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Profit more than doubled for De Beers last year as trading conditions in the diamond-manufacturing sector improved and inventory levels stabilized.

Underlying earnings jumped to $667 million in 2016 from $258 million a year earlier, parent company Anglo American said in a statement Tuesday. This came as revenue grew 30 percent to 6.07 billion, reflecting a 37-percent hike in rough-diamond sales to $5.6 billion.

The midstream of the diamond industry returned to buying rough after a 2015 slump in demand that resulted from oversupply of polished and inflated rough prices. Manufacturers started working down their polished inventories in the second half of that year before restocking their rough supplies in 2016.

De Beers also lowered prices, with its rough-price index declining 13 percent across 2016. The miner consequently reduced its rough stockpiles during the year, management said. De Beers production fell 5 percent to 27.3 million carats, while sales volume leapt 50 percent to 30 million carats, meaning it sold a larger volume of stones than it mined. “2016 generally was a much better year for the diamond industry,” said Bruce Cleaver, De Beers chief executive officer. “The midstream performed much better than 2015, largely as a result of the strong and decisive action we took in 2015 to reduce production in accordance with demand.

The fruits of that tough action we took in 2015 was seen through 2016." The company projected production would rise to 31 to 33 million carats in 2017, “because we see the market has recovered from where it was at the end of 2015,” noted Cleaver. The company maintained a conservative outlook for the diamond jewelry market given prevailing global macro-economic conditions and geopolitical risk.

Performance will be dependent on a number of macro issues, including the attitude of the new U.S. administration, the strength of the dollar, continued recovery in China and the impact of Indian demonetization, Cleaver explained. “All other things being equal, we think diamond demand will continue to grow along with GDP growth,” he said. Source: diamonds.net

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Christie’s a pink diamond at its Magnificent Jewels auction in Geneva on Tuesday at $2 million per carat.

The pear shaped 9.14 carat fancy vivid pink VS2 clarity diamond was sold for a total of $18.2 million.

Sales at the auction totaled $97.1 million.

In a surprise announcement, online jeweller Blue Nile has entered into an agreement to be acquired by an investor group managed by Bain Capital Private Equity and Bow Street LLC.

Bain Capital and Bow Street will acquire 100 percent of the outstanding shares of Blue Nile common stock.

The cash deal is valued at $500 million, Blue Nile stockholders will receive $40.75 in cash per share, 34 percent over Blue Nile’s closing price on November 4.

Blue Nile’s board of directors approved the deal unanimously, and recommended that stockholders vote their shares in favour of the transaction.

The 118.78 carat type IIa diamond with no fluorescence and an excellent polish and symmetry. Is a record for a heart shape.

The diamond was polished from a 357 carat rough recovered at the Letšeng mine in Lesotho in 2015. Gem Diamonds sold the rough for $19.3 million to an undisclosed buyer in September that year.

Laurence Graff said “It is the most beautiful heart shape diamond I have ever seen.

Lucapa Diamond mining at the Lulo diamond project in Angola, have recovered two diamonds weighing 71 carats and 77 carats.

large diamonds known as specials follow the recent recovery of top colour diamonds weighing 172, 104 and 72 carat white diamonds, and an exceptional 39 carat pink, the most valuable fancy coloured diamond to date from Lulo.

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Lucapa Diamond Company recovered a 104-carat, D color diamond.

The type IIa stone is the fourth rough diamond above 100 carats extracted from the deposit this year and the fifth since operations began at its Lulo mine in Angola.

The diamond is the latest special diamond found at Lulo weighing more than 10.8 carats.

The mine’s largest pink diamond a 38.6-carat pink diamond was unveiled earlier this month.

Tuesday 20th September. Two diamonds submitted to the DCLA laboratory by a Sydney jeweller were identified as laboratory created.

No mention of treatments or origin were forthcoming as per the instruction of international industry bodies and associations. The diamonds are both high colour, one of VS1 clarity the other Si2 clarity.

Both having no visual identifying characteristics even under high magnification. The notation of laboratory created usually lasered on the girdle was not present and may have been removed.

The diamonds were screened out by the absence of nitrogen in the carbon bond, and identified positively as type two HPHT by the growth structure.

Dealers and jeweller wanting further information can call the DCLA trust line 1300 413 425

HRD Antwerp has invalidated 156 diamond grading certificates and fired three employees who accepted a financial incentive for tampering with the reports at its Mumbai laboratory.

A Mumbai-based trader attempted to improve the grade of diamonds he submitted to the laboratory by enticing three full-time staff members, Peter Macken, HRD’s chief executive officer, told Rapaport News.

The client, a “one or two person” firm, has been banned from working with the grading company in future, while the employees admitted to their actions and were subsequently dismissed, Macken added. The diamonds in questions were submitted to the lab for their first grading.

HRD’s internal controls picked up on a discrepancy between the stated grade in two places. That alerted checkers to a problem, leading to their discovery that the reports had been tampered with. “We uncovered it pretty early on,” Macken (pictured) said. HRD filed a complaint with the local authorities and has engaged with external lawyers in India and Belgium. The company released a list of the reports under investigation, which relate to diamonds ranging from 1.01 carats to 3.96 carats with a combined weight of 327.25 carats.

HRD is offering a free check to anyone holding one of the documents. The list relates to reports that may have been affected, but not all of them were definitely altered, Macken stressed. “HRD Antwerp strongly believes that the most effective way to strengthen consumer confidence and safeguard the integrity of the global diamond trade is by making these acts public and by holding those who commit these acts fully accountable for their actions,” he said a separate statement.

RapNet, Rapaport’s diamond trading network, has removed and blocked the reports from its website. As of Thursday morning, 11 of the reports were on RapNet and have been removed, while 70 have been listed in the past but are no longer active.

Source:diamonds.net