The Gemological Institute of America (GIA) will scale back its Antwerp operations from January, but has decided not to shut the laboratory entirely.
“Today, we notified clients of the GIA laboratory in Antwerp that, as of January, the laboratory will offer consolidated services with reduced staff,” a spokesperson told Rapaport News Monday. It will continue to provide client consultations, rough-diamond analysis for the GIA Diamond Origin Report, and some follow-up services and inscriptions for D-to-Z diamonds up to 3.99 carats, he added.
In August, the GIA revealed preliminary plans to close or significantly trim its laboratory and offices in the Belgian city, citing market conditions and the Covid-19 pandemic.
Mumbai’s Bharat Diamond Bourse (BDB) is on the verge of allowing lab-grown trading, with members due to vote on the matter next week.
The board of the world’s largest diamond hub has recommended the move, arguing that better detection and increased awareness have made it easier to segregate synthetic stones from natural ones. The poll will take place at the annual general meeting (AGM) at the BDB on December 28, according to the exchange’s annual report, which it released last week.
The bourse banned synthetics in 2015, but has been reconsidering the rule for more than two years and holding talks with India’s Natural Diamond Monitoring Committee on how to keep watch of the trade. The board received numerous requests for a meeting in which members could pass the amendment, BDB president Anoop Mehta told Rapaport News Monday.
“I think the vote result will be positive, because a lot of people want to diversify,” Mehta commented.
In the past, “you didn’t have many detection machines, and they were pretty expensive,” he added. “Detection…has gotten much more accessible and reasonable.”
However, companies won’t be able to start trading in synthetics immediately: They will have to apply for this right, Mehta explained. Companies active in both sectors must have detection equipment and keep natural and lab-grown stones in separate rooms, with clear markings on the door to indicate what’s inside. The BDB will cancel the membership of companies that flout the rules.
Meanwhile, the BDB board has recommended removing “natural” from its definition of diamonds, bringing it in line with industry standards, Mehta added. This will also be included in next week’s vote.
Over 90% of the world’s annual natural pink diamond supply is mined from one single source: Rio Tinto’s Argyle mine in Western Australia. The mine has been in operation since the early 1980’s, and is scheduled to completely cease all mining operations by 2021 due to exhausted supply.
In anticipation of this closure date, investors buying pink diamonds are seeing an average appreciation of between 10-15% on their diamond portfolios each year.
Pink coloured diamonds can act as an important part of a balanced investment portfolio, offering low correlation and insulation from traditional financial market risks.
A 14.7-carat diamond ring was the top seller for Christie’s in Paris, nearly tripling its high estimate.
The marquise-cut, E-color, SI1-clarity stone sold for EUR 437,500 ($531,812), or $35,322 per carat, well above its EUR 150,000 ($182,333) upper valuation. It was one of a number of noteworthy diamonds that led the sale Paris Jewels sale, which took place from November 24 to December 9. The auction brought in $5 million, Christie’s said last week.
A ring set with a rectangular cut-cornered, H-color, VS2-clarity diamond, weighing 1.22 carats, fetched EUR 237,500 ($288,696), or $25,167 per carat, nearly double its high estimate. Meanwhile, a ring containing two old-cut, J-color diamonds, each weighing 6.73 carats, smashed its presale high estimate, selling for EUR 137,500 ($167,139).
Colored stones also performed well, Christie’s noted. A pair of ruby and diamond mystery-set earrings by Van Cleef & Arpels garnered EUR 137,500 against a EUR 40,000 ($48,626) upper estimate, while a Ballerina brooch by the designer brought in EUR 106,250 ($129,164), doubling its estimate. A retro ruby and diamond bracelet, which transforms into double clips, tripled its valuation, achieving EUR 93,500 ($113,664).
In total, Christie’s sold 80% of the items on offer, with many pieces selling above their estimates.
“This last jewelry auction of the season demonstrated the continued strength of the jewelry market despite the challenges due to the pandemic,” said Violaine d’Astorg, director of the jewels department at Christie’s France. “Limited exhibition time and auctions without [the] public in the room were compensated [for] by intense activity on the phone and over Christie’s Live.”
De Beers has reduced its production plan for the next two years, aiming to avoid releasing too much rough into the market as the diamond sector attempts to exit the crisis that dominated 2020.
