News – Page 83

Arkansas man unearths 4.49-carat gem at Crater of Diamonds

Steven McCool of Fayetteville, Ark., found a 4.49 carat sparkling, canary yellow diamond during his recent trip to Crater of Diamonds State Park. The discovery was the third largest diamond found at the park so far this year. Photo courtesy of Arkansas State Parks

An Arkansas man visited the state’s Crater of Diamonds State Park and discovered a 4.49 carat sparkling, canary yellow diamond the third largest diamond found in the park this year.

Steven McCool, of Fayetteville, said he had decided to spend the day at the park since recent rains had made for optimal diamond hunting conditions, and he was on his 11th sifting bucket of the day when he spotted something just 30 minutes before the park closed.

“As my eyes were panning to it, I was thinking it could be an amber piece of glass like an old Coke bottle,” McCool said. “Once I focused on it though, I knew it was a diamond. I was like ‘No way! No way!'”

McCool took his discovery to the diamond identification table, where his suspicions were proved correct.

“Mr. McCool’s find is a 4.49 carat sparkling, canary yellow diamond that is about the size of a jellybean and seems to have great clarity. It is a stunning diamond,” Crater of Diamonds State Park Assistant Superintendent Meghan Moore said.

Officials said it was the third largest discovery so far this year.

McCool dubbed his discovery the BamMam Diamond, in honor of his children’s initials.

“What’s more precious than a precious gem? My children. So, I named it after my children and the name will stay with the diamond forever,” he said.

“I called my son afterward and asked him if he remembered what Thanos’ Mind Stone looked like, and told him I found one!”

Source: upi.com

Louis Vuitton Buys 549ct. Rough from Lucara

Lucara Diamond Corp. has sold a 549 carat diamond to Louis Vuitton through a partnership that will see the luxury retailer craft bespoke pieces to match client requests.

“In line with their long tradition of personalization, Louis Vuitton envisages. the ultimate personalized high jewelry experience, and the opportunity to create a truly unique gem, a storied family heirloom,” Lucara said Wednesday. “In this way, the client will be involved in the creative process of plotting, cutting, polishing and becoming part of the story that the stone will carry with it into history.”

HB Antwerp will manufacture the stone, which is the fourth largest in the history of Botswana. Lucara will receive a purchase price based on the estimated polished outcome, which HB will determine using scanning and planning technologies. Louis Vuitton will pay the miner more at a later stage if the final polished price exceeds this estimate, while subtracting manufacturing costs, Lucara noted.

Lucara recovered the 549 carat, unbroken diamond, which is of “exceptional purity,” from the high value EM/PK(S) unit of the south lobe of its Karowe mine in February. It has named the stone Sethunya, which means flower in Setswana.

The miner sold the 1,758 carat Sewelô rough, Botswana’s largest diamond, into the partnership with Louis Vuitton and HB in January.

“We are extremely pleased to be building on the groundbreaking partnership established for the manufacturing of the Sewelô earlier this year,” said Lucara CEO Eira Thomas. “[Louis Vuitton and HB Antwerp will] transform Sethunya. into an extraordinary, bespoke, polished diamond collection, catering exclusively to the desires of Louis Vuitton’s global customer base.”

Source: Diamonds.net

Rio Tinto closes Argyle diamond mine after 37 years

Pink diamonds, already rare, are about to get scarcer as Rio Tinto has closed its iconic Argyle diamond mine, the world’s biggest and the main global source of high-quality pink diamonds.

Since opening its doors 37 years ago, the Western Australia mine produced 865 million carats of rough diamonds and became the source of about 90% of the world’s prized rose-to-magenta hued stones.

The Argyle ore body, a single pipe known as AK1, was discovered in October 1979. Alluvial operations began in 1983, open pit mining kicked off in 1985 and the mine became a fully underground operation in 2013.

Today, Rio has mined the very last of these unique diamonds from the site, located within the ancient Matsu Ranges more than 3,000 km north of Perth.

