News – Page 91 – The Diamond Certification Laboratory of Australia (DCLA)

Petra Diamonds H1 Production Up, but Revenue Down

Petra Diamonds Limited has announced that while its production for the six months ended December 2019 was up 3 percent to 2,070,240 carats (H1 FY 2019: 2,019,147 carats), revenue for the same period was down 6 percent. Revenue fell to $193.9 million from 1,743,807 carats (H1 FY 2019: $207.1 million from 1,736,357 carats).

The decline in revenue comes from lower diamond prices and the adverse product mix at Finsch and Williamson. This was, however, partially offset by the sale of the 20.08-carat blue diamond from Cullinan for $14.9 million.

The company is currently on track to meet or exceed its FY 2020 production guidance of ca. 3.8 Mcts.

In addition, Petra said it saw growing stability in pricing as the calendar year closed and that demand has continued to improve as the midstream looks to replenish inventory with early indications that rough pricing has improved modestly in the third quarter of 2020. .

Petra reported that its net debt as of December 31, 2019 stood at $596.4 million

(September 30, 2019: $592.8 million). It also reported a diamond inventory of 992,425 carats valued at $85.2 million compared to $92.4 million for September 30, 2019.

Source: IDEX

BlueRock Diamonds Reports Profitability

BlueRock Diamonds has announced that it operated profitably for the first time in the second half of 2019. The miner started operations in 2012.

The AIM-listed diamond producer, which owns and operates the Kareevlei Diamond

Mine in the Kimberley region of South Africa said its revenue was up 190 percent to Â£4.1 million ($5.4 million) for full year 2019.

The miner sold 12,675 for the year, an increase of 118 percent over the 5,805 carats in 2018. On a quarterly basis, Q4 2019 saw an increase of 172 percent to 4,170 carats compared to 1,533 carats in Q4 2018.

BlueRock also saw an increase in its average price per carat during Q4 and FY2019. For 2019, the per-carat price increased 24 percent to $415 (2018: $334) and for the quarter it rose 30 percent to $410 (2018: $316).

“I am very pleased with the continued success at Kareevlei,” said Mike Houston, BlueRock executive chairman. “Having achieved the aggressive guidance for 2019 and operated profitably for the first time in the second half of 2019. We are proud of this key milestone, which is a testament to the implementation of the revised production strategy brought in by the company’s new management team in Q2 2019.”

BlueRock said it expects to report positive EBITDA and positive comprehensive income for

the second half of 2019 (excluding non-cash adjustments for IFRS 9 charges and movement in foreign exchange).

The company said the first quarter of 2020 has started “satisfactorily” with expectations that, despite the impact of seasonal rains, it will meet its targeted production volumes for the quarter, which are significantly ahead of those achieved in Q1 2019.

Source: IDEX

New Production Strategy Pays Off for Blue Rock

BlueRock Diamonds reported the first annual profit in its history, as sales grew amid increased production and a higher average price, the miner said Tuesday.

The improvement was the result of a new initiative the miner implemented at its Kareevlei deposit in South Africa to stabilize production and offset the impact of the rainy season, during which operations are difficult.

Revenue for the year nearly tripled to GBP 4.1 million ($5.4 million) from the sale of 12,675 carats, compared with 5,805 carats in 2018. The average price rose 24% to $415 per carat, as BlueRock mined from higher-value portions of the deposit, it noted. Total output was 14,033 carats, versus 6,247 carats the previous year, as the majority of production stemmed from the company’s higher-grade KV1 pipe. That figure fell within BlueRock’s guidance of between 13,000 and 15,000 carats.

“I am very pleased with the continued success at Kareevlei, having achieved the aggressive guidance for 2019, and operational profitability for the first time,” said BlueRock executive chairman Mike Houston. “We are proud of this key milestone, which is a testament to the revised production strategy…which focuses on stabilizing production ahead of maximizing the exploitation of the resource.”

Based on the results, the company intends to implement further changes in order to increase production and lower costs, Houston added. It also plans to raise its guidance for the 2020 fiscal year following finalization of these initiatives.

BlueRock began operations in October 2012, and listed with the London Stock Exchange in October 2013.

Source: Diamonds.net

HRD Announces new CEO

After a long period of uncertainty, HRD Antwerp is looking to the future with a new and ambitious CEO. Ellen Joncheere, formerly the General Manager at Fremach, will be the new CEO at HRD Antwerp as of January 20th. The current interim CEO, Michel Janssens, will be retiring next summer.

