aman said that funds were backed by his own physical colored diamond stock, apparently worth $25 million.

As is the case with many Ponzi and get-rich-quick schemes, investors expect to see a cut of the profits and without this, Ponzi schemes are exposed and collapse quickly. Therefore, Aman allegedly used investor funds to pay off earlier investment “interest,” and as more investors joined the pool, the transfer of funds down the chain continued without any legitimate profit obtained from diamond purchases.

When funds ran low and the operator was at risk of being exposed, he allegedly created “Reinvestment Contracts” to entice users to roll over their cash into new ‘deals’ in order to buy Aman time to sign up new investors.

However, this could not carry on forever, and US prosecutors say that Aman set up Argyle Coin as the Ponzi scheme was on the verge of collapse. Argyle Coin claimed to be a cryptocurrency project backed by diamond trading, and as a fresh wave of investment poured into the coffers, only a “fraction of the money received” was used to create a cryptocurrency token.

Instead, the DoJ says the majority of the funds were used to pay off investors from the previous Ponzi program, under the names Natural Diamonds Investment Co. and Eagle Financial Diamond Group Inc.

“During the course of the Ponzi scheme, Aman and his partners collected over $25 million from hundreds of investors,” prosecutors say. “Aman allegedly used the money to make purported interest payments to investors, to pay business expenses, to pay commissions to the partners, and to support his own lavish lifestyle.”

Investor funds were allegedly used for purposes including housing rent, horse purchases, and riding lessons.

In 2019, the Securities and Exchange Commission obtained an emergency court order to freeze Argyle Coin’s operations. The US District Court for the Southern District of Florida granted a request for a temporary restraining order and asset freeze while the cryptocurrency organization was investigated.

Aman is facing charges of wire fraud, which could result in up to 20 years behind bars, as well as restitution payments.

Source: zdnet

De Beers sales hint diamond market has bottomed out

De Beers thinks the recovery is at an early stage and that it will take some time to get back to pre-pandemic levels of demand. (Image courtesy of De Beers Group.)
De Beers, the world’s largest diamond producer by value, revealed on Friday it made about three times as much in sales of roughs in the seventh sales cycle of the year as it did in the previous event.

The Anglo American unit, which sells diamonds to a handpicked group of about 80 buyers 10 times a year at events called sights, sold $320 million worth of rough diamonds in the seventh cycle. That compares to the $116 million fetched in the previous sight and is not far behind the $400 million De Beers sold on average each month last year.

The results, said BMO Analyst Edward Sterck, show the diamond market may have bottomed out and be on the slow road to recovery.

“Whilst the market has been defibrillated, we think it will remain in intensive care for some time, although any improvement is good news for the smaller pure play producers with weak balance sheets,” Sterck said in a note to investors.

De Beers chief executive Bruce Cleaver showed mild optimism, saying the recovery was at an early stage.

“The company, however, expects further market improvement as covid-19 restrictions continued to ease in various locations and manufacturers focus on meeting retail demand for polished diamonds,” Cleaver said in the statement.

The executive said that overall industry sentiment has become more positive as jewellers in the key markets, such as the US and China, gained confidence ahead of the important year-end holiday season.

Lower prices, more flexibility
De Beers has continued to implement a more flexible approach to sales during the sixth and seventh sales cycles of the year, as a result of restrictions triggered by the pandemic.

The usual week long sight holder events have been extended towards near-continuous sales.

It has also cut prices of its stones, sometimes by almost 10% for larger diamonds, in an effort to spark sales.

Before the price reduction, De Beers had made major concessions to their normal sales rules allowing customers to renege on contracts and view diamonds in alternative locations.

Along with Russia’s Alrosa, the world’s top diamond producer by output, it has also axed supply of roughs to the market, but built up their own stockpiles.

The diamond giant noted that despite ongoing efforts, it expected it would take “some time” to get back to pre-pandemic levels of demand.

Source: mining.com

Sotheby’s is set to auction off one of the rarest diamonds in the world

Sotheby’s is set to auction off a 102 carat diamond that could become the most expensive jewel ever sold to an online bidder.

The stone, a 102.39 carat D Colour Flawless Oval Diamond, could fetch $10 million to $30 million. Only seven flawless white diamonds of more than 100 carats have ever been sold at auction. It is the second-largest oval diamond of its kind ever sold at auction.

“One hundred-carat diamonds as a rule are exceedingly rare,” said Quig Bruning, head of Sotheby’s jewelry department in New York. “One hundred-carat D flawless are even more rare.”