“Fifty years ago there were very few people who believed there were diamonds in Australia even fewer could have foreseen how the Argyle story would unfold,” Rio Tinto’s chief executive of Copper and Diamonds, Arnaud Soirat, said in a statement.

“To arrive at this final chapter has required vision, courage and determination to overcome significant challenges to enter new territory in diamond exploration, mining and marketing,” Soirat added.

The closure of Argyle will remove about 75% of Rio’s diamond output, yet the impact on the miner’s earnings will be negligible. Diamonds bring in only about 2% of its earnings, while iron ore the company’s main commodity accounts for almost 60%.

The operation will now undergo decommissioning and rehabilitation, which is expected to take five years. After that, Rio will monitor the site for a period yet to be defined.

End of an era

Andrew Wilson, general manager of Argyle, said the mine transformed the diamond sector since its opening, supplying gems for both ends of the market.

“A new chapter will now begin as we start the process of respectfully closing the Argyle mine and rehabilitating the land, to be handed back to its traditional custodians,” he said.

Argyle was Australia’s first large-scale diamond operation, pioneering the fly–in fly–out model, and seen as an opportunity for a workforce drawn from across the nation.

Rio Tinto closes Argyle diamond mine after 37 years — Forty years ago, in the Kimberley region of Western Australia, four diamonds in a dry creek bed ultimately led Rio’s geologists to a massive diamond deposit.

It also triggered the creation and adoption of new technology and exploration methods to make the search for diamonds more efficient across the rugged and remote Kimberley landscape.

At its peak, Argyle churned out 40% of the world’s diamond output, which made it the biggest producer by volume.

Pricy gems

Analysts and auctioneers alike expect prices for pink diamonds to go up and, potentially spur exploration.

Pink stones have already been fetching record prices in the past few years and the closure of their main source could see that trend strengthen.

The “Pink Star” went for $71.2 million at Sotheby’s Hong Kong in April 2017, setting a record for diamonds sold in auctions.

In 2018, the 18.96-carat Pink Legacy fetched $50 million at Christie’s auction house, breaking the world record for price paid per carat for a pink diamond at auction.

Christie’s to auction largest, finest pink diamond in its history — The Pink Legacy diamond.

At Sotheby’s Hong Kong 2019 sale, one of the star pieces described as an “exquisite 10.64 carat vivid purplish pink diamond” sold for just under $20 million.

Rio Tinto’s own data show that prices for their Argyle pink diamonds jumped by 500% from 2000 to earlier this year.

Source: mining.com

Rio Tinto Ends Mining at Argyle

Rio Tinto will dig the last diamonds up from the ground at its Argyle deposit in Australia on Tuesday, marking the end of an era in the industry.

The company will continue to sift through ore at the adjacent processing plant until December, and will hold the final rough sale at the end of that month, a company spokesperson said.

Rio Tinto first began operations at Argyle in 1983, with the site since becoming the world’s largest diamond mine by volume, producing more than 825 million carats of rough over its lifetime. The deposit is most famous for its colored diamonds, with more than 90% of the world’s rare pink and red diamonds originating from the mine, according to Rio Tinto.

Those pink diamonds take longer to process than general run-of-mine goods, the company noted. Rio Tinto will continue to sell them into the coming year, and will hold its final Argyle Pink Diamonds Tender in 2021.

Once Rio Tinto completes the final production from Argyle, it will undertake a decommissioning, dismantling and rehabilitation process that will last approximately five years.

Source: Diamonds.net

LVMH’s $16b Tiffany takeover is back on

The largest deal in luxury is back on after New York’s famed jeweller Tiffany agreed to a slightly reduced offering price from LVMH in Paris.

LVMH will now pay $US131.50 for each Tiffany share, putting the total price tag at $US15.8 billion ($22.5 billion), down from the $16.2 billion that was first offered earlier this year.

