Heritage Companies Rahaminov Diamonds And Bucherer Form A Dazzling Partnership

When it comes to large natural colored and D-flawless diamonds, the name Rahaminov immediately comes to mind. A family-owned business with an 80-year legacy, the company continues to provide consumers, collectors and connoisseurs with an unparalleled collection of rare cuts and colors, which include large pear-shaped natural yellow, rare cushion-shaped natural pink and round or fancy cut white diamonds, among many others. Due to similar values, Rahaminov Diamonds’ fine jewelry collections will now be featured in five of the renowned Bucherer retail network’s boutiques, which include one store in New York City and 17 other shops throughout the United States.

After being owned by the Bucherer family for three generations, in August 2023, Rolex acquired the company to evolve it and work with different heritage companies such as Rahaminov.

Rahaminov Diamonds’ 18K Pink and White Lariat necklace with fancy brownish pink diamond and white diamond pear shape drops accented with round fancy pink and white diamond melee.

Amir Goldfiner, Rahaminov Diamonds President, said over the phone, “We are excited to partner with such a revered retailer as Bucherer. It feels like the perfect venue to showcase some of our stand-out one-of-kind styles, such as a unique blue diamond toi et moi ring and other special pieces in their boutiques. And it’s been wonderful working with their team to provide a range of natural colored and white diamond designs that tap into their customer’s needs. I look forward to expanding the collection further as we grow together.”

18K White gold Flower Riviera Necklace with mixed-shaped white diamonds.

To kick off their partnership, the two companies threw an exclusive cocktail event at the New York flagship, the TimeMachine store, on December 6, 2023.

Rahaminov Diamonds’ 18K white gold seven row emerald cut bracelet.

Rahaminov Diamonds’ heritage dates back three generations to the 1940s when the Rahaminov brothers became diamond cutters in Israel’s pioneering Buchara Diamonds cooperative, establishing their foothold in the diamond world with their expertise and eye for the rare stones of impeccable quality. The torch was passed in the 1980s to Tamara Rahaminov and her husband, Amir Goldfiner, who further built the company’s prestige and reputation by opening a Los Angeles-based office and transforming Rhaminov into a luxury brand. Today, the third generation, represented by daughters Nicol and Melanie Goldfiner, have imbued the family business with a relevant and modern slant, yet never straying too far from the company’s motto of “where the diamond inspires the design.” They have taken those words to heart, creating a collection of jewelry that starts with finding the most genuinely unique fancy cuts with character and presence and then designing around the stones. Each piece is crafted in platinum and/or 18K gold and focuses on one jaw-dropping diamond or awe-inspiring configurations of the different cuts and colors..

Rahaminov Diamonds’ 18K rose gold and platinum ring with radiant cut fancy green-blue center stone with fancy intense pink trillion cut diamond sides and fancy pink diamond melee.

Bucherer, founded in Lucerne in 1888, has one of the most distinguished reputations in the watch and jewelry industry in Europe. In addition to its impressive range of luxury timepieces and exquisite jewelry from renowned brands, Bucherer offers its customers its own exclusive Bucherer Fine Jewellery collection and Carl F. Bucherer watches. The company is also a leader in certified pre-owned timepieces with a carefully selected range of the highest quality and guaranteed provenance. The company features over 36 exclusive European retail locations, including a flagship boutique in Vienna and Paris and retail stores that count fifteen in Switzerland, twelve in Germany, three in Copenhagen and four boutiques in London. By acquiring the American luxury watch dealer Tourneau in 2018, Bucherer established itself as the world’s largest watch and jewelry company in the U.S. and Europe.

Together, the two companies represent six generations of luxury jewels.

Source: Beth Bernstein Forbes

Petra Believes Rough Prices Have ‘Bottomed’

Petra Diamonds’ rough prices started to bounce back at its latest tender, indicating the market has “likely bottomed,” it said Thursday.

The company’s third trading session brought in $67.9 million from the sale of 519,397 carats, at an average price of $131 per carat. Prices were 19% higher on a like-for-like basis — comparing similar categories of diamonds — than at the fiscal year’s second tender, which ended in October.

Last week, the miner reported early results from the tender of $58.7 million from 462,794 carats, at an average price of $127 per carat. During the remainder of the tender, it sold an additional 56,600 carats for $9.3 million. That comprised 25,200 carats from the Cullinan and Finsch mines in South Africa, which yielded $3.1 million, and 31,400 carats from the Williamson mine in Tanzania, bringing in $6.2 million.

Total rough-diamond revenue for the first fiscal half, which included three tenders, came to $187.8 million, down 7% year on year, the company noted. Like-for-like prices for the six months fell 13% compared to the equivalent three tenders the year before.

