Istanbul Police, Tuesday, seized unprocessed raw diamonds with a market value of TL 20 million ($1 million), estimated to be 61.38 carats, during an operation in the Grand Bazaar – one of the historical trade centers of Istanbul, local Turkish media reports.
According to the report, the Istanbul Police Department and the Department of Combating Financial Crimes received information about the smuggling of diamonds in the historic Grand Bazaar, Istanbul.
They detained four foreign national suspects, the report added.
It was determined that the seized diamonds were brought to Turkey illegally, via Africa.
Jewelers in India have shattered a world record with a ring made of 50,907 diamonds.
The Eutierria Ring has more than twice as many diamonds as the previous record holder, The Touch of Ami, with 24,679 diamonds. Both rings were made in India.
The new ring, created by H.K. Designs and Hari Krishna Exports, was certified last month by Guinness World Records as the ring with the most diamonds.
The ring took nine months to design and make, entirely of recycled materials – 460.55 grams of gold and 130.19 carats of diamonds all re-purposed from customer returns.
It is designed as a sunflower with four layers of petals, a shank, two diamond discs, and a butterfly.
It has been certified by IGI and has a retail value of $785,645, according to a press release issued jointly by both companies.
It takes its name, Eutierria, from a term describing a positive feeling of oneness with the earth.
Botswana may not renew a five-decade sales agreement with De Beers if the diamond producer doesn’t offer a larger share of rough diamonds to the state’s gem trading company, Okavango Diamond Company (ODC).
The move comes after the southern Africa nation acquired last month a 24% stake in Belgian diamond processing firm HB Antwerp for an undisclosed sum.
Analysts saw this deal as a way for Botswana to loosen the Anglo American-owned miner’s grip on its diamond sector, which is a major source of employment and tax revenue for the country.
De Beers and Botswana jointly own Debswana, which mines almost all of the roughs gems in the country — the world’s second-largest diamond producing nation after Russia.
The partnership has helped Botswana become one of Africa’s fastest growing economies, while supplying De Beers 75% of Debswana’s rough diamonds, which are then sorted and sold to sightholders around the world.
Debswana’s diamond sales hit a record $4.6 billion in 2022, compared to $3.4 billion in 2021.
President Mokgweetsi Masisi has threatened to walk away from the talks if Botswana does not get a larger share of Debswana’s output for marketing outside the De Beers system.
The government has not publicly stated what share it seeks, but it is believed to be as high as 50%, double its current allocation.
The two parties have been negotiating for several years to extend their 2011 mining rights and sales agreement, which is due to expire in June this year.
“Colonial” model Rafael Papismedov, co-founder of HB Antwerp, told the Financial Times that a revised deal would help Botswana break free from the current model of being “stuck in a box that says you can only dig and wash the diamonds.”
Papismedov added that De Beers’ operating model carries on “colonization” principles, acting as if Botswana was incapable of building midstream capabilities for polishing diamonds.
Masisi wants more locals employed in the diamond sector, which accounts for a fifth of the country’s gross domestic product.
The largest diamond producer by value has said it is confident that it can maintain its partnership with Botswana, but that some of the negotiations are complex and require more time.
De Beers has said that the arrangement must make economic and strategic sense for both parties, adding that it is committed to supporting Botswana’s aspirations to grow its diamond industry.
The stakes are high for both sides, as they seek to secure their future in a volatile and competitive industry that has been hit by the covid-19 pandemic, changing consumer preferences and ethical concerns.
A new deal between Botswana and De Beers could have significant implications for the global diamond supply chain and the balance of power in the sector.
GIA has bowed to pressure and says it will re-introduce paper certificates, at no extra cost, as of Sunday (9 April).
The move to digital-only Diamond Dossiers, for stones up to 1.99-cts, provoked widespread criticism from retailers, who said some customers were refusing to buy a diamond without one.
In a message to clients, GIA (Gemological Institute of America) said it “did not adequately anticipate the potential difficulties of adopting the digital-only GIA Diamond Dossier report.
“We appreciate your candid and constructive feedback. After much consideration, we have decided to return to printed GIA Diamond Dossier reports beginning April 9.”
All diamonds currently at GIA labs, or submitted from Sunday, will be returned with a printed GIA Diamond Dossier report just like those issued before the introduction of the digital-only report in January.
It will also issue, at no cost, a printed certificate for diamonds that were graded without one from January until now.
GIA introduced digital-only certificates as the first step towards phasing out all printed reports within three years, saving tons of paper and plastic.
De Beers, the largest diamond producer by value, has unveiled a unique piece it named the “Beating Heart”, a 0.33-carat rough specimen that consists of a diamond within another diamond.
The unusual discovery – a D-colour, type IaAB diamond – has an internal cavity enclosing a smaller loose diamond, which is trapped, yet free to move around within the space.
De Beers said the gemstone was discovered at one of its mines in either Africa or Canada, but the exact origins can’t be pinpointed.
