Tuesday, November 8, 2016

Bain Capital and Bow Street to acquired Blue Nile



In a surprise announcement, online jeweller Blue Nile has entered into an agreement to be acquired by an investor group managed by Bain Capital Private Equity and Bow Street LLC.

Bain Capital and Bow Street will acquire 100 percent of the outstanding shares of Blue Nile common stock.

The cash deal is valued at $500 million, Blue Nile stockholders will receive $40.75 in cash per share, 34 percent over Blue Nile’s closing price on November 4.

Blue Nile’s board of directors approved the deal unanimously, and recommended that stockholders vote their shares in favour of the transaction.

Wednesday, November 2, 2016

Graff Showcases the Graff Venus


The 118.78 carat type IIa diamond with no fluorescence and an excellent polish and symmetry. Is a record for a heart shape.

The diamond was polished from a 357 carat rough recovered at the Letšeng mine in Lesotho in 2015. 

Gem Diamonds sold the rough for $19.3 million to an undisclosed buyer in September that year.

Laurence Graff said “It is the most beautiful heart shape diamond I have ever seen.
Source:DCLA

Thursday, October 27, 2016

Large diamonds recovered at Lulo


Image result for 39 carats pink, at Lulo.

Lucapa Diamond mining at the Lulo diamond project in Angola, have recovered two diamonds weighing 71 carats and 77 carats.

Souce: DCLA

Tuesday, September 16, 2014

Petra Recovers 232-Ct. Diamond at Cullinan

Petra Diamonds recovered a 232.08-carat, D, type II, white diamond at the Cullinan mine in South Africa.

The diamond (pictured) is of exceptional size and clarity, according to the company, and is yet another very large, high-quality diamond recovered at Cullinan. In February, Petra sold a 29.60-carat, blue diamond from the mine for $25.6 million or $862,780 per carat. In June, the company recovered a 122.50-carat, blue diamond, which is currently for sale  in South Africa.

The company intends to offer the recently discovered diamond for sale in the second quarter of its fiscal year and will notify the market once a date is finalized. 

Wednesday, September 10, 2014

Diamonds not always a buyer’s best friend, dispute shows



Founded in Tel Aviv in 1974 and now with eight offices worldwide, EGL (European Gemological Laboratory) is the target in a lawsuit in US courts after claims of “over-grading” diamonds, certifying them as being worth more than they really are – a charge the service vehemently denies.


Whether the issue for EGL’s alleged over-certification of the diamonds is fraud – or the result of a decades-old difference of opinion on how to fix and rate the value of stones – will be for the courts to decide.

EGL suffered the latest blow this week when Martin Rapaport, chairman of the Rapaport Group, which publishes an authoritative diamond price list and table that is considered the standard for diamond pricing in the US, said that his service would no longer list stones evaluated and certified by EGL for the all-important “four C’s” that determine the value of a diamond – carat, color, clarity and cut. In a statement, Rapaport said that his service “is opposed to the misrepresentation of diamond quality. The over-grading of diamonds is an unfair practice that destroys consumer confidence and the legitimacy of the diamond industry.”

The brouhaha stems from a series of lawsuits against Genesis Diamonds, a retailer in Nashville, brought by several customers who claim they were sold overpriced diamonds. In one case, a customer paid $135,000 for two stones, one weighing 3.01 carats and the second 3.04 carats, rated as “excellent” and “very good” cuts by EGL. But another appraisal placed the stones a grade lower, at “very good” and “good.” That appraisal valued them at just $22,500. The case was covered on a local Nashville television station, which highlighted the issue of the EGL report. Since then, other suits have been filed against Genesis.

But EGL CEO Guy D. Benhamou said that the reports got it all wrong — the issue is not fraud, but subjective interpretations of what constitutes a “good” diamond. In a statement, Benhamou said that “it is well known that since gemology is not an exact science, the same diamond sent to several gem labs could produce different grading results. You can receive different grades for the same diamond from several different labs. That does not mean that any of the diamond labs made a mistake, it is simply in the nature of the business. Any diamond grader and lab will tell you that.”

Tuesday, July 29, 2014

Petra Diamonds' No. 2 shareholder dumps 70 pct stake in miner

Petra Diamonds Ltd said its second-largest shareholder sold more than two-thirds of its stake in the diamond miner through a placement at a discount of 12 percent to the stock's Monday close.
 
The stock was down 11 percent at 193.25 pence at 1042 GMT on the London Stock Exchange. The stock had fallen 12 percent earlier on Tuesday on rumours of the placement.
Awal Bank placed 43 million shares with UK and international institutions at 190 pence per share or about 82 million pounds ($139 million).
A further 13.2 million shares held by Awal Bank – owned by Maan al-Sanea, the Saudi billionaire head of the Saad Group – are subject to a 90 day lock-up, Petra said in a statement.
Petra's website shows that Awal Bank held 60.8 million shares or 11.9 percent in Petra through Saad Investments Co Ltd.
The miner said it was unaware if the remaining 4.6 million shares held by Awal Bank were to be sold at this time.

Tuesday, July 15, 2014

Lucapa Recovers Type IIa Diamonds at Lulo

Lucapa Diamond Company recovered six type IIa stones along wtih six  other gem-quality diamonds from preliminary surface sampling at its Lulo diamond concession in Angola.
 

The company noted that the diamonds were recovered from four separate kimberlite pipes. Five of the type IIa diamonds recovered weighed a total of 2.30 carats and ranged in size from 1.05 carats to 0.15 carats. Type IIa diamonds are rare and account for less than 1 percent of global production.

Miles Kennedy, the managing director of Lucapa, concluded  that since kimberlite pipes at the Lulo concession host type IIa diamonds, this was another significant milestone for Lucapa.

“The fact we have now identified several diamond bearing kimberlite pipes proximal to where we have found large alluvial diamonds is of great significance as we are really only scratching the surface of these pipes at this time,” he said.

Kennedy explained that the independent confirmation that 50 percent of the diamonds recovered are type IIa diamonds also adds early credence that these pipes could be the source of the alluvial diamonds at Lulo.