As Bloomberg first reported last week, Exelco North America, the local branch of the prominent Belgian diamond company Exelco NV, has filed for bankruptcy protection in the U.S. in an apparent attempt to prevent KBC Bank from liquidating the company's assests. Back in June, Belgian bank KBC Group NV seized assets from Exelco in an attempt to recover unpaid loans, according to court documents.
A massive emerald-cut diamond fashioned from Lucapa Diamond's 404 carat rough stone - the largest rough diamond ever recovered in Angola - will go under the hammer on November 14 at Christie’s in Geneva. "Set into an asymmetric necklace designed by de GRISOGONO, this 163.41 carat, flawless D-colour emerald-cut diamond is the largest ever to come to auction", reads the press release from the auction house. In February 2016, Lucapa Diamond Company announced the discovery of the biggest recorded diamond in Angola, confirmed as a Type IIa D-color gem-quality stone.
The Antwerp World Diamond Centre today organized a festive launch of the Diamond Year celebrating 570 years of unbroken diamond trading in the city, sealing its place as the diamond capital of the world. The celebration was attended by Belgium's Secretary of State for Foreign Trade Pieter De Crem, fifteen ambassadors from diamond-related countries and featured 57 cakes - one for each decade of diamond trading in Antwerp, and, coincidentally, one for each facet of a brilliant cut diamond.
London-listed Petra Diamonds said on Wednesday it had received authorization from the Tanzanian government to resume diamond exports and sales from the Williamson mine. Shares in Petra Diamonds climbed more than 12% from two-year lows following the annoucement. The company said the timing and process for the next diamond export to the company’s office in Antwerp and the sale would be finalized between the company and the government. Petra said no resolution had been reached over the 71,654.45 carat shipment from the Williamson mine that was blocked for export this month.
At long last, Lucara Diamond has sold the 1,109 carat Lesedi La Rona - the largest rough diamond in existence - recovered from the Karowe mine in Botswana on November 16 2015, for $53 million ($47,777 per carat) to Graff Diamonds.
Government authorities in Tanzania have seized a shipment of diamonds belonging to London-based Petra Diamonds, saying the miner under-declared the value of its mineral exports. On August 31, customs seized a parcel containing 71,654 carats rough gems at the Dar Es Salam airport as they were being exported to Antwerp by Williamson Diamonds, in which Petra holds a 75% stake and the Tanzanian State 25%.
"The search and rescue operation has been stopped at Mir underground mine. On August 26, at 9:10 am local time, the water volume accumulated in the open pit mine was 37,400 cubic meters. The danger of uncontrolled instantaneous inrush of the water into the mine shaft makes any rescue works underground impossible." So begins ALROSA's unfortunate but anticipated press release concerning the search for the eight miners who went missing three weeks ago when the underground Mir mine flooded. Another 134 miners were rescued at the time of the flood.
ALROSA's search for the eight missing miners at its Mir mine in Yakutia continues for the sixth day. Citing an Interfax update, Rough & Polished details the harrowing complications with the search efforts. "The water level at the Mir mine in Yakutia continues to increase, while rescue and search operation for the eight missing miners continues for the 6th day in a row. Groundwater gradually fills the mine workings.
Palllinghurst Resources, following its recent takeover of Gemfields, has appointed Sean Gilbertson as new CEO for the colored gemstone miner as it commences the acquisition process. The move follows the resignation of Gemfields' non-executive directors, including that of CEO Ian Harebottle, who has held the position for the last eight years. Harebottle, as well as the resigning board members, was highly crititical of the takeover, saying it "significantly undervalued" the company.
As first reported Friday, August 4, rescue teams are searching for eight workers missing in the Mir underground mine owned by Russian diamond miner Alrosa after water leaked into an underground shaft on Friday morning, the company said. A total of 133 miners had been brought to the surface after the flood, Alrosa said in a statement citing its CEO Sergey Ivanov. There were 142 workers underground when the accident happened. No casualties have been reported so far and there was no word from Alrosa on the chances that the nine missing miners could still be rescued.
