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Gem Diamonds has recovered a diamond weighing 161 carats from its Letšeng mine in Lesotho.
The miner found the “high-quality” white, type IIa stone on October 28, it said. Including this rough, Gem Diamonds has retrieved five white stones over 100 carats this year. It also produced a further three of that size in other colors.
In 2018, the mine, known for its large, high-quality stones, yielded 15 diamonds over 100 carats.
Source: diamonds.net
Anglo American unit De Beers said its 2019 marketing budget will exceed last year’s figure of $170 million and will focus on the biggest market the United States, where women lavishing diamonds on themselves has boosted sales.
While U.S. demand has held firm, the diamond market has weakened elsewhere and trade tensions and protests in Hong Kong have dented sales in China, the second largest diamond market.
But luxury groups see potential for growth in jewelry demand, as shown by LVMH’s nearly $14.5 billion offer, made public on Monday, to buy Tiffany & Co.
Esther Oberbeck, group head of strategy at De Beers, the world’s biggest diamond producer by value, said in an interview the company was about to launch new marketing campaigns, focused on the U.S. and China.
She did not specify the budget, but said De Beers’ 2019 spend would exceed last year’s $170 million and was the highest in more than a decade.
The campaigns, which she said would concentrate on “self-purchase and the bridal market”, are based on research carried out for De Beers, published on Monday.
It found the share of U.S. women buying their own engagement ring doubled from 7% to 14% over the five-year period 2013-2017 and that women on average spent a third more than men – $4,400 compared with $3,300.
De Beers sells rough diamonds and jewelry through its Forevermark brand.
Its research anticipates the rough diamond market will recover from a period of oversupply as some mines reach their end of their lives, notably Rio Tinto’s Argyle mine in Australia.
Global consumer demand for diamonds rose by 2% in 2018 to $76 billion and, in dollar terms, China and the United States were the fastest-growing regions, both increasing by 5% year on year, it said.
Demand for diamond jewelry in the U.S. rose by 5% to $36 billion, representing just under half of total global diamond jewelry demand, underpinned by “solid macro-economic factors”, the De Beers research found.
Diamonds are still the leading choice for engagement rings, whether between same sex or heterosexual couples.
But demand for diamond jewelry as a gift to mark all kinds of special occasions, including rewards to oneself, now outweighs demand directly related to weddings, De Beers said.
Source: Reuters
Botswana Diamonds associate Vutomi Mining has secured a mining permit for the diamond bearing gravels and residual unprocessed stockpiles around the Marsfontein mine.
The Marsfontein diamond mine is located in Limpopo, South Africa.
Last month, Botswana Diamonds and Vutomi signed an agreement with Eurafrican Diamond Corporation to mine and process the identified deposits on the Marsfontein project.
EDC has started site establishment, while the commissioning is expected to begin within the next two weeks, thereby ramping up production.
Proceeds from Marsfontein will be used to fund ongoing exploration work in Botswana and South Africa.
Botswana Diamonds chairman John Teeling said: “I am delighted that the Marsfontein Mining Permit has been granted and that site establishment has already commenced.
“I look forward to updating shareholders as the company progresses towards being a diamond producer.”
The Marsfontein mine comprises a kimberlite blow development and the mine’s run of mine grade was 172cpht, at a bottom cut off of +1.2mm.
Marsfontein’s assortment was known to host fancy coloured diamonds.
Evaluation on the gravels and residual stockpiles in and around the mine, conducted at the time of mining, indicated them to be diamondiferous. These deposits were overlooked after the closure of the mine.
BOD, which has a 15% interest in Vutomi, entered an option and earn-in agreement with the latter in 2017 to explore its prospecting rights covering 50,000ha of prospective ground in the Limpopo, North-West and Free State Provinces of South Africa.
Last month, Vutomi secured environmental authorisation over part of the residual diamond-bearing gravels produced from the Marsfontein mine.
In June, Vutomi received approval to sell diamonds recovered during a bulk sampling programme at the Thorny River project.
Source: mining-technology
The world’s top diamond producer by output, Alrosa , has unearthed a unique rough diamond weighing over 232 carats, the largest gem-quality specimen found in more than three years.
THE GEM nQUALITY OCTAHEDRON WAS FOUND AT THE UDACNHAYA KIMBERLITE, IN THE YAKUTIA REGION OF SIBERIA
The diamond, dug up at the Udacnhaya kimberlite pipe on October 19, is an octahedron of yellowish hue with several chips. Its dimensions are 40х39х23 mm.
