Monthly Archives: December 2014

Ladies, blondes (and gentlemen) prefer coloured diamonds

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THE DEMAND FOR COLOURED DIAMONDS IS GROWING SAY THE EXPERTSDiamonds-Infographic www.worldwidediamonds.info

The market for coloured gemstones is on fire, with pink diamonds, rubies and sapphires achieving record prices and experts predicting a sharp increase on demand next year to last a decade.

Only last month, Sotheby’s set a new world record for a ruby when it sold an 8.62-carat Burmese stone for US$8.4 million (8.2m Swiss francs). The auction house also set a new world record for sapphires at a recent auction in Hong Kong.

But what makes diamonds have a colour? Canadian diamond retailer Excalibur Royale created the following infographic explaining this, and more.

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Henry Sapiecha

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P N Gadgil Jewellers of India sets up diamond manufacturing unit

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MUMBAI: P N Gadgil Jewellers today said it wants to scale up its diamond jewellery segment for which the company has set up a separate manufacturing unit.

“Our diamond factory, which has a capacity to produce 5,000 pieces a month, will design unique hand-made diamond jewelleries that will amalgamate with evolving market.

“This new venture is just the beginning. There’s a lot to be done,” P N Gadgil Jewellers Chairman and Managing Director Saurabh Gadgil said in a release issued here.

Gadgil diamond factory is a new business venture that will increase the diamond jewellery production by four times, he added.

“Eighty per cent of the jewellery manufactured in the diamond factory will be retailed in the domestic market and the rest 20 per cent will be exported,” Gadgil said.

It will present a variety of designs in gold jewellery with diamond settings and the designs will include exquisite handmade diamond jewellery crafted with beautiful solitaires, and diamonds in micro settings.

All diamonds used will be certified by GIA, ICI, SGL certification, justifying their standards in terms of quality.

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Henry Sapiecha

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China throws down the gauntlet to India’s position as world’s top diamond polisher

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NEW DELHI: India’s long-held position as the world’s top diamond polisher is being challenged by soaring output from China, compelling the south Asian country to seek help from ally and top rough diamond supplier Russia to defend its market share.

India has traditionally relied on the middlemen in trading hubs of Antwerp, Tel Aviv and Dubai for its supply of rough diamonds, which mainly come from Russia or Africa. Most of the world’s diamond output is sent to India for cutting and polishing before being retailed around the world.

But China has managed to break the established trade route by getting diamonds directly from African mines in which Chinese companies have a stake. This has boosted the value of China’s net exports of polished diamonds by 72 per cent in the past five years to $8.9 billion.

While India’s exports, supplied by firms such as Asian Star , Gitanjali Gems Ltd and Venus Jewel, rose 49 per cent to $14 billion over that time, shipments have seen a sharp drop this year.

“China’s active procurement of rough supply from African countries was reducing the supply available to Indian manufacturers,” said Sandeep Varia, an executive of Indian industry body Assocham. “Many units across the country had to lay off workers due to losses.”

As a result, China’s share of the global polished diamond market has tripled to 17 per cent in the past decade, according to data from the United Nations. India’s share has fluctuated between 19 and 31 per cent.

BRING IN RUSSIA

PM Narendra Modi, who comes from Gujarat where the polishing industry is centred, has answered calls to bolster the diamond sector by convincing Russia to sell rough diamonds directly to India.

During President Vladimir Putin’s visit to New Delhi this month, Russia’s state-run diamond monopoly Alrosa signed a dozen deals to increase direct rough diamond deliveries to India that would help reduce the cut taken by middlemen in the secretive precious gems trade.

The direct deals would also reduce risks linked to Western sanctions imposed over Russia’s annexation of Crimea, while Modi is additionally seeking arrangements that would allow Russian jewellery makers to send rough diamonds to India and re-import polished stones duty-free.

But to compete effectively with China, India will also need to streamline its tax and import rules, industry sources said.

“China is not going to displace India as the leading diamond polishing hub any time soon, but India needs to reform its archaic tax rules to make the Indian diamond polishing industry more attractive for foreign miners,” said Martin Rapaport, chairman of diamond and jewellery service firm Rapaport Group.

