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Gem Diamonds big discoveries reach a dozen

Africa focused Gem Diamonds must be getting used to recovering huge precious rocks from its flagship Letšeng mine in Lesotho, as it has just dug up another massive one.

The 138 carat, top white colour Type IIa diamond is 12th diamond over 100 carats the company finds this year, beating the 11 it dug up in 2015.

The largest diamond found this year is a 910 carat D colour type IIa diamond, about the size of two golf balls, which was named the “Lesotho Legend.” It became the second largest recovered in the past century and sold for $40 million at an auction in March.

Since acquiring Letšeng in 2006, Gem Diamonds has found now five of the 20 largest white gem quality diamonds ever recovered, which makes the mine the world’s highest dollar per carat kimberlite diamond operation.

At an average elevation of 3,100 metres above sea level, Letšeng is also one of the world’s highest diamond mines.

The biggest diamond ever found was the 3,106 carat Cullinan, dug near Pretoria, South Africa, in 1905. It was later cut into several stones, including the First Star of Africa and the Second Star of Africa, which are part of Britain’s Crown Jewels held in the Tower of London.

Lucara’s 1,109 carat Lesedi La Rona was the second biggest in record, while the 995 carat Excelsior and 969 carat Star of Sierra Leone were the third and fourth largest.

Source: mining.com

GIA Spots Broken Diamond Glued Back Together

The Gemological Institute of America (GIA) has identified a stone comprising two halves of a diamond that had been stuck together with an “unknown adhesive.”

Graders noticed a large fracture and cavity on the table of the marquise-cut, 1.38-carat polished diamond submitted to the GIA’s laboratory in Carlsbad, California, for colored-diamond testing. When the gemologists examined the crack under a microscope, they noticed a gap running down the stone from the crown to the pavilion, as well as a slight misalignment in the facets and air bubbles inside the fracture.

The polish lines on the stone’s facets would have linked if there hadn’t been a fracture, GIA gemologist Troy Ardon explained this month in a lab note in the latest edition of Gems & Gemology. For that reason, gemologists determined that the stone had been broken in half after it was at least partially polished, and then repaired with an unidentified adhesive.

“Diamonds have been adhered together with glue to form a diamond-doublet, but a broken diamond that has been repaired was not something previously reported by GIA,” Ardon added.

The GIA couldn’t grade the diamond because the 4Cs wouldn’t apply to it, the note continued. A carat weight would have been meaningless, as it would have comprised the weight of both halves plus the adhesive.

Image: Robison McMurtry/GIA

Source: diamonds.net

Manufactured diamonds will be to mined diamonds what Tudor is to Rolex

It’s no secret that Israel is one of the largest suppliers of cut diamonds the world over. And, if you have ever bought an engagement ring, chances are you have likely been presented with the option of buying an Israeli diamond.

According to USTradeNumbers, Israel ranked 22nd in total global trade this year with a total of $18.37 billion. Of that, more than $6.5 billion came from the importing and exporting of you guessed it diamonds.

I recently read a story published in Canada’s Financial Post titled, “A diamond may be forever for some but for millennial it’s looking like not so much”, lamenting the potential demise of the mined diamond industry.

In it, the author states:

the millennial generation poses an existential dilemma for the industry: they tend to spend on experiences rather than luxury items, achieve financial maturity later in life and are less likely to get married than previous generations.

It’s an interesting argument to be sure. And, if true, this trend could pose challenging for countries like Israel who rely so heavily on the art of refining mined diamonds.

The story goes on to argue that it’s not just the lifestyle choices of millennials that pose a threat to the old adage that diamonds are a girl’s best friend it’s the growing popularity of something called artisan or lab created diamonds.

Yeah, I’m not so sure I agree with that.

Many in the media have been making the same argument about the luxury watch industry for years now. While quartz and other digital offerings may well be more accurate than mechanical wristwatches, the appeal to aficionados and luxury buyers is simply not there. Same for smart watches, which, to be sure, have a place among the masses and those interested in fitness, but do not affect demand for brands like Rolex, Cartier or Patek Philippe. Someone who wants a Rolex simply will not buy an Apple Watch as an alternative and call it a day. It’s like comparing apples and oranges.

