Sotheby’s announced the 555.55 carat black diamond with 55 facets was sold for US$4.3 million in an online auction.
The Enigma is believed to be the world’s largest black polished diamond. The buyer used cryptocurrency for the purchase.
In ‘A Brilliant Recovery Shapes Up, the Antwerp World Diamond Centre (AWDC) and leading consultancy agency Bain & Company look at the pandemic’s effects, the industry’s impressive recovery, and the possibilities ahead.
De Beers announced their first sight of the year raised $660 million, a strong increase compared to its revenue at the last December sight, which raised $336 million.
According to Bruce Cleaver, CEO De Beers, buyers are restocking: “As anticipated, there was strong growth in consumer demand for diamond jewelry over the end of year holiday season. As a result, we saw the continuation of robust rough diamond demand in the first sales Cycle of the year as buyers focus on restocking depleted inventories.”
Cycle 2 takes place from 14 – 16 February 2022.
The Jewelers Board of Trade (JBT) statistics for 2021, detailing the jewelry retail landscape in North America (USA & Canada) reflect the booming jewelry market trends. In 2021, more new jewelry stores opened, up 151% y-o-y, and less jewelers closed, the majority ceasing activities, than in previous years.
Vast Resources PLC, the London-listed Mining and Resource Development company that partnered last summer with Botswana Diamonds in a joint venture (Okwa Diamonds) aiming to buy Gem Diamonds' mothballed Ghaghoo mine in Botswana for US$4m, has announced it is pulling out of the deal, without further comment.
Unconfirmed sources say India is planning to lower the much criticized import tax on polished diamonds and gemstones from 7,5% to 5%, as this was mentioned during the budget speech by India's Finance Minister.
To give a boost to the gems and jewellery sector, customs duty on cut and polished diamonds and gemstones has been reduced to 5 percent. "Simply sawn diamond would attract nil customs duty. To facilitate export of jewellery through e-commerce, a simplified regulatory framework shall be implemented by June this year," the finance minister said, according to Moneycontrol.
According to Bloomberg, the UAE Ministry of Finance announced the UAE plans to implement a 9% federal tax on corporate earnings. Businesses will become subject to UAE corporate tax from the beginning of their first financial year that starts on or after 1st June 2023.
Bloomberg reports this shift might be in view of the increasing competition of neighboring country Saudi Arabia in mind. The levy-free regime made the UAE, and especially business hub Dubai, a magnet for businesses from across the world.
Mountain Province announced the results of their first diamond sale of the year in Antwerp. The company sold 181,851 carats of diamonds recovered from the Gahcho Kué mine for total proceeds of US$25 million. This results in an average value of US$137 per carat for the Antwerp tender, which is 84% higher than the average price per carat of all diamonds sold in 2020.
Sarine Technologies announced the French High Jewelry Maison Boucheron is launching a new fully-traceable bridal jewelry line, Etoile de Paris, for which it has partnered with Sarine to provide Boucheron-branded digital diamond reports "powered by Sarine".
Closing its latest sale in Antwerp yesterday, Grib Diamonds reported selling 560,000 carats of complete mine production from the Grib Diamond Mine, for a total of US$73m. The average price was US$130/ct, up a whopping 35% compared to the recent sales results of the same production by Stargems in Dubai, which achieved US$94/ct just two weeks ago.
Grib stated to be pleased with the support of over 300 customers present in the auction, with a record demand of 174 companies placing competitive bids. There were 47 winners and a total of 4,870 bids added.
Russian diamond miner ALROSA reported the company’s diamond production equaled 32.4 million carats in 2021. They sold 45.5 million carats with proceeds equaling $4.2 billion, $4 billion from rough and $200 million from polished diamond sales. Gem-quality diamonds accounted for 67% of total sales. In 2021, revenue per carat for these gem-quality diamonds equaled $128, a year-on-year increase of 17%.
De Beers Group announced that Stephen Lussier, executive vice president for brands and consumer markets, will step down from his executive responsibilities on April 1. After a distinguished 37 year career with the company, he will continue to contribute to De Beers as a strategic advisor. He will remain in his role as a Chairman of the Natural Diamond Council.
This summer, French luxury house Balmain will debut their first fine jewelry collection of gender-neutral and socially conscious pieces. The company shared they would use ethically sourced 18-karat gold, “conflict-free minerals”, and traceable gemstones.
Petra Diamonds’ H1 FY 2022 figures (July – December 2021) show the revenue of the diamond mining company went up 49% to $264.7 million compared to the same period last year. This strong result was particularly driven by the sale of Exceptional Stones totaling $77.9 million, but also supported by the strong diamond market with rough prices going up.
Exceptional Stones sales results:
Auction house Sotheby’s announced an extremely rare black diamond of 555.5 carats with a 55- facet cut, called the Enigma, will go under the hammer in February.
The Enigma was listed in the 2006 Guinness Book of World Records and will become the largest of its kind to be put up for auction. Sotheby’s expects the stone to fetch between $4.1 and $6.8 million.
According to the auction house, the Enigma is a rare piece that cannot be compared to other diamonds or even other black gemstones sold in the past.
"And let it be said, the lab-grown companies aren’t exactly charities – they’re like any other technology company out there to make money."
Results from Mountain Province Diamonds on Q4 and the full year (2021) reveal the miner, operating the Gahcho Kué mine in the Northwest Territories are in line with production guidance (1% below) while preliminary cost per tonne was down slightly. The miner sold 808,739 cts for US$65,7m in Q4 in Antwerp, at an impressive average of US$83/ct, well above the US$65/ct achieved in the same period in 2020.
Botswana Diamonds announced the preliminary kimberlite assessment on the Thorny River prospect in South Africa is encouraging, with projected volume of kimberlite in the area exceeding previous estimates, to ca. 2m tonnes. The company is now investigating mining options, and has yet to make an assessment on potential diamond grade. John Teeling, chairman, commented: "The estimated kimberlite volume in the River area is considerably better than expected. Botswana Diamonds will now determine the mining potential. Let me put this in context.
Rough & Polished reports, based on a local TV interview with CEO Sergei Ivanov, that the company is optimistic about restoration of the Mir diamond mine, and is in the final stage of a feasibility study which will determine the course of action, to be decided by a review committee in H1 of 2022.
GRIB Diamonds, the Antwerp-based rough diamond selling arm of AGD Diamonds, has kicked off 2022 with its first Spot viewing for Regular Goods in Antwerp today, with the spot auction slated for January 24th. Interested parties can apply via GRIB's website to schedule an appointment.