Category Archives: LARGE DIAMONDS

Pink diamond sells for world record price

A pink diamond that was first cut in the 1920s has reached a world-record sum at auction.

Categorised as fancy vivid pink, the 18.96-carat diamond, named Pink Legacy, reached 50.3 million Swiss francs ($68.8 million) at the Magnificent Jewels auction run by Christie’s in Geneva, Switzerland. This priced the diamond at around $3.6 million per carat.

The Pink Legacy diamond. Image: Christie’s.

This pink diamond had been estimated to sell for between $US30–50m ($41–69 million) at auction.

It was discovered in South Africa and was previously possessed by the former owners of De Beers.

Christie’s has referred to the Pink Legacy as the “largest fancy vivid pink diamond ever offered” at any of its diamond auctions.

Pink Legacy is a Type IIA diamond, which are chemically very pure with little to no nitrogen content. This category accounts for less than two per cent of all gem diamonds worldwide.

The diamond was purchased by American jewellery company Harry Winston, which has dubbed it the Winston Pink Legacy.

Australia is well-known for the production of pink diamonds at the Rio Tinto-run Argyle mine in the Kimberley region of Western Australia.

The company broke records with two diamonds at a tender earlier this week that saw the sale of 63 rare pink, red and violet diamonds from the mine.

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Henry Sapiecha

Gem Diamonds shares ablaze as miner discovers 910-carat rough diamond

A RARE FIND OF A 910 CARAT ROUGH DIAMOND IN AFRICAN DIAMOND MINE

Shares in Africa-focused Gem Diamonds (LON:GEMD) skyrocketed Monday morning after the miner announced the recovery of what it qualified as the fifth biggest gem-quality diamond ever found.

The 910-carat, D colour, Type IIa rough diamond was unearthed at the firm’s flagship Letšeng mine in Lesotho. According to analysts at Liberum, it may fetch as much as $40 million, based on previous sales of large quality stones.

The company’s stock leaped more than 17% on the news by midday Monday, the biggest intraday gain since 2010, trading at 93 pence.

To date, Gem Diamonds has recovered ten 100-carat-plus stones from its Letšeng mining

operation  inLesotho, and five of the 20 largest white gem-quality rough diamonds ever
found.

 

Since acquiring Letšeng in 2006, Gem Diamonds has found now five of the 20 largest white gem quality diamonds ever recovered, which makes the mine the world’s highest dollar per carat kimberlite diamond undertaking.

Up to now the company has recovered ten 100-carat-plus stones at Letšeng. One of them, a 357-carat stone found in 2015, sold for $19.3 million.

“This eawesome top quality diamond is the largest to be mined to date and highlights the unsurpassed quality of the Letšeng mine,” em Diamonds’ chief executive officer, Clifford Elphick, said in the statement.

Previous to today’s announcement, the biggest diamond dug at that mine was the 603-carat called Lesotho Promise, found in 2006.

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

The biggest diamond ever found was the 3,106-carat Cullinan, dug near Pretoria, South Africa, in 1905. It was later cut into several stones, including the First Star of Africa and the Second Star of Africa, which are part of Britain’s Crown Jewels held in the Tower of London. Lucara’s 1,109-carat Lesedi La Rona was the second-biggest in record, while the 995-carat Excelsior and 969-carat Star of Sierra Leone were the third- and fourth-biggest.

Henry Sapiecha

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Sierra Leone ‘Peace Diamond’ in the rough sold for less-than-expected

Still, the egg-sized, 709-carat rock fetched $6.5 million

Sierra Leone has sold one of the world’s largest diamonds ever found at an auction in New York on Monday, fetching a lower-than-expected price of $6.5 million

The egg-sized, 709-carat rough “Peace Diamond” is one of the largest ever discovered in the West African country and one of the world’s 20 biggest rough precious rocks ever found.

The egg-sized diamond was found in March in the country’s eastern Kono region by a Christian pastor who gave it to the government.The yellowish diamond is also one of the largest found in recent years at mines in southern Africa, closely behind Lucara Diamond’s (TSX:LUC) 1,111-carat rock discovered in Botswana in 2015.

