RAPAPORT... A purple-pink diamond weighing nearly 16 carats will take center stage at the Christie's Magnificent Jewels sale in Hong Kong, the largest of its kind ever to be offered at an auction.The 15.81-carat, fancy-vivid-purple-pink, internally flawless, type IIa stone, known as the Sakura Diamond, is set in a ring and bracketed by white diamonds. The piece is expected to sell for $25 million...Read More
(IDEX Online) - The largest Kashmir sapphire ever to appear at auction - a 55.19-carat oval gem - is being offered for sale by Sotheby's Geneva.It features in a 1930s Cartier sapphire and diamond brooch alongside another sapphire, weighing 25.97 caratsThe piece belonged to the flamboyant Anglo-Irish socialite Maureen Constance Guinness, Marchioness of Dufferin and Ava, who died aged 91 in 199...Read More
(IDEX Online) - Police in Brazil are reportedly investigating claims by diamond billionaire Beny Steinmetz that the mining company Vale concealed the risks of a joint multi-billion dollar deal from its shareholders.Both parties embarked on a venture in 2010 to extract iron ore for steelmaking from the vast Simandou resource, in southern Guinea.But four years later the country's government con...Read More
(IDEX Online) - Imperial sapphires and diamonds that belonged to Emperor Napoleon's adoptive daughter are to be auctioned by Christie's Geneva.Nine pieces, including a tiara, a collier, a pair of earrings, two pendants and brooches as well as one ring and one bracelet will be offered as individual lots.They were owned by Stephanie de Beauharnais, Grand Duchess of Baden, and include 38 sa...Read More
RAPAPORT... Gemfields recorded a loss in 2020 as it was forced to cancel the bulk of its regular auctions for the year due to coronavirus restrictions.The miner reported a net loss of $93.2 million for the year, compared with a profit of $39.1 million in 2019, it estimated in a trading update last week. The company was unable to hold any of its traditional gem auctions since February. "[The] 2020...Read More
RAPAPORT... Nearly half of US consumers would seriously consider acquiring lab-grown diamonds, believing them to be a fun, fashionable and lower-priced alternative to mined diamonds, according to a De Beers survey.As lab-grown diamonds become more mainstream, they are increasingly identified with providing "flash for cash," with 20% of respondents labeling them as fun, compared with 14% in 2019, t...Read More
RAPAPORT... Alrosa has extended its long-term supply contracts with clients through the second quarter, postponing the announcement of its new three-year deals for a second time. The Russian miner wanted more time to consider demand from its rough buyers since the market has recovered from the disruptions the pandemic caused. "The feedback received indicates that the current demand structure may s...Read More
RAPAPORT... Mountain Province Diamonds fell further into the red in 2020 as the pandemic continues to impact sales and operations at its Gahcho Ku?(C) mine in Canada. The company, which owns 49% of the mine, with De Beers holding the rest, reported a loss of CAD 263.4 million ($208.9 million) for the year. Mountain Province noted a loss of CAD 128.8 million ($102.1 million) in 2019 and has ye...Read More
IDEX Research estimates that U.S. Specialty Jewelers generated sales of about $13.1 billion USD, a 17 percent sales increase, during the fourth calendar quarter - October, November, December of 2020 - when compared to the same three-month period a year earlier. Specialty Jewelers' sales gain of 17 percent (red bar) outpaced the overall fine jewelry and watch sales gain of nearly 14...Read More
RAPAPORT... Chow Sang Sang's revenue slid 15% year on year in 2020 amid coronavirus-related restrictions that took a toll on consumer sentiment.Group sales for 2020 fell to HKD 15.03 billion ($1.93 billion) as border closures in Hong Kong prevented tourist arrivals, a large source of the company's revenue in the municipality, the jeweler said last week. Wedding cancellations resulting from governm...Read More
(IDEX Online) - Petra Diamonds is facing claims that guards at its Williamson Mine, in Tanzania, switched rubber bullets for metal shot in their shotguns to inflict greater damage to trespassers.The UK-listed miner was accused last November of employing security staff who were responsible for seven deaths and 41 injuries in their "ruthless and militaristic" dealings with illegal diggers. It i...Read More
(IDEX Online) - Almost half of all consumers (47 per cent) don't believe lab grown diamonds are "real", according to new research for De Beers.Seven out of 10 said they wouldn't spend over $1,000 on one, because they're concerned that lab growns won't retain their value over time. Prices of LGDs are predicted to fall by as much as 60 per cent in the next two years.An incr...Read More
Polished trading seasonally slow ahead of Passover and Easter holidays. Some distress over another Covid-19 wave in Europe and India. Dealers still confident for 2021. Projections show strong 2Q growth compared to 2020 lockdown period. Vaccine rollout, stimulus checks fueling optimism among US dealers and jewelers. GIA backlog causing inventory concerns. Manufacturer profit margins tightening foll...Read More
RAPAPORT... A US grading laboratory has introduced a new cut grade designed to differentiate higher-quality diamonds from the "excellent" score that most polished stones receive. Gem Certification & Assurance Lab (GCAL) unveiled its 8X grading report this week, highlighting a need to set apart premium-cut diamonds from the rest."Superior and precision-cut diamonds have been getting lost i...Read More
RAPAPORT... Diamond resources at Lucapa Diamond Company's Lulo deposit in Angola have surged 35%, the miner said Wednesday.The resource level climbed to 135,900 carats as of December 31 from 100,700 carats a year earlier, the company noted, citing independent estimates from South Africa's Z Star Mineral Resource Consultants.The jump in mining potential reflects additional resources identified...Read More
RAPAPORT... Time Century Jewelry Center, a new mall under construction in the diamond district in downtown Miami, Florida, is looking to add a jewelry-design school to the project.Yair Levy, the real-estate developer behind Time Century Jewelry Center, said Monday he was prepared to offer a "significant" rent discount to the "right candidate." Located in the second-largest jewelry and diamond...Read More
RAPAPORT... Customers of the Gemological Institute of America (GIA) are experiencing severe delays to grading submissions, creating worries about inventory management, Rapaport News has learned.A sharp increase in rough buying since December has led to heightened demand for grading reports, while lower capacity because of Covid-19 restrictions has placed extra pressure on the GIA. The turnaro...Read More
(IDEX Online) - A grading lab says it's redefining diamond excellence by assessing eight aspects of a stone's cut quality.And it is providing 360-degree videos and photomicrographs to help buyers appreciate the gem's quality.New York-based GCAL (Gem Certification & Assurance Lab) says as many as 85 per cent diamonds are graded as excellent cut, based on cut, polish and sym...Read More
(IDEX Online) - Alrosa has announced a second extension to existing three-year rough diamond supply contracts.It says the move will help buyers respond to ongoing market uncertainties as a result of the global pandemic.The state-owned Russian miner usually analyzes trading activity at the year end, to determine who will be on its long-term client list and what product mix they'll be offered.I...Read More
RAPAPORT... The Natural Diamond Council (NDC) and celebrity jeweler Lorraine Schwartz have selected the first six designers who will be awarded a spot in the Emerging Designers Diamond Initiative.The designers - all from the Black, Indigenous and people of color (BIPOC) community - were selected by a committee including Schwartz; NDC CEO David Kellie; Nicole Chapoteau, the fashion director of Vani...Read More