The government of Russia’s Yakutia region, a major shareholder in diamond producer Alrosa, has proposed that precious metals and gems repository Gokhran buy $0.5-$1 billion of the firm’s rough diamonds this year, Interfax news agency reported. The proposal was made to President Vladimir Putin and Russia’s finance ministry, which is responsible for Gokhran within the government, Interfax quoted Aysen Nikolaev, the head of Yakutia region, as saying on Tuesday. Diamond miners are battling falling demand, as well as competition from diamonds manufactured in la
Luxury retailer Louis Vuitton has unveiled its recently acquired 1,758-carat rough diamond, the second-largest ever discovered, to a select audience in Paris, France, before its turns it into a fine jewellery collection. The 166-year-old fashion house, which announced last week it was the new owner of the Sewelô diamond, meaning “rare find” in Southern Africa’s Setswana language, will now leave it in the hands of Belgium’s HB. The Antwerp-based diamond manufacturer will cut and polish the blackened, tennis-ball sized stone, found last year by Canada&rsq
Brazil Minerals (OTC PINK: BMIX) announced that its Pindaíba diamond operation in the eastern state of Minas Gerais has been producing a considerable amount of gem-quality stones. In a press release, the miner said that the diamonds recovered locally that have been cut and polished, and later graded and certified at the Gemological Institute of America, had an average Rappaport valuation of $3,250 per carat. The gems’ highest colour grade was E and their best clarity was VVS1. Most of them, however, graded F-G for colour and VVS2-VS2 for clarity and wei
While lower prices as well as marketed ethical and sustainable benefits relative to that of natural diamonds has been the prominent narrative around man-made diamonds, a seemingly less-obvious factor is also likely helping to drive the product: the profit margin they offer retailers. When analyzing the wholesale and retail prices of unbranded man-made and natural diamonds, it appears that the retail gross margin of man-made diamonds in popular carat-sizes is as much as 1.8-times that of natural diamonds (see below figures). To further quantify this, for example, in so
ALROSA has sold its 6.21-carat cushion cut fancy intense pink purple diamond to Larry West, a New York-based collector of exclusive pink diamonds. The stone originates from Yakutia, where it was discovered and polished by ALROSA. For over 40 years, Larry J. West, the owner of New York’s L.J. West Diamonds, has been searching for an extraordinary natural color diamonds. His collection has been featured in Natural History Museum of Los Angeles County and at auctions worldwide. “As global production declines, pink diamonds will become rarer and thus more valuable
Botswana plans to conclude negotiations with De Beers on a diamond sales agreement by the end of April to replace the current ten-year deal that expires in January. The government wants to see more gems cut and polished within the borders of the world’s second-biggest biggest diamond producer, creating jobs and boosting the state coffers, according to Lefoko Moagi, the minister of mineral resources, green technology and energy security. An agreement is crucial for both parties. Botswana accounts for more than two-thirds of De Beers’ production, while the co
In preparation for its initial public offering in 2022 – which will involve a 30% stake in the company – Angola’s state-owned miner Endiama EP is looking for partners “with financial and technical know-how” to increase the country’s diamond production. This, according to an interview given by José Manuel Ganga Junior, head of the Endiama group that controls diamond mining concessions in Angola, to the Financial Times. In his comments, Ganga Junior said that Angola wants to move up from its spot as the world’s seventh-biggest diamon
Canada’s Lucara Diamond (TSX:LUC) has found an unbroken 549-carat white diamond at its prolific Karowe mine in Botswana, the same asset that last year yielded the 1,758-carat Sewelô (“rare find”), the second-largest diamond ever mined. The new stone, which the company said was “of exceptional purity,” was recovered from direct milling of ore sourced from the EM/PK(S) unit of the South Lobe. Another big find, a 176 carat diamond, was also recovered that block in the past few days. “Lucara is extremely pleased to be starting off 2020 with the recovery
404.20 carat rough diamond that was mined in eastern Angola — the 27th largest rough white diamond ever discovered. Photo by Christie’s. Angola state-owned diamond mining company Endiama EP plans to sell as much as 30% of its shares in an initial public offering in 2022. The sale is part of a government plan to increase transparency in the diamond sector and bolster production, chairman José Manuel Ganga Júnior said in an interview in Cape Town, South Africa. Angola is the world’s seventh biggest diamond producer. “We are preparing Endiama
Africa-focused Gem Diamonds’ (LON:GEMD) said on Tuesday it had recovered a 183-carat, white, Type IIa diamond from its 70%-owned Letšeng mine in Lesotho. Alongside the “exceptional” stone, the company found two other large, high-quality diamonds weighing 89 and 70 carats, respectively. Analysts at investment bank Berenberg said that while the 183-carat diamond showed signs of breakage, it could fetch more than $5 million. Since acquiring Letšeng in 2006, Gem Diamonds has found more than 60 white gem quality diamonds over 100 carats each, which makes