“Such large gem-quality crystals are extremely rare,” deputy chief executive, Evgeny Agureev, said in the statement. “We have not seen them since 2016, when two diamonds weighing over 200 carats were mined.”
Discovered in 1955, the Udachnaya kimberlite pipe is one of the largest primary diamond deposits in the Yakutia region of Siberia and globally. Its diamond output reached 2.385 million carats in the first nine months of 2019.
Alrosa produced more than 43 million carats of diamonds in 2018 from its Russian mines, or about 27% of the world’s total. That’s 18% more than its closest competitor, Anglo American’s De Beers.
Alrosa finds diamond over 230 carats, largest in three years
Source: mining.com
Rare pink diamonds from Rio Tinto’s Argyle mine in Australia will lead the upcoming Hong Kong Jewels and Jadeite auction at Phillips next month.
The collection comprises 16 jewelry pieces, each incorporating stones from the Argyle deposit, which is the only known source of pink diamonds and is due to close next year. Chief among these will be a ring that can be converted into a pair of ear studs. The piece, which features two heart-shaped, fancy-intense-purplish-pink diamonds, has a presale estimate of HKD 5.8 million to HKD 6.8 million ($739,860 to $867,423).
Other items include a pair of fancy pink diamond, seed pearl and white diamond earrings designed by London-based jeweler Sarah Ho, which is expected to fetch HKD 110,000 to HKD 150,000 ($14,031 to $19,134). A ring by Singapore-based gemologist Paige Parker, featuring pink, yellow and white diamonds, has a presale estimate of HKD 260,000 to HKD 320,000 ($33,166 to $40,820). Another ring by Hong Kong jewelry designer Karen Suen, in which pink and white diamonds are set around a conch pearl, is meanwhile valued at up to HKD 620,000 ($79,087).
Two further items from the collection, also up for auction, feature Columbian Muzo emeralds alongside Argyle pink diamonds. A necklace, expected to garner up to HKD 2.2 million ($280, 640), will go under the hammer alongside a pair of emerald, white and pink diamond pendant earrings with a presale estimate of up to HKD 630,000 ($80,367).
Additional pieces, outside of the pink diamond collection, include a jadeite bead and diamond necklace, which is expected to fetch between HKD 8.5 million and HKD 11 million ($1.1 million to $1.4 million). A rare Van Cleef & Arpels zip necklace, including diamonds, sapphires and lapis lazuli, is expected to net up to HKD 4.5 million ($574,042).
The auction will take place at the JW Marriott in Hong Kong on November 25. It will be preceded by a three-day public exhibition at the same location.
Source: Diamonds.net
Africa-focused Firestone Diamonds (LON:FDI) reported Wednesday a fall in first-quarter revenue due mainly to a fall in recoveries at its Liqhobong mine in Lesotho, the company’s only operating mine, and lower sale prices.
In three months to September, Petra’s first quarter of its 2020 financial year, it recovered 201,091 carats, down from 208,572 carats in the final quarter of 2019.
During the quarter, a single sale of 168,612 carats took place, generating revenue of $10.6 million, down from $12.7 million in the previous quarter. The average value was $63 per carat, down from $71.
Operating costs, however, fell to $10.32 per tonne — below guidance — from $12.57 per tonne.
FIRESTONE EXPECTS TO RESUME OPERATIONS AT LIQHOBONG’S TREATMENT PLANT IN EARLY NOVEMBER.
Firestone is to review 2020 guidance, it said on Wednesday, following “unexpected” power cuts at Liqhobong, where the treatment plant may not be able to fully resume operations until early November.
The miner had previously said it expected diamond recoveries to be between 820,000 and 870,000 carats, with ore tonnes treated between 3.6 million and 3.8 million tonnes.
Diamond miners are struggling across the board, especially those producing cheaper and smaller stones, where there is an over-supply.
Increasing demand for synthetic diamonds has also weighed on prices. Man-made diamonds require less investment than mining natural stones and can offer more attractive margins.
Buyers, those that polish and cut diamonds for retailers, have been hit this year by lower prices and tighter credit, prompting them to delay purchases.
Tiffany’s reported in August a 3% decline in like-for-like sales, while shares in Signet, the world’s largest retailer of diamond jewellery, have lost more than 60% of their value this year.
De Beers, the world’s No.1 diamond miner by value, has responded by axing production — with a target of 31 million carats this year compared with 35.3 million in 2018. It has also given buyers more room to maneuver, by allowing them to refuse half the stones in many of the diamond parcels.