After months of speculation and a rejected takeover attempt, Canadian miner Dominion Diamond Corporation has entered into an arrangement agreement with The Washington Companies to acquire all of Dominion’s outstanding common shares for US$14.25 per share in cash, or a total equity value of approximately US$1.2 billion. The transaction represents a 44 percent premium to Dominion’s unaffected share price of US$9.92 on March 17, 2017. Dominion rejected Washington's initial advance of $1.1 billion, or $13.50 a share last March, calling it "opportunistic" and saying it undervalued the company.
Anglo American plans to redevelop the historical premises of its De Beers diamond unit after choosing the building as its preferred option for a new London headquarters, write Jack Sidders and Thomas Biesheuvel for Bloomberg. Citing people with knowledge of the plan, they write that AA intends to modernize the Charterhouse Street property and then transfer staff there from its current premises near Buckingham Palace. The decision is subject to Anglo winning planning and regulatory approvals for the project, two of the people said.
The Argyle diamond coin trilogy sold within a month, according to a press release from Rio Tinto. "The Australian Trilogy", is an US$1.4 million (AUD$1.8 million) one-of-a-kind coin collection featuring a pink, purple pink and violet diamond from Rio Tinto’s Argyle Diamond Mine in the east Kimberley region of Western Australia. Released by The Perth Mint, The Australian Trilogy was sold to an anonymous collector from Asia within a month of its unveiling.
Jeweller Harry Winston purchased the "Rockefeller Emerald", a flawless 18.04-carat Colombian emerald, for more than $5.5 million at Christie’s New York Magnificent Jewels auction.
Thursday June 8, the US House of Representatives approved legislation to erase a number of core financial regulations put in place by the 2010 Dodd-Frank Act, as Republicans moved a step closer to delivering on their promises to eliminate rules that they claim have strangled small businesses and stagnated the economy, writes the New York Times.
London-listed gemstones miner and Fabergé owner Gemfields said it has received an offer for the company from Chinese conglomerate Fosun International Ltd. Fosun made an initial proposal regarding a possible cash offer for the British precious stones miner, thereby emerging as a rival to Pallinghurst, whose recent takeover bid was considered to "significantly undervalue" the company. Gemfields said it was, “actively engaged in discussions with Fosun Gold regarding a possible competing offer for the entire issued and to be issued share capital of the company.”
Rio Tinto and The Perth Mint have showcased a A$1.8 million (US$1.36 million) one-of-a-kind coin collection featuring three coloured diamonds from the Argyle Diamond Mine. Known as The Australian Trilogy, the beautiful collectable comprises three precious metal coins each hand crafted with a pink, purple pink and violet diamond unearthed from Rio Tinto’s Argyle Diamond Mine in the east Kimberley region of Western Australia.
Twelve suspected Russian gangsters stole $9-10 million in diamonds from wholesalers in Midtown’s Diamond District, federal prosecutors said Wednesday. A long-running investigation into international diamond fraud led to the arrest of ten (or nine, depending on source) Russians who allegedly cost their victims nearly $10 million, reports several U.S. news outlets. The scam victimized diamond dealers in New York City, Las Vegas and Mumbai.
Christie’s upcoming auction of Magnificent Jewels will take place on May 17 at the Four Seasons Hotel des Bergues. Consisting of approximately 250 exceptional jewels, it will include a thematic section comprising 30 exceptional pieces from Italian makers, important gem stones, coloured diamonds and signed jewels.
Sierra Leone's Ministry of Mines and Mineral Resources and the National Minerals Agency have issued a press release stating that the 709.48-carat rough diamond found in Koryardu village, Tankoro chiefdom in Kono district, Eastern Sierra Leone on March 14 will be sold inside Sierra Leone by international tender. Interested parties from all over the world will have the opportunity to participate.
BBC News and Premier are reporting that an artisanal miner, who is apparently a Christian pastor, has discovered one of the world's largest rough diamonds in Sierra Leone's Kono district. If correct, and if it is gem-quality, the diamond, said to weigh 709 carats, would be one of the 20 largest gem-quality diamonds ever found - coming in at #13, right behind the famous 726-carat Jonker Diamond recovered at the Elandsfontein mine in South Africa on January 17, 1934, and just ahead of the 650.80-carat Jubilee Diamond, discovered in 1895 in South Africa.
