A new list names the Jwaneng diamond mine, in Botswana, as the world’s richest diamond mine.
A new list by miningintelligence.com, quoted by IDEX Online, names the Jwaneng diamond mine, in Botswana, as the world’s richest diamond mine for the first three quarters of 2022. Jwaneng produced 10.3 million carats in 2022.
Orapa, also in Botswana, came second with 8 million carats. Both Jwaneng and Orapa are operated by Debswana, a partnership between De Beers and the government of Botswana. Jwaneng and Orapa were also listed as the two highest value diamond mines in the world, estimated at $1.25 billion and $976 million respectively, “based on average historic annualized prices of $121.5 per carat,” according to the report.
Alrrosa’s Udachny mine came third. Although Alrosa has not published production figures since the war with Ukraine, miningintelligence.com bases its conclusion on the mine’s 2021 production of 4.6 million carats. Fourth comes the Venetia mine in South Africa 4.6m carats, operated by De Beers. In fifth is Nyurba, in Russia, with 3.6 million carats, based on 2021 numbers.
Renani Jewels (India) has broken the dazzling Guinness World Records title for the most diamonds set on a watch in Meerut, India as verified on 29 December 2022.
The construction of this sparkly piece of jewellery started with hand drawn sketches to work out the design of the watch.
After the initial design was finalized, it was recreated in 3D as a computer-aided-design (CAD) and then printed.
All the diamonds were then meticulously placed onto the watch and it took five different forms of polishing to give it the desired look.
The watch is named Srinkia – the watch of good fortunes. Inspired by ancient Indian mythology, Srinkia means flower.
According to founder and CEO Harshit Bansal, it also signifies the Indian goddess of wealth and good fortunes – Lakshmi.
The end watch has 17,512 white diamonds and 12 black diamonds.
This beat the previous record set by Aaron Shum Jewelry Ltd. (Hong Kong) with 15,858 diamonds back in December 2018.
These diamonds were authenticated by an International Gemological Institute Lab (IGI) certificate to determine that actual diamonds were used.
The main challenge faced by Renani Jewels was the procurement of a huge quantity of diamonds with the same colour, size, shape and clarity.
To verify the record, each individual diamond had to be counted in the presence of a jewellery and diamond expert.
In accordance with GWR’s guidelines, the diamond had to be sourced from producers that are certified by the Kimberley Process Certification Scheme (KPCS), which prevents “conflict” diamonds from entering the mainstream market.
The end watch weighs 373.30 grams and is completely wearable.
Diamond records have proved popular in India, with the most diamonds set on a ring being broken by SWA Diamonds last May.
The Bank of Tanzania announced that the country’s diamond exports increased significantly to $63.1 million (USD) in value by November 2022. This is more than seven times of the $8.4 million export value that was recorded in the year-over year analysis since November 2021.
The good performance of the company has been attributed to the country’s diamond producer Williamson Mines which has temporarily shut down operations due to a recent tailings breach on November 7, 2022. The mine is an open pit operation located on the 146-hectare Mwadui kimberlite pipe, which is one of the world’s largest economic kimberlites.
The company belongs to the parent company Petra Diamonds, which owns 75 percent of the company, and the Tanzanian government owns the remainder. According to Petra’s official statement, production at the Williamson mine will resume in the 2024 fiscal year.
The new Tiffany Collection comprises 35 gems, including an unusual red stone, from the Argyle Diamond Mine in Australia.
About a year ago, a representative of the Argyle Diamond Mine — a site in Western Australia that was the pre-eminent source of pink diamonds until it closed in 2020 — approached Tiffany & Company’s chief gemologist with an unusual offer: the chance to purchase a collection of diamonds that were among the last stones taken from the mine.
The decision, Tiffany executives said, didn’t require much consideration.
“We had to do it,” Anthony Ledru, the brand’s president and chief executive, said in his bright office in New York’s Flatiron district. “It’s perfect with what we stand for.”
The purchase, which was finalized several months ago, involved 35 diamonds of various shades: pink, almost purple and even one red gem, an especially unusual color for a diamond. The gems, which had already been cut in various styles, “checked off all of those boxes: rarity, scarcity and beauty,” said Victoria Reynolds, Tiffany’s chief gemologist.
But the stones are small, ranging from 0.35 carats to 1.52 carats, considerably more petite than the statement-size gemstones frequently used in engagement rings and solitaire necklaces.
“These are small, there’s no doubt,” Ms. Reynolds said, “but for connoisseurs, collectors who understand how rare these are, it’s incredibly appealing.”
How much did the jeweler pay for what it now calls the Tiffany Collection? Mr. Ledru wouldn’t disclose the sum, but said it was “probably not enough compared to what it’s going to become in the next five, 10 years.” (He did note that it was Tiffany’s largest single purchase of 2022.)
