De Beers’ sales value fell this month as global rough demand weakened and the miner reduced prices of its larger stones.
Proceeds dropped 32% year on year to $450 million at 2023’s fifth sales cycle from $657 million in the equivalent period a year earlier, De Beers reported Wednesday. Sales declined 6% compared with the $479 million that the fourth cycle brought in. The total included the June sight as well as auction sales.
“Following the JCK [Las Vegas] show, and with ongoing global macroeconomic challenges continuing to impact end-client sentiment, the diamond industry remains cautious heading into summer,” said De Beers CEO Al Cook. “Reflecting this, we saw demand for De Beers rough diamonds during the fifth sales cycle of the year slightly softer than in the fourth cycle.”
De Beers lowered prices at the sight by 5% to 10% mainly in 2-carat categories and larger, as well as for some 1- to 1.5-carat items, market insiders said. It also extended its buyback program, which allows sightholders to sell goods back to the miner following the purchase.
This reflected weakness in the rough that produces polished above 0.30 carats, and especially the stones that yield 1-carat finished diamonds. These sizes are especially weak in the US market amid economic uncertainty and a lull in engagements, dealers explained. Rough under 0.75 carats has seen a mild recovery as Indian manufacturers look to fill their factories with low-cost material.
The just completed Sotheby’s Magnificent Jewels sale in New York is the first auction to sell two items for more than $30 million.
The first is the “Estrela de Fura,” a 55.22-carat Mozambique ruby that sold for $34.8 million ($630,288 per carat), establishing a world record price for a ruby and any colored gemstone sold at auction. It is also the largest ruby to be sold at auction. Its pre-auction estimate was more than $30 million.
The finished ruby was cut and polished from a 101-carat rough discovered by Fura Gems, a colored gemstone mining and marketing company based in Dubai. It was unearthed at its ruby mine in Montepeuz, Mozambique, in July 2022. The company named the rough gem, Estrela de Fura (Star of Fura in Portuguese). Even in its rough, untouched state, the ruby “was considered by experts as an exceptional treasure of nature for its fluorescence, outstanding clarity and vivid red hue, known as ‘pigeon’s blood’ — a color traditionally associated only with Burmese rubies,” Sotheby’s said in a previous statement.
It’s rare for a mining company to cut and polish the gem and then sell it at auction. The usual route of recently found colored gems is to sell it to a company as a rough where they would cut and polish the gem, then it would sell it privately or at auction. However, Dev Shetty, founder and CEO of Fura Gems, chose to not only go on the auction route on his own, but to embark on a worldwide tour of the rare gem, promoting not only this stone, but rubies from Mozambique as equal to rubies from Burma, which has historically been considered the main source of the most sought-after rubies.
Quig Bruning, head of Sotheby’s Jewelry America, previously said the Estrela de Fura may signal a change of this perception.
“It is undoubtedly positioned to become the standard bearer for African rubies – and gemstones in general, bringing global awareness to their ability to be on par with, and even outshine, those from Burma,” Bruning said in a statement.
“This is truly once in a lifetime,” says the jeweller’s chief gemologist of the 35 sparklers acquired from the now-closed mine in the Kimberley.
Vicky Reynolds wants to take you on a date with a diamond.
Reynolds, Tiffany & Co’s chief gemologist, has had the enviable task of chaperoning the final 35 Argyle diamonds sold around the world, meeting with potential buyers and discussing exactly how these incredibly rare and exceptional gemstones will be used.
It is, she says, “the stuff my dreams are made of. This is truly once in a lifetime.”
Reynolds has worked with New York-based Tiffany & Co since 1987 – almost as long as the Argyle diamond mine, owned by Rio Tinto, operated in Western Australia’s East Kimberley region (it opened in 1983). When the mine closed in 2020 due to finite resources, the final annual tender – ordinarily a highly anticipated and prestigious event on the gemstone calendar – was considered the hottest ticket going.
The Argyle mine produced 90 per cent of the world’s pink diamonds, and each year, only 50 to 60 were ever offered in an invitation-only tender process. So when Rio Tinto rang Reynolds after the tender, to offer Tiffany and Co a further 35 diamonds noted for their vivid pink and purple colour, she jumped at the chance.
Rio Tinto has unveiled the latest heirloom piece of Argyle Pink Diamonds jewellery, featuring one of the last diamonds to be mined from the iconic Argyle mine in the East Kimberley, Western Australia.
Mining ended at Argyle in November 2020, after 37 years of uninterrupted production, during which the mine became the source of about 90% of the world’s prized rose-to-magenta hued stones. The mine produced more than 865 million carats of rough diamonds.
