Investors were duped into handing over more than $1m to a man who claimed to own a diamond mine, say police in Australia.
He allegedly claimed to be the owner of a non-existent mine in Sierra Leone and offered his victims the opportunity to invest.
Once they paid an initial sum, he allegedly asked for equipment and various gifts for his employees – which he then sold.
One victim reportedly paid $730,000. Two others are understood to have “invested” at least $73,000 each.
A 42-year-old man from the South East Suburbs, Melbourne, has been charged with 150 deception related offences including obtaining property by deception between September 2017 to October 2021.
He’s been bailed to appear before the Melbourne Committal Court in February 2022.
Detective senior sergeant Jason Venturoni, of Victoria police, said: “Criminals involved in the deception of others are often convincing and take advantage of people’s trust to exploit others for their own financial gain.”
MB&F founder Max Büsser is leaning into his female clientele. Back in 2018, during a sneak peek of his first ladies’ watch, the LM FlyingT, he admitted to Robb Report that he was unsure of his ability to design for women. “Men don’t understand women,” he said, “so I thought, ‘How am I going to do this?’ ”That may sound like an antiquated notion of gender norms, but the watch itself was anything but conventional.
Its futuristic design was unlike anything on the market and proved to be such a hit the company has since launched seven versions. The eighth, a collaboration with Bulgari that debuts at the end of November, may be its biggest headliner yet.
The joint design was born out of a friendship between Büsser and Fabrizio Buonamassa Stigliani, Bulgari’s creative director of watches. Both have a penchant for bucking tradition and are known for housing extraordinarily inventive mechanics in out-of-the-box designs.
The new 39 mm-by-20 mm LM FlyingT Allegra uses the same vertically built 3-D movement (it features a flying tourbillon on the upper end of the axis) and space-age domed case design as the original but now comes decked out in Italian opulence.
A system of large, colorful gems orbit the tourbillon, all set within a galaxy of diamonds covering the mainplate; the combination of stones—which include tsavorite, topaz, amethyst, tanzanite, rubellite and tourmalin.
Two diamond bracelets belonging to Marie Antoinette more than doubled their high estimate at a recent Christie’s auction in Geneva.
The set, made by Boehmer in 1776 and passed down through Marie Antoinette’s family for 250 years, fetched $8.2 million at Tuesday’s Magnificent Jewels sale, Christie’s said. That figure is the second-highest price for a jewel owned by the French queen and the highest price ever garnered for one of her diamond pieces. In 2018, Sotheby’s sold a natural-pearl and diamond pendant belonging to Marie Antoinette for $36.2 million against its $2 million high estimate.
In total, the November 9 auction raked in $59 million, with 11 lots fetching more than $1 million.
Other notable items sold at the auction include a pear brilliant-cut, 55.50-carat, D-color, potentially internally flawless diamond, which went for $5.3 million, or $95,700 per carat, at the high end of its estimate. A cushion-shaped Burmese ruby and diamond brooch by Van Cleef & Arpels brought in $4.6 million at the auction, smashing its CHF 600,000 ($656,756) upper valuation.
An oval brilliant-cut, 43.19-carat, D-color, internally flawless diamond ring garnered $3.6 million, representing $83,000 per carat — within estimates. A rectangular-cut, 42.98-carat, fancy-vivid-yellow diamond fetched $3.1 million, in the middle of its presale valuation, while a fancy-light-pink and colorless diamond brooch by Harry Winston hammered for $2.3 million, just over its lower estimate.
However, a ring featuring a heart modified brilliant-cut, 6.75-carat, fancy-vivid-purple-pink, SI1-clarity diamond failed to find a buyer. The piece was estimated to bring in up to $10.9 million at the auction. A ruby bangle by Cartier, the first anniversary gift Wallis SImpson, the Duchess of Windsor, received from her husband, also remained unsold. That piece had a high valuation of $2.2 million.
