A rare,11.16-carat fancy vivid blue diamond named the “Bulgari Laguna Blu” has fetched slightly more than $25 million at a Sotheby’s Magnificent Jewels sale in Geneva.
The auction house brought the clock back to pre-pandemic times by achieving the best performance since May 2018, with total proceeds of over 76 million Swiss francs (about $85m).
Sotheby’s noted the exceptional blue diamond was put up for auction last and after a four-minute bidding battle between three telephone bidders and one bidder in the room, it eventually found a buyer on the phone.
The sale made of the Bulgari Laguna Blu the most expensive jewel ever sold in Geneva. It is also the largest blue diamond in a Bulgari jewel and the brand’s most valuable gem to ever be put up for sale.
The Bulgari Laguna Blu is a rarity three times over, as it is a blue diamond, a jewel signed by Bulgari, and an unseen and unmodified gemstone.
Bulgari’s global Ambassador, actress Priyanka Chopra, wore the Bulgari Laguna Blu this year’s Met Gala in New York.
The Italian jewelry maker set the oceanic-blue sparkler in a bespoke diamond necklace for actress Priyanka Chopra Jonas, and the stone then was removed and remounted onto a ring—similar to the house’s original 1970s design.
The diamond was initially mounted as a ring by Bulgari for a special commission by the original owner. It was sold in 1970 and it’s now part of a necklace.
A rare 11.16 carats fancy vivid blue diamond could fetch between 22 to 25 million Swiss francs ($24 to $28 million) when it goes under Sotheby’s hammer next week in Geneva.
Named the Bulgari Laguna Blu, the pear-shape cut diamond boasts a rich blue hue that the auction house qualifies as “extraordinary” and “mesmerizing”.
It is the highest grade blue diamond ever graded by the Gemological Institute of America (GIA) and the third-largest pear-shaped fancy vivid blue diamond to ever go for sale on an auction, according to Olivier Wagner, head of jewellery at Sotheby’s Geneva.
The gem, first exhibited at the famous Met Gala fashion show in New York on Monday, is expected to attract the interest from global collectors.
A Swiss company claims it has developed technology that chemically profiles any diamond so it can identify the country – and even the specific mine – of origin.
Spacecode says it analyzes diamonds at a molecular level to determine where it was mined, so it doesn’t matter whether the stone has been registered earlier in the supply chain.
The company has been in talks with the G7 and EU nations about the possibility of using its technology to identify Russian diamonds.
“Our research started 10 years ago, but over the past three years we have developed a specific technology that identifies the provenance of any diamond,” said Pavlo Protopapa the company’s CEO.
“We are the first ever to hold such unique technology, which is a major game changer all along the diamond supply chain.”
“We plan to produce by the end of this year our initial units. By 2024, we will offer on a large scale to the global diamond and jewelry industries, a small easy-to-use device that will define the country of origin of rough and polished diamonds.”
Protopapa added that “in meetings with the G7 and the EU representatives, we have received enthusiastic interest. Within months, we will deliver a small, easy-to-use device that will identify Angolan, Botswanan, South-African and of course, any Russian diamonds. We will leave it for the politicians to decide what to do with it”.
Spacecode’s breakthrough technology analyzes the chemical composition of a diamond on a molecular level, and with Artificial Intelligence tools, creates a “chemical profile” of the run of the mine of a specific diamond mine.
The technology identifies not only the country of origin, but even the specific mine in which it was mined.
Spacecode’s diamond inventory management technology already tracks more than 25 million stones. The company has a team of 15 engineers and specialists, and over 300 clients. Its technology could be adopted by the G7 and the EU to impose effective sanctions on both rough and polished diamonds from Russia.
It could also be used by the Kimberley Process and other organizations, to end, for example, the export of Angolan diamonds through other African countries.
Diamonds have long been revered for their beauty, rarity, and association with luxury. However, traditional diamond mining comes with ethical concerns and environmental impacts. In recent years, laboratory-grown diamonds have emerged as an alternative, marketed as a sustainable and eco-friendly choice. This article explores whether laboratory-grown diamonds truly live up to their claims of sustainability and environmental friendliness.
The Process of Laboratory-Grown Diamonds: Laboratory-grown diamonds, also known as synthetic or cultured diamonds, are created in controlled environments using advanced technology. They are produced through two primary methods: High-Pressure High-Temperature (HPHT) and Chemical Vapor Deposition (CVD). Both methods involve replicating the natural conditions that cause diamond formation but in a shorter time frame.