Ellen has worked in a wide range of other sectors, including the automotive industry and environmental services, where she has transformed companies and strengthened their market positions in the face of rapidly changing market situations. She plans to help HRD Antwerp overcome the obstacles currently in its path, as well as prepare the entire organization for the future.

Over the past few years, HRD Antwerp has focused its attention on its core services of certifying polished diamonds, providing professional training and developing technological devices to detect laboratory grown diamonds. This has involved reorganizing its global structure and hierarchy.

HRD Antwerp has diamond grading labs in Antwerp, Istanbul and Mumbai. The company also has representative offices and drop off locations in Dubai, Hong Kong, London, Madrid, Shanghai, Surat and Tel Aviv.

Source: HRD

GIA Suspends Diamond Sealing Services Following Tampering

GIA (Gemological Institute of America) has announced that it is suspending its diamond sealing services. The suspension is effective immediately and comes following the discovery that “a small number” of GIA sealing packets that had been compromised by third parties after the sealing packets left GIA.

The Institute said that in these cases, the original diamonds had been replaced with HPHT (high-pressure, high-temperature) treated natural diamonds.

The replacement diamonds superficially matched the GIA report information for the original diamonds, including information on the sealing packet data label.

GIA said that anyone who has concerns about a GIA-sealed diamond can submit the unopened packet to any GIA laboratory for verification services. If GIA concludes the diamond in the sealing packet is the diamond described in the original report, the Institute will issue a verification letter confirming the diamond matches the original report. If this is not the case, the Institute will issue a new report with the correct results.

The Institute will provide this verification service free-of-charge for diamonds received in a sealed packet. All sealed diamonds submitted will be returned unsealed.

Source: IDEX

The Second-Biggest Diamond in History Has a New Owner

The largest rough diamond discovered since 1905, the 1,758 carat Sewelo, was revealed with great fanfare last April, named in July and then largely disappeared from view. Now it has resurfaced with a new owner Louis Vuitton the luxury brand better known for its logo-bedecked handbags than its mega-gems, which has been present on Place Vendôme, the heart of the high jewelry market, for less than a decade.

Discovered in April 2019 at the Karowe mine in Botswana owned by Lucara Diamond Corp, a Canadian miner, the baseball-size Sewelo is the second largest rough diamond ever mined.

The Sewelo is the largest rough diamond ever found in Botswana a country that has become the poster child for responsible mining and the third very large diamond discovered in Karowe.

The mine has produced the 813 carat Constellation, uncovered in 2015 and sold for $63 million to Nemesis International in Dubai, a diamond trading company in partnership with the Swiss jeweler de Grisogono and the Lesedi La Rona, discovered in 2016 and sold to Graff for $53 million.

When Lucara held a competition to name the Sewelo, 22,000 Botswana citizens submitted entries. “Sewelo” means “rare find” in Setswana.

Perth Mint highlights rare Argyle diamonds

The Perth Mint has released Jewelled Tiger coins featuring rare pink diamonds from Rio Tinto’s Argyle mine in Western Australia.

Its most significant release for 2020 incorporates nearly three carats of fancy vivid intense pink diamonds from the Argyle mine, making up a finely structured three-dimensional 18 carat rose gold tiger pavé.

Two emeralds from Colombia’s Muzo mines feature as the tiger’s eyes and the coin is crafted from 10 ounces of 99.99 per cent pure gold.

The Perth Mint only issued eight Jewelled Tiger coins, which are priced at $259,000 each, recognising the significance of the number eight in Asian cultures and its association with luck and prosperity.

Renowned for its power and beauty, the tiger shares the symbolic virtues of gold and so it was a natural choice to feature the revered creature on a sophisticated release, according to Perth Mint chief executive Richard Hayes.

“Our 2018 Jewelled Phoenix and 2019 Jewelled Dragon coins sold out within weeks of their respective release dates. We expect the Jewelled Tiger will be similarly sought-after among the world’s diamond connoisseurs and collectors of luxury items,” he said.

Each Jewelled Tiger coin is presented in a display case with 18 carat gold furnishings inset with two additional Argyle pink diamonds.

Source: australianmining

Three face trial over 1 million euro diamond swindle

Three Romanians have been ordered to stand trial in France on charges they made off with one million euros worth of diamonds from a French jeweller and his Indian partner, in an elaborate hoax resembling a Hollywood movie script.