India is looking to build a special notified zone where companies can import rough diamonds on a consignment basis and re-export unsold ones, mirroring China’s investor-friendly trading zones that avoid complicated export and import taxes.

“These are positive moves for the industry,” said Mehul N. Shah, committee member of India’s Bharat Diamond Bourse. “It will increase profit margins of the Indian diamond manufacturing industry and make it more competitive.”

Despite China’s upper hand in securing rough diamonds, its cutting and polishing industry is not as organised as India’s and rising labour costs are a problem.

“The Chinese diamond polishing industry works on a contract-basis and through joint ventures,” said Rapaport. “They are consistent at mass producing small stones, but lack the expertise required for bigger and finer stones.”

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Henry Sapiecha

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1OOCT YELLOW DIAMOND SOLD FOR $16.3M VIEW IT HERE

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This is what a $16.3 million yellow diamond looks like

This 100.09-carat “Graff Vivid Yellow” diamond, one of the world’s largest cut precious gems of any colour, fetched Tuesday an astronomical $16.3 million, the highest amount ever paid for a yellow diamond, at Sotheby’s Geneva auction of Magnificent Jewels and Noble Jewels, held at the Hôtel Beau-Rivage.

The daffodil-colour rock is mounted as a ring and sparkles with “extraordinary fire and brilliance,” according to the auction house, which added the auction, featuring two diamonds over 100 carats, drew buyers from more than 30 countries.

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Previously known as the Dream Diamond, the Graff Vivid Yellow was a captivating 190-carat rough stone at the time Laurence Graff — a high-profile connoisseur and collector of fine coloured diamonds— bought it in Kimberley, South Africa. When he first saw the diamond crystal, he stated, “It was an intense golden yellow and one of the rarest yellow diamonds I had ever seen. I knew the polished stone within would be more than exceptional.”

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The rock was then sent to the Gemological Institute of America (GIA) to certify its natural authenticity. For the next nine months, New York master cutter Nino Bianco transformed the stone. The brilliant, 100.09-carat polished cushion-cut diamond was renamed the Graff Vivid Yellow and was unveiled as the world’s largest yellow diamond. It made its public debut at Kensington Palace in London.

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Henry Sapiecha

5.70-carat, rectangular-cut fancy blue VS1 diamond sold for more than $2 m

A 5.70-carat, rectangular-cut fancy blue VS1 diamond sold for more than $2 million, or $360,000 per carat.image www.worldwidediamonds.info

A 5.70-carat, rectangular-cut fancy blue VS1 diamond sold for more than $2 million, or $360,000 per carat.

Christie’s New York Magnificent Jewels sale.

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Henry Sapiecha

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32.72-carat, rectangular-cut D-color VS1 diamond sold for $2.4 million

A 32.72-carat, rectangular-cut D-color VS1 diamond sold for $2.4 million, or $74,000 per carat.image www.worldwidediamonds.info

A 32.72-carat, rectangular-cut D-color VS1 diamond sold for $2.4 million, or $74,000 per carat.

Christie’s New York Magnificent Jewels sale.

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Henry Sapiecha

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21.30-carat, oval-cut fancy light pink Golconda diamond sold for $4.25 m @ Christies

A 21.30-carat, oval-cut fancy light pink Golconda diamond that sold for $4.25 million, or $200,000 per carat image www.worldwidediamonds.info

A 21.30-carat, oval-cut fancy light pink Golconda diamond that sold for $4.25 million, or $200,000 per carat.

Christie’s New York Magnificent Jewels sale.

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Henry Sapiecha

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BULGARI DIAMOND 32.32CT WHITE OVAL CUT SOLD FOR $4M @ AUCTION

32.32-carat, oval-cut D-color VVS1diamond sold auction $4m image www.worldwidediamonds.info

* A 32.32-carat, oval-cut D-color VVS1 Potentially Internally Flawless diamond by Bulgari (pictured above) sold for more than $4 million, or $126,000 per carat.

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Henry Sapiecha

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