Monthly Archives: June 2017

Gem Diamonds finds two large rough diamonds at flagship mine in Lesotho Africa

Africa-focused Gem Diamonds (LON:GEMD) has discovered two diamonds bigger than 100 carats at its Letšeng mine in Lesotho, which should help the company boost revenue and investors confidence.

The two massive diamonds are a 151.52-carat Type I yellow rock and a high quality 104.73-carat, D-colour Type IIa stone, the London-based miner said in a statement.

The last time Gem Diamonds had made a significant discovery at its Letšeng mine before April this year was in 2015.The findings come on the heels of other key discoveries at the mine. In April, the company announced the recovery of a 114-carat diamond and last month it found one of the highest-quality diamonds to come out of the Letšeng mine — an 80-carat, D-colour Type-II diamond.

The last time Gem Diamonds had found a significant diamond in Lesotho was in 2015, when it unearthed an “exceptional” 357-carat rock, later sold for $19.3 million.

Investors reacted positively to the news, with the stock was trading at 1.64% higher at 93 pence around 2:00PM GMT.

Since acquiring Letšeng in 2006, the company has found four of the 20 largest white gem quality diamonds ever recovered, which makes of the Lesotho mine the world’s highest dollar per carat kimberlite diamond operation.

At an average elevation of 3,100 metres (10,000 feet) above sea level, Letšeng is also one of the world’s highest diamond mines.

www.www-gems.com

Henry Sapiecha

Alrosa finds 62.75-carat diamond at prolific Jubilee pipe mine in Russia

Russia’s Alrosa (MCX:ALRS), the world’s top diamond producer by output, said Tuesday it found a 65.75-carat precious rock at the Jubilee kimberlite pipe of its Aikhalsky Mining unit in Yakutia, northeast Russia.

The transparent crystal, the miner said, has an octahedron-shape, light-yellowish tint and its measures 23 x 16 x 17 mm.

Alrosa’s Jubilee pipe is famous for its large finds. Several diamonds from 50 to 138 carats were recovered from the deposit in the past two years, including a 76.07-carat diamond, which was named in honour of 70 Years of the Soviet Union’s Victory in the Great Patriotic War of 1941-1945 against Nazi Germany.

The company’s business unit Aikhal Mining accounted for over 30% of Alrosa’s total raw diamonds in 2016. It generated 12.2 million carats, worth $1.2 billion, according to the firm.

Henry Sapiecha

Pink Star diamond sets new world auction price record in Hong Kong

 

A rare diamond known as the Pink Star has been sold in Hong Kong for more than $71m (£57m), setting a new world record for any gemstone at auction.

The oval-shaped 59.6 carat stone was bought after just five minutes’ bidding at Sotheby’s, reports said.

It is the largest polished diamond in its class to go under the hammer.

It sold for $83m in Geneva in 2013 but the buyer later defaulted. The record until now was held by the Oppenheimer Blue, which sold for $50m last May.

Bidding for the gem, which was found by De Beers at a mine in Africa in 1999 and cut over a period of two years, began at $56m.

Sotheby’s said the buyer was Hong Kong jewellery retailer Chow Tai Fook Jewellery.

Alexander Breckner, head of diamonds at jewellers “77 Diamonds”, told the BBC that the stone was exceptional.

“It’s the largest pink diamond ever found in the history of humankind. It’s an incredible colour to it.

“And the sheer size of the stone already makes it so rare and so beautiful.”

Previous records set in stone

May 2016: A large diamond known as the Oppenheimer Blue set a new auction record, reaching a price of $50.6m (£34.7m at the exchange rate then current). The 14.62-carat gem was sold after 20 minutes of phone bidding at Christie’s auction house in Geneva. The buyer’s identity is unknown.

November 2015: The Blue Moon, a 12.03-carat ring-mounted blue diamond, caught the eye of Hong Kong tycoon Joseph Lau, who paid a record $48.4m (£31.7m) for the cushion-shaped stone. He bought it for his seven-year-old daughter, renaming it the “Blue Moon of Josephine” after her.

May 2015: An unnamed buyer made history after purchasing the Sunrise Ruby, a 25.59-carat “pigeon blood” coloured gemstone, for $30m (£19.1m). At that price, it became the world’s most expensive precious stone other than a diamond.

November 2013: The “largest vivid orange diamond in the world”, according to Christie’s, attracted the highest price paid per carat for any diamond at auction, selling for $35m (£22m), or $2.4m (£1.5m) per carat.

November 2010: The Graff Pink, a 24.78-carat “fancy intense pink” stone described as “one of the greatest diamonds ever discovered”, auctioned for $46.2m (£29m). At the time it was believed to be the most expensive gemstone bought at auction and was sold to the well-known British dealer Laurence Graff.

Related Topics

www.www-gems.com

www.gem-creations.com

Henry Sapiecha

 

Diamcor just found this rare green diamond at S. Africa project

Canada’s Diamcor Mining (TSX-V:DMI) said Tuesday it has found a 5.36-carat green gem quality octahedron rough diamond from its Krone-Endora project in South Africa, located next to De Beers’ Venetia mine, the world’s third largest.

While the significance of this rough green diamond is currently uncertain, the company said that given the rarity and potential high value of green diamonds, an analysis of the recently-found rock will be performed over the coming weeks.

The stone has been shipped to Antwerp along with other rough diamonds recovered from the ongoing efforts and processing underway at the project, Diamcor said.

Krone-Endora previously belonged to diamond giant De Beers, but Diamcor officially acquired the project in February 2011.

Diamcor and De Beers mines in Limpopo, South Africa. (Image courtesy of Diamcor Mining )

The project is located directly adjacent to De Beers’ Venetia mine, which is South Africa’s largest diamond mine, accounting for over 50% of the country’s annual output.

Prices for coloured diamonds have increased in the past two years. In June 2016, a massive intense blue diamond, known as The Cullinan Dream, fetched $25.4 million at a Christie’s auction in New York, breaking all records and becoming the most expensive gem of its kind ever sold at auction.

And last month in Hong Kong, the 59.60-carat “Pink Star” sold for a record $71.2 million, a price that highlighted the galloping market for coloured gems.

Henry Sapiecha