Source: Diamonds.net

Christie’s New York Jewelry Auction Fetches $38.1 Million

Important fancy-colored diamonds and Kashmir sapphires led Christie’s December 6 Magnificent Jewels auction in New York. The sale of approximately 157 lots achieved more than $38.1 million.

However, what was billed as the top lot of the sale was withdrawn at the “11th hour without explanation,” according to a gem dealer who attended the auction. Christie’s confirmed this a few days later, again without explanation.

"California Sunset" earrings withdrawn before its sale. Its estimate was $7 - $12 million
“California Sunset” earrings withdrawn before going to sale. Its estimate was $7 – $12 million

The lot was a pair of fancy vivid orange-yellow diamond earrings weighing 12.20 and 11.96 carats. The earrings were named “California Sunset Diamonds” and had an estimate of $7 million to $12 million.

Read more: Forbes

Four Large Lulo Diamonds Bank $17M for Lucapa

Lucapa Diamond Company sold four special-size rough stones with a total weight of 609 carats for $17 million at a recent tender in Angola.

The type IIa diamonds, which weighed 41.23, 123.83, 208.78 and 235.47 carats, were recovered from Lucapa’s Lulo alluvial mine in Angola, the miner said Monday. They were part of a tender by Sodiam, Angola’s national diamond-trading company.

The 235 carat stone, which Lucapa unearthed last month, is the second-largest Lulo has yielded. Meanwhile, the 208 carat, retrieved in October, achieved the highest price of all four diamonds, Lucapa noted. The entire parcel averaged $28,000 per carat.

“The outcome of this tender is very encouraging as it once again clearly indicates the strength of the market for these exceptional, rare and high-value stones of which Lulo is a consistent producer,” said Lucapa managing director Nick Selby. “This is a positive result for Lucapa in a year when the diamond industry generally suffered weakness in pricing.

With India about to resume rough-diamond imports and Russian diamonds potentially having a restricted flow into the market in 2024, we are optimistic that we will see improvement and stability in diamond prices across all sectors of the market in the new year.”

Sodiam’s tenders generally include rough from Lulo, as well as from the Catoca and Luele mines.

Source: Diamonds.net

Anglo American to Cut De Beers’ Overheads by $100M

Roller machine used to separate and sort flat shaped and non- flat shaped rough diamonds. DTC Botswana, Gaborone, Botswana.

Anglo American will slash De Beers’ budgets in response to the diamond-market downturn, the parent company said Friday.

“At De Beers, we are taking a different approach as the business has performed very well operationally. What’s gone against us is the market,” Anglo CEO Duncan Wanblad said at the group’s annual investor update. “Demand and prices for diamonds have fallen as global GDP [gross domestic product] growth has fallen.”

The current downturn is likely temporary, and there are signs the market is “beginning to turn,” Wanblad added.

“Nonetheless, we are focused on streamlining De Beers, reducing the annual overheads by $100 million in a sustainable manner,” the executive continued. “We have also reduced capex [capital expenditure] for next year, with our investment focused on the highest-value opportunities we see in southern Africa from existing assets as well as on the exploration front.”

De Beers has incurred a loss in the second half of 2023 following sales of just $80 million at the October sight, Wanblad explained. Sightholders expected the recent December trading session to be a similar size.

Still, De Beers kept production steady in the second half of this year leading to an inventory buildup and has maintained its production plan of 29 million to 32 million carats for 2024, said Al Cook, the diamond miner’s CEO.

“We need to be careful with [production cutbacks], because a large number of our costs are fixed,” Cook continued at the same investor event. “So we need to avoid doing something that just disrupts mines, which then take a lot to recover from and doesn’t create the cost savings that you really want to drive out of this.”

The company has a “series of levers” it can pull in 2024 should the expected recovery not materialize and is working with partners in producer countries to identify options, Cook added.

Last week, De Beers announced it was changing its organizational structure and executive committee, with executive vice president and chief brand officer David Prager and acting executive vice president of strategy and innovation Ryan Perry set to leave in 2024.

Source: Diamonds.net

G7 bans Russian diamonds from January in show of solidarity to Zelensky

The Group of Seven (G7) nations will ban direct imports of Russian diamonds starting next year as a punitive measure against Moscow’s invasion of Ukraine.

There will be phased-in restrictions on indirect imports of Russian gems from March, a joint statement on Wednesday after the G7 nations’ meeting said. The measures were announced as Joe Biden and leaders of the G7 countries met Volodymyr Zelensky virtually in a show of solidarity.

The new measures will ensure a ban on non-industrial diamonds from Russia by 1 January and on third-party nations which sell Russian diamonds from March.

The move was being mulled as a part of fresh sanctions by the European Union last month. The G7 will phase in restrictions on indirect imports from a targeted date of March and introduce a “robust traceability-based verification and certification” mechanism for rough diamonds within the G7 by 1 September 2024. The ban excludes diamonds for industrial use.