In total, Christie’s sold 93% of items on offer, with bidders hailing from 32 countries.
“A very dynamic saleroom, coupled with strong online and telephone bids from around the world, resulted in lively bidding and a very high sell-through rate,” said Rahul Kadakia, international head of jewelry at Christie’s. “Marie Antoinette’s diamonds captured the world’s attention and achieved a fitting result for such a magnificent royal jewel.”
The Central African Republic has hosted UN peacekeepers for years
A “handful” of Portuguese peacekeepers may have been involved in smuggling gold, diamonds and drugs out of the Central African Republic (CAR).
The soldiers, part of the United Nations peacekeeping force in the country, are alleged to have been part of a crime ring that used military planes to transport the illicit goods to Portugal, the office of the Portuguese Armed Forces Chief of Staff said in a statement.
More than 300 inspectors raided nearly 100 properties in Portugal as part of the investigation, police said on Monday.
Officers said the “criminal network” had international links and 10 people have been arrested so far – some of them ex-military. They are likely to appear in court this week.
The Portuguese military said officials became aware of the alleged crime ring in December 2019, along with suspicions that some of its soldiers may have been used as couriers.
More stringent checks have been put in place for soldiers returning to Portugal after peacekeeping missions.
Supporters of a presidential candidate in CAR ride on a flatbed lorry, in an incident unrelated to the crash At least 78 people killed as truck flips in the Central African Republic In a statement, military officials said: “The armed forces totally repudiate these behaviors which contradict the values of the military institution.”
Portugal’s defence minister Joao Gomes Cravinho said: “Everything suggests that these were activities undertaken on their own initiative by a handful of soldiers and not something systemic.”
Hundreds of Portuguese soldiers have been deployed in the CAR over the past few years, as the country struggles with violence that worsened after a coalition of rebels seized power in 2013.
It is rich in gold and diamonds but it is also one of the poorest countries in the world.
Kylie Jenner and their daughter Stormi with some new bling
On Tuesday, Kylie Jenner revealed that the “Sicko Mode” rapper, 29, gifted her and the couple’s 3 year old daughter, Stormi Webster, a set of matching diamond rings.
The mommy and me sparklers each feature a pear cut stone nestled next to an princess cut diamond, in a “Toi et Moi” style.
“Daddy got us matching rings,” Jenner, 24, captioned a photo of her hand next to Stormi’s.
And Khloé wasn’t the only one impressed by the sparklers; Mike Fried, CEO of The Diamond Pro, told Page Six Style that the bling is worth some serious cash.
“These matching rings are absolutely stunning due to their unique design and presentation of the diamonds,” he said. “Kylie’s enormous diamonds look to be 5 or 6 carats each, with an estimated value of $325,000 for both. Stormi’s diamonds appear to be 1.5 carats each, with an estimated value of $120,000 for both.”
Christie’s will offer a 74-carat diamond necklace that could fetch up to $7 million at its upcoming Hong Kong auction.
The piece contains a 73.68-carat, F-color, internally flawless center stone, called the Snowdrop Diamond, and 78 additional diamonds weighing a total of 130.92 carats. It will headline the auction house’s November 28 Magnificent Jewels sale, together with a heart-shaped, 36.20-carat, D-color, internally flawless diamond pendant necklace carrying a high estimate of $3.2 million, Christie’s said Wednesday. Designer Ronald Abram created both jewels.
Two colored-diamond pieces are also set to star in the sale. A pair of earrings featuring fancy-vivid-blue diamonds weighing 3.06 and 2.61 carats along with white diamonds is set to go under the hammer with a price tag of up to $8 million. Meanwhile, a 3.32-carat, fancy-vivid-blue, internally flawless diamond ring could fetch as much as $6.4 million, Christie’s noted.
Other notable pieces include a jadeite cabochon ring with a high valuation of $1 million, a pair of jadeite cabochon earrings estimated at $480,000 to $750,000, and a jadeite, ruby and diamond necklace and bracelet set by Cartier.
