Alrosa’s 100.9 Carat Spectacle Heading to Christie’s

In Christie’s upcoming Magnificent Jewels auction in Geneva, “Tha Alrosa Spectacle Diamond” weighing an astonishing 100.94 carats, will be up for sale, the auction house announced on Instagram.

Manufacturing

Q3 FY 2021 Figures Foster Positivism at Petra Diamonds

Petra Diamonds’ Q3 FY 2021 figures (January – March 2021) are fostering cautious optimism at the diamond mining group, after some difficult times. Q3 revenues increased by 16% to 106 million USD in comparison with Q3 FY 2020. This increase was amongst others driven by improved pricing and the sale of a 299.3 carat exceptional diamond in Antwerp in February for 12.2 million USD.

Market Analysis

US Jewelry Sales More than Doubled in March

US Jewelry Sales are back on track since COVID-19 hit retail markets a year ago. According to Mastercard SpendingPulse, jewelry sales in the US increased 106% year on year in March. These figures are a result of government stimulus payments and a broader reopening across the country but also benefit from a strong base comparison with March 2020, when people first started social distancing which resulted in a dip in spending. However, in comparison with March 2019, jewelry sales rose by 30% which reflects a release of pent-up demand.

Jewelry

Lucapa Reports Strong Q1 2021

Lucapa’s quarterly activity report for Q1 shows the company had a strong first three months in 2021. Both operating mines (Lulo and Mothae) noted record performances and the continuing recovery of the entire diamond industry provided a robust pricing environment for rough and polished diamonds.

Market Analysis

Britain Approves Nirav Modi Extradition To India

Following a two-year-long legal battle, the British government has approved the extradition of Nirav Modi, 50, who allegedly defrauded Indian state-run Punjab National Bank (PNB) of $2 billion. The extradition order was signed on April 15," a spokesman for the United Kingdom's Home Office said in a statement on Friday.

World News

Tiffany and LV Winners as LVMH Sales Exceed $16.7B in Q1

LVMH, Moët Hennessy Louis Vuitton, recorded revenue of 14 billion euros (US$16.7 billion) in the first quarter of 2021, up 32% compared to the same period in 2020. The quarter marks the return to growth after several quarters of decline during 2020, a year that was severely disrupted by the global pandemic.

Retail and Consumer Confidence

10 Carat Diamond Ring Sold Through Social Media

The pandemic forced luxury goods companies to use social media, video, and virtual showrooms to woo customers in Europe and keep them shopping at a time when tourists, especially from China, have been absent for more than a year. Analysts believe the government-imposed lockdowns have left wealthy Europeans with money to spend, and designer brands are keen to capture some of that cash.

Retail and Consumer Confidence

GIA Wins Trademark Infringement Suit In Belgian Court

Citing recognition of the Gemological Institute of America (GIA) for gemological report services and education, a Belgian court has ordered AIG Belgium to immediately cease using ‘AIG’ alone or in conjunction with other marks. AIG operated as both the American International Gemological Laboratories and Antwerp International Gemological Laboratories. If the lab fails to do so, they risk significant penalty payments.

Laboratories

Trio Colored Diamonds Lead Christie’s Auction at $8.4M

Christie’s Magnificent Jewels auction in New York amassed US$35 million in sales, US$8.4 million of which came from a trio of colored diamonds, entitled “The Perfect Palette.” The diamonds were each set in a ring and auctioned as separate lots.

Jewelry

Tanzania Assumes Chair of African Diamonds Producers Association

Last week Tanzania assumed the chairmanship of the African Diamond Producers Association (ADPA) from Namibia. The minerals minister Dotto Biteko accepted the chairmanship on behalf of the country, saying that in their term as leader, "Tanzania will make sure that it improves ADPA systems so as it can bring positive benefits to member states just as intended."

Mining and Exploration

Q1 Antwerp Diamond Trade Underscores Rebound and Leadership

While the pandemic continues to affect the world, among others forcing India’ s Bharat Diamond Bourse to temporary close operations, Antwerp’s Q1 figures further confirm the industry’s recovery, set in motion in Q4 2020. According to the Antwerp World Diamond Centre (AWDC), releasing the figures, the data demonstrates Antwerp’s dominant position as the world’s most important rough diamond trade hub.

