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.
An exceptionally large and white 1,174 carat diamond stone has been unearthed in Botswana, trumping another huge precious stone that was found in the African country in June.
The latest find, which fills the palm of a large hand, was also discovered in June, on the 12th. It was found by the Canadian Diamond firm Lucara and presented to the country’s cabinet in Gaborone on Wednesday.
“This is history in the making, for us and Botswana as well,” said the company’s managing director, Naseem Lahri, adding that the diamond was in third position among the world’s largest gemstones.
On 1 June the Botswanan diamond firm Debswana said it had recovered what was then the “third largest” stone in the world, weighing in at 1,098 carats.
Botswana leads the world for the largest precious stones, accounting for six in the top 10 list. The country is Africa’s leading diamond producer.
The biggest diamond ever discovered anywhere was the 3,106 carat Cullinan, found in South Africa in 1905. Parts of that diamond adorn the British crown jewels.
Mokgweetsi Masisi, the president of Botswana, on Wednesday welcomed the “riveting moment” and the frequency of diamond discoveries in his country.
Lucara Diamond Corp. is pleased to announce the recovery of a 1,174.76 carat diamond from its 100% owned Karowe Diamond Mine located in Botswana.
The diamond, measuring 77x55x33mm, is described as a clivage gem of variable quality with significant domains of high-quality white gem material, and was recovered from direct milling of ore sourced from the EM/PK(S) unit of the South Lobe.
The 1,174 carat diamond represents the third +1,000 carat diamond recovered from the South Lobe of the AK6 kimberlite since 2015 including the 1,758 carat Sewelô and 1,109 carat Lesedi La Rona.
The 1,174.76 carat diamond was recovered in the Mega Diamond Recovery XRT circuit. On the same production day, several other diamonds of similar appearance (471 carat, 218 carat, 159 carat) were recovered at the main XRT circuit, indicating the 1,174 diamond was part of a larger diamond with an estimated weight of > 2000 carats.
The MDR is positioned after the primary crusher, ahead of the autogenous mill, and is the first opportunity for diamond recovery within the circuit.
The Natural Diamond Council (NDC), which groups the world’s seven leading diamond producers, has inked a deal with China’s top jewellery retailer Chow Tai Fook to boost demand for mined rocks in the Asian market.
The partnership, the trade organization’s first collaboration with a retailer, seeks to attract young Chinese customers to naturally produced diamonds.
It also comes as Chow Tai Fook, which has more than 4,500 stores in East Asia and the United States, plans to expand its global footprint.
“One of our key priorities this year is to work closely with natural diamond retailers to protect and convey the authentic and unique beauty of natural diamonds together,” David Kellie, CEO of the Natural Diamond Council, said in the statement.
“I am confident that this partnership will solidify the values of and forge consumers’ desire for natural diamonds,” Chan Sai-Cheong, managing director (Mainland China) of Chow Tai Fook Jewellery Group added.
Earlier this month, the world’s biggest jeweller Pandora dealt a blow to diamond miners by announcing it would no longer sell mined gems, but exclusively man-made ones.
Since 2011, when prices peaked thanks to China’s younger shoppers, diamonds have faltered. Lab-grown stones, initially priced confusingly close to the real thing, posed a challenge.
The NDC, until 2020 known as the Diamond Producers Association, focuses on marketing mined rocks and its funded by its members: ALROSA, De Beers, Dominion Diamonds, Lucara Diamond, Petra Diamonds, Rio Tinto and RZM Murowa.
When it comes to buying that dream diamond, most people are unsure of what to look for. Buying that perfect diamond is not a low-cost exercise, with an average selling price of $16,000 for a 1 Carat quality diamond ring. Making sure that you make the correct choice for your budget is vital in making any diamond purchase.
Here are some tips from Australia’s diamond experts at the DCLA.
The Diamond Shape: The shape is the first and most important decision to make when purchasing a diamond as this sets the design of your jewellery piece. The diamond shape sometimes referred to as cut, is the geometric appearance of the stone. The shapes are categorised into two groups for pricing, round diamonds, and fancy shape diamonds.
Round Diamonds Round brilliant cut diamonds are the most traditional and popular diamond shape consisting of 57 facets top and bottom. Almost 75% of all manufactured diamonds are round.