Designed by Western Australian jeweller Solid Gold Diamonds, the Argyle Rose features a total of 3.25 carats of rare Argyle pink and blue diamonds encrusted in a rose motif, surrounded by white diamonds and hand-set in platinum and 18 karat gold.
The heart of this piece is an extremely rare 1.36 carat, Fancy Deep Pink radiant cut diamond. It is just one of twelve radiant cut diamonds over one carat with a colour grading, 1P, from the last 30 years of production from Argyle.
The surrounding petaled design of pink and blue Argyle Diamonds totals 1.89 carats, together with 2.80 carats of white diamonds. The Argyle Rose is for sale at Solid Gold Diamonds in Perth for A$2 million.
“I am delighted to launch the Argyle Rose. Encapsulating a rich history and an extraordinary provenance, it is both a contemporary treasure and an heirloom for tomorrow,” Sinead Kaufman, Chief Executive of Rio Tinto Minerals said in a statement.
“These rare and precious diamonds are one and a half billion years old, from one of the most beautiful places on earth, and the world is simply not producing them anymore.”
A Swiss company claims it has developed technology that chemically profiles any diamond so it can identify the country – and even the specific mine – of origin.
Spacecode says it analyzes diamonds at a molecular level to determine where it was mined, so it doesn’t matter whether the stone has been registered earlier in the supply chain.
The company has been in talks with the G7 and EU nations about the possibility of using its technology to identify Russian diamonds.
“Our research started 10 years ago, but over the past three years we have developed a specific technology that identifies the provenance of any diamond,” said Pavlo Protopapa the company’s CEO.
“We are the first ever to hold such unique technology, which is a major game changer all along the diamond supply chain.”
“We plan to produce by the end of this year our initial units. By 2024, we will offer on a large scale to the global diamond and jewelry industries, a small easy-to-use device that will define the country of origin of rough and polished diamonds.”
Protopapa added that “in meetings with the G7 and the EU representatives, we have received enthusiastic interest. Within months, we will deliver a small, easy-to-use device that will identify Angolan, Botswanan, South-African and of course, any Russian diamonds. We will leave it for the politicians to decide what to do with it”.
Spacecode’s breakthrough technology analyzes the chemical composition of a diamond on a molecular level, and with Artificial Intelligence tools, creates a “chemical profile” of the run of the mine of a specific diamond mine.
The technology identifies not only the country of origin, but even the specific mine in which it was mined.
Spacecode’s diamond inventory management technology already tracks more than 25 million stones. The company has a team of 15 engineers and specialists, and over 300 clients. Its technology could be adopted by the G7 and the EU to impose effective sanctions on both rough and polished diamonds from Russia.
It could also be used by the Kimberley Process and other organizations, to end, for example, the export of Angolan diamonds through other African countries.
Diamonds have long been revered for their beauty, rarity, and association with luxury. However, traditional diamond mining comes with ethical concerns and environmental impacts. In recent years, laboratory-grown diamonds have emerged as an alternative, marketed as a sustainable and eco-friendly choice. This article explores whether laboratory-grown diamonds truly live up to their claims of sustainability and environmental friendliness.
The Process of Laboratory-Grown Diamonds: Laboratory-grown diamonds, also known as synthetic or cultured diamonds, are created in controlled environments using advanced technology. They are produced through two primary methods: High-Pressure High-Temperature (HPHT) and Chemical Vapor Deposition (CVD). Both methods involve replicating the natural conditions that cause diamond formation but in a shorter time frame.
Environmental Impact: a) Land Disruption: Traditional diamond mining often requires extensive land clearing and excavation, leading to habitat destruction and soil erosion. In contrast, laboratory-grown diamonds are produced in labs, eliminating the need for land disruption.
b) Energy Consumption: The production of laboratory-grown diamonds does require significant energy inputs, mainly in the form of electricity. However, advancements in technology have made the process more efficient, reducing energy requirements over time. Renewable energy sources can also be used to power these facilities, further minimizing their carbon footprint.
c) Water Usage: Traditional diamond mining can consume substantial amounts of water, contributing to local water scarcity and ecosystem degradation. Laboratory-grown diamond production generally requires significantly less water, making it a more environmentally friendly option.
d) Chemical Usage: While the production of laboratory-grown diamonds involves the use of chemicals, the industry is continually striving to reduce their environmental impact. Responsible manufacturers are working on developing greener chemical processes and minimizing the use of harmful substances.
Ethical Considerations: Traditional diamond mining has long been associated with human rights issues, including exploitative labor practices and conflicts (so-called “blood diamonds”). Laboratory-grown diamonds, on the other hand, offer a more transparent and traceable supply chain. Consumers can be confident that their diamonds are not contributing to human suffering or funding conflicts.