While these manufactured stones may well be incredibly difficult to distinguish from mined diamonds, even to the most well trained gemologist, I am not convinced they will take much if any market share from those who truly want to buy a traditional diamond.

Now don’t get me wrong, I’m not saying the mined diamond industry isn’t susceptible to demand changes. Surely the past few years have illustrated it is indeed possible. I’m also not suggesting no one will buy this new type of jewelry stone. Some people will choose man made diamonds over the mined ones. And, they’ll pay less money and get a larger stone too.

But I predict manufactured diamonds will be to mined diamonds what Tudor is to Rolex or what Acura and Lexus are to BMW and Mercedes a quality alternative with a comparable look and feel, but cheaper, less valuable and ultimately less desirable.

Time will tell.

Source: timesofisrael.com

Pandora to Slash Nearly 400 Jobs

Pandora plans to lay off 397 employees after disappointing second quarter results and a weakened outlook for the rest of the year.

While sales grew 4% in local currencies to $748.2 million (DKK 4.82 billion) for the quarter, the retailer lowered its revenue guidance for the year to an increase of 4% to 7%, from its previous forecast of 7% to 10%. It also expects lower profit margins, after that measure declined in the second quarter, it said Monday. The company’s stock price was down 21% at press time Tuesday.

Streamlining the business will help Pandora’s financial performance by reducing complexity and shifting resources to strategic priorities such as digital and e-commerce sales, CEO Anders Colding Friis explained in a separate statement Tuesday. Pandora has nearly doubled in size in the past three years, with new organizational practices emerging in different parts of the company, the executive added. The changes will reduce costs by about $23.3 million (DKK 150 million) per year, the company said.

“The adjustments are…necessary to protect our profitability,” Colding Friis said. “Sadly, the changes mean that good employees will lose their jobs, and we are supporting them in the best possible way.”

Of the layoffs, 218 will be in Thailand, where Pandora employs 13,000 people, including 5,000 at a new manufacturing center it unveiled in June. The company’s global workforce numbers 27,000.

Pandora has suffered from weak demand for its products in the US, as well as competition from unauthorized traders in the Asia Pacific region. Last month, it said it had reduced retail prices in China to combat the grey market, in which other companies sell its products without a license.

Meanwhile, Pandora has appointed Sid Keswani as president for the Americas. Keswani is a former CEO of grocery store chain Fiesta Mart, and replaces Scott Burger, who left the company in January. He will begin on August 13, reporting directly to the CEO.

Pandora will release its full results for the second quarter on August 9.

Source: Diamonds.net

Lucapa Finds 3 More Special Diamonds at Mothae Mine

89 carat yellow stone from Mothae’s South East zone

Just a week after unearthing an 11.88 carat diamond, Lucapa Diamond Company has recovered more “special” diamonds from its Mothae mine, including a 28-carat stone and two light pink diamonds.

Special diamonds, a term the company uses to describe any diamond over 10.8 carats, have been abundant at Mothae in recent weeks.

The company is currently conducting ongoing bulk sampling, and recent results have included an 89 carat yellow stone from Mothae’s South East zone, a 25 carat yellow gem from the Neck zone and a 12-carat white diamond from the North zone.

The bulk sampling at the site is happening alongside construction of a new 150-tonne-per-hour commercial diamond plant, which is on schedule to be commissioned in H2 2018.

Lucapa Managing Director Stephen Wetherall has previously discussed the company’s bulk-sampling program, describing the prior lack of exploration at the site.

“Certain areas of the kimberlite pipe which hadn’t historically been sampled (Neck zone), or where there had been very limited historical testing (South-East and North zones), were thought to be underestimated as a result. At the time of acquisition, we believed there was much upside here and this program is designed to deliver that upside,” Wetherall said.