The diamond shape is 100% symmetrical when polished and having an excellent grade will display a range of features helping the crystal reflect light.
Round diamonds are the only shape that has a proven proportion or cut grade, which shows the optimum angle for a diamond to return the right amount of light back to the viewer.
This grade is based on light tracing. This is the way light refracts through the crystal, then reflecting off the facets and returning to the table and crown.
Fancy Shape Diamonds Fancy shape diamonds refer to all diamonds other than the round brilliant shape.
These include the traditional shapes like pear, emerald, oval, marquise, cushion, heart and asscher. As well as the newer modern cuts like the princess, trilliant and radiant.
The modern fancies have become popular with cuts like the square radiant and Princess have remarkably high light return due to symmetry, facet design and placement. These stones have similar brilliance to the round due to faceting. Facets start at the girdle (outer rim of the stone) and run down to the culet (point at the bottom).
The step cuts like emerald shape diamond are traditional as the facets run parallel to the table. These facets to create clean optical appearance.
As the step cut diamonds are less brilliant, small inclusions can sometimes be visible. To avoid visible inclusions step cuts diamond need to be of higher clarity grades, especially with centrally located high contrasting inclusions.
Fancy shapes with longer length to width ratios like marquise or pear, give a slimming effect when set correctly down the finger. The unique look of the longer stones. Oval, marquise, and pear-shaped diamond makes it a popular choice.
The square cushion shape cut in the brilliant style, has the same properties as the round brilliant and if cut with 8 main top and bottom corresponding corners (main facets) will have the Hearts and Arrows effect.
The cushion shape stone has rounded corners which make it a great alternative to a round at a lower price per carat the other of the 4C’s being equal. (Carat, Colour, Clarity).
All diamonds are unique just like you. The 4Cs Colour, Clarity, Cut and Carat weight along with many other more subtitle characteristics give the diamond its grade and set the stones value. Diamonds with the same 4C’s grade can be quite different in value due to the more subtle characteristics mostly overlooked when buying. Understanding the 4Cs along with these characteristics is a very important step in purchasing your perfect diamond.
The Diamonds Cut The cut refers not to the shape (e.g., round, oval etc.) but to a diamond’s proportions, symmetry, and polish. The beauty of a diamond depends more on cut than any other factor as it determines how light travels into the stone and is returned to the viewer.
The cut of the diamond is arguably the most important of the 4Cs as it directly impacts the diamonds light performance. A diamonds facets are designed and placed in varied orientations and specific angles to reflect the light in a uniform way. Like tiny mirrors, each facet is precisely polished and arranged to maximize its reflective properties. A master diamond cutter will be trained to get the most weight from the rough diamond, while getting the best light performance from the diamond crystal. This is a delicate balance not always achieved, as such the diamond proportion or cut quality should be the highest priority.
When a diamond proportion or cut grade is low, the diamond performance will let down even the highs colour and clarity. A lower colour diamond with an Excellent proportion grade will have better brilliance and fire and look better than a high colour with a good proportion.
Here are some useful terms when referring to a diamond cut:
Proportion or cut grade is precision and angle of the diamond faceting. Symmetry is the mirror image of the stone referenced like a clock 12 – 6 and 9 – 3 as well as alignment of the facets top to bottom. Polish is the overall finish of the skin or surface of the diamond. This includes features or characteristics like surface graining, naturals, or extra facets.
Diamond Colour Diamonds come in every imaginable colour from pure white to any other colour in the spectrum. Many coloured diamonds are highly prized, however the presence of yellow tint in a white diamond with greatly reduce its value.
Diamonds are graded on a scale from D (colourless) through Z (light colour). D-Z are considered white (cape scale) and true fancy coloured diamonds (such as pink or blues) are graded on a separate scale.
Colour is accurately judged when viewed in laboratory conditions against a known comparison stone which are called a master set. Diamond colour distinction is so subtle that it is practically invisible to even the trained eye. White diamonds or Cape series have formed from a carbon nitrogen bond and the more nitrogen the more yellow is visible. Very rare and completely colourless diamonds have no nitrogen and are known as type 2a. These are the most valuable.