It arrived at the De Beers Institute of Diamonds facility in Maidenhead, England, in November last year, where it was verified to be a natural occurring stone.
Initial conclusions from the Institute’s experts suggest that an intermediate layer of poor-quality diamond etched away during its travel to the surface of the Earth, leaving only the better-quality material: the outer diamond and the core.
“The ‘Beating Heart’ is a remarkable example of what can happen on the natural diamond journey from formation to discovery,” Jamie Clark, Head of Global Operations at De Beers Institute of Diamonds, said in the statement.
Now registered on De Beers’ Tracr blockchain platform, which certifies a diamond’s provenance and production journey, the “Beating Heart” will be kept in its rough form for research and educational purposes.
Competitor Alrosa found a similar diamond in 2019, which was named “Matryoshka” after the famous Russian nesting dolls. The 0.62 carat gem, estimated to be over 800 million years old, resulted from one diamond growing inside another, according to Alrosa’s scientists.
Diamond dealers and manufacturers have complained to the Gemological Institute of America (GIA) about its new paperless dossier reports, claiming they reduce security and are less popular among retailers.
The reports — available for 0.15- to 1.99-carat, D- to Z-color diamonds — have caused consternation in the industry since the GIA switched to digital-only versions at the beginning of this year.
GIA customers who submit a diamond receive the stone back in a small envelope that shows the key specifications and a unique QR code that links to an online report. Although the girdle gets inscribed, other people can easily copy the code and associate it with a different diamond, according to traders who spoke with Rapaport News in recent weeks.
Suppliers are also seeing pushback from retailers that are accustomed to selling diamonds and jewelry with physical certificates. Using the digital documents is especially difficult with mounted jewelry, an official in the Indian diamond industry noted, as reading the girdle is difficult or impossible.
“In January, they started doing this digital certification,” he told Rapaport News last week on condition of anonymity. “By now, some of the retailers are getting the stones and they’re having concerns, and customers are returning stones that don’t have a [paper] certificate.”
India’s Gem & Jewellery Export Promotion Council (GJEPC) and the Bharat Diamond Bourse (BDB) in Mumbai have raised the issue with the GIA. A representative of the GIA fielded questions from members at the Diamond Dealers Club in New York in a recent address, while delegates discussed the matter at the World Diamond Congress, the triennial meeting of the World Federation of Diamond Bourses (WFDB), which took place in Israel last week.
“Concerns were expressed as to the security of the digital certificates as well as the desire of retailers and consumers to receive a printed certificate,” a WFDB spokesperson told Rapaport News on Sunday. “It was discussed that for a certain period of time, the GIA might provide both digital and printed certificates to those who request them. The presidents of the bourses who participated in the congress asked the WFDB to present their concerns to the GIA.”
A GIA spokesperson said the organization had “heard from clients — manufacturers, brokers, dealers and retailers — about their concerns regarding the digital GIA diamond dossier reports and how integrating the digital reports into their processes could disrupt their businesses.”
“We appreciate the constructive feedback and are considering how we can best address their concerns within the context of our mission to protect consumers and ensure their trust in gems and jewelry.”
The switch to digital dossiers is part of a plan to make all GIA reports paperless by 2025.
Update, April 4, 2023: Information about a GIA visit to the Diamond Dealers Club in New York has been added to this story.
A pair of pear-shaped fancy pink pendant diamond earrings, weighing 11.17 carats and 10.85 carats, are to be sold at Sotheby’s Hong Kong.
The estimate is $5.48m to $7.01m. Both diamonds are GIA-certified as Fancy Pink, Natural Color, VVS1 Clarity.
The pink diamonds are set in platinum and yellow gold suspended from a pear, marquise-shaped and brilliant-cut diamond surmount weighing a total of approximately 6.5-7.5cts, mostly F-H color, average VS-SI clarity.
The lead tomorrow’s Magnificent Jewels I. The sale also includes a Harry Winston diamond fringe necklace with nine pear-shaped diamonds weighing 14.93 to 2.04 carats (estimate $4.46m to $6.37m) and a 5.49-carat fancy intense blue diamond ring (estimate $4.84m to $6.37m).
Jacob & Co. unveiled its $20 million Billionaire Timeless Treasure Yellow Diamond watch on Monday in Geneva, concurrent with the Watches & Wonders Geneva 2023 exhibition. The complex tourbillon timepiece is totally ensconced in 425 Asscher-Cut Fancy Yellow and Intense Yellow diamonds. The feat of simply collecting and cutting all of the highest color and quality of matching diamonds alone took three and a half years.
This is not the first Billionaire watch the brand has built. In fact, in 2015 it released its first Billionaire watch bedecked with 260 carats of white diamonds. Three years later, in 2018, Floyd Mayweather bought a Billionaire watch (only 21 have been made since 2015, with all of them selling except for one) for $18 million. The brand then unveiled, also in 2018, its $6 million yellow diamond Millionaire watch with 127 carats of intense yellow diamonds. But that wasn’t enough for this independently owned and operated jewelry and watch brand. Thee needed to take each of those renditions to new heights.