The suspects, thought to members of a network of gem thieves operating across Europe, will go before a judge on March 3 in the southwestern city of Castres, a source close to the inquiry told AFP.

They are accused of snatching three diamonds from a jeweller based in the small town of Mazamet, near Castres, who was acting as a middleman for an Indian gem trader.

The August 2017 scam was launched four months earlier at a diamond trade fair in Monaco, when two of the suspects introduced themselves to the jeweller as a wealthy Armenian couple looking to invest in precious gems.

They set up a second meeting in Milan, before a third meeting in Mazamet in August, when the supposed buyers asked to have an independent expert examine the stones owned by trader Nishit Shah.

After concluding the deal, the jeweller placed the gems in a sealed box while awaiting a promised bank transfer of $1.1 million (one million euros).

But the next day, when no money arrived, the jeweller opened the box to discover it empty.

“It’s a classic technique, what we call a thief with golden hands — international experts with a talent for swiping valuables,” the source said.

The two Romanians posing as the couple were arrested a few weeks later in Nice, where police seized luxury cars and watches as well as both real and fake gems and counterfeit cash.

The supposed expert, who is also Romanian, was arrested in November 2017 in Modane, a village in the French Alps on the border with Italy, where he was found in possession of a fake diamond.

Investigators say he was to receive 50,000 euros for spiriting away the three stones in a theft orchestrated by a Serbian national based in the Paris suburb of Bondy.

Prosecutors have seized the Serbian’s home and issued a warrant for his arrest.

“These are major criminal organisations with contacts across most of Europe,” the source said.

The diamond trader, Shah, will not be at the trial, having died of a heart attack in Mumbai in 2018.

Source: digitaljourna

WD Sues Diamond Growers over CVD Patents

A 9.04-carat round brilliant produced by WD Lab Grown Diamonds in 2018 using chemical vapor deposition.

The companies behind WD Lab Grown Diamonds have filed three lawsuits against competitors, accusing them of infringing patents for diamond synthesis and treatment.

The Carnegie Institution of Washington, a science organization, and M7D Corporation, which trades as WD Lab Grown Diamonds, took action Thursday again six companies that produce or sell diamonds made using chemical vapor deposition (CVD).

One of the complaints targets Pure Grown Diamonds (PGD) and IIa Technologies, which produces CVD goods for PGD. A second filing is against Mahendra Brothers, a De Beers sightholder, and its affiliate, Fenix Diamonds. The third suit takes aim at Altr, another lab-grown supplier, and its owner, R.A. Riam.

Carnegie invented and patented a version of CVD, known as microwave-plasma CVD (MPCVD), that can create a purer diamond because it doesn’t involve electrodes, which often contaminate the product, according to the lawsuits. It also patented a method for enhancing a stone’s visual characteristics through heat treatment at high pressure and temperature. M7D holds the license to both patents, the three similar lawsuits continued.

“The existence of the patents…are well-known in the lab-grown diamond industry, and in particular are well-known by lab-grown diamond manufacturers, importers and sellers,” Carnegie and M7D claimed.

Carnegie and M7D are seeking damages and a judgment declaring that the six companies violated their patents. The companies were not available for comment Sunday.

Source: Diamonds.net

UAE Authorities Arrest Traveler Smuggling Diamonds in his Gut

UAE authorities have arrested a man coming from Africa attempting to smuggle 297 grams of raw diamonds estimated at around $90,000 in his gut.

On Thursday, the Federal Customs Authority (FCA) said it received a tip-off about an African man who intends to bring the raw diamonds into the country by smuggling them through Sharjah International Airport.

The FCA, with the coordination of Sharjah’s Department of Sea Ports and Customs, took the necessary measures, and arrested the suspect as soon as he landed at Sharjah Airport. When he reached Sharjah Customs, his passport was confiscated and his bags were checked.

After carrying out an X-ray, officials discovered that the passenger had swallowed 297g of raw diamonds, which were worth around $90,000, the German News Agency reported. The diamonds were seized and the suspect was referred to the concerned authorities.

According to FCA, the suspect said he had visited the UAE on previous occasions but had never committed such a crime. But on this trip, he brought the illegal diamonds, which he purchased from the black market of an African country with the help of two other partners.

He also admitted that he intended to seek potential buyers in the UAE to purchase the diamonds without disclosing names.

Source: aawsat