Canada’s Lucara Diamond (TSX:LUC) is the latest miner to inject some optimism into a depressed market that was hit this year by an unforeseen oversupply and increasing demand for lab-made gems by announcing better than expected sales in December. The Vancouver-based company, which operates the prolific Karowe mine in Botswana, fetched $52.9 million in the final tender held last week. The figure represents an average price of $548 per carat — about 40% higher than the company’s average price achieved in the previous quarter. The proceeds also exceeded expec
The Carnegie Institution of Washington, which has been doing scientific research for more than a century, filed lawsuits in New York alleging its patents for growing diamonds in a lab are being infringed by some top makers of such gem stones. The institute filed three complaints Thursday in Manhattan federal court against six companies, including Pure Grown Diamonds Inc. and IIa Technologies PTE Ltd. Carnegie and M7D Corp., which licenses the technology, said in the lawsuits that they are seeking cash compensation and court orders blocking unauthorized use of two pate
The Perth Mint issued a Jewelled Tiger coin crafted from 10oz of 99.99% pure gold and adorned with a sculptured three-dimensional 18 carat rose gold tiger pavé set with nearly three carats of fancy vivid intense pink diamonds from Rio Tinto’s Argyle mine. In a press release, the mint said that the coin also includes two vibrant green Columbian Muso Emeralds, which represent the eyes. “Surmounting the coin, the tiger is presented with a fierce expression to display its dominance as it ascends a stylised rocky outcrop of mountain ranges with oriental fo
Rio Tinto’s (ASX, LON, NYSE: RIO) iconic Argyle mine in remote Western Australia, the world’s biggest and the main global source of high-quality pink diamonds, will close in the fourth quarter this year, potentially pushing prices up and spurring exploration. The planned closure, the company said, will impact its total diamond output for the year. Rio now expects to produce between 12 and 14 million carats of rough diamonds in 2020, down from the 17 million carats it churned out last year. The impact on Rio’s balance sheet, however, will be minimal
De Beers is considering key changes to the way it sells diamonds as frustration mounts among its customers—a supposedly elite group that are now struggling to turn a profit. De Beers has signaled to its handpicked buyers that it may significantly reduce their number, possibly by the most since its monopoly ended at the beginning of the century, according to people familiar with the discussions. It’s also reconsidering the way that diamonds are allocated among the group, said the people, who asked not to be identified because the conversations were private. Th
Anglo American’s De Beers could soon expand a pilot program launched two years ago that aims to remove conflict diamonds from the market by tracing the route of precious stones dug up by small miners in Sierra Leone. In its first formal progress report on its “GemFair Way,” the world’s largest rough diamond producer by value says there are now 92 sites participating in the initiative, up from the 16 sites at launch in April 2018. Feriel Zerouki, industry relations and ethical initiatives at De Beers Group, as well as GemFair’s general manager,
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