55 Carat Ruby, 10 Carat Pink Diamond Each Fetch A Record $34.8 Million At Sotheby’s

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.

The 10.57-carat "Eternal Pink” diamond

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.

Source: forbes.com

Anglo American reports latest diamond sales value for De Beers

Anglo American plc announces the value of rough diamond sales (Global Sightholder Sales and Auctions) for De Beers’ fourth sales cycle of 2023, amounting to US$480 million.

The provisional rough diamond sales figure quoted for Cycle 4 represents the expected sales value for the period 1 and 16 May and remains subject to adjustment based on final completed sales.

Al Cook, CEO of De Beers, said:

“Sales of our rough diamonds in the fourth sales cycle of the year saw a small decrease from the previous cycle as the industry has entered what is traditionally a seasonally quieter period. Rough diamond demand was also influenced by ongoing macroeconomic uncertainty and a slower pace of recovery in consumer demand from China than was widely anticipated.”

Source: globalminingreview

4.83 ct Fancy Blue Diamond Sells for $8.8 million USD

A 4.83 carat fancy vivid blue diamond ring sold for $8.8m at Christie’s Hong Kong as the Magnificent Jewels sale brought in a total of almost $60m.

The brilliant cut IF Type IIb gem (pictured) was surrounded by fancy-cut diamonds, in a gold setting. It sold between the low and high estimates of $7m to $10.2m.

The blue diamond led the sale, followed by two items which both sold for above their high estimates.

An octagonal step-cut 21.38 carat sapphire in a platinum ring set with tapered baguette cut diamonds sold for $4.5m (high estimate $2.3m).

And an 8.92 carats fancy vivid yellow orange pear modified brilliant cut diamond, in a platinum and gold ring, with pear brilliant-cut diamonds of 1.12 and 1.11 carat, sold for $4m (high estimate $3.8m).

Source: IDEX

Renowned Diamond Cutter Gabriel ‘Gabi’ Tolkowsky Dies

Gabriel “Gabi” Tolkowsky

Sir Gabriel “Gabi” Tolkowsky, one of the world’s most revered diamond cutters, has died at 84, friends and family wrote on social media on Monday.

Born in Tel Aviv in 1939, Tolkowsky was from a family steeped in the diamond industry. He learned the trade from father, Jean, who had a diamond-polishing factory in Israel — an education that would set him up for a career manufacturing some of the world’s most famous diamonds.

“Every day after work, [my father] would come home from his workshop with people from all over the world who had come to learn about diamond polishing and sit in the one big living-cum-bedroom-cum-dining room we had,” Tolkowsky said in a 2008 interview with Singapore’s The Straits Times.

Jean Tolkowsky and his cousin had moved from Antwerp to Palestine — now Israel — in 1932, Gabriel Tolkowsky told Martin Rapaport in 2000. Jean became the first person to install a polishing operation in the country.

“To polish diamonds, he had to use a bicycle to turn the polishing wheel, because there was no electricity,” he said. “Many of the first diamond people in Israel were my father’s pupils. I learned my trade from him, and I am proud to have had such a rare opportunity.”

From 1975 until 1995, Gabriel Tolkowsky worked for De Beers’ now-defunct manufacturing unit, Diatrada. He was famous for cutting the 273.85-carat Centenary Diamond, which De Beers unveiled in 1991 to mark 100 years since the company was founded.

For months, he “just studied it,” Tolkowsky said in the 2000 interview. “I looked at it during the day; I looked at it at night. I looked at it during the day, and at night it looked at me! I couldn’t sleep, because I was looking for answers.”

After De Beers announced he would polish the stone, he and his wife had to hide from news reporters and ended up staying in an unlisted room in the basement of a remote hotel in Cape Town, according to The Straits Times. He subsequently spent three years cutting the diamond in a high-security underground facility. The polished piece later went on display at the Tower of London. He also cut the 545.67-carat Golden Jubilee Diamond for De Beers.

The Centenary Diamond. (De Beers)
“He always believed that diamonds are not a commodity but rather a unique way of expressing emotions,” said Marc-André Zucker, a board member at Antwerp’s rough-diamond bourse, the Antwerpsche Diamantkring. “His enthusiasm was endless — he was truly ‘romancing’ diamonds.”

Part of a well-known diamond family, he was the great-nephew of Marcel Tolkowsky, the inventor of the ideal-cut round brilliant diamond.

