News – Page 86 – The Diamond Certification Laboratory of Australia (DCLA)

WDC Elects Feriel Zerouki as President from 2022

De Beers executive Feriel Zerouki will succeed Edward Asscher as president of the World Diamond Council (WDC) in 2022, the organization said Monday.

Zerouki, De Beers’ senior vice president of international relations and ethical initiatives, will become the first woman to head the WDC, which works to keep conflict diamonds out of the supply chain. Its board confirmed her election as vice president during a virtual meeting on Friday; according to WDC rules, she will automatically become president when Asscher’s current term ends two years from now.

Asscher, president of the Amsterdam-based Royal Asscher Diamond Company, took over at the WDC on Friday, stepping up from his previous position as vice president. He replaces Stephane Fischler, and will be serving his second term at the helm, after holding the role from 2014 to 2016.

The WDC board also confirmed the reelection of Ronnie Vanderlinden, president of the International Diamond Manufacturers Association, as treasurer, and the appointment of Udi Sheintal as secretary.

Source: diamonds.net

Alrosa Sells 102 of 800 Rough Diamonds at Biggest Online Sale

Alrosa’s long-term clients bought 102 of more than 800 large rough diamonds offered in the company’s biggest ever digital tender.

The remaining stones will now be made available to other customers to select from 5-10 carats batches.
For the first time, the Russian state-owned miner sold diamonds online from boxes, piece by piece, in response to COVID-19 restrictions.
It provided prospective buyers with 3D-scans data detailing each stone’s external shape, internal inclusions, color and fluorescence during the first round of the online sale, from 15 to 29 May.
The remaining stones will now be offered in a second digital tender which starts today.
Evgeny Agureev, deputy CEO, said: “The results of the digital tender’s first round show that demand for rough diamonds persists at the market, and our clients are ready to buy diamonds through the online channel.
“To the second round of the digital tender, we have additionally invited our spot and auctions partner companies.”
It has been holding pilot digital tenders with a small number of stones since October 2019, but has responded to the COVID-19 pandemic by making many more diamonds available.making many more diamonds available.

Alrosa is allowing approved buyers to defer all purchases at its contract sale later this month. Profits slumped last year, the company has revised down its 2020 production forecasts and has suspended work at some of its less-profitable mines.

Source: IDEX

Botswana Diamonds recovers over 100 macro diamonds

Botswana Diamonds PLC announced that it has concluded the processing of two bulk samples taken from the Marsfontein diamond development project in the Limpopo Province of South Africa. The samples comprised 58-tons of fresh high-interest kimberlite and 62-tons of kimberlitic material from one of the residual stockpiles, known as ‘Dump E’.

Highlights:

87 macro diamonds were recovered from the fresh kimberlite giving a modelled grade of 50 cpht. (carats per hundred tons)
24 macro diamonds were recovered from Dump E giving a modelled grade of 16 cpht.

Grades are quoted at a +1.5 mm screen bottom size cut off

James Campbell, Managing Director, commented: “This bulk sampling campaign, which was carried out with the company’s royalty mining contractor Eurafrican Diamond Corporation, had two objectives. The first was to test the grade of the fresh kimberlite and the second was to confirm the grades of one of the mine dumps. Both were achieved, and proof of the fresh kimberlite grade paves the way for further exploration work on Marsfontein to target potential blows.

“The kimberlite grade is aligned with those achieved at Klipspringer mine and Thorny River, which are both nearby, indicating the considerable extent of the kimberlite dyke system. Options will be investigated on exploitation of the dumps once the nationwide lock down in South Africa is lifted and a sense of normality returns to diamond markets, post the global Covid-19 pandemic crisis.”

Results of the bulk sampling program, including modelled results are illustrated in the table below:

Source	Sample Size (tons)	No of stones	Carats	Raw Grade (cpht) +1.7mm BCOS	Average stone size cts	Largest stone cts	Modelled Grade (cpht) +1.5mm BCOS	Modelled Grade (cpht) +1.0mm BCOS

Kimberlite	58	87	16.53	28.5	0.19	2.28	50	53

Dump E	62	24	6.77	10.9	0.28	1.38	16	21

Botswana diamonds

The fresh kimberlite was identified as originating from the M8 dyke system, which extends to the Klipspringer diamond mine c.11 km to the west and the company’s Thorny River project to c.5 km the east. The Dump E material was predominantly a mix of M8 kimberlite and dolerite.