Russia is the biggest producer of rough diamonds, which are taken from swathes of mines beneath the Siberian permafrost. The trade of precious rock has helped Russia stop from bleeding under economic sanctions after the invasion of Ukraine in February last year.

Source: independent.co.uk

133 Carat Yellow Diamond Fetches $5.5 Million At Sotheby’s Auction

A 133.03 carat Fancy Vivid Yellow diamond achieved a sale price of more than $5.5 million, becoming the largest fancy vivid yellow diamond to sell at auction.

This was the top lot at Sotheby’s December 5 Magnificent Jewels auction in New York. The unmounted cushion modified brilliant-cut gem with VS2 clarity surpassed its high estimate of $5 million.

The diamond was purchased by Diacore, a diamond manufacturer best known for crafting rare, exceptional diamonds and high-end jewelry.

The company also has a joint partnership with Sotheby’s called “Sotheby’s Diamonds,” in which they manufacture and market diamonds specifically for private sale at Sotheby’s locations in London, New York and Hong Kong.

Source: Forbes

Signet Sales Decline in Weak US Market

Signet Jewelers’ sales fell in its third fiscal quarter as the US economy weakened and engagement-ring demand underwent an expected downswing.

Revenue decreased 12% year on year to $1.39 billion for the three months that ended October 28, the retailer reported Tuesday. Same-store sales those at branches open for at least a year were also down 12%, while net profit slid 69% to $11.7 million.

“These declines were driven by the impact of heightened inflationary pressure on consumers’ discretionary spending and the decline in the bridal category, driven by lower engagements,” the jeweler said in a filing with the US Securities and Exchange Commission.

Sales dropped at all of the company’s store chains, the largest of which are Kay Jewelers, Zales and Jared. Overall bridal revenue slumped 15% to $664.6 million, while sales of fashion jewelry dipped 12% to $448.2 million. Signet’s services division including jewelry rental and repairs offset the declines with a 5% increase for a total of $169.9 million.

The results were in line with Signet’s expectations: The company had forecast sales of $1.36 billion to $1.41 billion for the period and projected that engagement-ring sales would only start recovering in the fourth fiscal quarter, which began October 29. A lull in dating during Covid-19 manifested as a drop in proposals this year, management had explained in the past.

The jeweler barely changed its sales outlook for the full year, predicting revenue of $7.07 billion to $7.27 billion down only slightly from an earlier projection of $7.1 billion to $7.3 billion.

Bridal demand rallied in November as anticipated. Still, sales in the fourth fiscal quarter, which includes most of the holiday shopping season, will likely range from $2.4 billion to $2.6 billion, the company said a decline of up to 10% from last year’s $2.67 billion.

“Trends through Black Friday weekend, including sequential improvement in engagement trends, are performing in line with guidance expectations for the fourth quarter,” said Signet CEO Virginia Drosos. “As we enter the holiday season, jewelry remains a top-of-mind gifting category for consumers in a value-conscious shopping environment.”

Total sales for the jeweler’s first three fiscal quarters fell 10% year on year to $4.67 billion. Net profit for the nine-month period, which ended October 28, rose 85% to $184.2 million because of charges in the previous year relating to litigation and a pension settlement.

Source: diamonds.net

Rio Tinto Delighted with Argyle and Diavik Tender

Rio Tinto said it was delighted with the results of its first Beyond Rare Tender of polished pink and red diamonds from Argyle, in Australia, and yellow stones from Diavik, Canada, though it declined to reveal any prices.

Sinead Kaufman, chief executive of Rio Tinto Minerals, said only that the results reflected the global demand for highly collectible natural colored diamonds.

The first in a series of sales featured a collection of 87 diamonds, weighing 29.96 carats in total. Successful bidders came from Australia, Europe, Japan, Hong Kong, Singapore, US and Israel.

Among the lots were seven Masterpiece sets of Argyle dink diamonds and yellow Diavik diamonds, 11 matched pairs of colored diamonds and 30 single diamonds, including one remarkable fancy red Argyle diamonds.

The iconic Argyle mine closed in November 2020 after 37 years. It produced 90 per cent of the world’s pink, red, blue and violet diamonds.

Source: IDEX

Christie’s sells rare blue diamond for over $40m USD

The 17.61 carat, pear-shaped Bleu Royal diamond, set in a ring, fetched $43.8 million

The 17.61 carat, pear-shaped Bleu Royal diamond, set in a ring, fetched $43.8 million, they said.

It is the “largest internally flawless fancy vivid blue gem” ever to appear for sale in auction history, Christie’s said.

Part of a private collection for 50 years, it was the first time the Bleu Royal was sold at an auction.

“This diamond is amongst the rarest to have been unearthed,” the auction house said in a statement.

Christie’s said only three fancy vivid blue diamonds over 10 carats had appeared for sale in its 250-year auction history, in 2010, 2014 and 2016.