Petra Diamonds – Page 2 – The Diamond Certification Laboratory of Australia (DCLA)

Positive Step to a $100m Natural Diamond Campaign

Key players have taken “a very important step in the right direction” to raising $100m for the long-term promotion of natural diamonds, according to Yoram Dvash, president of the World Federation of Diamond Bourses (WFDB).

He also said he was cautiously optimistic for the holiday season as prices had started to stabilize globally, inventories were reducing and De Beers and the World Diamond Council (WDC) had embarked on multimillion-dollar advertising campaigns.

Dvash (pictured) said trade bodies had reacted very positively o his call for a $100m marketing campaign after what he described as a “brainstorming session” at the Dubai Diamond Conference earlier this month.

The Antwerp World Diamond Council (AWDC) and India’s Gem & Jewellery Export Promotion Council (GJEPC), had agreed to start looking into funding campaigns by the Natural Diamond Council, he said, in collaboration with the WFDB, IDMA (International Diamond Manufacturers Association) and CIBJO (World Jewellery Confederation). More trade bodies are expected to follow suit.

Dvash said he’d called for the industry to unite behind a major and sustained marketing campaign over the next five years to create demand for natural diamonds some weeks ago, and had been pleased by their response.

“It seems that we have found the golden formula that would enable the industry to raise $100m for generic advertising of natural diamonds,” he said.

Earlier this month he said there hadn’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 said in a letter to all the WFDB’s 29 member bourses.

Source: IDEX

Russia to continue buying diamonds through state fund in 2025

Russia will continue to buy diamonds through a state fund in 2025 in order to support the diamond industry and market, Deputy Finance Minister Alexei Moiseev said on Thursday.

The Russian budget for 2025-2027 has set aside $1.55 billion for the purchase of precious metals and gems, Moiseev said in a statement.

Russia will continue to ensure “stable global rough diamond prices in the wake of oversupply in the current market,” the same statement said.

State-owned precious metals and gems repository Gokhran resumed buying diamonds from Alrosa in March 2024. Alrosa, under US and EU sanctions, is the world’s largest producer of rough diamonds by volume with 30% of the market.

Source: mining.com

Swarovski bullish on lab-grown diamond business

Austrian jewelry brand Swarovski’s entry into the lab-grown diamond sector has seen a positive reception in the China market, signaling growing consumer acceptance and confidence in the product category, said a senior executive.

Since the launch of Swarovski Created Diamonds Swarovski’s lab-grown diamond product line in April, the company has found that Chinese consumers are gradually accepting the concept of laboratory-grown diamonds, which gives the brand huge confidence in the market, said Yvonne Chan, president of Swarovski Crystal Business Greater China.

Chan added that as the market has responded accordingly, the brand has seen a steady growth in sales figures. “In some of the better-performing stores, sales of Swarovski Created Diamonds jewelry can account for as much as one-fourth of the store’s jewelry sales,” she said.

The consumption of diamonds is diversifying and is no longer limited to bridal occasions, with an increasing number of female consumers showing interest in “self-rewarding “diamond purchases and usually more for daily wear occasions, Chan said.

“We believe lab-grown diamonds are ‘the diamonds of the future’, and that’s why they represent a strategic growth category for Swarovski,” she said.

According to data from consulting firm Bain & Company, China’s rough cultured diamond sales reached 1.4 million carats in 2021, with a market penetration rate of 6.7 percent. The figure is expected to reach 4 million carats by 2025, with a market penetration rate of 13.8 percent.

“We are delighted to be one of the first global brands to launch lab-grown diamonds in China in April, which marks a significant milestone in the company’s global rollout of fine jewelry collections,” Chan said. “China is undoubtedly one of Swarovski’s most important markets globally. Swarovski has long-standing ties of business and friendship with China that were forged three decades ago.”

Lab-grown diamonds, created by simulating the natural growth environment of diamonds, are high-quality synthetic gems with jewelry application value, said Sun Zhaoda, secretary-general of the superhard materials branch of the China Machine Tool and Tool Builders’ Association, adding that the emerging jewelry category is growing rapidly due to its eco-friendly and sustainable characteristics.

According to a recent white paper published by the association, the global cultured diamond supply chain is now largely concentrated in China, India and the United States. China leads in the production of rough cultivated diamonds, with over 22 million carats produced in 2023, accounting for more than 70 percent of global output. India dominates diamond processing, controlling 80 percent of the market, while the US remains the largest consumer market for cultivated diamonds.

“While China’s share in diamond processing is still relatively low, the country is exploring new green development models,” said Sun. “With increasing consumer acceptance of cultivated diamonds in China, the market for lab-grown gems is expected to grow significantly.”

Source: Chinadaily

Kardashian Debuts the Princess Diana Cross

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.

Source: IDEX

Lucara releases Q3 results, diamond mine shaft-sinking progress

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.

Source: Resourceworld

Mountain Province Losses Increase in “Challenging Market”

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.

Source: IDEX

WFDB Call for Five-Year Marketing Campaign

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.

Source: IDEX

Red and Pink Diamonds Lead Sotheby’s Sale

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.”

Source: IDEX

Another Big Drop for India’s Rough Exports

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.

Source: IDEX

Fancy Yellow Diamond Earrings Sell for $8m

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.

Source: IDEX