Kim Kardashian has debuted an iconic piece of jewelry – the amethyst and diamond pendant famously worn by the late Princess Diana.
She paid $197,000 at Sotheby’s London for the for the Attallah Cross in January.
It belonged to the late prominent Palestinian-British businessman Naim Ibrahim Attallah, who bought it in the 1980s and often loaned it to the late princess.
Kardashian, 44, and wore it in public for the first time at the LACMA Art+Film Gala in Los Angeles earlier this month.
It was the first time the necklace had been worn in public since Diana’s death in 1997.
The fleuree cross, circa 1920, is set with a square-cut amethyst, accented by approximately 5.25 carats of circular-cut diamonds.
Kardashian has, over the years, bought and worn jewelry that belonged to Marilyn Monroe, Janet Jackson, Jackie Kennedy and Elizabeth Taylor.
The Kimberley Process voted to allow rough diamond exports from the Central African Republic (CAR) after imposing a ban in 2013 as a civil war raged.
The Seleka, a coalition of predominantly Muslim rebel groups, toppled the government in a conflict, reportedly funded by conflict diamonds, that saw widespread killings, rapes, and destruction of villages.
The country – one of the world’s poorest – still faces significant challenges in establishing lasting peace and stability, although the government and its Russian mercenary allies have since pushed rebel groups out of major towns.
The KP, at its plenary in the UAE last Friday (15 November), voted to re-admit CAR as a full member, in light of what it described as “an improving security situation”.
Diamond exports have, until now, been outlawed from the so-called red zones – representing two thirds of his country’s diamond mining areas. They will now be allowed.
Legal exports, from CAR’s green zones, totaled just under $8m in 2020, the latest year for which KP has figures – 50,433 carats for an average $142 per carat.
Rufin Benam-Beltoungou, CAR’s minister of mines and geology spoke of his “joy and satisfaction” over the full lifting of the rough export ban.
UAE’s Kimberley Process chair, Ahmed Bin Sulayem, travelled to CAR and had pushed extensively for the KP to initiate a review mission to fast-track the country’s reintegration.
Lucara Diamond Corp. said the long-term natural diamond price outlook remains resilient due to favourable supply and demand dynamics as a result of decreasing production volumes from major operating mines.
“However, the smaller size stones market remains soft as demand is impacted by a weak Asian market and the increasing uptake of laboratory grown diamonds,’’ Lucara said in a press release containing its results for the third quarter of 2024.
“Demand for stones larger than 10.8 carats remains robust, as reflected in the company’s sales in the plus 10.8 category,’’ the company said. It said the G7 sanctions on Russian diamonds over one carat, effective March, 2024, caused some trade delays with import times returning to normal during the quarter.
Lucara shares eased 8.7% or $0.04 to 42 cents. The shares trade in a 52-week range of 63 cents and 25 cents.
Lucara is a member of the Lundin Group of companies. Its currently operating open pit mine at Karowe in Botswana is a conventional load and haul operation. The mine is a producer of large, high-value type 2a diamonds. It is the only mine to have produced four diamonds in excess of 1,000 carats in size.
The open pit mine operations are expected to terminate mid-2025. However, the mine currently has over three years of surface stockpiled reserves, which will be consumed as required while the underground mine operations ramp up to commercial production.
During the third quarter, Lucara said significant progress was made in shaft sinking and lateral development connecting the production and ventilation shafts, with the critical path ventilation shaft being ahead of the July 2023 rebase schedule. At the end of the third quarter, the production shaft had reached a depth of 686 metres and the ventilation shaft a depth of 582 metres below surface. During Q3, the company invested $24.1 million into the Karowe Underground Project (UGP). The UGP is designed to access the highest value portion of the Karowe orebody and is expected to extend the life of the mine beyond 2040.
Highlights from the third quarter included the recovery of two exceptional diamonds larger than 1,000 carats, including the epic 2,488-carat diamond and the 1,094-carat diamond. The company said a total of 116,221 carats of diamonds were sold, generating revenue of $44.3 million in the third quarter.
A total of 104,390 carats were recovered in Q3, 2024, including 96,597 carats from direct ore feed from the pit and stockpiles, at a recovered grade of 13.4 carats per hundred tonnes and an additional 7,793 carats recovered from processing of historic recovery tailings.
On October 4, 2024, the company sold its interest in Clara Diamond Solutions Ltd. Partnership, Clara Diamond Solutions B.V., and Clara Diamond Solutions GP. Clara is a secure web-based digital marketplace designed to transact single diamonds between 1.0 and 10 carats, in higher colours and quality.
Mountain Province reported increased net losses for the latest quarter as prices keep on dropping in a “challenging market”.
The Canadian miner today (7 November) announced a net loss of $13.6m for the three months to 30 September, following on from a $4.7m loss in Q2 (all figures are in US dollars).
“In Q3 2024 our sales achieved 100 per cent sell-through with no unsold stock held at the end of September and a higher average selling price than the three preceding quarters,” said Reid Mackie, VP sales and marketing at Mountain Province.
The average price per carat was, however, down 21 per cent on a year ago – from $95 to $75.
The company sold a 679,599 carats were sold for $50.8m, compared to 478,653 carats in Q3 2023 for $45.3m. Year-on-year the number of carats sold was up almost 30 per cent, but revenue increased by just 12 per cent.
Adjusted EBITDA was $12.5m and loss from mine operations was $8m.
As for operations at the Gahcho Kue mine (pictured), the number of tonnes of ore treated increased 10 per cent year-on-year, but the number of carats recovered fell by 10 per cent.
CEO Mark Wall explained that this was “driven by planned lower grade in Q3 and unplanned lower grade in March and early Q2 of 2024”.