Market Analysis

ALROSA Sales Exceed $1.1B in Q1

Russian miner Alrosa records a strong performance, with total sales of rough and polished diamonds in March amounting to US$357 million, including proceeds from rough diamond sales of US$345 million and polished diamond sales of US$12 million. 

Rough Market

Signet Acquires Jewelry Subscription Platform Rocksbox

Three years ago Signet Jewelers, the world's largest retailer of diamond jewelry, launched “Path to Brilliance,” the official name of its business growth strategy. By acquiring Rocksbox, the subscription-based jewelry rental platform, Signet can expand the retail group’s services, reach a younger demographic, and offer customers new ways to enjoy jewelry without the pain of buying it.

Jewelry

Lucara and HB Antwerp Extend Large Stone Deal For 2 Years

Lucara Diamond Corp, owner of the Karowe mine in Botswana and HB Antwerp, the diamond trading and manufacturing company based in Antwerp have agreed to extend the exclusive deal on all of Lucara's +10.8ct diamonds, which account for approx. 70% of Lucara's total revenue, for 24 months. HB Antwerp will continue to get exclusive access to purchase the miner's specials until the end of 2022, for a price determined on the projected polished outcome, and an additional true up, minus handling fee and manufacturing cost, once the diamond is actually sold.

Market AnalysisRough MarketManufacturing

Diamond Polished Prices Increased Year-on-Year

Idex reported a 3.9% increase in polished diamond prices year-on-year, the biggest surge in over two years. Prices have consistently been on the ruse since the low point of April 2020, when the price was down by 4.8%. The March increase was more than double the February rise of 1.9 %.

Month-on-month prices recovered slightly, which are up by 0.2% in March, after a slight drop in February. This follows January's 1.4% leap, the biggest rise for at least three years.
November was down 0.2% and December was up slightly, at 0.3%.

PolishedMarket Analysis

Lucapa Recovers 23rd +100 Carat Diamond at Lulo

Lucapa has announced it has recovered another large stone, 144 carat Type IIa D-colour diamond, from Mining Block 08 (MB08). The diamond is the sixth +100 carat diamond recovered in 2021 so far and the 23rd +100 carat stone recovered at Lulo since exploration and mining operations began.

Mining and Exploration

Bharat Diamond Bourse Closes As Covid Cases Surge

The Bharat Diamond Bourse is fully closing as of 8PM tonight until further notice as the Maharashtra Govt declared a state-wide lockdown and curfew after the official number of Covid cases peaked to over 57.000 in the state, 11k in Mumbai alone on Sunday. 

World News

HRD Antwerp Launches Authenticity Report for Polki Diamond Jewellery

HRD Antwerp launched the first report for traditional and authentic Polki diamond jewellery: 'Authenticity Jewellery Report – Your Blueprint of Assurance'.

The unique Polka jewellery, handcrafted and inspired by fauna, flora and architectural elements, symbolize a critical element of the traditional cultural diamond heritage of India and have gained popularity on the international market. With this report, HRD Antwerp aims to bring additional value to these timeless jewels.

LaboratoriesGrading

Big, Beautiful and Blue: Petra Recovers 39.34ct Exceptional Diamond

Petra Diamonds has recovered a 39.34 carat Type IIb blue diamond of exceptional quality in terms of both its colour and clarity at the Cullinan mine in South Africa. The Company anticipates that the diamond will be sold via a special tender.

Mining and ExplorationRough Market

162.66ct Rough Sold in Antwerp For +US$3M

First Element Bv today  announced that they have sold the 162.66Ct exceptional stone on their tender last week held in Antwerp, Belgium. The stone was viewed by over 100 companies during the tender period and received extremely strong interest from the Antwerp market, First Element said, which reflected in the highly competitive bidding for the stone. The stone sold for a total price of well over $3 Million

Rough Market

How To Be a Sustainable Champion in Luxury

With Generation Z becoming adults and thus consumers, the sustainability decade is underway. It's widely known Gen Z is willing to reward brands that have a positive impact on the environment and society and disconnect from those that do the opposite. So luxury brands have to step up their game if they want to be agents of change when it comes to sustainability and they should act now. Bain & Company collaborated with sustainability specialist Positive Luxury to paint a picture of what a leading luxury brand might look like in 2030.

