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Controversial Australia-based miner Kimberley Diamonds has put its last remaining diamond mine into administration after it failed to secure fresh funding.

Kimberley, which avoided an estimated $40 million clean-up bill after it walked away from its Ellendale mine in Western Australia’s north, shut its Lerala operation in Botswana last week and placed the subsidiary responsible for the project into administration.

Kimberley said in a statement on its website that its subsidiary Lerala Diamond Mines had “no choice” but to place itself into administration after the parent company was unable to strike a new financing deal.

It had earlier stopped day to day operations at Lerala pending an overhaul of the mine’s diamond processing plant. “The successful completion of this performance improvement plant required further funds to be provided by investors and despite considerable progress being made on implementing these improvements, all of the required funds have not been forthcoming,” Kimberley said. “Kimberley has been in discussions with investors regarding further funds for some time, however to date no agreement for further and sufficient funding has been reached and KDL has been forced to cease providing financial support to Lerala.” But the collapse of Lerala won’t kill off the parent. Kimberley said it remained in discussions with investors for further funding and was “exploring corporate restructuring options”.

Kimberley delisted from the ASX earlier this year after a chequered history. The stock enjoyed a charmed run early on, surging from 11c in 2012 to $1.30 in 2013, but fell spectacularly in 2014 when it revealed it had failed to secure a price increase from global jeweller Tiffany & Co that it had already factored into its profit forecasts. Its shares never recovered, and last traded at just 0.7c prior to its delisting.

The company, chaired by former stockbroker Alexandre Alexander, also came under fire for its handling of the closure of Ellendale. The liquidators appointed to the Kimberley subsidiary that held Ellendale used a legal loophole to shift responsibility for the clean-up to the state government’s industry-funded mining rehabilitation fund.

The rehabilitation costs at Ellendale have been estimated at between $28m and $40m. WA’s new Mines and Petroleum Minister Bill Johnston has flagged an overhaul to prevent “rogue elements” taking advantage of the MRF.

Source: TheAustralian.com.au

De Beers Consolidated Mines (DBCM) is reportedly appealing to the Pretoria High Court in South Africa to set aside a decision by the South African Minister of Minerals Mosebenzi Zwane requiring DBCM to pay a levy on diamonds exported from South Africa to Botswana for the purpose of aggregation.

Although DBCM is apparently eligible for an exemption from this levy, even exceeding the required criteria, and has received such exemption every year since it was enacted in 2008, Mining Weekly reports that the Minister has made a decision to deny them the exemption for the 2017/18 period.

DBCM is now therefore taking the matter before the Pretoria High Court, asking them to set aside the Minister’s decision, reports the news source.

The pair is made up of one Fancy Vivid blue diamond named Apollo, which sold for 41.9 million Swiss Francs and one Fancy Intense pink diamond named Artemis, which sold for 15.3 million Swiss Francs to the same bidder, the two coloured pear shaped diamonds will remain together as a pair.

Pandora reported strong growth in the first quarter, but US store closures and sluggish mall traffic dented its performance stateside.

Global sales jumped 9% year on year to $756.9 million (DKK 5.16 billion), while net profit increased 4% to $199.7 million, the Denmark-based volume jeweler reported Tuesday.

The rise was mainly due to a 46% surge in revenue at Pandora-owned concept stores, which came to $270.4 million, driven by an increase in the number of stores. In the US, revenue fell 7%, or 10% in local currency.

While the company added a net 21 concept stores in the US in the past year, it closed about 600 other points of sale in the fourth quarter of 2016 and suffered from a decline in mall traffic, the retailer explained.

A one-off shipment to Signet Jewelers-owned brand Jared a year earlier also had an impact on the sales decline. “The retail climate in the US remains difficult, which was reflected in our performance in the US for the quarter,” said Pandora CEO Anders Colding Friis.

Source:diamonds.net

If you are you considering selling your diamond, but feel as though you have no idea how or where to begin with the process?

This article will give you a few tips to help you along the way.

TIP #1 Diamonds are usually given to display love, making the sentimental value higher to the seller than the actual value to a buyer. Should you be in the market to sell your diamond, make sure you are ready to part with the diamond before begining the process.

TIP #2 Be sure of the quality and authenticity of what you are trying to sell. Make sure of the quality and the grade of the stone. This is most important for the ultimate value of the diamond. There have been many instances where a seller is committed to selling their diamond only to find out the quality isn’t as described when originally purchased.

There are Jewellers or services available, who will give an unbiased assessment of your stone. But it is far more valuable in the long run to get a report from a recognised Laboratory.

It is also recommended to verify the report matches the Laser inscription before placing your diamond on the market, to assure your diamond is the same stone should it not sell.

TIP #3 Now that you have an accurate report of the quality, make sure you get a realistic selling value. Believing the diamond holds a higher value than it truly possesses will lead to a challenging, frustrating experience which can be dragged out.

An appraiser can assist you with determining a fair selling, price so you can avoid this pitfall. Diamonds are priced in US dollars, so your diamonds price will be affected when converted to your local currency.

A good way to see current retail values is to visit online stores like dcladiamondexchange.com.au or bluenile.com.

TIP #4 There are many ways to sell a preloved diamond or diamond jewellery. Research your selling options to make an educated decision that works best for you. Be it an online market or exploring options through a local jeweller or dealer, be sure you are using the best option for your needs.

Example, if time is not of the essence, an online market or an auction house could be the best way forward. If you want a quick sale, visiting your local dealer may be the best option.

DCLA Diamond Laboratory provides an internationally recognised and respected report to any seller or prospective buyer.

DCLA will provide you with an experience expert to advise you and give you the accurate value protecting you when selling. Our goal is to provide you with as much knowledge as possible.

Visit www.dcla.com.au for information advice or to make an appointment.

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A 92.15 carat diamond pendant worth up to $20 million will lead Christie’s Magnificent Jewels auction in Geneva next month.

The heart shaped, D colour, flawless diamond is the centerpiece of La Légende, a diamond and pearl necklace by designer Boehmer et Bassange.

The stone is the largest of its shape, color and clarity ever to be put up for auction, according to Christie’s.

Another Boehmer et Bassange piece, a pair of chandelier ear pendants titled La Vie Bohème, will also be on offer, with an estimated value of $2 million to $3 million.

Each earring consists of an asymmetrical pink diamond bow, a pear shaped diamond connecting link, and a marquise cut, D colour, flawless diamond weighing just over 10 carats, Christie’s said. Source: Diamonds.net

Graff Diamonds has unveiled the 105.07 carat D flawless pear shaped diamond, it has named the Graff Vendôme after its new retail outlet at Place Vendôme in Paris.

The diamond was cut from a 314 carat rough that was recovered in May 2015 at Gem Diamonds’ Letšeng mine, that was named “The Destiny” and sold into a partnership in June of that year according to a statement by the miner.

The stone was cut and polished by Graff’s own master cutters, who first used a 3D computerised mapping system to plan the cut and then laser cut and hand polished the stone over “many months”.

The rough yielded 12 other diamonds, the largest of which was 17.1 carats. Nine of them were of D flawless quality.

Gem Diamonds has found a 114-carat rough diamond at its Letšeng mine in Lesotho, the miner reported Friday.

The discovery of the D-color, type-II stone follows a drop in recovery of large diamonds at the mine, which yielded only five stones above 100 carats last year compared with 11 in 2015.

The deposit is one of the highest-value in the world by average price per carat, producing four of the 20 largest gem-quality white diamonds in history since Gem Diamonds acquired it in 2006.

Source:diamonds.net