The Blue Moon Diamond has been sold for a record US$48.26m at Sotheby’s in Geneva.
The sale price is a record per carat and for total value for any gemstone.
Blue Moon Diamond has no inclusions and has been officially declared flawless.
The 29.62-carat diamond was found at the Cullinan Mine in South Africa in January last year, blue diamonds make up only 0.1% of diamonds unearthed at the mine.
It was then cut and polished in New York, a process which took six months and eventually produced the 12.03 carat vivid blue gem.
De Beers which produces thirty percent of world rough diamonds has cut prices by 10 percent for the sight.
This comes after two reductions in its annual production output by 15 percent failed to slow slump in prices of rough.
Rough diamond prices have dropped 14 percent in some categories and are in their fifth consecutive quarterly loss, which is the longest in a decade.
De Beers cut the size of the sight to $250 million and reduced the prices by 9 percent, according to sight holders.
De Beers has also contributed tens of millions to a jewellery advertising campaign. Its advertising campaign will promote diamond jewellery in the U.S. and to Chinese consumers.
De Beers’s the world’s largest rough producer felt the pain, when only $300 million of the $450 million estimated sight was taken up by their sightholders. This leaves 30 percent of the rough on offer on the table.
Anglo has previously counted on diamond revenues to offset a collapse in the price of other metals and minerals it mines. Anglo may cut the company’s dividend for the first time since 2009 according to analysts.
This is an indication of turmoil in the $80 billion diamond industry as traders, cutters and polishers suffer from a poor liquidity and weaker demand for jewellery.
Producers in India, where 90 percent of rough diamonds are cut and polished, may halt imports over the supply glut.
Update: Report sightholders may have refused 35%-50% at July sight which may be as low as $200M.
Pictures of the Spectacular Fancy Yellow Diamond Polished by Graff Diamonds have been released.
Laurence Graff, the founder of the international luxury diamond and jewellery firm that bears his name, purchased the 299 ct rough diamond from the Letšeng mine in the Southern African kingdom of Lesotho.
Graff’s latest masterpiece named “The Golden Empress,” was polished into the 132.55 Cts stone an extremely rare diamond is a Fancy Intense yellow cushion cut,
The diamond is among the largest and rarest in the world. Only one in 10,000 diamonds discovered are classified as fancy colouredsuch as this yellow diamond.
The major investment in Surat facility reflects a world class diamond cutting and polishing centre characterised by skill, innovation and the effective use of technology.
De Beers the world’s leading diamond company is considering a diamond auction centre in India.
This laboratory is the second of its kind in the world owned International Institute of Diamond Grading and Research.
The laboratories primary function will be to select and inscribe Forevermark diamonds with the unique serial number to deliver an accurate and reliable grading for diamonds.
De Beers is the world’s leading diamond company established in 1888 experts in exploration, mining and marketing of diamonds.
Twelve Indian diamond companies including Kiran Gems, Asian Star and Rosy Blue India, have signed three year contracts with ALROSA at the World Diamond Conference,
Each of the companies signed separate contracts with ALROSA and will buy rough diamonds worth USD 2.1 billion or about USD 700 million per year for a period of three years. This will assist the companies save considerable amount of commissions.
The International Institute of Diamond Grading & Research is part of the
De Beers group of companies.
Based in Antwerp and run by the world’s top diamond experts, the International Institute of Diamond Grading & Research benefits from proprietary equipment of the De Beers group of companies that enables the most precise grading and assessment for both rough and polished diamonds
Gem Diamonds Ltd has had a 50 percent value increase this year. Rough diamond prices have risen about 14 percent year to date on Chinese demand.
Gem Diamonds average sales were at $2,747 per carat an increase 58 percent. Gem Diamonds Letseng mine in Lesotho has produced some of the world’s biggest diamonds, including the 603-carat Lesotho Promise.
A polished diamond from the Lesotho Promise is at Graff Diamonds in London. Gem Diamonds reported first two quarter profit of $19.7 million. And Gem reported an increase in sales of 54 percent to $148.9 million.
Inventory at Sotheby’s rose significantly due to acquisition of the Pink Star, renamed the Pink Dream the 59.60 ct, internally flawless, fancy vivid pink diamond which was sold to diamond cutter Isaac Wolf in November for $83,187,381 USD. The reason Sotheby’s acquired the rare stone is due to Wolf’s default.
Sotheby’s are quite comfortable with their valuation and comfortable in owning it at this price. Sotheby’s is currently pursuing a resolution with the buyer, while also considering other alternatives against the default.