A selection of cufflinks containing diamonds, emeralds, rubies and sapphires, assembled over decades by a prominent private collector, will also be on offer, the auction house added.
Christie’s will preview the items in Taipei, Taiwan; Tokyo; Shanghai; Beijing; and Hong Kong.
The world’s largest retailer of diamond jewelry plans to acquire Charlotte-based Diamonds Direct in a $490 million deal.
Signet Jewelers Ltd. (NYSE: SIG) said today that it has entered into an agreement to buy the local jewelry chain in an all-cash transaction. It would add to the Bermuda company’s portfolio of jewelry brands that already consists of Kay Jewelers, Zales, Jared, H. Samuel and Ernest Jones, among others. Signet operates about 2,800 stores altogether.
“The accretive addition of Diamonds Direct to our portfolio will further drive shareholder value with its distinct bridal-focused shopping experience and add a new entry point as we build lifetime customer relationships and strive to reach our $9 billion revenue goal over time,” Signet CEO Virginia C. Drosos said in a press release.
Shares in the company were trading at $80.88 at 2:30 p.m. today, down about 1.4% from $82.05 at yesterday’s close.
Diamonds Direct is currently owned by private-equity firm Blackstone Group (NYSE: BX), which purchased the company in 2015 for an undisclosed amount.
Diamonds Direct was founded in 1995 in Charlotte. It now has 22 locations in 13 states, as well as an online presence. That includes its flagship store in SouthPark, at 4521 Sharon Road.
The Diamonds Direct leadership team, storefronts and branded offerings will remain in place following the acquisition, according to a company spokeswoman.
“Signet will retain the Diamonds Direct brand and our unique value proposition as a separate banner, and plans to position Diamonds Direct as a new and differentiated luxury offering among the Signet portfolio,” Kelsey Halford Diachenko said in an emailed statement to CBJ.
She added that Diamonds Direct is “really excited about the opportunities” it will have with Signet once the deal closes.
Itay Berger, current president of Diamonds Direct, will report directly to Drosos.
The jeweler has a buying office inside the world diamond exchange in Israel. That allows it to source directly from mines and diamond cutters around the globe, and handpick merchandise.
It offers loose and mounted diamonds, bridal jewelry, diamond and gemstone fashion jewelry, and designer jewelry from America’s top brands.
“As a result of this transaction, everything our customers know and love about Diamonds Direct will just be getting bigger and better,” Diachenko said. “While Signet will infuse their resources into our business to fuel our growth, the heart of who we are, how we operate and what we believe in will not change.”
The deal is expected to be completed in Signet’s fourth quarter of fiscal 2022, putting the anticipated closing date sometime between November and the first of February.
wo splendid diamond bracelets that belonged to French queen Marie-Antoinette will go under the hammer in Geneva later this year, the auction house Christie’s said Wednesday.
The bracelets, coated with 112 diamonds in total, will be sold together and are estimated to fetch between $2-4 million when they go under the hammer on November 9.
That estimate “includes not only the intrinsic value of the diamonds, but also the possibility to wear jewellery that was once worn by the famous queen Marie-Antoinette,” Christie’s jewellery specialist Marie-Cecile Cisamolo told Agence France-Presse.
The historic jewels could meanwhile easily go for far more than the asking price.
“As seen in recent Geneva sales, the market for jewels of noble provenance continues to perform extremely well,” Francois Curiel, the chairperson of Christie’s luxury division, said in a statement.
In 2018, a natural pearl and diamond pendant that belonged to the ill-fated French queen was estimated by the Sotheby’s auction house at $1 million to $2 million but was snapped up for $36 million.
Marie-Antoinette, the last queen of France before the revolution, was guillotined in Paris in October 1793 at the age of 37.
But Cisamolo said that it was not just their history that made the bracelets extraordinary, pointing to the large size of the diamonds, which range from around 1 to 4 carats.