Long-Term Sustainability: a) Repurposing Waste: Laboratory-grown diamond production generates significantly less waste compared to mining. Additionally, by-products from the manufacturing process can be repurposed, further reducing the ecological impact.
b) Circular Economy: As laboratory-grown diamonds gain popularity, a potential future advantage lies in their ability to be recycled and repurposed. This aligns with the principles of a circular economy, where materials are reused rather than discarded.
Conclusion:
Laboratory-grown diamonds offer an alternative to traditional diamond mining that addresses many of the ethical and environmental concerns associated with the industry. While there are energy and chemical inputs involved, the overall impact is significantly reduced compared to mining. Furthermore, the transparency and traceability of laboratory-grown diamonds provide assurance to consumers seeking an ethical and sustainable choice.
As with any industry, continuous improvements are needed to enhance the sustainability of laboratory-grown diamond production. Manufacturers should prioritize the use of renewable energy, minimize chemical usage, and explore recycling options. By doing so, laboratory-grown diamonds can truly become a more sustainable and eco-friendly option, offering consumers the beauty and luxury they desire without compromising the environment or human rights.
Storm Mountain Diamonds (SMD), jointly owned by Namakwa Diamonds Limited and the Government of Lesotho, has recovered a 108.39-carat fancy pink diamond at its Kao Mine in the Southern African country.
The diamond is one of the largest pink roughs ever found in Africa, which include the “Lulo Rose”, 170-carat precious stone recovered by Australia’s Lucapa Diamond in Angola last year.
SMD said the diamond was recovered from a 1.5 tonne sample of kimberlite ore that was processed at the mine’s plant.
It is a Type IIa stone, which means it has very few impurities and a high level of clarity, the company said.
The Kao Mine is one of the largest diamond mines in Lesotho and produces about 400,000 carats of diamonds annually.
Coloured diamonds, especially pink ones, have repeatedly set record-setting prices in recent years as they are rarer than white ones. While they come in many hues, pink and blue are the most coveted.
A pair of pear-shaped fancy pink pendant diamond earrings, weighing 11.17 carats and 10.85 carats, are to be sold at Sotheby’s Hong Kong.
The estimate is $5.48m to $7.01m. Both diamonds are GIA-certified as Fancy Pink, Natural Color, VVS1 Clarity.
The pink diamonds are set in platinum and yellow gold suspended from a pear, marquise-shaped and brilliant-cut diamond surmount weighing a total of approximately 6.5-7.5cts, mostly F-H color, average VS-SI clarity.
The lead tomorrow’s Magnificent Jewels I. The sale also includes a Harry Winston diamond fringe necklace with nine pear-shaped diamonds weighing 14.93 to 2.04 carats (estimate $4.46m to $6.37m) and a 5.49-carat fancy intense blue diamond ring (estimate $4.84m to $6.37m).
“The Eternal Pink,” a 10.57-carat internally flawless fancy vivid purplish-pink diamond
“The Eternal Pink,” a 10.57-carat internally flawless fancy vivid purplish-pink diamond, will be offered at Sotheby’s New York on June 8. Its estimate is $35 million, which if achieved, would make it one of the most valuable gems ever sold at auction.
Its per-carat estimate of more than $3.3 million is the largest such estimate ever placed on a diamond or gemstone, according to Sotheby’s.
Quig Bruning, head of Sotheby’s Jewelry, Americas, says it’s the most vivid pink diamond to ever to come to market. “This color is the most beautiful and concentrated shade of pink in diamonds that I have ever seen.”
The cushion-shaped diamond will first be on view in Hong Kong April 1 – 7 to coincide with the 50th anniversary of Sotheby’s presence in Asia. The gem will then travel to Dubai, Singapore, Shanghai, Taiwan and Geneva before being offered as the top lot at Sotheby’s New York Magnificent Jewels auction on June 8.
The 23.78-carat rough which yielded The Eternal Pink was mined by De Beers at the Damtshaa mine in Botswana. Diamond manufacturer, Diacore, took six months to cut and polish the gem into its current color, described as “bubblegum” by the auction house.
“This stunning diamond is the best of the best when it comes to exceptional pink diamonds and it is difficult to overstate its rarity and beauty,” said Wenhao Yu, chairman of Jewellery and Watches at Sotheby’s Asia.
Sotheby’s has had some experience with important pink diamonds. The auction house sold the record-breaking CTF Pink Star, a 59.60-carat oval mixed-cut Fancy Vivid Pink Internally Flawless diamond, sold for $71.2 million—a world auction record for a diamond and any gemstone or jewel—in Hong Kong in April 2017. More recently, Sotheby’s sold the Williamson Pink Star, an 11.15-carat fancy vivid pink internally flawless diamond, for $57.7 million in a single-lot auction at Sotheby’s Hong Kong on October 8, 2022, setting the world record price per carat for any diamond or gemstone at more than $5.1 million.
