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.

Sunday, July 6, 2014

WFDB Instructs Bourses To Adopt Diamond Declaration

The World Federation of Diamond Bourses is directing all of its affiliated diamond exchanges, thirty in total, to append a specifically worded declaration to all of its invoices and memos from now on, the Israel Diamond Exchange reports. The sentence of text is a proclamation that as far as the author of the document is aware, all diamonds referred to therein are natural diamonds, not synthetic diamonds, and that they have not been treated.

The appended text to be added to invoices is as follows: "The diamonds herein invoiced are exclusively of natural origin and untreated based on personal knowledge and/or written assurances provided to us by the suppliers of these diamonds." The appended text for memos is identical to the text above, with only the word memo substituted for the word invoice.

The move comes at a time when diamantaires are increasingly worried about reported cases in which lab-made diamonds were passed off as natural diamonds, which are significantly more expensive to produce.

Tuesday, July 1, 2014

Where to for GOLD and SILVER

Watch how uncomfortable the host gets when the conversation turns to gold manipulation. Move along, move along! nothing to see here!!! Click : Video

New Device Grades Fancy Colored Diamonds

A new device can color-grade both fancy colored diamonds as well as diamonds with secondary hues, says a release from manufacturer ImaGem. 

The device uses data from thousands of samples to derive its grades for fancy colored stones, says Dr. Lalit K. Aggarwal, chairman of ImaGem, which manufactures the device.
The device, called the GL3200, can “identify which stones have brown or gray or other hues and then map those on a D through Z scale using scientific measurement technologies,” says Aggarwal, who says he worked on the secondary-hue issue for 20 years. “We now have a scientific method of determining the secondary hue. A lot of different opinions are getting resolved with this technology.” 
The machine can grade 2,400 diamonds a month, the company said, and also rates fluorescence, light behavior, proportion analysis, symmetry, and alignment for round as well as fancy shapes. Diamonds are loaded into the machine by a robotic arm.

Thursday, June 12, 2014

De Beers forecasts 2014 polished diamonds growth at 4.5%

Global giant De Beers says polished diamond sales are set to rise 4.5% this year, according to an Agence France-Presse report circulated by media on June 11 and 12. In an interview CEO Philippe Mellier attributed growing demand to a U.S. economic recovery and expanding markets in China and India.
“The largest global market for diamond jewellery is the United States and everyone knows they are taking off again,” AFP quoted him.
De Beers forecasts 2014 polished diamonds growth at 4.5%
De Beers Group CEO Philippe Mellier

Together China, Hong Kong and Macau make up 13% of the global market, the news agency stated. “More and more Chinese are achieving the buying power to acquire jewellery and diamonds, especially when they get married,” said Mellier.
As for India, it’s “a potentially large source of diamond demand.” Mellier called new prime minister Narendra Modi a “fervent defender of an industry which he knows well, the diamond industry, having been governor of Gujarat state, which is known for its diamond polishers.”
The forecast echoes a May 27 report by Dundee Capital Markets, which attributed the last two years of rising diamond prices to new demand in China and India, as well as an American recovery.
Dundee credited De Beers, which controls about 40% of global trade, with one of the “longest-running and most successful marketing campaigns in history, built around the slogan A Diamond is Forever,” which began in the U.S. during the 1940s. “The story was repeated in Japan in the 1950s, supplanting pearls as the romantic gift of choice, and is repeating itself again in the emerging markets of China and India. Their combined population of 2.6 billion people is expected to drive significant growth off a well-established base in the West.”
The Global Diamond Report 2013 from Bain & Company forecast a 10-year period in which 2% supply growth would be overtaken by demand growth of 5.1%. 

Source: resourceclips.com

Wednesday, June 11, 2014

Pink Diamonds Earn Lots of Green at Christie’s

Fancy colored diamonds continue their hot streak at auction, as two 5 ct.-plus pinks blew away their estimates to garner more than $12 million at the Christie’s June 10 Important Jewels auction in New York.
The sale’s headline stone, a 5.5 ct. fancy-vivid pink oval, fetched $9.6 million, or $1.7 million a carat—$2 million more than its $6.5 million–to–$7.5 million estimate. The buyer was described as “New York trade.” 

The 5.5 ct. fancy-vivid pink oval
In addition, another pink diamond—a 5.91 ct. fancy light VS1 rectangular cut—sold for $1.8 million, more than double its $575,000-to-$675,000 estimate.

The 5.91 ct. fancy light VS1 rectangular cut
In a statement, international head of Christie’s jewelry Rahul Kadakia said the fancy-vivid stone saw “enthusiastic bidding,” and noted that this year, three colored diamonds—this pink, the Winston Blue, and the Ocean Dream, which both sold last month—have brought in $42 million total.
Other notable sales include a Taffin diamond ring featuring a 20.08 ct., D VVS1 (potentially internally flawless) rectangle cut, which went for $3.1 million, or $153,240 per carat.

The Taffin diamond ring.
The auction sold 85 percent by value and 83 percent by lot and made $27.5 million total.

Source: JCK