Both samples were treated at Eurafrican Diamond Corporation’s processing facility. They were subjected to primary and secondary crushing, pan plant concentration, grease and x-ray recovery and jigging with a nominal bottom cut-off of +1.7mm. These tailings have been retained for future analyses, as required.

The grade modelling was undertaken by Interlaced Consulting. It assumed a conventional kimberlite processing plant, including a re-crush circuit (to recover more finer diamonds).

Modelled results determined are in line with previous estimates and diamond recoveries from the nearby Klipspringer diamond mine.

Work will re-commence at Marsfontein and Thorny River as soon as Covid-19 restrictions are lifted to enable travel to the work areas.

Source: resourceworld.com

Swiss Watch Exports Down 81% in April

Swiss watch exports plunged in April as coronavirus lockdowns brought the entire supply chain to a near halt.

“Swiss watch exports were extremely low in April as a direct result of the standstill in production, distribution and sales, causing them to collapse,” the Federation of the Swiss Watch Industry reported Tuesday.

Shipments slid 81% to CHF 328.8 million ($339.1 million) for the month, with nearly all markets declining significantly. Orders from Hong Kong plummeted 83% to CHF 42.2 million ($43.5 million), while supply to the US dropped 86% to CHF 27.9 million ($28.8 million). Exports to Japan fell 86% to CHF 19.5 million ($20.1 million).

The decline in China was more mild, slipping 16% to CHF 110.3 million ($113.7 million), and accounting for one-third of total Swiss watch exports in April, as the economy began to recover. However that compares with an increase of 11% to CHF 155.9 million ($160.6 million) in March. In February, shipments to China fell 52% due to the coronavirus.

All price categories “contracted sharply,” as exports of timepieces valued between CHF 500 ($516) to CHF 3,000 ($3,095) declined 72% by value. Watches worth more than CHF 3,000 dropped 86%.

Shipments of timepieces made from precious metal decreased 82% to CHF 102.4 million ($105.6 million). Supply of gold and steel watches saw the steepest decline, tumbling 90% to CHF 28.4 million ($29.3 million).

Source: Diamonds.net

Dominion Diamond unveils plan to avoid bankruptcy

Canada’s Dominion Diamond Mines has unveiled a transaction that would allow it to exit court protection from creditors and access short-term operating funds, which would pave the way to eventually restart its idled Ekati mine in Canada’s Northwest Territories.

The company, which owns and operates the iconic Ekati diamond mine and also has a 40% interest in the nearby Diavik, said it had signed a letter of intent with an affiliate of The Washington Companies.

The privately held Montana-based conglomerate bought Dominion for $1.2 billion in 2017 when the miner was the world’s third-largest producer of rough diamonds by value.

Under the agreement, which requires court approval, Washington would buy the company’s assets for about $177 million, while assuming its operating liabilities.

It would also provide Dominion with up to $84 million in short-term debtor-in-possession financing.

Ekati has been halted since March to help slow down the spread of the coronavirus pandemic. The operation was left with about $180 million worth of inventory, which it has been unable to sell since its Belgian retailers remain closed.

The diamond miner said at the time that covid-19 had a “devastating impact” on the global diamond mining industry, affecting the company.

According to court documents seeking bankruptcy protection from creditors, Dominion revenue from diamond sales last year reached about $528 million.

The company said the proposed sale would be conditional on reaching an agreement with Rio Tinto on the Diavik joint venture. Failing that, Dominion would exclude its interest in the Yellowknife diamond mine from the transaction.

The miner is a major employer in the Northwest Territories, with 634 workers, 60% of whom are locals. Only 212 people are currently at the mines, which are fly-in and fly-out operations. This allows for a pre-screening of the staff before they are allowed to board flights to Ekati and Diavik.

Shattered dreams

The global coronavirus outbreak squashed diamond miners’ dawning hopes of a recovery in a sector already reeling from weak prices and demand since late 2018.

De Beers, the world’s largest producer by value, cut 2020 production guidance by a fifth last month after earlier cancelling its April sales event.