SustainabilityRetail and Consumer Confidence

Kim Jong-mok to Head South Korea’s National Retailer Association

Last week, Diamond and jewelry industry veteran Kim Jong-mok was inaugurated during as the 32nd president of the Korea National Retailers Association, the largest and one of the oldest organizations in the Korean jewelry industry. In his opening address, Kim spoke about his ambition to boost the Korean jewelry industry and the opening of the SNDGE (Seoul Natural Diamond Gem Exchange) and online platform (SNDGE App).

Polished

Lucapa: New Large Diamond Recoveries Confirm Potential Lulo (Angola)

Lucapa announced the recovery of an additional three +100ct and two +50ct diamonds, now totalling six rough diamonds over 100ct discovered in the last three months alone at Mining Block 46 or one +100ct for every 20k cubic meters of gravel. These statistics and recoveries support the potential of the adjacent Canguige catchment and kimberlites close to the Lulo alluvial mine. 

Mining and ExplorationRough Market

AGD Diamonds (GRIB) Recovers 72.94ct Rough

AGD Diamonds, the Russian miner that sells its goods via Antwerp-based GRIB Diamonds, announces the recovery of a large, 72.94ct rough diamond from its Grib diamond field, continuing the trend of 2020, a year in which 7 50ct+ stones were brought to surface. On a more global level, in recent years more and more large rough diamonds are found, thanks to technological developments in mining processes.

Mining and Exploration

ALROSA Specials Auctions Revenue Totals Nearly US$24m

Alrosa today announced that the combined results of its recent specials auctions in honor of the miners’ 100th auction, totaling US$23.9m. Of that number, US$10.7m came from the sales in Antwerp, US$5.5 from its digital auctions and US$7.7m was achieved from the sale of three large stones (242.31ct, 190.74ct and 136.21ct) at the 100th “Jubilee Auction”.

Rough Market

Lucapa’s Mothae Diamonds Fetch US$5.9m in 2nd Antwerp Sale

Lucapa announced a parcel of selected Mothae stones including a 213ct white diamond and 11ct pink, was prepared, analyzed and sold successfully in Antwerp for US$1,050/ct or a total of US$5.9m to the miner’s purchasing partner. The sale was conducted under the partnership agreement with the Kingdom of Lesotho, maximizing revenue for the country through a share in the final sales outcome of the (selected) stones from the parcel, once they are polished in Antwerp. 

Mining and ExplorationRough Market

Trade Shows To Get Back On Track After Pandemic?

Covid-19 had a dramatic impact on trade shows and many companies tried replacing them by virtual meetings. Even though companies’ turnovers were unaffected because exhibitors saved money – booths, hotels, travel, etc. - by not participating, virtual meetings lack attendee engagement compared to the live events and face-to-face meetings still prove to be most successful in networking. Furthermore, companies have to be where competitors are, so when trade shows get back on track, companies that ignore them will fall behind.

Finance and TradePolished

Lucara Financing for Karowe Underground Expansion On Track

Lucara Diamond Corp announces five leading international financial institutions, including ING Bank NV, Natixis, Société Générale London Branch, Africa Finance Corporation and Afreximbank, are mandating +US$200m senior debt facilities for the underground expansion of the company's 100% owned Karowe mine in Botswana, extending the mine's lifespan until at least 2040, expected to generate over US$4bn in revenues. Total capital cost for the expansion is estimated at US$514m over a period of five years.

Mining and Exploration

Lucapa Mothae Production Expansion (+45%) Project Completed

Lucapa announces its Mothae expansion project, the re-commissioning of the upgraded processing plant, was completed successfully, expanding processing capacity at the Lesotho kimberlite mine by 45%, to 1.6 million tonnes per annum starting Q2 2021. Lucapa's Mothae production is sold via tender in Antwerp, alongside partnerships with manufacturing companies in accordance with the marketing agreement the company made with the Government of Lesotho, to maximize on the added value generated by the cutting and polishing and final sales of its precious resources.

Mining and ExplorationRough Market

Diamonds – a Fashion Symbol For Chinese Men

Luxury male accessories are traditionally tie clips, cufflinks and belt buckles, or for those with a more edgy look, gothic rings or rapper-inspired chains. But for China’s growing segment of young, fashion-fluent men, those style conventions are not enough. Although in the West Millennials and Gen Zers associate diamonds with a romantic notion such as a proposal or marriage, Chinese consumers do not. In China the cultural detachment allows more young men to buy diamonds as a fashion statement instead.