Exactly how the diamonds will be used in jewelry hasn’t been decided, although Mr. Ledru said it was likely that they all would be used in one-of-a-kind designs. In the meantime, the diamonds are being shown to select clients in New York City and, next month, in Doha, the capital of Qatar.
The eventual prices are sure to be high. “You pay a premium for anything that says ‘Argyle pink diamond,’” said Renée Newman, an independent gemologist and author based in Los Angeles.
Two large high-quality diamonds – each larger than 50 carats – were unearthed in Yakutia on December 2, 2022, Bankers Day, “when Russian bankers celebrated their professional holiday,” according to Rough & Polished.
The two stones were extracted at Processing Plant No. 12 from the ore mined at the Udachnaya diamond pipe. One weighs over 67 carats, while the second diamond, a type IIa, weighs more than 52 carats,
Dmitry Amelkin, Alrosa’s Strategy Director, commented: “Finding two of these rare gem-quality diamonds on one and the same day is a unique coincidence. It is symbolic that this happened precisely on the Udachnaya diamond pipe, which has been accompanied by good luck since its discovery.
De Beers has made sharp price changes at this week’s sight, implementing deep reductions in larger goods and increases for smaller stones.
Prices fell by as much as 10% in 2-carat rough and above, with lower-quality items seeing the most significant drops, sources told Rapaport News Monday on condition of anonymity. Prices of diamonds under 0.75 carats rose by similar percentages, reflecting a market split that has persisted since late last year, insiders said. Sizes in between saw more modest declines.
“There have been quite wild increases and decreases,” one source said. “Not to say that they’re not justified, but it’s interesting that they’ve done that.”
De Beers declined to comment.
The adjustments follow months of sluggishness in larger, lower-quality rough as Chinese demand slumped during the country’s Covid-19 outbreaks and inflation dented mid-market US spending. Stones in the 3-grainer category and below have remained relatively strong due to steady sales of polished melee and Indian manufacturers’ efforts to fill factories with cheaper material.
De Beers kept its prices firm throughout 2022 despite the weakness in the larger categories, which constitute a significant proportion of its sales. This impacted profit margins at cutting firms, many of which perceived the miner’s rough to be expensive, insiders explained.
“These are the prices [at] which they should have been selling since October,” a sightholder commented. “It’s aligning with reality [rather than] reflecting a relatively poor end of year.”
De Beers is known for its reluctance to reduce prices during downturns, as was the case during the Covid-19 crisis. Now, as then, it has waited for a slight improvement in trading before taking action. China’s reopening has boosted sentiment, while the recent US holiday period was satisfactory, albeit slower than 2021’s record season.
The first sight of 2023, which runs Monday to Friday, comes amid uncertainty about the global economic situation, the Russia-Ukraine crisis, and the prospects for the Chinese New Year, which occurs on January 22.
It’s also a time of transition at De Beers, which is welcoming a new CEO, Al Cook, to succeed Bruce Cleaver on February 20 and is in the middle of negotiations with the Botswana government over an updated sales deal.
“Generally, things are a bit better than they were four or five months back, but that is because of low [polished] production, not because of an improvement of the market,” a manufacturing executive commented. “So the challenges remain.”
Sarine Technologies has agreed to acquire a majority share in New York-based Gem Certification and Assurance Lab (GCAL) amid a push to expand in the American market.
“At the beginning of last year, we started ramping up our activities in the US,” Sarine CEO David Block told Rapaport News on Thursday. “Due to that, the discussions with regard to this [deal] ramped up along with our involvement in the US market. This [deal] should be quite a significant jump in the scope of our business in the US.”
Israel-based Sarine has signed a nonbinding memorandum of understanding (MoU) to purchase the stake for an all-cash consideration, it announced in a statement on Wednesday. The parties plan to reach a final agreement in a few months once due diligence is complete, Block said. The companies have not disclosed the sale price or the size of the share.
GCAL will continue to offer its customers the same products and services as before the deal, and its executives will remain in charge, Sarine said.
However, while currently operating out of a single location in New York, GCAL will be able to implement Sarine’s e-Grading — an automated grading service using artificial intelligence (AI) — to develop the lab’s capabilities across the US and globally. The companies will begin integrating their technology and services even before the deal closes, Block explained. Sarine will continue to offer its services independently outside the US.
Founded in 2001 by Don Palmieri, family-owned GCAL is known for providing diamond certificates carrying a guarantee, rather than just reports that act as a description of grades. In 2021, it launched 8X, a cut-grading standard that it claims is more exacting than the industry’s triple Ex score.
“Sarine’s technologies will allow us to continue to abide by [our] key code of ethics while still expanding our services to meet the growing demand by consumers seeking confidence that their acquired products and services meet all norms of quality and sustainability,” said GCAL chief operating officer Angelo Palmieri.
Plummeting demand for cut and polished diamonds in the West and China has pushed some 20,000 workers out of work in the last one month in Surat, where 80% of the diamonds sold globally are polished.
