A 153.66-carat white diamond and a 16.94-carat-fancy yellow diamond are expected to be the two highlights of a tender of rough diamonds by brokers Fusion and I. Hennig of large rough diamonds recovered from the Kao mine in Lesotho.
Special viewings for the tender began in New York on Monday and last until August 6. Viewings will then take place from August 10 to 13 in Ramat Gan (Israel). The large diamonds will be available for viewing in Antwerp from August 19 to 27, with the tender closing on August 27 in Antwerp.
A motorist who ran over Aron Aranbayev, a jeweler to singers and celebrities, remains at large, police said. Aranbayev, known as Eric to friends and family, was struck two days ago. His client list includes Jay Z, Drake, Chris Brown, Busta Rhymes and Sean Combs.
Mining Weekly reports sources close to the matter claim Anglo American, employing some 151,200 staff globally, is planning to cut between 5% and 20% of staff at head offices around the world, in an effort to keep shareholders on side and respond to a commodity price rout that has hit profits. Restructuring efforts, which includes the sales of non-core assets, is said to move slowly, causing Anglo's share performance to lag its peers. One source commented: "The picture as currently presented is not sustainable.
Investment bank JPMorgan has reduced the rating of the Russian diamond mining giant to 'hold' from 'buy', but raised its price forecast for the stock sharply.
In the wake of GIA's announcement on May 12 concerning 424 colorless to near-colorless diamonds that were discovered to have potentially been subjected to an undisclosed, temporary treatment which can lead to a higher grade, the Diamond Dealers Club of New York and the Diamond Manufacturers & Importers Association of America have issued a joint statement condemning such practices, stating, "Disciplinary action will be taken if any member fails to follow DDC and DMIA rules and regulations regarding proper disclosure ...
A diamond rivière necklace set with a total of 70 carats of round brilliant-cut diamonds has a pre-sale estimate of $1.4 million-$1.8 million. The fine jewelry auction takes place on June 22 in New York.
UK-based diamond development company Paragon Diamonds Ltd. has signed a memorandum of understanding with Canadian mining company Lucara Diamond Corp. to acquire a 75% interest, with an acquisition cost of USD 8.5m, and operate the defined Mothae Kimberlite Resource, the company said. The Mothae Kimberlite Resource is located 5 km from the Letseng le Terai diamond mine in Lesotho. The acquisition is subject to approval from the government of Lesotho.
Forbes India reports a significant increase - from $35mn in 2013 to $277mn in 2014 - of investor interest in the Indian Jewellery business, especially for finished branded diamond and gold jewellery, where 'massive profits' can be registered with margins of 100% to a whopping 8,00,000 percent'. Anand Narayan, senior managing director of private equity firm Creador: "Diamonds are huge value creators. Pricing of diamonds is based on how one uses it in the jewellery. If used imaginatively, it can fetch attractive premiums with margins that can be massive."
Philip Manduca, Executive Chairman at Paragon Diamonds plans to provide ‘first generation economies’ billionaires in Russia, Ukraine, India, Middle East with investment grade diamonds as “easily accessible, highly portable and to government and tax authorities invisible store of value”, advantages no other ‘hard asset’ is able to offer. Paragon is “currently in the process of developing a diamond project in Lemphane, Lesotho and will be vertically integrated”.