In 2002, he received a Knighthood Chevalier de L’ Ordre du Roi Leopold II from the Belgian government for his contribution to the diamond industry.

He was a “pioneer and a master craftsman who understood the wonder of diamonds like few other people,” said a spokesperson for De Beers. “Gabi combined artistry, expertise and passion to create some of the most beautiful and famous polished diamonds in history. He will be greatly missed, and all our thoughts are with the Tolkowsky family.”

Source: rapaport.com

Botswana president insists on bigger share of diamonds from De Beers venture

Botswana will not back down on demands for a bigger share of rough diamonds from its joint venture with De Beers, President Mokgweetsi Masisi said on Thursday, upping the stakes as talks for a new sales deal appear to be stalling.

Botswana and De Beers mine the precious stones through their equally owned, 54-year-old mining venture, Debswana Diamond Co. The current diamond sales deal, in place since 2011, has been extended three times since 2020 but is set to expire next month.

De Beers, a unit of Anglo American Plc, gets 75% of Debswana’s production, which was 24 million carats in 2022. The balance is sold to state-owned Okavango Diamond Company, a vehicle established in 2011 as Botswana began moves to independently sell some gems outside of the De Beers system.

Masisi, who has been Botswana’s president since 2018 and will seek re-election in next year’s elections, now wants Botswana to sell more of its diamonds outside the De Beers channel.

“Our agreement with De Beers is very restrictive to us. We signed it at a time when we didn’t know much, but now our eyes are open,” Masisi said at a community meeting in Mmadinare, 400 kilometres (248.55 miles) north-east of the capital, Gaborone.

Masisi hinted at a possible stalemate and litigation over the sales agreement.

“Even if we lose the litigation, our diamonds will remain ours and we will never give in. If I am going to lose votes because of this issue, then so be it,” said Masisi, speaking in Setswana.

Masisi has previously threatened to walk away from the talks if Botswana does not get a bigger share of Debswana’s output for marketing outside the De Beers system. The government has not publicly stated what share it seeks, but it is believed to be as high as 50%, double the current allocation.

De Beers was not immediately available to comment.

The diamond giant says Botswana receives more than 80% of returns from Debswana, after taxes and royalties are factored in. De Beers has previously expressed confidence that its five-decade partnership with Botswana will continue, on terms “that make economic and strategic sense for both parties.”

Source: yahoo.com

Fresh sanctions on Russian diamonds put 1 million jobs at risk

G7 countries are imposing fresh sanctions against Russia to try to further hinder its war effort in Ukraine. “If the sanctions continue, then there will be a lot of uncertainty in the employment of one million workers,” said Vipul Shah, chairman of Gem & Jewellery Export Promotion Council (GJEPC).

Ultra-rare Bulgari Laguna Blu diamond sells for $25 million

A rare,11.16-carat fancy vivid blue diamond named the “Bulgari Laguna Blu” has fetched slightly more than $25 million at a Sotheby’s Magnificent Jewels sale in Geneva.

The auction house brought the clock back to pre-pandemic times by achieving the best performance since May 2018, with total proceeds of over 76 million Swiss francs (about $85m).

Sotheby’s noted the exceptional blue diamond was put up for auction last and after a four-minute bidding battle between three telephone bidders and one bidder in the room, it eventually found a buyer on the phone.

The sale made of the Bulgari Laguna Blu the most expensive jewel ever sold in Geneva. It is also the largest blue diamond in a Bulgari jewel and the brand’s most valuable gem to ever be put up for sale.

The Bulgari Laguna Blu is a rarity three times over, as it is a blue diamond, a jewel signed by Bulgari, and an unseen and unmodified gemstone.

Bulgari’s global Ambassador, actress Priyanka Chopra, wore the Bulgari Laguna Blu this year’s Met Gala in New York.

The Italian jewelry maker set the oceanic-blue sparkler in a bespoke diamond necklace for actress Priyanka Chopra Jonas, and the stone then was removed and remounted onto a ring—similar to the house’s original 1970s design.

The diamond was initially mounted as a ring by Bulgari for a special commission by the original owner. It was sold in 1970 and it’s now part of a necklace.

Source: mining.com

Breakthrough Tech ‘Pinpoints Origin of Every Diamond’

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.

Source: IDEX

Are Laboratory-Grown Diamonds Really Sustainable and Eco-Friendly?

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 finds giant pink rock in Lesotho

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.

Source: mining.com