Jewelry

Are lab-grown diamonds a threat to the jewellery supply chain? Let’s get real.

Roy Safit (Everledger) provides good reasons why the natural diamond industry is robust enough to cope with the growth of synthetic alternatives.

Lab-grown diamonds have been portrayed as a juggernaut that’s gathering pace in the fast lane of the precious stone freeway. The demise of the natural pearl industry, following the introduction of cultured pearls during the first decades of the 20th Century, provides a stern warning for the diamond industry.

Opinion piece

Grib Sells 620k+ Russian and Angolan goods for US$50m+ in Antwerp

Grib Diamonds sold over 620K carats of Grib and Angolan production on Thursday 18th March in Antwerp Belgium via its online Ascending Clock Auction. Total revenues were over $50M.

Prices in Specials and +4Gr goods showed continued strength, whilst goods were predictably weaker in the smaller and cheaper areas, Grib commented. The next sale for Grib will start on April 14th

Rough Market

Angola's Path to Sustainable Diamond Industry Takes Shape

A recent clip from Euronews spotlights Angola's efforts to build a transparent and sustainable diamond industry, part of President Lourenço's reform agenda, at the development site of Saurimo, Lunda Sul. 

Mining and Exploration

RJC & WDC Sign Strategic Partnership

The World Diamond Council (WDC) and Responsible Jewellery Council (RJC) have entered a cross-membership partnership and signed mutual codes of conduct. The two leading diamond and jewelry industry organizations are dedicated to the adoption of responsible business practices across the supply chain.

Sustainability

Antwerp Industry Organises Diamond Polishing Course

In a press conference earlier today, the Antwerp World Diamond Centre, together with the City of Antwerp, announced they would (re)organise a diamond polishing course.

Manufacturing

Breitling Embraces Try-Before-You-Buy Through Subscription Service

Consumers don’t like feeling rushed when making luxury purchases, and brands like Breitling have found a suitable solution. #BreitlingSelect allows subscribers to try up to three Breitling watches in a year from a dedicated portfolio of timepieces. Part of the offer is that the subscribers will then be able to purchase one of the three watches at a special price.

JewelryTechnology

First Element to Tender 162ct White in Antwerp

The Diamond Loupe

Antwerp’s Rough Trade Continues To Boost Recovery

Antwerp figures, released by the AWDC, indicate the trade in rough diamonds continues to boost recovery from the pandemic year, as rough trade even surpassed the February figures of 2020. January and February 2020 were the last months before the global outbreak of the COVID crisis, now exactly one year ago, when strong performances were recorded across the board and the industry seemed to finally rise from the dip of 2019.

Finance and TradeRough MarketPolished

Vaccine Optimism Boosts Demand for Luxury

Although the pandemic has continued to dominate headlines, a year after the outbreak in the US and Europe, an Israeli study has underscored the effectiveness of the vaccine in preventing infection. This, along with news of the Biden administration accelerating the vaccine rollout in the US, and the UK’s successful vaccination program, has given consumers hope that there is light at the end of the tunnel.

Retail and Consumer Confidence

Alrosa Starts 2021 with Strong Sales

Russian miner Alrosa records a strong performance, with total sales of rough and polished diamonds amounting to over US$800m in January and February 2021. Rough sales totaled US$782m, compared to US$732.5m in 2020, while polished sales rose from US$18.9m in 2020 to US$21m this year (2021). “The recovery in demand for diamond jewelry in key markets well continued in early 2021 thus providing a good support for rough diamonds sales. We believe the current supply and demand balance is comfortable for both miners and buyers of rough diamonds,” said Evgeny Agureev, Deputy CEO of ALROSA.

Rough Market

55.55-Carat Diamond Necklace to Celebrate Chanel No.5 Perfume

For a century Chanel No.5 has been the house’s signature scent. To commemorate the occasion a necklace was crafted with a D flawless emerald cut, octogonal diamond, that evokes the shape of the scent’s signature bottle — cut to weigh exactly 55.55 carats.

The D flawless diamond is surrounded by 104 round diamonds and 42 baguette diamonds. The necklace re-creates the profile of the perfume bottle stopper and the bottle’s shape, before spilling into a cascade of pear-sharped diamonds of varying sizes, lending an abstract style to the piece.