Surat, the main centre of India’s diamond industry, offers employment to some 800,000 workers in its 4,000-odd cutting and polishing units. But work has been drying up, forcing the units to work at 60-70% capacity, said Damji Mavani, secretary of Surat Diamond Association (SDA). It also means fewer workers are needed.
“Fear is looming large in the diamond city of Surat whether the recession of 2008 will be repeated this year too,” said Bhavesh Tank, vice president of Diamond Workers Union, Gujarat. “Orders are fewer and so the workload is less. Therefore, the units are reducing workforce. Some units are cutting down work days so that they do not have to pay the workers on days when they are not working.”
According to Tank, nearly 20,000 diamond workers in Surat have lost jobs in the last one month.
The US is the biggest market for cut and polished diamonds, followed by China.
India’s diamond exports began slowing in November last year. According to data from the Gem & Jewellery Export Promotion Council (GJEPC), overall gross exports of cut and polished diamonds in the April to November period of FY23 declined by 5.43% from the year-ago period.
Another reason is the dropping price of the polished pieces. While the price of rough diamonds continues to be high, that of the polished ones have softened due to low demand, which is impacting the margins of diamantaires and forcing them to reduce workforce.
Mavani of SDA said the workers who have lost their jobs will find work in other areas. “There is a 30% vacancy in most of the factories,” he said.
However, there’s an air of uncertainty in Surat due to the fear of recession in the US, Europe and China. “We do not know when the situation will improve. It may take one year for a robust uptick in demand from overseas markets,” the SDA secretary said.
“With the pandemic in China making a comeback and there are no signs of respite from the war between Russia and Ukraine, inflation soaring in some parts of the world, we are out there for some tough times,” said Vipul Shah, chairman, GJE ..
Shah said the drop in price of polished diamond is eating into the margins of traders.
Traders said business in polished diamonds is also sluggish because of the seasonal lull, lingering economic uncertainty, and the slowdown in China. Although China eased its Covid-19 lockdowns last month, another outbreak stifled the recovery ahead of their Lunar New Year.
The start of 2023 marks a significant milestone in the digital transformation of the global diamond industry – the launch of the fully digital GIA Diamond Dossier, the most widely available diamond grading report in the world. The GIA Diamond Dossier is available for D-to-Z diamonds from 0.15 to 1.99 carats without colour treatments. Printed GIA Diamond Dossier reports issued before January 2023 remain valid.
Tom Moses, GIA Executive Vice President and Chief Laboratory and Research Officer, said, “The launch of the digital GIA Diamond Dossier report starts the conversion of all GIA’s laboratory reports to a modern digital format. This important change improves data security, offers efficiencies across the supply chain and reduces our reliance on paper.”
The first digital GIA Diamond Dossier report was issued at the GIA laboratory in Ramat Gan, Israel, on Monday, 2nd January 2023. More than 33 million printed GIA Diamond Dossier reports were issued since the introduction of the service in 1998.
Pritesh Patel, GIA’s Chief Operating Officer, added, “In 2025, when all GIA reports are digital, retailers and consumers will find greater convenience and a more immersive experience. Eliminating printed reports is an important advancement, reducing the impact of using, shipping and storing the nearly 40 tons of paper and plastic that go into printed GIA reports each year.”
The secure digital GIA Diamond Dossier is available in the reimagined GIA App or on computers, tablets and phones through the robust and secure online GIA Report Check Service and the GIA advanced application programming interface (API) for commercial users. The digital report service includes a Report Access Card with the report number, a QR code linking to the digital report and 4Cs information to embed into receipts, invoices and e-commerce sites.
The new GIA App is widely available for Apple and Android devices. The Android app for China is in development and will be available at a later date. The GIA Match iDTM inscription matching service is expected to be available in the first half of 2023, accessible exclusively through the reimagined GIA App.
Printed GIA Diamond Dossier reports issued before January 2023 remain valid.
Chroma Diamonds founded by Alexander Appels and Jan De Henau is a relatively new company in the Antwerp diamond district, which specializes in colored diamonds. Stymied by the relatively “subjective process of color grading”, the 2 have set out on a mission to develop a device that provides more objective measurements for the grading of colored stones.
The device will utilize AI gathering data points and becoming smarter with each new set of inputs. They believe with sufficient time the device would learn enough to be able to more accurately grade certain stones, especially in resolving cases where certain grading criteria place the value of diamond on the edge of a color category but not quite enough to satisfy it being classified in the next grade above.
“Customers come to us with high expectations. After all, the value of their diamond is determined by, among other things, the color and intensity of that color, and let it (partly) depend on the cut and the people in the grading office, we hear. Because it is they who assign the diamond an official color, and therefore also determine its value definitively,” explains Appels.
Though this idea is not new to the Diamond District the duo has taken things one step further receiving support from the innovation process of the City of Antwerp. They plan on using and testing the device in their own business first as proof-of-concept before taking it to the greater market.