Wetherall also touched on the commercial diamond plant’s construction, and how the successful recovery results have given the company optimism for the road ahead.

“To have already recovered special sized diamonds from early sampling tonnages in all three of these areas gives us great confidence we can achieve this goal. It also adds to our excitement as we advance construction of our new 150 tph plant, which remains on track for commercial diamond production later this year,” he said.

The Mothae mine, located in Lesotho, South Africa, is a joint venture between Lucapa, which owns 70 percent, and the government of the Kingdom of Lesotho, which owns 30 percent.

Mouawad Group Buys 51.38 Carat Dynasty Diamond From ALROSA

The Mouawad Group has acquired the 51.38 carat Dynasty diamond, the central diamond in a collection offered for sale by ALROSA.

The total revenue from the sale of the Dynasty collection amounted to about $10 million.

Fred and Pascal Mouawad, co-guardians of the jewelry firm, said: “We’re very proud of this important acquisition. We will add it to our repertoire of historic diamonds. What attracted us to the Dynasty is not only its exceptional quality but the transparency of its history and the fact it’s the largest and most valuable diamond ever sold by ALROSA. It’s a rare gem with a remarkable record.”

ALROSA sold the Dynasty diamond at a public auction on its electronic trading platform on August 2. The miner said that the Dynasty stone, a traditional round brilliant-cut diamond, D color, VVS1 clarity was the best quality large diamond ever manufactured in Russia, and also the most expensive stone ever sold by ALROSA.

The Dynasty collection consisted of five diamonds manufactured from a 179-carat rough diamond. It took a year and a half to create the collection which was manufactured by the firm’s cutting and polishing division.

ALROSA held the first auction for the sale of the collection last November where four of the five stones were sold with final prices coming in at about 30% over reserve prices on average, the miner said.

Source: IDEX

Blue diamonds may be blue because of where they are formed

Blue Diamonds are the world’s most expensive diamonds, some stones worth tens of millions.

Why they are blue has long been know, But until now nobody has known how rare blue diamonds are made or where they come from.

Now scientists have discovered that they are formed 400 miles below the surface of the Earth, around four times the depth of cape series or white diamonds.

This is where the element boron can combine with carbon in such extreme pressure and heat that it crystallizes into the world’s most precious stone.

And because boron is mostly found on the Earth’s surface, scientists believe that it must have traveled down into the mantle when tectonic plates slipped beneath each other. Eventually volcanic action brought the diamonds up closer to the surface.

Blue Diamond is categorized as type IIb crystal and due to their extreme valuable, it is very rare to find one for scientific research purposes. An rare to find one that contains inclusions.

Gem Diamonds Recovers 101ct. Stone

Gem Diamonds has unearthed a 100.50-carat diamond from its Letšeng mine in Lesotho, it said Friday.

The white, type IIa stone is the 11th over 100 carats the miner has recovered from the asset so far this year.

Gem Diamonds owns 70% of the Letšeng mine, with the state holding the remaining shares. The company also owns the Ghaghoo mine in Botswana, which it plans to sell.

Source: diamonds.net

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Dubai Police recover $20 million diamond stolen from UAE-based company

Police analysed thousands of hours of CCTV footage and questioned over 100 people to investigate the daring theft of a $20 million diamond from the vault of a Dubai based company.

Police were alerted about a robbery of a rare stone 9.33 carat after an unknown person broke through three security gates to get to the company’s vault on May 25. “The security system of the vault requires a group of employees to open the last gate simultaneously. Despite the precautionary measures, the suspect managed to steal the diamond.

In a major operation, Dubai Police recovered the diamond from Sri Lanka after it was smuggled out of the UAE in a shoe box by sea, an official said.

The suspect, a guard working with the money transfer company, was arrested in the UAE. After stealing the diamond, he gave it to a relative who smuggled the precious stone out of the UAE by hiding it in a sports shoe box, the police said.

The Asian suspect, who worked for the company. was arrested in a neighbouring emirate, had managed to break through three security gates to the vault to steal the diamond.