Having gotten the discount, LVMH's plans to buy Tiffany's are back on the cards. — Tiffany’s

The owner of Louis Vuitton, Christian Dior, Fendi along with a basket of wine and champagne brands, appeared to walk away from the acquisition last month after it said the French government had pushed for a delay because of the threat of proposed US tariffs. But the reasons for its cold feet seemed to shift, and there was pressure from investors on both sides to make a deal happen.

Rumours that the two luxury companies had rekindled talks began to surface in recent days.

“We are as convinced as ever of the formidable potential of the Tiffany brand and believe that LVMH is the right home for Tiffany,” LVMH’s billionaire CEO Bernard Arnault said in a prepared statement on Thursday.

Tiffany & Co’s flagship store in Sydney. The company has hired advisers to review LVMH’s offer but has not yet responded to it

Tiffany sues LVMH for reneging on $22b deal as France steps in
Tiffany, with its famed blue boxes, has in recent years attempted to regain the luster of the “Breakfast at Tiffany’s” era as its customer base ages.

It’s shifted its focus to younger shoppers and made a significant push online. The deep pockets of LVMH could go a long way in helping that transformation along.

LVMH, led by billionaire Arnault, a consumate dealmaker, believes Tiffany will strengthen its position in high-end jewellery and in the US market.

LVMH is also making a bet on China’s economy, where Tiffany has been expanding.

The buyout has been approved by the boards of both companies, and it’s expected to close early next year.

Source: SMH

Blue Nile to Sell Lightbox Lab-Grown Diamonds

Blue Nile has launched an exclusive line of Lightbox lab-grown diamond jewelry, its first foray into synthetics in its 21-year history.

De Beers-owned Lightbox seemed like the obvious choice for a partner, given the alignment of the two companies’ perspectives, Blue Nile CEO Sean Kell told Rapaport News Thursday.

“We’ve been watching the lab-grown diamond market for some time. We think both natural diamonds and lab-grown diamonds have a place in the market,” he noted. “When we first discussed stepping into the lab-grown space, Lightbox was the only brand partner that came to mind.”

The online jeweler’s partnership with the lab-grown brand is an effort to offer a greater range of products to its customers.

“The launch of the Blue Nile Lightbox collection…now adds even more variety, quality and value for our customers as we head into the new year,” Kell said. “[This] will further expand and transform [our] product assortment to meet the needs of evolving consumers in the jewelry space.”

The collection will feature new and exclusive styles of jewelry, including earring, pendants, bracelets and rings, set with white, blue or pink lab-grown diamonds in 14-karat white or yellow gold. The pieces, which range from $600 to $1,750, will be available both online and in Blue Nile’s newly launched and soon-to-open showrooms, Kell noted.

While Blue Nile’s Lightbox collection will feature fashion jewelry, it will not include engagement rings, for now.

“At this time we do not [plan to carry them],” Kell added. “We think of lab-grown diamonds versus natural diamonds as two separate categories. Our belief is consumers will continue to select natural diamonds for engagement and significant milestones, whereas lab-grown diamonds…will give shoppers an opportunity to expand their jewelry box with…jewelry they can wear every day.”

Lightbox opens its doors

The launch coincides with the debut of Lightbox’s new 60,000-square-foot manufacturing facility in Gresham, Oregon. The synthetics maker began production at the facility during the summer, as construction was being completed, and plans to ramp up output at the $94 million plant to reach 200,000 carats annually.

“Manufacturing lab-grown diamonds in the US was a goal from the beginning,” said Lightbox CEO Steve Coe. “With this facility and our…partnership with Blue Nile, we have an incredible opportunity to grow our business, improve consumer education and further establish Lightbox as the leading lab-grown diamond jewelry brand.”

Lightbox first dipped its toe in the retail space through partnerships with Bloomingdale’s and Reeds Jewelers. Earlier this month, the company announced an expansion to 10 independent retail jewelers in the US and Canada, a move it believes will enable it to gain insight into different audience segments, and learn how they shop and which products appeal to them most.