Diamond Clarity Diamond clarity refers to the diamond’s inclusions. Inclusions come in many variants from solid carbon to clouds or remnants of microscopic fractures all formed in the diamond billions of years ago.
Diamond Clarity Chart
The more inclusions or the larger the inclusion the lower the clarity grade. These can sometimes cause transparency issues or interrupt the refraction of light, affecting its brilliance. Most diamonds have inclusions, very few are internally flawless or pure.
Diamonds are graded for clarity on a scale that runs from IF (internally flawless) to I (included). The higher the grade, the clearer the diamond, with fewer inclusions and a more perfect appearance. The diamond clarity scale has six categories, with 11 specific grades.
Flawless (FL): There are no inclusions or blemishes visible to the diamond under 10x magnification. Internally Flawless (IF) Loupe Clean: There no inclusions visible to the diamond under 10x magnification there may be external characteristics. Very Very Slight Inclusions (VVS1 and VVS2): Inclusions of 5 – 10 microns or a number of smaller cloud like inclusions. Very difficult for a skilled grader to see under 10x magnification. Very Slight Included (VS1 and VS2): Inclusions are found by experienced grades under 10x magnification, characterised as minor. Slightly Included (SI1 and SI2): Inclusions are easily found under 10x magnification, buy not eye visible. Included (I1, I2 and I3): Inclusions sometimes visible to the naked eye are easily found under 10x magnification. These inclusions may affect the transparency and brilliance of the diamond.
Diamond Carat Carat or weight is the biggest contribution to the value of the diamond but is only one part in determining the value of a diamond. That said all else being equal IE: the cut, colour and clarity, a diamond’s price does increase with every size category in carat.
Rarity also determines the value of the diamond with larger stones being rarer and more valuable. A diamond carat is the actual measured weight of the stone and due to different proportion grades, this is necessarily an indication of its size.
The company behind diamond “coins” for investors will embark on the automated purchase of about 50,000 gems on Tuesday.
The coins will be the world’s first regulator-approved, exchange-traded, fungible diamond commodity offering.
New York-based Diamond Standard is buying inventory to produce the first batch of 5,000 diamond standard coins, each containing “a set of certified natural diamonds with identical geological scarcity” weighing around 4.5 carats all with the exact value of $5,000.
The diamonds will be assembled into clear plastic coins containing a wireless blockchain token by the International Gemological Institute (IGI).
They will then be traded as a commodity and the price will fluctuate. Subsequent coins will replicate the rarity of the benchmark set.
“We buy sight unseen,” said CEO and founder Cormac Kinney. “Our computer automatically buys the least expensive diamonds across a statistically valid sample.
We don’t even know the price. We are literally buying the certificate.” Diamond Standard bids electronically through its own Diamond Standard Exchange to buy a statistical samples of all qualities of natural, polished diamonds, seeking the lowest price across a wide range – D to L color, IF to SI2 clarity, VG to EX GIA cut scale, from 0.21-carats to 0.75-carats.
Proportion is graded alongside Symmetry, polish and importantly the Transparency.
This is why the Diamond Exchange are the most sought after for those who want the finest diamonds available.
To ensure the highest quality, the Diamond Exchange works with the finest rough diamond producers based in South Africa, Antwerp, Israel and India.
Each diamond is then meticulously analysed by our Laboratory diamond gemologists.
Using sophisticated laboratory equipment every aspect of the individual stone is checked, including the all-important proportions that will produce the most brilliance.
Proportions
Proportions affect how light travels within the diamond.
Diamonds that are cut too shallow and wide, or too deep and narrow lose light out the sides or bottom, causing the diamond to lose brilliance.
A select Diamond exchange Diamond are cut to ideal diamond proportions, creating a superior diamond to reflecting the maximum amount of light back to the eye.
Symmetry
The alignment of a diamond’s facets in relation to each other or opposing facets affects the diamond’s light performance.
Facets which are symmetrical and aligned, reflect light directly back to your eye.
Symmetry grading to Hearts and Arrows standards ensure its brilliance and fire is emitted evenly.
Certification
All Diamond Exchange diamonds are certified by recognised international accredited laboratories.
This provides you an authoritative analysis of your diamond.
Diamond Exchange also verifies that your diamond meets all the specific quality requirements and checks the diamond is cold laser inscribed.