Firestone’s chief executive, Paul Bosma, said he expected prices for smaller diamonds to increase towards the end of 2020, in part due to the closure of Rio Tinto’s Argyle mine in Australia.
Source: mining.com
De Beers’ production dropped in the third quarter as the miner responded to a decline in rough demand that has left it with an inflated stockpile of diamonds.
Output fell 14% to 7.4 million carats for the period amid planned mine closures and the transition from open-pit to underground mining at its Venetia project in South Africa, parent company Anglo American said Tuesday.
“We continue to produce to weaker market demand due to macroeconomic uncertainty as well as continued midstream weakness,” the miner noted. “Diamond inventory has continued to build during the third quarter due to the subdued market conditions. The elevated inventory levels are not expected to unwind until 2020.”
De Beers reduced production across all the countries in which it operates except Botswana, the miner said. In De Beers’ South African operations, production fell 60% to 535,000 carats due to the lower volumes at Venetia. Production also ceased at the Voorspoed project in the Free State province at the end of last year.
Output shrank 7% to 426,000 carats in Namibia following the shutdown of De Beers’ Elizabeth Bay land operations in September 2018. However, production remained flat in Botswana, at 5.7 million carats, with a 22% planned increase at its Orapa project offset by an 18% decrease at the Jwaneng mine.
In Canada, production dropped 34% to 779,000 carats, largely due to the closure of De Beers’ Victor operation in Ontario, which reached the end of its life earlier this year.
Sales volume jumped 48% year on year to 7.4 million carats, as the company held one more sight than during the same period a year ago. However, overall rough demand remained subdued, the miner explained.
In the first nine months of 2019, the miner produced 23 million carats, down 12% year on year. Its rough-diamond sales remained flat during the period.
Source: Diamonds.net
Petra Diamonds Limited lost some of their lustre, sliding 5.3% to 7.65p after the diamond miner underwhelmed with a trading update.
Revenue in the three months to the end of September – the first quarter of the company’s fiscal year – was down 23% to US$61.6 million from US$80.2 million in the same period of 2018.
The company sold 603,626 carats, compared to 626,541 a year earlier, at prices roughly 4% lower than in the three months to the end of June.
A fancy deep blue diamond ring with a high estimate of CHF 14 million will go under the hammer at Christie’s Geneva Magnificent Jewels auction next month.
The 7.03 carat stone, mounted by Moussaieff, will lead the November auction, Christie’s said Thursday. Another prominent lot is a 46.93 carat, D color, internally flawless diamond ring, which is expected to fetch CHF 3.8 million to 4.5 million.
Christie’s will also offer a 42.97 carat Burmese sapphire pendant, valued at up to CHF 3 million, and a pair of untreated Colombian emerald earrings, each weighing over 7.5 carats, with a presale estimate of CHF 1 million to 1.5 million.
Other items on offer include a rare Belle Époque brooch, dated circa 1910, which was procured by the Australian opera singer Dame Nellie Melba at the height of her career. The turquoise and diamond piece is valued at CHF 250,000 to CHF 350,000.
The sale also encompasses several Art Deco pieces from Cartier. Three brooches, formerly in the collection of Countess Béatrice of Granard OBE, have a high presale estimate of CHF 220,000. A diamond Cartier bandeau, which can also be worn as a choker, two bracelets and a brooch, is valued at up to CHF 500,000.
Highlights from the collection are available for viewing at Christie’s London on October 22 and 23, and at the Four Seasons Hotel des Bergues, Geneva, from November 7 to 12.
Source: Diamonds.net
Lower mining grades and reduced ore availability contributed to a drop in Rio Tinto’s third-quarter diamond production, the company reported Wednesday.
Output at its wholly owned Argyle mine in Australia fell 7% year on year, yielding 3.6 million carats in the three-month period ending September 30. Production was hampered by lower grades, despite stronger mining and processing rates, Rio Tinto said.
Rio Tinto’s share of production at the Diavik mine in Canada also shrank 7% to 994,000 carats for the same period due to lower ore availability both underground and at the A21 extension pipe it opened in August last year. The company owns 60% of the deposit, with Dominion Diamond Mines holding the remainder.
Rio Tinto’s total diamond production, including its share of Diavik goods, dropped 7% to 4.5 million carats.
For the first nine months of the year, the miner produced 12.8 million carats, compared to 14.1 million in the same period of 2018. Its 2019 forecast remains unchanged at 15 million to 17 million carats, down from 18.4 million carats last year.