Christie's Hong Kong will auction two exceptional articles at the Spring Sale of Magnificent Jewels on May 30. One extraordinary piece is the Emerald and Diamond Palmette Necklace, while the other is the renowned and stunning Harry Winston Jonker V. The 'Jonker No. 5' is part of a legendary collection of 13 stones fashioned from one of the most famous diamonds in history: the 726-carat piece of rough discovered by Jacob Jonker in South Africa in 1934, which at the time was said to be the fourth largest gem-quality diamond ever recovered.
Following the resignation of Andrey Zharkov as president of ALROSA, Sergey Ivanov, ex-head of insurer SOGAZ, and senior vice-president of Russia's largest lender Sberbank, was yesterday, March 6, officially appointed as President of the company for a three-year term. His appointment was signed by Russian Prime Minister Dmitry Medvedev. "The government directive on your appointment to the position of head of the sole executive body of ALROSA has been signed.
Hundreds of former employees of Sterling Jewelers, the multibillion-dollar conglomerate owned by Signet - the largest specialty jewelry retailer in the US, UK and Canada, with about 3,600 stores under brand names such as Kay Jewelers and Jared The Galleria of Jewelry - claim that its chief executive and other company leaders presided over a corporate culture that fostered rampant sexual harassment and discrimination, according to arbitration documents obtained by
Hollywood's stars got their night to shine on the red carpet at the 89th annual Academy Awards, but their stunning diamond jewelry perhaps shone even brighter. The showstopper was the pair of statement earrings (photo) by Chopard featuring a 25-carat pear-shaped D-flawless diamond and 26-carat heart-shaped D-flawless diamond, 4.55-carats of pear-shaped diamonds and 4.35-carats of brilliant-cut diamonds set in 18k white ‘Fairmined’ gold from the “Garden of Kalahari Collection", worn by Charlize Theron.
The Academy Awards taking place tonight are not only Hollywood cinema's biggest night of the year, but are also one of the most pivotal annual events for fashion, brands and iconic jewelry.
The la Gloria, an 887 ct. museum-quality stone which is believed to be the largest Muzo rough emerald in North America, is to be auctioned by Guernsey’s on April 25 in New York City. The La Gloria and 17 smaller rough emeralds discovered from the wreck of Spanish galleon Nuestra Señora de Atocha, are all from the collection of noted emerald authority Manuel Marcial de Gomar. “It’s very rare for an auction to spotlight emeralds,” says Arlan Ettinger, founder and president of Guernsey’s.
Forevermark, the diamond brand from the De Beers Group of Companies, has expanded to 2,000 retail outlets globally with the intention of expanding by an additional 10% this year, said CEO Stephen Lussier. The opening of the 2,000th Forevermark outlet, the Zen Diamond Anatolium store in the city of Bursa in Turkey, was followed by an announcement of a strong 2016. The brand spent US$85 million on consumer-facing marketing activities in 2016 to help stimulate global demand for diamond jewelry.
Speculation was already rampant about the potentially positive impact of having a First Lady and Daughter with their own retail brands; that impact has arrived in the first month, but whether or not it is positive is another question.
In a major blow to the already struggling jewelry sector in India, the government might cut the threshold limit for the requirement of the permanent account number (PAN) or Unique Identity Code (Adhaar Number) in urban, and Kisan Credit Card number in rural areas for jewelry or bullion purchases between Rs 50,000-100,000 ($740-1,480), writes Business Standard. The Budget, announced Wednesday, is likely to further tighten the noose around black money after the demonetization of Rs 500 and Rs 1000 notes on November 8, 2016.
Last week, on the occasion of the "Diamond Year" that the City of Antwerp will celebrate from September 2017 through May 2018, the City of Antwerp dug deep into its "Insolvente Boedels" archive, recognized by UNESCO as a World Heritage resource, to reveal documents dating the diamond trade in Antwerp back to 1447 - or 570 years ago. The 'crown jewel' of the documents revealed is an edict dating from 1447 in which the 'College of Mayor and Aldermen' decree that, "No one may trade in fake diamonds." The College was well ahead of its time.