The miner expects to unearth 33 million to 35 million carats in 2021, down from its previous forecast of 34 million to 36 million carats, parent company Anglo American said Friday in a presentation to investors. Output in 2022 will range from 30 million to 33 million carats — compared with earlier guidance of 33 million to 35 million carats — and will remain at the same level in 2023.
De Beers will produce around 26 million carats this year, after the pandemic prompted management to rethink the previous outlook of 32 million to 34 million carats.
“There’s an appropriate degree of prudence being exercised in what we’re forecasting going forward, and we certainly aren’t going to be a contributor to overstocking across the industry now,” said Anglo American CEO Mark Cutifani. “Given the supply situation, we’re going to watch that very carefully. We won’t push more production out there unless we’re comfortable prices are going to increase.”
The adjusted figures came despite De Beers’ expectations of limited global supply, with around 30 million carats dropping out of the pipeline as a result of Covid-19 and the closure of the Argyle mine, he estimated. At least two-thirds of that is unlikely to come back into the market, the executive pointed out. Meanwhile, Cutifani noted signs of a recovery in demand after a difficult year for the industry.
“[It’s] a bit early to call how the Thanksgiving [to] New Year selling season will go, but so far [it’s] quite encouraging despite the obvious Covid issues in the US,” he explained. “China’s been very strong. So far, things are going pretty well.”
However, caution is necessary following a string of major internal and external events that have derailed the diamond market in recent years. Those include a credit crisis in the Indian market in 2018, as well as the US government shutdown that occurred in late 2018 and early 2019, the CEO warned.
Separately, De Beers has made an advance purchase of rough from Debswana, its joint venture with the Botswana government, providing the company with inventory to sell in the first quarter if the demand recovery continues. It also received a one-year extension to negotiations with the African country over their sales deal, after the pandemic prevented the parties from reaching an agreement this year. The 10-year arrangement was due to expire on December 31, 2020.
Sales of diamond jewelry in India are recovering and could reach 85 per cent of last year, despite the pandemic, says De Beers.
A surge over the Diwali period, together with strong performances early in 2020 before COVID-19 hit, will largely make up for the second-quarter “washout”, said De Beers India managing director Sachin Jain.
“We saw very high surge in number of consumers with pent-up demand where consumers came and bought,” he told the Press Trust of India news agency.
“Due to government restrictions on travel and number of people allowed in gatherings, a lot of the overall budget for wedding is being utilised towards jewellery.”
He said the De Beers’ brand Forevermark was expected to increase its number of retail outlets by 10, to 270, by the end of the year.
He predicted diamond jewelry sales across all retailers for 2020 would be 70 to 85 per cent of 2019.
A Cartier emerald and diamond ring blew past five fancy colored diamonds to become the top lot at Sotheby’s New York Magnificent Jewels auction held Wednesday. It fetched $3.6 million, more than three-and-a-half times its high estimate.
The ring features a 21.86-carat Colombian square-emerald-cut emerald flanked by diamonds and mounted on 18k yellow gold. The emerald is described in the grading report as having “minor clarity enhancement” and a “richly saturated medium deep slightly bluish green, slightly included with a few surface reaching inclusions, and the girdle bearing a chip and a few nicks, noticeable under 10x magnification.”
The ring was from the collection of Cecile Zilkha, best known for her lifelong interest in the arts, particularly The Metropolitan Opera.
Private collections featuring a variety of signed jewels were an important part of this sale, with many items from these collections far exceeding estimates. All 29 jewels from the Cecile Zilkha collection sold, fetching a total of $11.7 million, nearly double the estimate for the collection. Eleven jewels from the collection of Marylou Whitney, the philanthropist, thoroughbred breeder, arts patron and society hostess, all sold fetching a total of $1.7 million.
The sale overall was quite successful, taking in a total of $46.9 million, the highest total for a Sotheby’s jewelry auction since 2017. In addition, 91% of the lots sold, with 74% of the lots fetching prices above their high estimates and nine pieces surpassing $1 million.