Environmental Impact: a) Land Disruption: Traditional diamond mining often requires extensive land clearing and excavation, leading to habitat destruction and soil erosion. In contrast, laboratory-grown diamonds are produced in labs, eliminating the need for land disruption.
b) Energy Consumption: The production of laboratory-grown diamonds does require significant energy inputs, mainly in the form of electricity. However, advancements in technology have made the process more efficient, reducing energy requirements over time. Renewable energy sources can also be used to power these facilities, further minimizing their carbon footprint.
c) Water Usage: Traditional diamond mining can consume substantial amounts of water, contributing to local water scarcity and ecosystem degradation. Laboratory-grown diamond production generally requires significantly less water, making it a more environmentally friendly option.
d) Chemical Usage: While the production of laboratory-grown diamonds involves the use of chemicals, the industry is continually striving to reduce their environmental impact. Responsible manufacturers are working on developing greener chemical processes and minimizing the use of harmful substances.
Ethical Considerations: Traditional diamond mining has long been associated with human rights issues, including exploitative labor practices and conflicts (so-called “blood diamonds”). Laboratory-grown diamonds, on the other hand, offer a more transparent and traceable supply chain. Consumers can be confident that their diamonds are not contributing to human suffering or funding conflicts.
Long-Term Sustainability: a) Repurposing Waste: Laboratory-grown diamond production generates significantly less waste compared to mining. Additionally, by-products from the manufacturing process can be repurposed, further reducing the ecological impact.
b) Circular Economy: As laboratory-grown diamonds gain popularity, a potential future advantage lies in their ability to be recycled and repurposed. This aligns with the principles of a circular economy, where materials are reused rather than discarded.
Conclusion:
Laboratory-grown diamonds offer an alternative to traditional diamond mining that addresses many of the ethical and environmental concerns associated with the industry. While there are energy and chemical inputs involved, the overall impact is significantly reduced compared to mining. Furthermore, the transparency and traceability of laboratory-grown diamonds provide assurance to consumers seeking an ethical and sustainable choice.
As with any industry, continuous improvements are needed to enhance the sustainability of laboratory-grown diamond production. Manufacturers should prioritize the use of renewable energy, minimize chemical usage, and explore recycling options. By doing so, laboratory-grown diamonds can truly become a more sustainable and eco-friendly option, offering consumers the beauty and luxury they desire without compromising the environment or human rights.
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.
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.
“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.
Lightbox has promoted Adam O’Grady to the newly created role of chief operating officer, effective March 27.
The executive will lead all aspects of supply chain and manufacturing activity for the De Beers-owned lab-grown diamond company, it said last week. These include diamond synthesis and jewelry manufacturing, cutting and polishing, and research and development.
O’Grady has been general manager of the Lightbox lab since 2019. In addition to his new responsibilities, he will continue to oversee operations and engineering at the company’s advanced manufacturing lab in Gresham, Oregon, where he is based.
“He is a transformational leader with deep knowledge of the lab-grown diamond category,” said Lightbox CEO Antoine Borde.
Prior to joining Lightbox, O’Grady spent his two-decade professional career at Element Six, De Beers’ industrial super-materials and synthetic-diamond business. He served in a series of general management and senior project roles in South Africa, China and the UK. In 2019, he oversaw the design and construction of Lightbox’s $94 million manufacturing lab in Gresham, which opened in October 2020.
Diamonds have long been a symbol of love, luxury, and status. However, in recent years, there has been a growing interest in the production of laboratory-grown diamonds as a more ethical and sustainable alternative to mined diamonds. In this article, we will explore the differences between a mined diamond and a laboratory-grown diamond.
Mined Diamonds:
Mined diamonds are formed naturally over millions of years deep beneath the earth’s surface. These diamonds are found in mines, usually in remote locations, and are extracted using heavy machinery and explosives. The mining process is often associated with negative environmental and social impacts, such as habitat destruction, water pollution, and exploitation of workers.
Mined diamonds are valued for their rarity and unique characteristics. The quality of a diamond is determined by the 4Cs – cut, clarity, carat weight, and colour. The more perfect a diamond is in each of these categories, the more valuable it is considered to be.