An armed man walked into a Harry Winston jewelery shop in Cannes without opening fire, before walking away with €15 million ($16M) in diamonds. A man in his thirties showed up at the store on January 18 at the store on the city's famed Croisette waterfront promenade and initially passed himself off as a customer. "He asked to see diamond ornaments on behalf of a sponsor. The saleswoman was suspicious and gave him a catalogue," the prosecutor said. His face uncovered, hidden only behind sunglasses.
Israeli billionaire businessman Beny Steinmetz was released from house arrest Wednesday after he was detained last month on suspicion of money laundering and bribing public officials in Africa, writes The Times of Israel. The diamond and mining magnate was arrested on December 19 and accused of paying millions of dollars in bribes in the Republic of Guinea in exchange for advancing his business interests in the country, according to the Israel Police.
Israeli authorities have placed Israeli diamond and mining mogul Beny Steinmetz under house arrest over allegations of bribery and corruption in Guinea linked to his BSG Resources (BGSR) mining company. One of Israel’s wealthiest men, Steinmetz has been arrested in Israel over claims that he paid millions of dollars in bribes to secure mineral assets in one of the world’s poorest nations.
"Uncertainity looms large over the world's largest diamond cutting and polishing industry in Surat following the scrapping of the old Rs 500 and Rs 1,000 currency note by the government," writes the Times of India (TOI) on the sudden currency ban.
The Foxfire diamond is the largest known uncut, gem-quality diamond mined in North America. The diamond will be on display for three months at the Smithsonian’s National Museum of Natural History, Nov. 17 through Feb. 16, 2017. This will be the first time it has been made available to the public. Weighing more than 187 carats, the Foxfire diamond will be presented alongside the renowned Hope diamond in the Harry Winston Gallery.
Thirteen years after the the United States government initially banned the import of all gemstones from Burma (Myanmar) to put pressure on the military junta that had ignored democratic elections, placed Nobel Peace Prize laureate Aung San Suu Kyi under house arrest, and persecuted minority groups throughout the country, U.S. sanctions on imports of the Burmese gemstones were officially lifted by an executive order on October 7.
The highly anticipated launch of the Diamond Producers Association's "Real is rare. Real is a diamond" category marketing campaign is finally a fait accompli. Two intense ads featuring young couples will air on broadcast television and various digital platforms such as Hulu alongside a social media push. The Diamond Producers Association has also planned a major public relations initiative in its efforts to reintroduce young Americans to the appeal of a real diamond.
- Diamond Producer's Association announces Real is Rare. Real is A Diamond in Antwerp. Keep an eye out for launch of first category marketing campaign for diamonds in more than a decade, Oct. 5 in NY.
To mark the opening of the 28th Biennale des Antiquaires, de GRISOGONO announced the acquisition of The Constellation, the world's most expensive rough diamond, at a press conference held in the Grand Palais today, writes PR Newswire.
Diamonds Unleashed, a “profits with purpose” company with a social mission solely dedicated to the causes of women, has joined forces with Serena Williams – one of the brand’s distinguished ambassadors – to launch a collection this fall exclusively on HSN, announced Diamonds Unleashed by Kara Ross today in a press release. The Diamonds Unleashed for Serena Williams jewelry collection will debut September 12, 2016 during New York Fashion Week. It will accompany Serena Williams’ new fall collection on the runway during her fashion show.
After years of discussion between the Antwerp diamond industry and the Belgian Government, in 2015 it was decided to introduce the “Diamond Regime” tax system, pending European Commission approval. Today the EC announced that the fiscal regime does not constitute State aid, and gave the green light to what has come to be known as the "Carat Tax". Implementation of this new tax regime will put an end to complex discussions between the Antwerp diamond industry and tax authorities on the control and valuation of diamond traders' stock.
The 47th Street Business Improvement District in New York is holding two New York Police Department (NYPD) led seminars for the jewelry and diamond trade to learn how to respond to shooters and terrorism awareness. The seminars will take place on August 29 at 576 Fifth Avenue, JCK reports. “Particularly in light of the many violent events the world has recently experienced, these timely seminars by the experts at the NYPD will be valuable for everyone in the jewelry industry,” the 47th Street Business Improvement District said.
Anglo American has announced the commissioning of De Beers' (51%) and Mountain Province Diamonds' (49%) Gahcho Kué diamond mine in the Northwest Territories of Canada. Gahcho Kué - the world's largest new diamond mine - is expected to reach full commercial production in Q1 2017, producing an average of 4.5 million carats per year over its anticipated 13-year life.