1.71-carat heart-shaped fancy red diamond with SI2 clarity fetched more than $3.1 million SOTHEBY’S
Fancy colored diamonds, including three heart-shaped gems, made up the top five lots prior to the sale. However two of the gems failed to meet the reserve price. The first was the anticipated top lot of the sale, a pink gold and platinum ring set with a 5.03-carat cut-cornered rectangular mixed-cut fancy vivid pink diamond, accented with two cut-cornered triangular step-cut fancy intense blue diamonds. Its estimate was $9 million – $12 million.
The second was a ring centered with a 2.28-carat fancy vivid blue heart-shaped diamond, encircled by round yellow and framed by white diamonds with an estimate of $2.25 million – $3.25 million.
The three remaining fancy colored diamond lots sold within estimates and were the next three top lots of the sale. They are:
* A 1.71-carat heart-shaped fancy red diamond with SI2 clarity surrounded by white diamonds and mounted on an 18k white and pink gold pendant for a necklace. It fetched more than $3.1 million.
3.67-carat fancy intense blue diamond fetched more than $3.1 million SOTHEBY’S
* A 3.67-carat fancy intense blue diamond in a cut-cornered rectangular modified brilliant-cut diamond. The stone is flanked by two emerald-cut diamonds and mounted on an 18k white gold ring. It fetched more than $2.6 million.
A 2-carat fancy vivid orange diamond fetched nearly $1.9 million SOTHEBY’S
* An 18k white and pink gold ring centered with a 2-carat fancy vivid orange diamond framed and accented by round diamonds that fetched nearly $1.9 million.
As mentioned, private collections were an important part of this sale. In addition to the Cartier emerald ring, the Cecile Zilkha collection comprised of 28 other signed and historic jewels. Among the standouts:
Emerald and diamond earclips by Bulgari fetched more than $1.1 million SOTHEBY’S
* Emerald and diamond earclips by Bulgari that fetched more than $1.1 million, double its high estimate;
* A 1930s diamond rivière by Bulgari that fetched $806,500, well above its high estimate;
* A silver-topped gold, sapphire and diamond brooch that fetched $625,000, more than double its high estimate;
* Earclips by Harry Winston featuring two cut-cornered square modified brilliant-cut Fancy Intense yellow diamonds weighing 15.24 and 14.22 carats that fetched $528,200, within estimates; and
* A ruby and diamond bracelet by Harry Winston that fetched $441,000, well above the high estimate.
A Cartier natural pearl necklace from the collection of Marylou Whitney fetched more than $1.6 … [+] SOTHEBY’S
The sale ended with 11 jewels from the collection of Marylou Whitney. The top lot in this collection was a Cartier necklace composed of 32 rare natural pearls with a diamond clasp. It fetched more than $1.6 million, more than three times its high estimate.
Emerald, ruby, sapphire and diamond Mughal-inspired necklace by David Webb sold for $327,600 SOTHEBY’S
In addition, two David Webb pieces from the Whitney collection performed extremely well. The first was a platinum bracelet set with 10 emerald-cut diamonds weighing 21.16 carats. It fetched $352,800, above estimates. The second was a showstopper Mughal-inspired necklace that boldly displays a 181.95-carat translucent carved emerald and 10 cabochon emeralds that weigh a total of 126.30 carats, along with rubies and diamonds. The necklace sold for $327,600, more than triple its high estimate.
Van Cleef & Arpels mystery-set sapphire and diamond flower brooch fetched $1.1 million SOTHEBY’S
While Cartier, Bulgari and Harry Winston dominated the headline sales, jewels from Van Cleef & Arpels may have had the biggest impact overall. Twenty-eight jewels by the Parisian luxury brand were sold at the auction. The top lot from Van Cleef & Arpels was a mystery-set sapphire and diamond brooch designed as a flower from a New York collector that sold for more than $1.1 million, nine times its high estimate. That was certainly a headline sale.
An indication that private collections and signed jewels were going to dominate came at the very beginning of the sale. The first 10 lots from a private family collection were by Van Cleef & Arpels. They all sold well above their estimates.
Other auction highlights included:
Jadeite, natural pearl and diamond necklace by Raymond Yard, circa 1935, fetched $1.6 million SOTHEBY’S
* A jadeite, natural pearl and diamond necklace by Raymond Yard, circa 1935, sold for $1.6 million after competition from three phone bidders, more than four times its high estimate. The piece was offered from the estate of Mary Lily Kenan Flagler.