When it was determined that the brand would move forward with this timepiece, ten top-notch gemologists scoured the Earth for enough perfectly matched rare diamonds. In the end, the brand purchased 880 carats of rough yellow diamonds and had them cut over the course of several years into what would end up being individual Asscher-cut stones weighing 216.89 carats total. Just the studying of the rough diamonds and the cutting and polishing took thousands of hours.
The Asscher Cut, invented during the Art Deco era, is a square diamond with clipped or angled corners that offers a nice open view into the stone. The Asscher Cut diamonds on this watch boast 57 facets on the edges and the crown sits higher, so more rough stone is needed than for, say, a brilliant-cut stone. As such, there was more diamond-waste to creating the Asscher Cuts, according to the brand.
“The Eternal Pink,” a 10.57-carat internally flawless fancy vivid purplish-pink diamond
“The Eternal Pink,” a 10.57-carat internally flawless fancy vivid purplish-pink diamond, will be offered at Sotheby’s New York on June 8. Its estimate is $35 million, which if achieved, would make it one of the most valuable gems ever sold at auction.
Its per-carat estimate of more than $3.3 million is the largest such estimate ever placed on a diamond or gemstone, according to Sotheby’s.
Quig Bruning, head of Sotheby’s Jewelry, Americas, says it’s the most vivid pink diamond to ever to come to market. “This color is the most beautiful and concentrated shade of pink in diamonds that I have ever seen.”
The cushion-shaped diamond will first be on view in Hong Kong April 1 – 7 to coincide with the 50th anniversary of Sotheby’s presence in Asia. The gem will then travel to Dubai, Singapore, Shanghai, Taiwan and Geneva before being offered as the top lot at Sotheby’s New York Magnificent Jewels auction on June 8.
The 23.78-carat rough which yielded The Eternal Pink was mined by De Beers at the Damtshaa mine in Botswana. Diamond manufacturer, Diacore, took six months to cut and polish the gem into its current color, described as “bubblegum” by the auction house.
“This stunning diamond is the best of the best when it comes to exceptional pink diamonds and it is difficult to overstate its rarity and beauty,” said Wenhao Yu, chairman of Jewellery and Watches at Sotheby’s Asia.
Sotheby’s has had some experience with important pink diamonds. The auction house sold the record-breaking CTF Pink Star, a 59.60-carat oval mixed-cut Fancy Vivid Pink Internally Flawless diamond, sold for $71.2 million—a world auction record for a diamond and any gemstone or jewel—in Hong Kong in April 2017. More recently, Sotheby’s sold the Williamson Pink Star, an 11.15-carat fancy vivid pink internally flawless diamond, for $57.7 million in a single-lot auction at Sotheby’s Hong Kong on October 8, 2022, setting the world record price per carat for any diamond or gemstone at more than $5.1 million.
Colored diamonds continue to demand high prices at auction with exceptional pink and blue diamonds leading the way. It is because of their rarity, according to Sotheby’s. Of all the diamonds submitted to the Gemological Institute of America, fewer than 3% are classified as colored diamonds. Within these colored diamonds, pink is one of the rarest to occur naturally in diamonds. A diamond that is more than 10 carats, with strong color, internally flawless clarity, and classified as a “vivid pink,” the highest grade for a pink diamond is extremely rare.
Western countries’ attempts to interfere with Russian diamond exports may lead to disruption of supply chains, which runs counter to the interests of the industry as a whole, Dmitry Birichevsky, the head of the Russian Foreign Ministry’s economic cooperation department, told Sputnik.
“It is clear that the restrictive measures that are being developed, whatever they may be, risk disrupting established supply chains and thus inimical to the interests of the diamond industry as a whole. In this regard, Westerners are trying to provide a plausible pretext for their irresponsible actions, including on various international platforms,” Birichevsky said.
Russia is one of the largest diamond industry players, accounting for 30% of world production, the official noted.
“At the same time, Russian manufacturers are exceptionally responsible market participants, whose activities not only meet, but often exceed international standards and are in many ways a model for others,” Birichevsky said.
He noted that opponents should be aware that any attempts to prevent Russian diamond exports are non-market oriented.
“For our part, we consistently counter attempts to deliberately distort the foundations and principles of the relevant multilateral formats that determine the functioning of the global diamond market. It is encouraging that a vast majority of industry representatives share our approaches,” Birichevsky added.
Earlier this month, top US and European Commission officials met with diamond industry leaders to discuss ways to cut-off billions in revenue to Russia.
In February, the Group of Seven (G7) countries agreed to further sanction the Russian diamond industry in an attempt to slash Russian revenues amid Moscow’s special military operation in Ukraine. The G7 said in a joint statement that they would engage key partners on further measures on Russian diamonds, including rough and polished ones.
On Saturday, Polish Prime Minister Mateusz Morawiecki said he expected the European Union’s 11th package of sanctions to target Russian state nuclear corporation Rosatom and Russian diamonds.