While the De Beers brand is currently focused on retail partnerships, Coe told Rapaport News he wouldn’t rule out the possibility of “one or two” self-operated stores “at some point.”

The company is also looking to expand its product offering, including creating larger sizes for its lab-grown diamonds, which currently weigh up to 1 carat.

“The biggest priority for us in 2021 is exploring the opportunity to go to larger sizes,” Coe noted. “That is something we are working on — going up to 2 carats.”

Meanwhile, the lab-grown brand is also looking to extend its color range beyond white, blue and pink.

“Our scientists are already looking at other color options, and in the lab at least, we’ve made yellows, greens, violets and other shades,” Coe added. “But that’s more likely in the 2022, 2023 timeframe, probably.”

Source: Diamonds.net

Gem Diamonds back in the black on higher prices

Africa-focused Gem Diamonds became on Wednesday the latest miner to show signs of a slow but steady recovery in the market after showing it had swung to positive cash flow and slashed debt on the back of rising diamond prices.

The company reduced its net debt position by $6.6 million in the July-September quarter, ending the period with $1.1 million in cash. This compares to a net debt of $5.5 million in the first half of the year.

The sale of seven diamonds for more than $1 million each helped the miner’s bottom line, generating revenue of $25.6 million during the period.

The company achieved an average diamond price in the third quarter of $2,215 per carat, up from $1,714 per carat in the first half of the year.

“These prices achieved, on a like-for-like basis, are higher than those realized in the pre-covid-19 market conditions of the second half of the 2019 [financial year]”, chief executive Clifford Elphick said in the statement.

The apparent ongoing recovery in the diamond market is still thought to be fragile. De Beers, the world’s largest diamond producer by value, said in early October it was too early to be sure of a sustained upturn in trading conditions.

“Whilst the market has been defibrillated, we think it will remain in intensive care for some time, although any improvement is good news for the smaller pure play producers with weak balance sheets,” BMO Analyst Edward Sterck said in a note last month.

Letšeng back at full tilt
Gem Diamond’s Letšeng mine in Lesotho returned to full ore mining and treatment capacity in a phased manner during the second quarter, the company said.

Enhanced focus on stability and overall uptime of the Letšeng plants resulted in a conscious decision to reduce the instantaneous feed rate to each plant to reduce feed variability and enhance recovery, Gem noted.

Since acquiring Letšeng in 2006, Gem Diamonds has found more than 60 white gem quality diamonds over 100 carats each, which makes the mine the world’s highest dollar per carat kimberlite diamond operation.

The company recently secured a 10-year extension for its mining lease, with the government of Lesotho granting the company exclusive rights for further renewals.

At an average elevation of 3,100 metres (10,000 feet) above sea level, Letšeng is also one of the world’s highest diamond mines.

Source: mining.com

Rare Argyle pink diamonds released ahead of mine closure

Australian Diamond Portfolio is set to showcase a selection of the last pink diamonds to be unearthed in Australia before Rio Tinto closes the Argyle mine in Western Australia.

It is rumoured that final excavation at the Argyle mine will take place on November 2.

Sydney-based Australian Diamond Portfolio will curate a set of pink diamonds as part of The Legacy Collection, with affordable prices ranging from $1000 to $10,000.

Coveted for its distinctive colour and coupled with its rarity, the pink diamond is one of the most elusive gemstones in the world, according to Australian Diamond Portfolio.

“Unlike yellow diamonds, which comprise over 60 per cent of all fancy colour diamonds produced, natural pinks fall into the same category as blues and reds for their extreme rarity,” it added.

“… The richer the ‘pink’, the rarer and more valuable the stone. Nowhere else in the world can you find pinks with such character and depth of colour and vibrance of tone as those from the Argyle mine.

“Even if a new mine was to be discovered in the near future, it would still take a minimum 10-15 years to reach the actual stage of producing diamonds to sell.”