While Sotheby’s doesn’t have an official estimate, comparable diamonds have sold for between $11 million and $30 million in the past, Bruning said.

The stone, described by Sotheby’s as “the size of a lollipop,” will be sold at a live auction in Hong Kong on Oct. 5, but it will also be open to online bidders starting on Tuesday. If it’s purchased by an online bidder, it would likely top the record for the most expensive piece of jewelry ever sold online a pair of fancy blue and pink diamond earrings that sold for $6 million online in 2016.

The 102 carat stone was cut from a 271 carat rough diamond that was discovered in the Victor Mine in Ontario in 2018. The diamond was cut and polished over the course of a year by Diacore to bring out its “best brilliance, fire and scintillation,” according to Sotheby’s. The stone belongs to an elite subgroup of diamonds known as “Type IIa,” which are the most chemically pure type of diamond with the highest level of transparency.

Demand for the rarest, largest diamonds has strengthened during the coronavirus pandemic, as the wealthy have benefited from stronger stock markets and investors look for long-term stores of value in a financial world awash with cash.

While demand for everyday jewelry sold in stores has plunged since people aren’t visiting malls and shops as often, or wearing jewelry as often prices for so-called investible diamonds have remained strong. Wealthy buyers, especially in Asia and the Middle East, covet diamonds as the ultimate hard-asset, since they are durable and portable.

Sales of jewelry and diamonds online have also increased, as people buy more from home. Sotheby’s said its online jewelry sales have totaled $31 million this year, seven times more than the same period last year. It has sold three lots for more than $1 million online.

“The retail experience going into the store, trying things on that’s gone right now, or at the very least has changed substantially,” Bruning said. “A lot of things have moved online, and we have been able to really capitalize on that by showcasing things in a new and compelling kind of way globally.”

When asked whether the buyer of a 100 carat diamond would ever wear it, he said: “Absolutely. They want to enjoy them.”

Source; CNBC

Researchers use ‘superdeep’ diamonds to shed light on Earth’s inner workings

In a new study led by a University of Alberta PhD student, researchers used diamonds as breadcrumbs to provide insight into some of Earth’s deepest geologic mechanisms.

“Geologists have recently come to the realization that some of the largest, most valuable diamonds are from the deepest portions of our planet,” said Margo Regier, a PhD student in the Faculty of Science under the supervision of Graham Pearson and Thomas Stachel. “While we are not yet certain why diamonds can grow to larger sizes at these depths, we propose a model where these ‘superdeep’ diamonds crystallize from carbon-rich magmas, which may be critical for them to grow to their large sizes.”

Beyond their beauty and industrial applications, diamonds provide unique windows into the deep Earth, allowing scientists to examine the transport of carbon through the mantle.

“The vast majority of Earth’s carbon is actually stored in its silicate mantle, not in the atmosphere,” Regier explained. “If we are to fully understand Earth’s whole carbon cycle, we need to understand this vast reservoir of carbon deep underground.”

The study revealed that the carbon-rich oceanic crust that sinks into the deep mantle releases most of its carbon before it gets to the deepest portion of the mantle. That means most carbon is recycled back to the surface, and only small amounts are stored in the deep mantle—which has significant implications for how scientists understand the Earth’s carbon cycle.

The mechanism is important to understand for a number of reasons, Regier noted.

“The movement of carbon between the surface and mantle affects Earth’s climate, the composition of its atmosphere and the production of magma from volcanoes,” said Regier.

“We do not yet understand if this carbon cycle has changed over time, nor do we know how much carbon is stored in the deepest parts of our planet. If we want to understand why our planet has evolved into its habitable state today and how the surfaces and atmospheres of other planets may be shaped by their interior processes, we need to better understand these variables.”

The study was made possible through a collaboration between researchers at the U of A and the University of Glasgow, including Jeff Harris, who collected the diamond samples. Support through federal funding from the Natural Sciences and Engineering Research Council of Canada, through the Diamond Exploration Research Training School at the U of A, was also integral in enabling the research.

The study, “The Lithospheric to Lower Mantle Carbon Cycle Recorded in Superdeep Diamonds,” was published in Nature.

/University of Alberta Release. The material in this public release comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here.
Tags:atmosphere, Canada, climate, council, Engineering, exploration, planet, production, research, research council, school, science, Scientists, Student, university, University of Alberta

Source: miragenews