As announced previously, the Russian government has sold a stake in Alrosa, the world’s largest diamond producer, generating $818 million to help close the country's growing budget deficits.
Rio Tinto has revealedl the world’s first coin to feature a rare red diamond from the Argyle Diamond Mine. Known as The Kimberley Treasure and for sale at AU$1 million (US$760,000), the incredible collectable has been crafted from one kilogram of 99.99% fine gold, and features a radiant cut 0.54 carat red diamond unearthed from Rio Tinto’s Argyle Diamond Mine in the east Kimberley region of Western Australia. The Kimberley Treasure is issued as legal tender under the Australian Currency Act 1965.
The highly anticipated auction of the largest gem-quality rough diamond in the world, the historic Type IIa 1,109-carat Lesedi La Rona unearthed by Canadian miner Lucara Diamond Corp. in Botswana last November, failed to make auction history as it fell short of its reserve price and did not sell at Sotheby’s June 29 auction in London. The bidding opened at $50 million and was widely anticipated to sell for upwards of $80 million, but the bidding stalled at $61 million, so the diamond went unsold.
The privatization of Russian diamond mining giant Alrosa is planned for July, reports Reuters.
On the eve of the highly anticipated auction at Sotheby’s London of the largest gem-quality rough diamond in the world – the 1,109-carat Lesedi La Rona – the Diamond Loupe brings you our in-depth discussion with Lucara Diamond CEO William Lamb. During the Antwerp leg of the Lesedi’s world tour, we sat down with William Lamb to discuss Lucara’s management strategy, decision-making process, use of innovative technology and, of course, the magnificent Lesedi La Rona. What lies in store for Lucara’s historic stone?
JCK News director Rob Bates looks at the effect Brexit might have on the diamond and jewelry industry. Bates identifies five potential impact areas. First of all, the vote to exit the EU increases uncertainty and volatility, especially on the financial market, and that is bad news for everybody. Secondly, gold prices are expected to go up, as investors consider it a safe haven amidst the financial turmoil.
The 'Lesedi La Rona', which at 1,109 carats is the largest gem-quality rough diamond in the world, visited Antwerp yesterday, where it was revealed at the MAS Museum to a select crowd of approximately 120 diamantaires, dignitaries and friends of the industry. Hot topics of the afternoon concerned what will happen to the stone next, whether that will happen in Antwerp and, of course, how much it is worth. Lucara Diamond CEO William Lamb considers Antwerp a very logical place for the stone to visit. "Antwerp is and will always be a major diamond center.
The 14.62-carat “Oppenheimer Blue,” the largest fancy vivid blue diamond ever offered at auction, set a world auction record, selling for more than $58.2 million (including commission and fees) reports Anthony DeMarco of Forbes. "The rectangular-shaped gem, with a high estimate of $46.1 million, was the lead item at Christie’s Geneva Magnificent Jewels sale. It managed to beat the 12.03-carat “Blue Moon of Josephine,” which sold for a world record of $48.4 million in November 2015 . It’s hammer price of approximately $51.3 million easily topped the Blue Moon."
At 1,109 carats, the Lesedi La Rona diamond that Canadian miner Lucara Diamond unearthed at its Karowe Mine in Botswana in November 2015 ranks second among the largest rough diamonds ever discovered, and as a Type IIa stone, it is also of the highest gem quality.
Lucara Diamond Corp. has sold its 813 carat diamond for $63 million, the highest price ever achieved for the sale of a rough diamond. The exceptional 812.77 carat, Type IIa diamond recovered from the Karowe mine in Botswana in November 2015 sold for $63,111,111, or $77,649 per carat. As part of the sale, Lucara has partnered with Nemesis International DMCC, and retains a 10% interest in the net profit received from the sale of the resultant polished diamonds. The 813 carat diamond has been named, "The Constellation".
Lucara Diamond Corp. has reported strong first quarter 2016 revenues of $50.6 million or $649 per carat and cash of $144.3 million. The company’s revenue for the period represents a 41% increase year-on-year compared to the $29.6 million in the first quarter of 2015, gained from an average of $278 per carat.