Jewelry

Petra's 299ct Sells for US$12.18m at Antwerp Tender

Petra Diamonds has successfully sold the 299ct Type IIa white rough diamond, recovered from the Cullinan mine in January this year, at its recent Antwerp tender, for US$40,701 per carat or US$12.18 million to Stargems. 

Rough Market

Kering Invests In Resale Platform Vestiaire Collective

French luxury group Kering, the parent company of Boucheron and Pomellato, has purchased a 5% stake in Vestiaire Collective, a pre-owned luxury e-commerce platform. With this latest move, the company is betting on the booming resale market to help woo younger and more environmentally conscious shoppers.

The investment is part of a 215m USD financing round announced on Monday which valued Vestiaire Collective at more than 1bn USD, the company said. Existing shareholders include Conde Nast and the French private equity firm Eurazeo.

Retail and Consumer Confidence

ALROSA’s Q4 2020 Softens Pandemic Year Losses

Alrosa, the Russian diamond mining giant reports that despite a strong Q4 2020, with especially strong sales volumes of smaller diamonds, total revenue for the year fell 7% to US$3bn, output fell 22% to 30m cts and net profit dropped 49% to US$440m, a direct impact from lower sales, as the miner upheld maximum flexibility throughout the pandemic, to avoid stockpiling, as well as a weaker rouble.

Mining and ExplorationRough Market

Lucapa Recovers 3rd 100+ct At Lulo MB46 Block

Lucapa has announced it has recovered another large stone; a 114ct top white diamond, the 19th +100ct recovered at Lulo, and the third 100+ct rough from the MB46 block, close to the Canguige catchment and priority kimberlites. The frequency of the recovery of three large, high quality stones in barely 8 weeks underscores the potential of the Cacuilo valley and Canguige catchment area. Recently the 16km haul road from the Canguige catchment was finished and Lucapa says it will start bulk sampling the priority kimberlites as soon as the wet season is over.

Mining and Exploration

De Beers New Contract to Track Sightholders' Polished

To enhance the use of data and ensure customers create value from the rough they buy, De Beers wants to introduce a tracking program for the diamonds it supplies to sightholders. In its new supply contract the company will ask manufacturers to share the outcome of the polished yield, reports Rapaport News. This would allow the miner to verify that the rough sold to manufacturers had been polished by them, rather than sold to a third party. Additionally, it would enable source verification and market intelligence.

Rough Market

Court Rules: Nirav Modi To Be Extradited To India

Following a nearly two-year-long legal battle, the UK courts have ruled that Nirav Modi, 49, who allegedly defrauded Indian state-run Punjab National Bank (PNB) of $2 billion, will be extradited to India.

Earlier today a UK judge ruled that Modi can be extradited to India, dismissing arguments such as his mental health worsening during the pandemic and the conditions of an Indian prison. "I am satisfied that Nirav Modi's extradition to India is in compliance per human rights," District Judge Samuel Goozee said.

World News

Antwerp Diamonds Conquer Mars

Belgian-based company Almax easyLab, a company specialized in producing super precise polished diamonds for high-tech scientific applications, is playing an instrumental role in the recent NASA mission to Mars. They have polished the natural diamond, sourced via Antwerp, the world’s leading diamond hub, that is used in a spectroscope, a device that enables the search of signs of life on Mars, on board of NASA’s Mars-Rover robot Perseverance.

World News

GIA Finds Undisclosed LGD's With Fake Inscriptions

GIA recently discovered a number of diamonds, submitted at GIA for an update on their grading report, for which the characteristics did not correspond with the grading of the certificate. All stones turned out to be either LGD or treated natural diamonds with a counterfeit laserinscription on the girdle, while the original certificates all belonged to natural, untreated diamonds. 

GradingLegal

Rapaport: De Beers Sight Prices Up 4-10%

Rapaport reports that prices at De Beers' latest sight were up significantly, 2-4% in the 1 to 2 carat sizes and even a steep 10% in the 5-10ct stones, the third consecutive price hike the miner implemented at its sights. While official results of this cycle have not yet been announced, insiders say sales have been thriving as much as they did at the December in January sights, when rough purchases were spurred by low inventory levels following the 2020 holiday season and continued demand in view of the Chinese New Year and Valentines Day.