Transparency
Transparency, also called pellucidity, is the material property of allowing light to pass through. In mineralogy, another term for this property is diaphaneity.
Developed by the DCLA , the Transparency Grade is the degree to which a diamond transmits light, directly relevant to its ‘cloudiness’ or ‘haziness.
In other words, it is a comprehensive assessment of light performance based on the quality of the diamond crystal itself.
An iconic Cartier bracelet with 63.66 carats of pear-shaped D color, internally flawless diamond set on rock crystal is expected to fetch between HK$40 million and HK$65 million (US$5.16 million and US$8.39 million) at Sotheby’s Hong Kong’s sale of magnificent jewels in April.
Taking nearly 2,000 hours to create, the bangle-bracelet from the collection “L’Odyssée de Cartier —Parcours d’un Style,” pays homage to an Art Deco inspiration featuring sparkling stones and the French maison’s emblematic panther, orchid, and Oriental motifs.
Louis Cartier, the brand’s third-generation jeweler was a pioneer in working with rock crystal, which became popular in the 1920s. Cartier utilized a polishing technique from the Renaissance period to give a soft shine to rock crystal which, when paired with a diamond, creates an intriguing light effect.
The unique piece “combines a phenomenal diamond, mesmerizing design and impeccable craftsmanship, and represents a high jewelry collectible that will shine through time,” Wenhao Yu, deputy chairman of jewelry at Sotheby’s Asia, said in a statement.
Also on offer is “Circle of Happiness,” a bangle made of 277.7 carats of green jadeite-jade from Myanmar. Sotheby’s did not disclose the estimate of this bracelet.
Sotheby’s sale of magnificent jewels will also feature pieces from the houses of Boucheron, Bulgari, Chanel, Chopard, Graff, Harry Winston, Hermès, Van Cleef & Arpels, and more.
“The appetite for high-quality jewels has never been stronger in Asia, with discerning collectors looking for rare diamonds and gemstones, as well as unique and iconic designs,” Yu said.
Israel’s diamond exports improved in February amid steady jewelry demand in key retail markets and the opening of a trade channel with Dubai, according to government data.
Polished shipments out of Israel jumped 24% year on year to $251.6 million for the month, with volume increasing 20% to 122,784 carats, the country’s Ministry of Economy and Industry reported last week. Rough exports rose 21% to $124 million, while volume slipped 9% to 188,317 carats.
The ministry attributed the growth to higher demand for studded jewelry in the US and China. As for rough trading, 16% of exports were to the United Arab Emirates (UAE), with which Israel reached a peace deal in August, the government noted. Before that, Israel was unable to ship goods directly to Dubai, an important center for rough tenders. The improvement also came despite a February lockdown in Israel, which affected the availability of flights, the ministry pointed out.
“The industry has cause for optimism after a difficult year,” said Ophir Gore, Israel’s diamond controller. “The data that the global diamond sector has seen in the past two months — especially in the American diamond and jewelry market — indicate demand has recovered. The first half of this year is expected to be particularly positive for the industry.”
The Duchess of Sussex wore the dramatic diamond earrings to a state dinner in Fiji, three weeks after the Saudi crown prince allegedly ordered the killing of journalist Jamal Khashoggi.
Meghan Markle’s representatives hit back Tuesday at a bombshell news report that she faced an official complaint of bullying from several Kensington Palace staff members, and blasted “spurious allegations” related to another problematic choice — a pair of earrings worn to a state dinner in Fiji.
As reported by the Times in the UK, the Duchess of Sussex wore diamond earrings to the dinner during her and Prince Harry’s visit there in 2018. The Times said the earrings were a wedding gift from controversial Saudi Crown Prince Mohammed bin Salman, the Times said.
The dinner, hosted by the president of Fiji, took place three weeks after Washington Post journalist Jamal Khashoggi was murdered at the Saudi embassy in Turkey a killing that U.S. intelligence agencies say was ordered by bin Salman.
At the time, multiple outlets, including Elle, reported that the dramatic diamond earrings were borrowed from the royal family.
According to the Times, the duchess didn’t deny that she said the earrings were borrowed, “despite being aware of their provenance.” But in a statement, her spokesperson objected to “spurious allegations regarding the use of gifts loaned to the duchess by the Crown.”