Colored diamonds continue to demand high prices at auction with exceptional pink and blue diamonds leading the way. It is because of their rarity, according to Sotheby’s. Of all the diamonds submitted to the Gemological Institute of America, fewer than 3% are classified as colored diamonds. Within these colored diamonds, pink is one of the rarest to occur naturally in diamonds. A diamond that is more than 10 carats, with strong color, internally flawless clarity, and classified as a “vivid pink,” the highest grade for a pink diamond is extremely rare.
Diamonds have long been a symbol of love, luxury, and status. However, in recent years, there has been a growing interest in the production of laboratory-grown diamonds as a more ethical and sustainable alternative to mined diamonds. In this article, we will explore the differences between a mined diamond and a laboratory-grown diamond.
Mined Diamonds:
Mined diamonds are formed naturally over millions of years deep beneath the earth’s surface. These diamonds are found in mines, usually in remote locations, and are extracted using heavy machinery and explosives. The mining process is often associated with negative environmental and social impacts, such as habitat destruction, water pollution, and exploitation of workers.
Mined diamonds are valued for their rarity and unique characteristics. The quality of a diamond is determined by the 4Cs – cut, clarity, carat weight, and colour. The more perfect a diamond is in each of these categories, the more valuable it is considered to be.
Laboratory-grown Diamonds:
Laboratory-grown diamonds are created using advanced technological processes that mimic the natural formation of diamonds. These diamonds are produced in a laboratory environment, where conditions are controlled and monitored to ensure consistent quality and purity.
The process of creating a laboratory-grown diamond involves using a small diamond seed, which is placed in a chamber and exposed to extreme heat and pressure. Over a period of weeks, carbon atoms are deposited onto the seed, gradually building up the crystal structure of the diamond.
The resulting laboratory-grown diamond is physically and chemically identical to a mined diamond, and can be graded using the same 4Cs criteria.
Differences between Mined Diamonds and Laboratory-grown Diamonds:
Mined diamonds and laboratory-grown diamonds have very similar chemical properties, as they are both made of pure carbon atoms arranged in a crystalline structure. However, there are some subtle differences in the impurities and defects that can be present in each type of diamond.
Mined diamonds can contain trace elements such as nitrogen, boron, and hydrogen, which can affect the diamond’s colour and other properties. Laboratory-grown diamonds can also contain these impurities, but they can be controlled more precisely during the growth process to produce diamonds with specific colours and properties.
One key difference between mined and laboratory-grown diamonds is the presence of defects in the crystal structure. Mined diamonds can contain defects such as vacancies, dislocations, and impurity atoms, which can affect the diamond’s hardness and other physical properties. Laboratory-grown diamonds are typically more pure and have fewer defects, which can make them more consistent in their properties and easier to work with for industrial and scientific applications.
In terms of their chemical composition, both mined and laboratory-grown diamonds are made of pure carbon, with each carbon atom bonded to four neighboring carbon atoms in a tetrahedral arrangement. This gives diamonds their unique hardness and other physical properties, as well as their optical properties such as high refractive index and dispersion.
Overall, while there are some subtle differences in the impurities and defects that can be present in mined and laboratory-grown diamonds, they are both essentially the same material in terms of their chemical properties.
One of the key differences between mined diamonds and laboratory-grown diamonds is their origin. Mined diamonds are natural, formed over millions of years in the earth’s mantle. Laboratory-grown diamonds, on the other hand, are created using advanced technological processes in a laboratory.
Another difference is the environmental and social impact of the two types of diamonds. Mined diamonds are often associated with negative environmental and social impacts, such as habitat destruction, water pollution, and exploitation of workers. Laboratory-grown diamonds, on the other hand, are generally considered to be more sustainable and ethical, as they do not involve the same level of environmental destruction or human exploitation.
Finally, there is a difference in price between mined diamonds and laboratory-grown diamonds. Mined diamonds are generally more expensive, due to their rarity and the high costs associated with mining and extraction. Laboratory-grown diamonds, on the other hand, are often less expensive, as they can be produced in larger quantities and do not require the same level of mining and extraction.
Conclusion:
Mined diamonds and laboratory-grown diamonds both have their pros and cons. While mined diamonds are valued for their rarity and unique characteristics, they are often associated with negative environmental and social impacts. Laboratory-grown diamonds, on the other hand, are more sustainable and ethical, but may be less valuable due to their artificial origin. Ultimately, the choice between a mined diamond and a laboratory-grown diamond comes down to personal values and priorities.