Russia’s Alrosa, the world’s top diamond producer by output, saw sales for rough and polished diamonds drop to $15.6 million. The figure stood in stark contrast to the $152.8 million the diamond miner fetched in March and the $405 million in January.

Lucara Diamond, another Canadian company, posted earlier this month a net loss of $3.2 million, or $0.01 a share, for the first three months of the year.

The figure was in sharp contrast with the $7.4 million in net income, or $0.02 in earning per share the miner reported in the same period last year.

South Africa’s Petra Diamonds recently delayed interest payments to borrow $21 million in new debt, a crucial move to keep the company afloat.

Investment banks are increasingly reluctant to extend credit to diamond producers, as inventory is not being sold and defaults are possible, analysts have warned.

“We are concerned about an oversupply of rough diamonds following the reopening of economies, as a lot of inventory could potentially be flooded into the system and the market might not be able to absorb all of it, resulting in increased pricing pressure,” Citi said in an early May note.

Source: mining.com

Study yields new insight in hunt for rare, valuable yellow diamonds

Yellow diamonds, some with colourless cores

A new study by University of Alberta scientists could help guide the search for rare, high-value yellow diamonds in the Canadian North.

The researchers, led by PhD student Mei Yan Lai, examined the chemical makeup of stones recovered from the Chidliak and Ekati mines in Northern Canada to get a better understanding of how they formed.

“Without this research, we wouldn’t know that two separate formation events occurred, and that the second, more recent event is responsible for the yellow colour,” explained U of A diamond geologist Thomas Stachel.

“The more we know about the origin of these potentially high-value diamonds, the better results for diamond exploration and value creation in Northern Canada.”

Lai said they wanted to understand the origin of the yellow colour in the diamonds from the two deposits.

“Canadian yellow diamonds have never been studied spectroscopically in detail. Our results suggest that the cause is the preservation of unstable single nitrogen atoms preserved inside the diamonds,” explained Lai, who conducted this research as part of her master’s studies in the Diamond Exploration Research Training School under the supervision of Stachel.

The research team determined that some yellow diamonds contain colourless cores, meaning that the yellow outer layers crystallized on top of clearer centres. Lai determined that the yellow diamonds crystallized no more than 30,000 years before the kimberlite eruptions that brought them up to Earth’s surface.

“Our analysis shows that the colourless cores in these yellow diamonds are about one billion years older,” Lai said. “In fact, the carbon isotope compositions and nitrogen concentrations of the colourless cores and yellow outer layers are significantly different, suggesting that they formed in at least two distinct events and involved different diamond-forming fluids.”

The researchers said discovering a potential new source of yellow diamonds in the Canadian North is economically significant, as the previous main source of high-quality yellow diamonds, the Ellendale Mine in Western Australia, was recently shut down.

The discovery of colourless cores in some of the yellow diamonds may also be of interest to the jewelry trade, said Lai.

“Occasionally, rough yellow diamonds lose their vibrant yellow colour after being cut and polished—probably because this kind of diamond has a thin layer of yellow overgrowth on top of the geologically older colourless core,” she said.

The project is a collaboration with Dominion Diamond Mines and Peregrine Diamonds Ltd. Part of the analyses were done at the Gemological Institute of America.

The research is supported by a bursary through DERTS, funded by the Natural Sciences and Engineering Research Council of Canada’s Collaborative Research and Training Experience program.

The study, “Yellow Diamonds With Colourless Cores—Evidence for Episodic Diamond Growth Beneath Chidliak and the Ekati Mine, Canada,” was published in Mineralogy and Petrology.

Source: miragenews

Super-rich are investing in diamonds

Amid economic uncertainty, the super-rich are looking to ultra-rare precious gemstones as a ‘safe’ store for their wealth

Fine jewellery sales are seeming to weather the coronavirus crisis, thanks to lockdown proposals and demand for precious pieces to mark birthdays and anniversaries. Some jewellers report that people are spending more on gifts than usual, in lieu of ‘proper’ face-to-face celebrations.

And at the high end of the market, collectors are still investing in rare gemstones – sometimes seeing them as a safer store for their money than the volatile stock market or property.

Five GIA Labs Resume Operations

The Gemological Institute of America (GIA) has reopened laboratories in five locations following COVID-19 shutdowns.

