(IDEX Online) - Lucara has recovered yet another huge diamond from its Karowe mine, in Botswana.The 998-carat high white clivage diamond (pictured) is reckoned to be the fourth largest stone found in the country.It follows several remarkable finds. In February the same mine yielded the 549-carat Sethunya diamond. In April 2019 the 1,758-carat Sewelo was recovered. And in 2015 the mine announced th...Read More
RAPAPORT... The Karowe mine has produced a 998-carat diamond, the latest in a string of large rough stones from the lucrative deposit in Botswana.Lucara Diamond Corp., which owns Karowe, will work with manufacturing partner HB Antwerp to assess how to maximize value from the rough, the miner said Wednesday. The unbroken, high-white, clivage stone - meaning it needs to be split before further...Read More
RAPAPORT... Debswana, De Beers' joint venture with Botswana, will pause mining at the Damtshaa deposit for an indefinite period, citing a lack of financial viability given market conditions."In the current environment, the marginal cash flow produced by the mine is outweighed by operational costs," a De Beers spokesperson said Wednesday in an email to Rapaport News. "Placing Damtshaa mine int...Read More
RAPAPORT... The Christie's Magnificent Jewels sale in Geneva garnered $36.8 million, with a fancy-purplish-red diamond selling for a record price, the auction house reported Wednesday. The sale, which took place the previous day at the Four Seasons Hotel, saw 89% of the 156 lots sold, representing 95% of the auction's total value. An online sale was still taking place at press time."Despite t...Read More
RAPAPORT... Alrosa's sales exceeded 2019 levels for the third consecutive month in October as the diamond market improved ahead of the holidays.The Russian miner saw sales of $310 million for the month, it said Tuesday - 17% higher than the $264.4 million it reported a year earlier. Rough sales rose 18% to $299.3 million, while polished revenue grew 3% to $10.7 million."In October, demand for...Read More
(IDEX Online) - India's diamond traders are calling on the government to make good on its promise to scrap the new two per cent e-commerce tax on rough imports.The finance ministry gave industry leaders an undertaking in August that diamonds would be exempt from the equalization levy introduced in April.But after three months it has yet to formally amend the law, prompting concerns among diam...Read More
(IDEX Online) - Alrosa's recovery continued last month with total sales of $310m even though it effectively canceled its trading session.That was 17 per cent up on the same month last year. In September the Russian miner reported totals sales of $336m, up 23 per cent year-on-year and in August it sold $216m, up 16 per cent on the same month in 2019.It canceled the October trading session to a...Read More
RAPAPORT... The diamond sector's rebound from the Covid-19 crisis will feature ups and downs that will continue into next year at least, De Beers predicted."The demand recovery is not expected to be linear, particularly as localized lockdowns take place," De Beers explained Monday in its annual Diamond Insight Report. "Retailer expectations for the second half of the year are mixed, with...Read More
RAPAPORT... Two weeks after New York's Museum of Art and Design (MAD) closed due to the coronavirus pandemic, Franci Sagar hosted the Store at the MAD's first virtual trunk show. It was far from her last; MAD has conducted virtual selling events about twice a month since April."I never thought we'd sell a dollar - I just thought we'd keep people engaged," admits the vice president of brand an...Read More
RAPAPORT... A Tutti Frutti bracelet by Cartier is set to go under the hammer at Bonhams in Hong Kong this month, with a high estimate of HKD 2.8 million ($361,105).The piece, which features a carved foliate emerald center stone in a diamond and sapphire frame, contains a band set with rubies, emeralds and sapphires. It will headline the November 28 Jewels and Jadeite sale, Bonhams said last week."...Read More
RAPAPORT... The economic challenges resulting from Covid-19 have forced companies and industries at large to reassess their value propositions. Along with the tremendous health concerns, the coronavirus has also brought unprecedented disruption to the global economy, pushing the business community to modify the way it operates. The changes that have taken effect during the coronavirus will likely...Read More
(IDEX Online) - Fugitive diamond billionaire Nirav Modi has suffered another blow in his legal bid to avoid extradition to India over an alleged $1.85bn fraud.A British court ruled that it would hear evidence against Modi from the Indian government, dismissing his lawyer's claim argument that it was not admissible.Modi, 49, (pictured) was India's most wanted man until he was arrested in...Read More
(IDEX Online) - Pandora says it has no plans to permanently close any of its stores worldwide, despite coronavirus.The Danish jewelry retail giant, best known for its charm bracelets, also said been paying all its 28,000 staff in full throughout the pandemic, and would carry on doing so.Chief executive Alexander Lacik (pictured) told the BBC his stores were "incredibly profitable" and could "withs...Read More
(IDEX Online) - A rare and exceptionally white eight-carat Golconda diamond has sold online for almost $1.5m.The Type IIa IF marquise-cut gem was described by sellers as "a full two shades whiter than the whitest diamond".It was recovered at the famed Golconda mines, in India, which operated in the 16th and 17th centuries, and produced diamonds of exceptional quality, clarity and whiteness due to...Read More
RAPAPORT... The pandemic and its impact on trade shows have forced the Plumb Club to help its members do business all year round, said president Michael Lerche.The coalition of 43 jewelry suppliers has been inextricably linked to the JCK Las Vegas show since the club's founding, Lerche explained in an interview on the Rapaport Diamond Podcast. With the 2020 fair canceled due to Covid-19 and t...Read More
RAPAPORT... Asian Star's sales fell in the second fiscal quarter as the coronavirus pandemic continued to affect business for the Indian manufacturer of diamonds and jewelry.Group revenue - including at subsidiaries - slid 38% year on year to INR 4.98 billion ($67.3 million) in the three months ending September 30, the Mumbai-based company reported Friday. The sales decline was gentler than t...Read More
RAPAPORT... Asian Star's sales fell in the second fiscal quarter as the coronavirus pandemic continued to affect business for the Indian manufacturer of diamonds and jewelry.Group revenue - including at subsidiaries - slid 38% year on year to INR 4.98 billion ($67.3 million) in the three months ending September 30, the Mumbai-based company reported Friday. The sales decline was gentler than t...Read More
RAPAPORT... Richemont's jewelry sales outperformed the rest of the group in the three months ending September 30 as Chinese demand grew and consumers spent money online.Sales at jewelry maisons - Cartier, Van Cleef & Arpels, and Buccellati - increased 4% year on year for the company's second fiscal quarter, Richemont reported Friday. That compared with a 5% drop for the group as a whole."...Read More
(IDEX Online) - A rare 6.70-carat VS1 natural fancy deep yellow diamond from the famous Zimmi mine, in Sierra Leone, could fetch as much as $705,000 at auction.Canary yellow diamonds from Zimmi can command double the price of other fancy yellows because of their uniquely high color saturation levels. Yellow Zimmi stones over five carats are extremely rare. This gem (pictured) will lead the Ti...Read More
(IDEX Online) - The Damtshaa mine, in Botswana, will reportedly close for three years as COVID-19 disruption and the consequent weak demand renders it unviable.The Debswana-operated deposit produces around 500,000-carats annually of lower-value diamonds - just 2.5 per cent of the country's total output.Joseph Tsimako, president of the Botswana Mine Workers Union told the Reuters news agency o...Read More