Rough Market

Lucara Demonstrates Strength: Strong Q4 and 2020 Operational Results

In a release detailing its operational results for the COVID year 2020 and the last quarter of that year, Lucara clearly demonstrates its strengths, recording a strong performance despite the pandemic. Total revenue (regular tenders, Clara plus the HB  and Louis Vuitton agreement) amounted to US$125.3m, compared to US$192.5m y-o-y, a remarkably strong performance considering the impact of the COVID-19 pandemic. A strong Q4, with revenue of US$42.4m at an avg US$402/ct marked a global recovery on the rough market, a trend which is continuing in 2021.

Mining and ExplorationRough Market

Petra Diamonds: When the Going Gets Tough, The Rough Gets Going

A lovely springtime sun is warming up the Antwerp diamond square mile, boosting temperatures from snowy below zero barely a week ago to a pleasant 15°Celcius. The weather is echoing the sentiment on the market and at Petra Diamonds, as both have emerged from tough times probably stronger than before.

Since the outbreak of the pandemic in March last year, Petra Diamonds was one of the first to shift gears as the world was paralyzed. The Johannesburg sales were put on hold and the miner started focusing its sales on Antwerp, where operations continued despite global lockdowns.

In-depthMining and ExplorationRough Market

Covid-19 Surge Causes Hiccup For Dubai Tenders

While most of the world went into lockdown in the spring of 2020, Dubai and Antwerp reopened for business in the summer. Both centers held viewings for goods as clients were unable to travel to remote locations such as - in the case of De Beers clients - Botswana.

Market Analysis

Namdia CEO Hamutenya Suspected of Irregularities

The Namibian reports that Namdia's CEO and former Diamond Commissioner, Kennedy Hamutenya is facing a disciplinary hearing after investigations into irregularities at Namdia, which is mandated to sell a portion of Namibia mined diamonds (roughly US$150m) as agreed in the 10-year agreement between De Beers and the Namibian Government. According to one Board member, the investigation into the irregularities let to recommendations, one of which is "charging the CEO for a string of violations". 

Rough Market

Mountain Province 157ct Polaris Rough For Sale In Antwerp

The “New” Wedding – Small Cakes, Virtual Guests & Big Diamonds

While the pandemic has led to a flurry of engagements, the $73 billion wedding industry has had a considerable shake-up. With wedding plans abruptly being upended, many couples have had to make some tough choices. According to an article published in The Washington Post, couples are considering having a smaller wedding now – with guests attending either in-person or virtually-, postponing to a later date or canceling the plans altogether.

Retail and Consumer Confidence

Paul Zimnisky: Five Diamond Industry Trends Playing Out Right Now

Reprinted courtesy of Paul Zimnisky. Despite relatively stable consumer demand for diamonds in established markets like the U.S. and notable growth from newer markets like China, for the most of last decade the diamond industry has felt apathetic. This can in part be explained by an arguably oversupplied supply-chain, insufficient marketing efforts and a general pessimism towards the diamond business as a changing consumer economy challenges traditional industries.

In-depthOpinion pieceRough MarketManufacturingPolished

Alrosa January Sales Net US$430m

Alrosa's January sales of rough (US$421m) and polished (US$9m) continue on the trend of Q4 2020 with record sales in December. The January figures were up 6% y-o-y, driven by strong demand in China and the US and lower inventory levels in the midstream. The Russian miner increased prices 6-7% in its latest cycle, but continues to allow buyers to defer purchases. 

Rough MarketMining and Exploration

Dominion Ekati Sale to Arctic Canadian Diamond C° Finalized

In conclusion of a months-long saga, Dominion Diamonds Mines has finalized the sale of the Ekati Diamond mine and associated assets to Arctic Canadian Diamond Company LTD, a new company formed and owned by DDJ Capital Management, Brigade Capital Management, LP and Western Asset Management Company, LLC, CBC Canada reports.  Operations were fully resumed in January, after a restart in November last year, and all workers are expected to return to work later this month.

Mining and ExplorationRough Market

Bluerock Sells All Through Bonas Tender in Antwerp

BlueRock Diamonds announced the sale of a 14.8-carat diamond, recovered in December 2020, for USD167,000 (USD11,300 per carat) in its first tender since the start of the pandemic. During the same tender, they sold an 8.7 carat diamond for USD37,000 (USD4,300 per carat).

Mining and Exploration