It was sold to luxury jeweller Laurence Graff, chairman of Graff Diamonds, a British multinational jeweller based in London, said international diamond trading network Rapaport Group, which marketed and auctioned the stone for free.

As promised by the pastor who found the diamond and later donated it to Sierra Leone’s government, half of the proceeds from the auction will be used to fund infrastructure projects to benefit the community of the small village where it was discovered.

The country’s government will receive about $3.9 million of the final selling price as taxes, Rapaport said. Another $980,454 will enter a community development fund, while about $1 million will go to local diggers in the West African nation’s Kono district.

This is not the first “Peace Diamond” is put up for sale. A $7.8 million bid was turned down by the government of Sierra Leone in May. Two months later, authorities announced they would try selling it again.

Between 1991 and 2002, the Kono district — where the Peace Diamond was found — was at the centre of the “blood diamond” trade that funded the country’s brutal civil war as rebel groups exchanged gems for weapons.

Emmanuel Momoh, a 39-year-old pastor who is also one of hundreds of so-called artisanal miners in Kono, Sierra Leone’s key mining district, found this diamond — the second-largest ever found in the West African nation. (Image courtesy of National Minerals Agency of Sierra Leone.)

Henry Sapiecha

Alrosa prepared to now auction the most expensive diamond ever polished in Russia

Part of its “Dynasty collection,” consisting in five diamonds polished from a 179-carat rock found in 2015

Russian miner Alrosa  (MCX:ALRS), the world’s top diamond producer by output will auction Wednesday a rare collection of diamonds produced domestically, including the most expensive rock ever polished in the country — a giant 51.4-carat gem.

More than 130 potential buyers have already registered to participate in tomorrow’s online sale of the diamond collection, named after the dynasties of the Romanov, the company said in a statement. That family ruled for more than 300 years before the Russian Revolution.

The largest of all bears the same name as the entire Dynasty collection. It’s a huge, traditional round-cut diamond, whose 2.5 cm (1 inch) diameter is equal in size to the visible part of a human eye.

The five diamonds. (Photo: Alrosa)

Discovered in 2015, the rough version of the diamond was a massive 179-carat gem, found in a mine in the northeast region of Sakha. It was then cut and polished into five smaller gems, named after noble families of the imperial era: Sheremetyev, Orlov, Vorontsov and Usupov.

“There was a good reason to choose the name for the collection, which is connected with Alrosa’s intention to revive the traditions and memory of renowned Russian jewelers famous for their craftsmanship and filigree since Russia’s first cutting and polishing factory founded by Peter I (the Great) early in the 18th century,” the company said.

The 179-carat rough diamond that was the source of the Dynasty collection. (Photo: Alrosa)

According to Alrosa, the Dynasty diamond is potentially the most expensive diamond manufactured in the history of Russian jewellery because of its quality.

Alrosa’s decision to produce these polished diamonds and sell them online fits with a broader industry quest to find new ways to the market and add value on the part of gem producers.

Alrosa and Anglo American’s De Beers unit, which for the first time auctioned polished stones this year, produce about half of the world’s rough diamonds.

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Henry Sapiecha

Lucara sells world’s second-largest diamond for $53 million

The tennis ball-sized Lesedi La Rona rough diamond that Lucara Diamond (TSX:LUC) unearthed two years ago at its Karowe mine in Botswana was sold this week for $53 million.

The buyer, London-based Graff Diamonds, paid nearly $47,777 per carat.

“The stone will tell us its story. It will dictate how it wants to be cut, and we will take the utmost care to respect its exceptional properties,” said the gem’s new custodian, Laurence Graff, in a press release.

On the other hand, Lucara CEO William Lamb stated that Graff paid a fair price for the 1,109-carat diamond, whose discovery marked a defining moment for the Vancouver-based company.

Such finding, he said, “solidified the amazing potential and rareness of the diamonds recovered at the Karowe mine. We took our time to find a buyer who would take the diamond through its next stage of evolution.”

