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Sotheby’s plans to auction the famous "Pink Star" diamond an internally flawless, fancy vivid pink stone at its sale in Hong Kong on April 4.

The 59.6 ct Vivid Pink diamond is expected to sell for more than $60 million.

The Pink Star could become the most expensive diamond ever auctioned, when it comes up for sale next month.

"The extraordinary size of this 59.60-carat diamond, paired with its richness of colour, surpasses any known pink diamond recorded in history," said David Bennett, worldwide chairman of Sotheby’s Jewellery division.

Originally named the Steinmetz pink, the diamond was recovered at a mine in South Africa.

Sotheby’s financial statements have valued the stone at $72 million as part of its inventory.

The Gemological Institute of America (GIA) recently uncovered an unusually large number of undisclosed synthetic diamonds mixed in with natural melee diamonds, the lab confirmed with Rapaport News on Monday.

A parcel of 323 melee diamonds with an average size of 0.014 to 0.015 carats was found to contain 101 chemical vapor deposition (CVD) synthetic stones at the GIA’s Mumbai lab, reported Wuyi Wang, the institute’s director of research and development. The goods had been submitted to the GIA’s Melee Analysis Service, which made the discovery.

The GIA launched the service in December of last year and has regularly identified small quantities of undisclosed synthetic melee diamonds in some parcels submitted for analysis, Wang said.

However, he explained, “this is the first time we have seen such a significant percentage of CVD melee mixed with natural melee.” Fewer cases of undisclosed mixing have been reported recently as more testing facilities and detection machines have come to market, Praveenshankar Pandya, chairman of India’s Gem & Jewellery Export Promotion Council (GJEPC), said at the World Federation of Diamond Bourses’ Presidents’ meeting last month.

The first major discovery of undisclosed synthetics was in May 2012, when several hundred CVD diamonds were sent to the International Gemological Institute ??(IGI) in Antwerp and Mumbai to be certified as natural diamonds.? Still, concerns of such fraudulent activity are on the rise as synthetic diamond production increases, the GIA and De Beers International Institute of Diamond Grading & Research (IIDGR) said in separate presentations at last week’s Hong Kong Diamond, Gem & Pearl show.

Production has largely been focused on High Pressure-High Temperature (HPHT) synthetics, while you don’t see a lot of CVD melee in the market, Wang said in his presentation. Regardless, the risk of undisclosed synthetics has increased as synthetic-diamond growth technology has developed, especially in the very small melee sizes, given that the market has lacked an efficient, affordable means to detect them, the GIA said in its Monday statement to Rapaport News.

“The GIA has screened larger diamonds for treatment and to determine whether they are of natural versus synthetic origin for decades, but the small size and vast quantities have made doing the same for melee impossible until now,” the company said. “The GIA Melee Analysis Service gives the industry – as well as the consumer – confidence in knowing what they are getting for the most prevalent stones in the market.”

Profit more than doubled for De Beers last year as trading conditions in the diamond-manufacturing sector improved and inventory levels stabilized.

Underlying earnings jumped to $667 million in 2016 from $258 million a year earlier, parent company Anglo American said in a statement Tuesday. This came as revenue grew 30 percent to 6.07 billion, reflecting a 37-percent hike in rough-diamond sales to $5.6 billion.

The midstream of the diamond industry returned to buying rough after a 2015 slump in demand that resulted from oversupply of polished and inflated rough prices. Manufacturers started working down their polished inventories in the second half of that year before restocking their rough supplies in 2016.

De Beers also lowered prices, with its rough-price index declining 13 percent across 2016. The miner consequently reduced its rough stockpiles during the year, management said. De Beers production fell 5 percent to 27.3 million carats, while sales volume leapt 50 percent to 30 million carats, meaning it sold a larger volume of stones than it mined. “2016 generally was a much better year for the diamond industry,” said Bruce Cleaver, De Beers chief executive officer. “The midstream performed much better than 2015, largely as a result of the strong and decisive action we took in 2015 to reduce production in accordance with demand.

The fruits of that tough action we took in 2015 was seen through 2016." The company projected production would rise to 31 to 33 million carats in 2017, “because we see the market has recovered from where it was at the end of 2015,” noted Cleaver. The company maintained a conservative outlook for the diamond jewelry market given prevailing global macro-economic conditions and geopolitical risk.

Performance will be dependent on a number of macro issues, including the attitude of the new U.S. administration, the strength of the dollar, continued recovery in China and the impact of Indian demonetization, Cleaver explained. “All other things being equal, we think diamond demand will continue to grow along with GDP growth,” he said. Source: diamonds.net

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Christie’s a pink diamond at its Magnificent Jewels auction in Geneva on Tuesday at $2 million per carat.

The pear shaped 9.14 carat fancy vivid pink VS2 clarity diamond was sold for a total of $18.2 million.

Sales at the auction totaled $97.1 million.

In a surprise announcement, online jeweller Blue Nile has entered into an agreement to be acquired by an investor group managed by Bain Capital Private Equity and Bow Street LLC.

Bain Capital and Bow Street will acquire 100 percent of the outstanding shares of Blue Nile common stock.

The cash deal is valued at $500 million, Blue Nile stockholders will receive $40.75 in cash per share, 34 percent over Blue Nile’s closing price on November 4.

Blue Nile’s board of directors approved the deal unanimously, and recommended that stockholders vote their shares in favour of the transaction.

The 118.78 carat type IIa diamond with no fluorescence and an excellent polish and symmetry. Is a record for a heart shape.

The diamond was polished from a 357 carat rough recovered at the Letšeng mine in Lesotho in 2015. Gem Diamonds sold the rough for $19.3 million to an undisclosed buyer in September that year.

Laurence Graff said “It is the most beautiful heart shape diamond I have ever seen.

Lucapa Diamond mining at the Lulo diamond project in Angola, have recovered two diamonds weighing 71 carats and 77 carats.

large diamonds known as specials follow the recent recovery of top colour diamonds weighing 172, 104 and 72 carat white diamonds, and an exceptional 39 carat pink, the most valuable fancy coloured diamond to date from Lulo.

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Lucapa Diamond Company recovered a 104-carat, D color diamond.

The type IIa stone is the fourth rough diamond above 100 carats extracted from the deposit this year and the fifth since operations began at its Lulo mine in Angola.

The diamond is the latest special diamond found at Lulo weighing more than 10.8 carats.

The mine’s largest pink diamond a 38.6-carat pink diamond was unveiled earlier this month.