Cartier sapphire and diamond bracelet in a fan design, circa 1960s, fetched $1 million SOTHEBY’S
* A Cartier sapphire and diamond bracelet in a fan design, circa 1960s, that fetched just over $1 million, just topping its high estimate.
A ring set with a 1.08-carat pear-shaped fancy vivid blue diamond sold for $927,500 SOTHEBY’S
* A ring set with a 1.08-carat pear-shaped fancy vivid blue diamond accented by round diamonds sold for $927,500, above estimates. The piece was offered by a Texan collector.
Christie’s sold a Kashmir sapphire and diamond bracelet to Harry Winston for $6 million on Tuesday, kicking off the December New York Magnificent Jewels season.
The piece, which led the auction house’s New York sale, featured a 43.10-carat sapphire surrounded by 67.90 carats of D-color, internally flawless diamonds. The final price fell within the estimate of $5 million to $7 million that Christie’s had given ahead of the sale.
“We are very proud to have purchased this extraordinary Kashmir sapphire, which joins the ranks of the finest diamonds and colored gemstones acquired by Winston to form our superb Legacy Collection,” Harry Winston CEO Nayla Hayek said in a statement Tuesday.
Christie’s brought in $44.6 million at the 10-hour Magnificent Jewels auction, with 95% of items selling by value and 91% by lot, it reported. Bidders took part from 39 countries, with the final sales total equal to 118% of the items’ combined low estimates.
Sapphires were a theme at the sale: A 1917 Van Cleef & Arpels ring featuring a 21.72-carat cabochon Kashmir sapphire ring went for $1.7 million, while a necklace with an 80.86-carat Burma sapphire in the center fetched $1.1 million. Meanwhile, a Cartier brooch set with an Art Deco Kashmir sapphire weighing 12.64 carats, formerly from the collection of Jean Stralem, realized $1.5 million.
Other highlights included a pair of earrings containing fancy-intense-purplish-pink and fancy-intense-pink diamonds, weighing 2.61 and 2.34 carats. The piece sold for $2.1 million.
The auction preceded the Sotheby’s New York Magnificent Jewels sale, which takes place Wednesday. A ring featuring a fancy-vivid-pink diamond flanked by two fancy-intense-blue diamonds — estimated at up to $12 million — will headline that event.
Lucapa Diamond Company has recovered the 16th 100 plus carat diamond from the Lulo alluvial mine in Angola, Africa.
The 127 carat gem quality white stone is the third 100 plus carat diamond delivered this year.
Lucapa recovered the stone from the flood plain area in Mining Block 24 the first 100 plus carat diamond produced in this mining block.
It was found during Lucapa’s dry season operations.
“The recovery of this 127 carat stone, which is Lulo’s 16th 100 plus carat diamond recovered, continues to showcase the exceptional nature of the lulo alluvial deposit and highlights the potential of the mining campaign planned for these previously untouched and expansive leziria areas along the Cacuilo River,” Lucapa managing director Stephen Wetherall said.
The discovery was preceded by a 46 carat pink coloured diamond recovered at the Lulo mine last week. It was cut and polished into three diamonds.
Meanwhile, the largest stone in carat found at Lulo was a 404 carat diamond the largest recorded gem in Angola, which was discovered in 2016.
An elaborate floral-shaped ring sporting 12,638 tiny diamonds has earned a place in the Guinness World Records, but its Indian creator has no plans to sell his priceless design just yet.
Called “The Marigold – The Ring of Prosperity,” the chunky circular band weighs a little over 165 grams (5.8 ounces).
“It’s wearable and comfortable,” said 25-year-old Harish Bansal, who described his audacious creation as a dream project. Bansal said he got the idea two years ago while studying jewelry design in the western city of Surat, India’s diamond hub.
“My target was always more than 10,000 diamonds. I trashed many designs and concepts over the years to finally zero in on this,” Bansal Said.
In a statement, his company said that each tiny petal in the ring’s eight-layer flower design was unique.
Bansal said he had already knocked back requests from prospective buyers.
“We have no plans of selling it right now,” he said. “It’s a matter of pride for us. It’s priceless.”
The previous record determined by Guinness, also set in India, was for a ring containing 7,801 diamonds.