People magazine reported that the earrings were gifted on March 7, 2018, from the Saudi royal family, who is represented by bin Salman. The crown prince met with the queen at Buckingham palace during a three-day visit to launch a Saudi U.K. economic and investment partnership. At the time, bin Salman was viewed by Western leaders and the media as a potential force for progressive change in the Middle East, but that view changed with the death of Khashoggi.
Neither Meghan or Harry was present when the earrings were received by Buckingham Palace, People said. As is protocol, any wedding gift of this nature remains the property of The Crown, People added. According to The Sun, her lawyers said that her were aware who the earrings were from, while Meghan wasn’t aware of rumors that bin Salman was involved in Khashoggi’s murder.
The Times report comes five days before Meghan and Harry are set to appear on CBS in a highly-anticipated, “wide-ranging” interview with Oprah Winfrey. It appears timed to cast Meghan in a less glowing light.
The Times report said current and former palace employees approached the newspaper, concerned that the Winfrey interview would be one-sided and that the palace had not adequately addressed their concerns about the bullying.
The interview already has been recorded, and the legendary talk-show host says in promotional ads that the couple reveal “shocking things” about Meghan’s “almost unsurvivable” time in the royal family. The couple also are expected to discuss their decision to stop being working royals and re-locate to Meghan’s home state of California.
A spokesperson for the Sussexes said the bullying allegations reported by the Times make them victims of “a calculated smear campaign” that is based on “misleading and harmful misinformation.” The statement said the duchess was “saddened by this latest attack on her character, particularly as someone who has been the target of bullying herself and is deeply committed to supporting those who have experienced pain and trauma.”
Attorneys for the Sussexes also refuted the bullying allegations, saying that The Times is “being used by Buckingham Palace to peddle a wholly false narrative.”
The fact that such allegations are being aired publicly shows how bitter the conflict has grown between the Sussexes and the royal establishment since the couple left the U.K. at the end of 2019.
The employees told the Times they were bullied by the U.S.-born former TV actress after she married Prince Harry in May 2018. One former employee, who was not named in the Times story, said they had been personally “humiliated” by Meghan, while another aide discussed experiencing “more like emotional cruelty and manipulation.”
An official October 2018 complaint, made by Jason Knauf, the couple’s communications secretary at the time, also said Meghan drove two personal assistants out of the household and was undermining the confidence of a third staff member, the Times said.
Royal sources additionally told the Times about a tense atmosphere in Kensington Palace where Meghan and Harry lived alongside Prince William and Kate Middleton until splitting their Sussex and Cambridge households at the beginning of 2019. The Times said staff would be “reduced to tears,” while another, anticipating a confrontation with Meghan, reportedly told a colleague: “I can’t stop shaking.”
The Times report also said staff had a “difficult” time on the couple’s royal tour of Australia, New Zealand, Fiji and Tonga in October 2018. Meghan had just announced she was pregnant with their son, Archie, and the tour was widely covered, with reporters covering every move she made and every outfit she wore.
Fashionistas raved about the “showstopper” blue cape Safiyaa gown Meghan wore to the dinner hosted by the president of Fiji. It was her first state dinner, and Elle reported that she accessorized the gown with earrings that were “borrowed from the royal family.”
At the time, Elle said Kensington Palace wouldn’t confirm to reporters which member of the royal family she borrowed the earrings from, but “some speculate it was the queen.” Another publication, The Court Jeweler, agreed that the earrings “definitely made a statement,” but thought they might have been borrowed from her mother-in-law, Camilla Parker Bowles.
Several months later, People magazine, citing a Daily Mail report, described how Meghan had been especially eager to make a good impression at the state dinner in Fiji. She wanted to complete her look with a tiara but Prince Charles said no, explaining to her that wearing such a sparkling accessory would be viewed as too “extravagant” in some Commonwealth countries.
Tiaras are usually reserved for royal weddings or state banquets with visiting dignitaries at Buckingham Palace, People explained.
“Meghan did not understand all of this because she was new to the role and so Prince Charles told her that it would not be appropriate,” the source told the Daily Mail at the time. Charles’s advice was “kindly” dispensed.