“It is very difficult to measure their exact size, because these are antique diamonds, and back then the sizes were less precise,” she explained.
While lacking the precision of today’s laser-cut gems, Cisamolo stressed the charm and uniqueness of antique diamonds.
In total, Christie’s estimates that the bracelets comprise 140 to 150 carats.
They are each composed of three rows of gems and can be connected together and worn as a necklace.
Paris, Brussels and Vienna
According to Christie’s Marie-Antoinette ordered the bracelets from jeweller Charles August Boehmer in Paris in 1776, two years after she ascended the throne.
She paid 250,000 livres, “a huge sum at the time,” Christies said.
Then the revolution arrived.
Before attempting to flee France with king Louis XVI and their children, Marie-Antoinette first made sure her jewels were sent out of the country.
They were sent to Brussels, governed by her sister Archduchess Marie-Christine, before being sent on to the French queen’s native Austria, ruled by her nephew, the emperor.
In 1792, the royal family was imprisoned in Paris. The king and queen were executed the next year, and their 10-year-old son Louis XVII died in captivity.
Only their daughter, Marie Therese of France, survived. She was freed in December 1795 and sent to Austria, where she was given her mother’s jewels.
“These jewels can thus be traced all the way back to Marie-Antoinette,” Cisamolo said, adding that she hoped whoever bought them “will cherish them for the rest of their life.”
“Not only are you wearing something that Marie-Antoinette wore,” she said. “The diamonds are extraordinary.”
The bracelets, she said, showing off the gems glistening on her wrists, “flow. It is as though you are wearing fabric.”
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De Beers’ rough prices spiked in the first half of 2021 as supply shortages coincided with buoyant diamond demand at the trade and retail levels.
The miner’s price index rose 14% during the six months, reflecting “tightness in inventories across the diamond value chain, as well as positive consumer demand for polished diamonds,” parent company Anglo American said Tuesday.
De Beers implemented price increases at its January, February and June sights, with an emphasis on the larger categories of rough. This brought prices back to pre-pandemic levels: The index for the first half was flat versus the same period of 2020, the company reported.
Sales volume at De Beers rose to 7.3 million carats in the second quarter from just 300,000 carats a year earlier during the peak of the coronavirus crisis. The average sales price advanced 13% to $135 per carat as demand shifted to higher-value rough.
“Consumer demand for polished diamonds continued to recover, leading to strong demand for rough diamonds from midstream cutting and polishing centers, despite the impact on capacity from the severe Covid-19 wave in India during April and May,” the miner said.
Meanwhile, production more than doubled to 8.2 million carats for the quarter versus 3.5 million carats last year, reflecting planned increases to meet the stronger rough demand, as well as the sharp impact of lockdowns in southern Africa in 2020.
With half of 2021 now over, De Beers was able to give a more specific production outlook for the full year, predicting output of 32 million to 33 million carats — compared with a previous plan of 32 million to 34 million carats. The company has already reduced its guidance for the year twice because of operational issues at mines.
“Most of the impact on production for the year as a whole is a result of the challenges we experienced earlier in the year, particularly with excessive rainfall in southern Africa, the Covid-19-related shutdown in Canada, and power supply disruptions in Botswana,” a De Beers spokesperson commented. “We still expect production in the second half of the year to be significantly above the 15.4 million carats produced in the first half of the year, however, and this will take us to the narrower guided range.”
In the second quarter, output in Botswana more than tripled to 5.7 million carats from 1.8 million carats a year before. Production in Namibia slipped 6% to 338,000 carats, as one of the company’s mining vessels underwent planned maintenance and another remained demobilized.
Output in South Africa more than doubled to 1.3 million carats from 555,000 because the company processed higher-grade ore at the Venetia mine. Canada’s production climbed 14% to 899,000 carats, mainly reflecting the comparison with last year’s slowdown.