He said that while the diamond market had been disappointing, he was optimistic that the price environment would recover during 2025 and that it would be followed by a very strong production year in 2026.
The natural diamond industry needs coordinated and consistent marketing campaigns to counter declining demand, says Yoram Dvash, president of the World Federation of Diamond Bourses (WFDB).
In an open letter he calls on every member of the industry to help create a five-year plan, rather than relying on “short-term initiatives when the situation is particularly dire”.
He acknowledges that De Beers and the Natural Diamond Council are both spending millions of dollars on campaigns with leading retailers, but says it’s not enough.
“I am concerned that this is too little and too late,” he says. “To be successful, campaigns need to be coordinated and to be consistent throughout the year.”
He says there hasn’t been a major generic marketing campaign for natural diamonds for almost 20 years, when De Beers halted its “A Diamond is Forever” promotion.
“An entire generation of consumers has come of age without having been exposed to promotional campaigns with positive messages about natural diamonds,” he says in a letter to all the WFDB’s 29 member bourses.
A 16.73 carat very light pink diamond is expected to sell for CHF 1.1m to CHF 1.8m ($1.3m to $2m) in Sotheby’s Geneva Magnificent Jewels Sale.
Another highlight of the sale, which features many colored diamonds, is a 1.44 carat fancy red diamond (the rarest of all diamond colors) from Australia’s iconic Argyle mine.
They’ll be offered for sale next week (13 November) in a live auction of 88 lots, including pieces by Cartier, Van Cleef & Arpels, Tiffany, Bulgari and JAR, spanning 250 years of jewelry history.
The pink diamond is claw-set in a ring, VVS1-clarity, natural color with a brilliant cut. The red diamond is also claw-set in a ring, with a cut-cornered rectangular mixed cut, together with an Argyle mine presentation case.
“The sale is a celebration of exceptional craftsmanship, with signed jewels from the most esteemed makers of the 20th century,” says Sotheby’s. The sale also offers a number of coloured diamonds of outstanding quality and size, within the rarest of colors.”
India’s exports of polished diamonds suffered yet another big fall in September, down 22.9 per cent, according to the latest figures from the GJEPC (Gem and Jewellery Export Promotion Council).
That’s a marginally better performance than August, when year-on-year exports were down by 23.8 per cent. Between April and September total foreign sales fell 20.6 per cent (all figures in US dollars).
Actual monthly sales tell a different story from year-on-year decreases. Total foreign sales for September were $1.29bn, compared to $1.04bn in August and $908m in July.
Across the whole gems and jewelry industry in India, gross exports were $2.54bn, down 15.9 per cent year-on-year (compared to 22.9 per cent for polished diamonds).
Exports of polished lab growns – still a tiny minority of all diamond sales – were down 16.5 per cent to $111m.
A pair of fancy vivid orange-yellow diamond earrings sold for almost $8m at Christie’s Hong Kong.
They were the lead item in the Magnificent Jewels sale that raised just over $60m on 29 October.
The Oriental Sunrise earrings feature a pair of Type 1b oval mixed-cut diamonds – 12.20 carats (VVS2) and 11.96 carats (VS1) – surrounded by white shield and tapered baguette-cut diamonds, set in platinum and gold. The pre-sale estimate for the earrings was $6.4m to $10.3m.
Among other highlights was a necklace of 26 oval-shaped rubies (5.38 carat to 1.27 carat), some of them listed as “pigeon blood red” – with white pear and marquise-shaped diamonds, that sold for $6.4m.
A Cartier ring, set with a Type IIa 12.60-carat D-color, IF clarity round-cornered rectangular brilliant-cut Goloconda diamond, sold for $1.4m. The high estimate was $1.1m.
Chow Tai Fook (CTF), the jewelry chain with 7,500 stores across mainland China, posted a 21 per cent plunge in retail sales value (RSV) in the three months to 30 September, as gold prices hit an all-time high.
The Hong Kong-based company warned that interim profits for the half year to September could fall by 42 to 46 per cent.
Gold prices have broken multiple records in recent months and currently stand at just over $2,700 an ounce.
Central banks, particularly China’s, have been aggressively buying gold to diversify their reserves and reduce reliance on US dollars, thereby forcing the price up.
Before the gold surge CTF reported a record high revenue (up 18.5 per cent) and core operating profits for the year to 1 March (FY 2024).
Core operating profit for the year surged almost 29 per cent to US$1.58bn (HKD 12.2bn) with the company saying business had been boosted by post-Covid improvements in mobility and retail activity, especially tourism from mainland China to Hong Kong and Macau, which saw retail sales values rise by 32 per cent and 53 per cent respectively.
But in its latest quarterly update, CTF says: “Macro-economic externalities, particularly record gold prices, continued to weigh on consumer sentiment, a phenomenon observed across the industry”.
Same store sales across its franchised stores on mainland China fell by 24 per cent, and by 31 per cent at its outlets in Hong Kong and Macau.
Gem Diamonds says revenue for the three months to 30 September (Q3 2024) was $42.7m, a year-on-year rise of 36 per cent.
The company has seen above-average recoveries of +100-cts diamonds (13 so far this year compared to an historic average of eight) and other high-value diamonds from its Letseng mine, in Lesotho.
The highest price achieved during the quarter was $45,537 per carat for a 10.98 carat pink diamond.
The UK-based miner sold 26,617 carats, down 11 per cent year-on-year, but saw average per carat prices increase 18 per cent to $1,603.
Six diamonds sold for over $1m during the quarter, contributing $22.6m, and five +100-cts were recovered.
Letseng – 70 per cent owned by Gem and 30 per cent by the Lesotho government – is the highest dollar per carat kimberlite diamond mine in the world.
Total YTD 2024 sales are $120.5m, compared to $103m at the same point last year.