De Beers the sold $540m worth of diamonds in its first of sale of the year more than double the value of the sales achieved in the final sight of 2015.
Prices for rough diamonds softened last year because of an oversupply of diamonds in the production centres forcing companies such as De Beers and Alrosa, to cut their supply of rough to the market in an effort to restore prices.
Rough diamond demand broadened across the entire range as cutting and polishing factories began to increase their production.
De Beers has said it will change the way it operates its sights to become more flexible and responsive to its clients.
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The 23.16 carat exceptional pink diamond recovered at the Williamson mine in Tanzania has been sold to M.A. Anavi Diamond Group for 433,938 per carat or$10,050,000 for the stone.
Petra will retain a 20 percent interest in resultant polished sales. This sale result affirms that the market for high quality coloured diamonds remains robust, said Petra CEO Johan Dippenaar. “
Pinks of this size and quality are incredibly rare, but the Williamson mine is known to produce them from time to time.
Anglo American De Beers ended more than 125 years of diamond mining in Kimberley South Africa by selling its last remaining assets.
De Beers which dominated the diamond industry for more than a century said, a consortium formed by Petra Diamonds and South African firm Ekapa Mining will pay close to $7.2 million for the mines.
Petra has the historic Finsch and Cullinan mines will pay around $3.6m for a 49.9% stake in the mines while Ekapa will hold the rest.
Petra’s shares soared on the news. They were trading more than 12% higher at 71.87 pence at 3:15 pm GMT.
A 23.16 carat pink diamond, with exceptional colour and clarity recovered at the Williamson mine in Tanzania.
The mine Williamson is known for its pink diamonds, with this latest find being Petra’s most significant.
The diamond will be offered for sale in Antwerp at Petra’s December tender.
Lucara Diamond Corp has recovered a 1.111 ct diamond at the Karowe mine in Botswana.
The second largest gem quality stone ever mined is the most important discovery is recent history.
The diamond second only to the legendary Cullinan diamond, which was recovered in South Africa in 1905 and weighed 3,106.75 carats.
The 1.111ct rough diamond is a white Type IIa diamond considered the purest form of diamond.
Antwerp The Correctional Court in Antwerp handed down “extremely harsh” sentences and levied “substantial fines” against four diamond traders accused of bribing a grader at HRD Antwerp to give their diamonds higher color grades than they deserved.
The Antwerp World Diamond Centre (AWDC) announced the sentences via a press release circulated Monday titled “No mercy for those involved in certification fraud.” On Tuesday, an AWDC spokesman said that the traders received up to 30 months in jail, 15 of which is effective immediately.
Although the AWDC is not releasing their names, the spokesman did reveal that three of the traders are from India–from Surat, Bhiwandi and Mumbai–and were managers of Belgian diamond companies. The fourth is from Sierra Leone.
The grader, whose name also is being withheld, received a “heavy” sentence as well, 18 months in jail, 9 of which is effective immediately, and a substantial fine in the case.
The AWDC did not have specific information on the amount of the fines. Judicial authorities in Antwerp could not immediately be reached for further comment on the case.
The HRD Antwerp grading bribery case dates back to March 2012, when news first surfaced that the lab fired a total of four graders for what it called at that time an “unprofessional act.” That June, a total of four people–reported to be two diamond traders, an HRD employee and a “facilitator”–were arrested in connection with the case.
The AWDC said there is another firm allegedly involved in the case and that the public prosecutor in Antwerp is submitting an appeal to enable this firm to receive an “even heavier” sentence.
Source:nationaljeweler.com
Last week, the Correctional Court of Antwerp delivered a verdict in regards a case concerning the deliberate provision of incorrect diamond certificates by employees in 2012. Following the verdict, the Court imposed severe sanctions on the involved parties including effective incarceration, forfeiture of certain rights and substantial financial penalties and compensations.
At the start of the process in 2012, HRD Antwerp and parent company AWDC both have declared themselves civil party due to significant reputational damage. Throughout this case, HRD Antwerp has had full confidence in the investigation by the prosecutor’s office but has never been directly involved.
The involved diamond companies and their representatives have since been declared persona non grata and are no longer customers at HRD Antwerp. The involved employees where immediately fired due to severe professional errors.
“HRD Antwerp fully supports the recent ruling of the Court in regards this unfortunate case. It’s extremely important such violations do not remain without consequences. The imposed sanctions are therefore a strong signal towards the industry that such practices are not tolerated. We like to thank our customers for their loyalty and confidence despite this isolated case†says Peter Macken, CEO HRD Antwerp.
The Blue Moon Diamond has been sold for a record US$48.26m at Sotheby’s in Geneva.
The sale price is a record per carat and for total value for any gemstone.
Blue Moon Diamond has no inclusions and has been officially declared flawless.
The 29.62-carat diamond was found at the Cullinan Mine in South Africa in January last year, blue diamonds make up only 0.1% of diamonds unearthed at the mine.
It was then cut and polished in New York, a process which took six months and eventually produced the 12.03 carat vivid blue gem.
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