The organization’s labs in Johannesburg and Tokyo recommenced limited operations on May 7, the GIA said Monday. Visitors to the Johannesburg lab must make an appointment, have a permit, and wear a mask. The Tokyo location will accept and return goods by delivery only.

On May 11, the GIA resumed operations at its locations in Antwerp and in Gaborone, Botswana. While Antwerp is receiving customers by appointment only, Gaborone is open with a limited capacity to comply with government mandates and allow for proper social distancing, the GIA noted. The lab in Carlsbad, California, reopened May 18, with submission of goods only accepted by shipment.

Labs in Bangkok, Hong Kong and Ramat Gan, Israel, are all open, and are operating with regular hours. Operations in Mumbai, Surat and New York remain closed.

“Our first priority is to protect the health and safety of all staff, clients and visitors,” said Tom Moses, the GIA’s executive vice president and chief research and laboratory officer. “As we work to meet our clients’ needs whenever and wherever possible, we are planning for the safe opening of all other GIA locations as soon as conditions and government authorities permit.”

Source: Diamonds.net

Pink Prices set to Rise with Closure of Argyle

The price of super-rare pink diamonds is to set to rocket with the forthcoming closure of the Argyle mine in Western Australia, which has been responsible for 90 per cent of world supplies.

Owners Rio Tinto plan to cease production by the end of 2020, when economically-viable reserves will run out.
The value of pink diamonds sold at its annual tenders has been appreciating by an average of 10 per annually over the last couple of decades, outperforming all major equity markets. They are a magnet for collectors and investors.
That growth in value is likely to accelerate when Argyle closes, after 37 years in which it became known as the world’s largest supplier of natural colored diamonds – including white, champagne, cognac, blue and violet – as well and the rare and highly-coveted Argyle pinks and reds.
Last year Hong Kong-based Kunming Diamonds bought the Argyle Pink Everlastings Collection comprising smaller Argyle pink and red diamonds totaling 211 carats.

The company’s director Harsh Maheshwari told the South China Morning Post newspaper last week that the price of Argyle Pinks had been insulated even from COVID-19 because of their rarity and the closure of the mine.
Russian miner Alrosa aims to fill some of the gap left in the market but won’t match Argyle’s production.

Source: IDEX

Omega Ladies’ Speedmaster 38 Now Glitters In Gold With Diamonds

Omega Speedmaster 38 in gold with diamonds

Omega’s cult-status Speedmaster is one of the world’s most famous sports watches, along with the iconic Rolex Daytona and Audemars Piguet Royal Oak. Every once in awhile, Omega invites women to enjoy the iconic Speedy with a 38 mm size, and now, for the first time, there is a full gold version of the 38, with diamond options.

There are 90 diamonds set into the outer bezel of the Omega Speedmaster 38 in 18k Sedna gold. OMEGA

The smaller size is still a sports watch. It retains the model’s familiar tri-compax dial, with small seconds at 9 o’clock and chronograph minutes and hours at 3 and 6 o’clock, but now the subdials are oval shaped. Omega also manages to preserve the signature tachymeter scale, despite setting the bezel with diamonds, by placing it on an aluminum half-bezel just inside the gem-set ring. For those who don’t want the 90-diamond bezel option, it’s also available without gems.

The Omega Speedmaster 38 in 18k yellow gold with 90 diamonds set into the outer bezel. OMEGA

There are two models, one in 18k Sedna gold, Omega’s proprietary red gold alloy with copper for the warm color and palladium for extra strength. The half-bezel on the red gold model is “cappuccino,” a color introduced on a similar 38 mm model two years ago in steel. The hands and arrowhead index markers are also gold, and the strap is beige. The second model is 18k yellow gold with a green half-bezel and green strap.

The caseback is engraved with the Speedmaster’s iconic Seahorse insignia. OMEGA

The movement is the same elite caliber used in larger Speedmaster and Seamaster models, the Co-Axial 3330, an automatic movement with a 54-hour power reserve. You can’t see it because the caseback is closed, but what you can see back there is an engraving of the Speedmaster’s iconic Seahorse, also called the Omega Hippocampus. In Greek mythology, the hippocampi were sea monsters with the heads of horses and the lower bodies of fish.