Australian Diamond Portfolio consultant and master diamond polisher David Burger said nobody could say for certain what exactly gave pink diamonds their stunning colour.

“Other diamonds get their colour from chemical impurities that absorb light, however, no similar impurities have been found in pink diamonds, leading scientists to speculate that the colour may be the result of some kind of seismic shock that altered the stone’s molecular structure instead,” he said.

The Legacy Collection will feature three shades of the Argyle pink diamonds, which are pink, purplish pink and pink rosé, with weights ranging from 0.08 to 0.14 carat.

A percentage of profits will be donated to the McGrath Foundation.

Source: australianmining

Rio Tinto asks court to OK sale of partner’s diamonds in Canada mine

Global miner Rio Tinto is seeking court approval to sell its partner’s share of diamonds from a mine in Canada’s Northwest Territories, a filing showed, hoping to recover around C$120-million plus legal fees and other costs.

Rio owns 60% of Diavik Diamond Mines Inc (DDMI) and says it is owed C$119.5-million plus about C$2.4-million in fees by junior partner Dominion Diamond.

Dominion holds a 40% stake in the northern mine, located about 300 km north of the territorial capital of Yellowknife.

Closely held Dominion sought creditor protection in April, saying it could not afford Rio’s cash calls amid coronavirus-related disruptions in the global diamond industry.

Dominion said October 9 a proposed deal to sell its nearby Ekati mine to an affiliate of its parent company The Washington Companies for $126-million fell apart. That deal did not include its minority Diavik stake.

DDMI said in court filings that Dominion has not repaid cover payments and “has no intention of doing so” and that it would be “unjust and inequitable” to not permit DDMI to recover the amounts owing to it in accordance with its joint venture agreement.

“We remain focused on ensuring Diavik diamond mine continues to operate safely, maintaining the mine’s significant contribution to the Northwest Territories and local communities through payments to government, employees and suppliers,” a spokesman for Diavik said on Friday.

A court hearing on the application is set for October 30 in Calgary, Alberta.

Diavik produced 6.7-million carats in 2019 but is scheduled to close in 2025, with cleanup costs estimated at $365.3-million, according to court documents.

Dominion declined comment on the fate of its Diavik stake. Rio has said it will not bid on the minority interest.

Source: miningweekly

Sotheby’s Nets $18M at Live New York Jewellery Sale

Sotheby’s garnered $17.9 million from its Important Jewels sale in New York, with a pink-diamond ring taking the top spot.

The pear-shaped, 12.38-carat, fancy-pink, VVS2-clarity diamond ring fetched $4.6 million, or $373,337 per carat, falling within the price range the auctioneer had estimated. It led the auction house’s first live jewelry sale in the state since the coronavirus pandemic began in March.

“This auction was presented in a new and innovative format, a hybrid of online advance bidding, culminating in the drama of a live auction,” Kendall Reed, head of fine and online jewels at Sotheby’s New York, said last week.

A necklace, set with a pear-shaped, 51.92-carat, D-color, internally flawless diamond pendant, surmounted by a separate pear-shaped, 3.65-carat, fancy-brownish-orangey-pink diamond, went for $3.2 million, just above the low end of its presale valuation. Meanwhile, a diamond ring containing a cushion-cut, 19.24-carat Kashmir sapphire achieved $1.5 million, matching its low estimate.

Some 60% of items on offer sold over their high estimates, including a pink-tourmaline and diamond clip brooch by Schlumberger for Tiffany & Co., which brought in $37,800, more than double its high estimate. A ring featuring a 14.06-carat Burmese ruby went for $302,400 against a high estimate of $140,000, while a star sapphire and diamond ring sold for $52,920, more than four times its $12,000 high presale valuation.

In total, Sotheby’s sold 83% of items on offer, with participants hailing from 30 countries. Three-quarters of buyers placed their bids online.

“Our results are a clear indication that the appetite for top-quality diamonds, rare gemstones and stylish signed jewels remains strong,” Reed added.

Source: Diamonds.net