Laboratory-grown Diamonds:
Laboratory-grown diamonds are created using advanced technological processes that mimic the natural formation of diamonds. These diamonds are produced in a laboratory environment, where conditions are controlled and monitored to ensure consistent quality and purity.
The process of creating a laboratory-grown diamond involves using a small diamond seed, which is placed in a chamber and exposed to extreme heat and pressure. Over a period of weeks, carbon atoms are deposited onto the seed, gradually building up the crystal structure of the diamond.
The resulting laboratory-grown diamond is physically and chemically identical to a mined diamond, and can be graded using the same 4Cs criteria.
Differences between Mined Diamonds and Laboratory-grown Diamonds:
Mined diamonds and laboratory-grown diamonds have very similar chemical properties, as they are both made of pure carbon atoms arranged in a crystalline structure. However, there are some subtle differences in the impurities and defects that can be present in each type of diamond.
Mined diamonds can contain trace elements such as nitrogen, boron, and hydrogen, which can affect the diamond’s colour and other properties. Laboratory-grown diamonds can also contain these impurities, but they can be controlled more precisely during the growth process to produce diamonds with specific colours and properties.
One key difference between mined and laboratory-grown diamonds is the presence of defects in the crystal structure. Mined diamonds can contain defects such as vacancies, dislocations, and impurity atoms, which can affect the diamond’s hardness and other physical properties. Laboratory-grown diamonds are typically more pure and have fewer defects, which can make them more consistent in their properties and easier to work with for industrial and scientific applications.
In terms of their chemical composition, both mined and laboratory-grown diamonds are made of pure carbon, with each carbon atom bonded to four neighboring carbon atoms in a tetrahedral arrangement. This gives diamonds their unique hardness and other physical properties, as well as their optical properties such as high refractive index and dispersion.
Overall, while there are some subtle differences in the impurities and defects that can be present in mined and laboratory-grown diamonds, they are both essentially the same material in terms of their chemical properties.
One of the key differences between mined diamonds and laboratory-grown diamonds is their origin. Mined diamonds are natural, formed over millions of years in the earth’s mantle. Laboratory-grown diamonds, on the other hand, are created using advanced technological processes in a laboratory.
Another difference is the environmental and social impact of the two types of diamonds. Mined diamonds are often associated with negative environmental and social impacts, such as habitat destruction, water pollution, and exploitation of workers. Laboratory-grown diamonds, on the other hand, are generally considered to be more sustainable and ethical, as they do not involve the same level of environmental destruction or human exploitation.
Finally, there is a difference in price between mined diamonds and laboratory-grown diamonds. Mined diamonds are generally more expensive, due to their rarity and the high costs associated with mining and extraction. Laboratory-grown diamonds, on the other hand, are often less expensive, as they can be produced in larger quantities and do not require the same level of mining and extraction.
Conclusion:
Mined diamonds and laboratory-grown diamonds both have their pros and cons. While mined diamonds are valued for their rarity and unique characteristics, they are often associated with negative environmental and social impacts. Laboratory-grown diamonds, on the other hand, are more sustainable and ethical, but may be less valuable due to their artificial origin. Ultimately, the choice between a mined diamond and a laboratory-grown diamond comes down to personal values and priorities.
HB Antwerp has announced a partnership with Botswana to foster a new generation of diamond talent.
It has signed a a five-year memorandum of understanding with the Botswana International University of Science and Technology (BIUST).
They will jointly organize traineeships for Botswanan youth, offer scholarships for promising local talent, drive innovative projects backed by digital supply chains, and create job opportunities in the diamond sector.
The move comes as Botswana threatens to walk away from its long-standing sales agreement with De Beers, which is due for renewal at the end of June.
There has been media speculation that the Okavango Diamond Company (ODC), wholly owned by the Botswana government, was planning to sell its specials (+10.8-carats) to Belgian manufacturer HB Antwerp and to Canada-based Lucara and instead of De Beers.
HB Antwerp says it promotes respect for local communities, fair labor and pay, and investment in skills training and job placement opportunities for local workers.
Rafael Papismedov, its managing partner and strategy director, said: “Young people in Africa have incredible potential, but often do not have access to meaningful opportunities.
“We believe in the power of diamonds to catalyze positive change and look forward to leveraging this partnership to deliver on that potential for the Botswanan people.”