Henry Sapiecha

World’s ‘most beautiful diamond’ to go under the hammer at Christies Auction House

Diamond necklace featuring 163-carat flawless emerald stone, largest of its kind ever to be put up for an auction, has been unveiled in Hong Kong on Thursday September 28 (PRNewsfoto/de GRISOGONO)

An impressive flawless 163-carat diamond that has been hailed the “world’s most beautiful” will go under Christie’s hammer in Geneva in November, the auction house said Thursday.

Discovered in February last year in eastern Angola, the 404.20-carat rough diamond — named the “4 de Fevereiro” — was also the largest found so far in the southern African country, Christie’s said.

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Diamond necklace featuring 163-carat flawless emerald stone, largest of its kind ever to be put up for an auction, has been unveiled in Hong Kong on Thursday September 28 (PRNewsfoto/de GRISOGONO)

A team of ten diamond-cutting specialist were involved polishing the rough diamond during the period of 11 months. The stone was then designed into a one-of-a-kind piece by Swiss jewellery house de Grisogono.

The D-color, emerald-cut diamond is classified as a rare Type IIa one, which in technical terms means an almost complete absence of nitrogen in the stone, de Grisogono said in a separate statement.

The original, 404.20-carat rough diamond that was mined in eastern Angola — the 27th largest rough white diamond ever discovered. (Image courtesy of Christie’s.)

It took over 1,700 hours to create this unique jewel and involved a team of 14 craftsmen and their know-how as well as love for perfection for each detail in the necklace.

he D-color, emerald-cut diamond can be detached from its white gold, diamond and emerald necklace. (Image courtesy of Christie’s.)

The finished piece, named The Art of de Grisogono, allows customers to detach it from its white gold, diamond and emerald necklace, if they wish to do so. It will be shown in London, Dubai and New York before going to auction in Geneva on November 14.

www.www-gems.com

Henry Sapiecha

Alrosa Russian Diamond mine finds gigantic pink diamond, likely its most expensive one

Russia’s Alrosa (MCX:ALRS), the world’s top diamond producer by output in carats, has unearthed 27.85-carat pink precious rock the company believes could be the most expensive it has ever found.

Alrosa is trying to decide on whether to sell this pink rock as a rough diamond, or cut and polish it.The miner, majority-owned by the Russian government, said the gem-quality stone was found at its alluvial mines in Russia’s Far East, adding that the largest pink diamond it had previously discovered was less than 4 carats in weight.

The impressive pink rock, measuring 22.47 mm x 15.69 mm x 10.9 mm, has very few flaws and could become the company’s most expensive polished diamond if it decides to cut it, Alrosa said in the statement.

Coloured diamonds, especially pink ones, have been lately setting records in auctions. In April, Sotheby’s sold a 59.6-carat one — the ‘‘Pink Star’’ — for $71.2 million. Until then, the most expensive diamond ever sold at auction was the “Oppenheimer Blue,” which fetched 56.8 million Swiss francs (more than $57 million at the time) in May 2016.

The previous world auction record for a pink diamond was $46.2 million for the 24.78 carat “Graff Pink” in 2010.

Alrosa noted that it is currently trying to decide on whether to sell this pink rock as a rough diamond, or cut and polish it.

www.www-gems.com

Henry Sapiecha

Yet Another huge diamond unearthed in Lesotho mine

Gem Diamonds discovered this high quality 126-carat, D colour Type IIa rock at Letšeng

Africa-focused Gem Diamonds (LON:GEMD) unveiled Thursday a 126-carat rock unearthed at its flagship Letšeng mine in Lesotho, the latest in a string of major discoveries at the operation this year.

The finding of the high quality D colour Type IIa diamond comes barely a month after the company discovered two massive diamonds at the same mine —  a 151.52-carat Type I yellow rock and a high quality 104.73-carat, D-colour Type IIa stone.

It also follows the recovery of a 114-carat diamond in April and an 80-carat, D-colour Type-II diamond found in May — one of the highest-quality diamonds to come out of the Letšeng mine.

Type IIa diamonds contain very little or no nitrogen atoms, which places them among the most expensive stones.

Since acquiring Letšeng in 2006, Gem Diamonds has found four of the 20 largest white gem quality diamonds ever recovered, which makes of the 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.

Henry Sapiecha

 

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