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31 January 2012
Fifteen Percent to Say it with Jewelry this Valentine’s Day
Romance is in the air as Valentine’s Day approaches and with consumer spending set to rise; it seems as if retailers are going to be getting a little more affection than last year. Love-struck consumers are expected to spend 8 percent more than in 2011, with four million people expected to announce their engagement on February 14, according to the latest American Express Spending & Saving Tracker.
Consumers are expected to spend $196 on gifts this year, and more of them are planning to do it – 54 percent in 2012 compared to 41 percent in 2011.
While flowers and gifts cards are the most popular options – 29 percent and 19 percent respectively – jewelry purchases are expected to total 15 percent of gifts, edging out the somewhat less romantic electronics option, which is predicted to be the choice of some 13 percent of consumers.
“Whether people are planning to get engaged, or just celebrate the holiday with flowers and a night out, consumers are telling us they can open their wallets a little wider for Valentine’s Day,” says Sonali Chakravorti, vice president at American Express. “We’ve seen a consistent trend of consumers saying they will spend more, from holiday shopping to 2012 travel plans, and spending plans for February 14 are no exception.”
While Valentine’s Day will be a prime proposal occasion, American Express estimates that 14 million expect a proposal at some point in 2012, which is good news for jewelers.
Keeping all those future marriages in mind, the survey also looked at the price of engagement rings. Forty-eight percent of single consumers feel that anywhere between $1,000 and $5,000 is an appropriate amount for couples to spend on an engagement ring this year.
Others, however, feel the price range should be even lower, with 22 percent citing $1,000 to $1,999 as appropriate, and 21 percent citing less than $500. A high-spending 5 percent feel that shelling out $10,000 or more for the ring is most suitable.
The American Express Spending & Saving Tracker research was completed online among a random sample of 2,000 adults, including the general U.S. population, as well as two sub-groups – the Affluents and Couples. Affluents are defined as having a minimum annual household income of $100,000. Couples are defined as single living with a partner or single with a significant other.
IDEX Online Staff Reporter
31 January 2012
Middle East Buyers Strong at Third Antwerp Diamond Trade Fair
IDEX Online Staff Reporter
2 January 2012
Palace to host diamond exhibition for Diamond Jubilee
Buckingham Palace is to display an exhibition of diamonds to mark the Queens Diamond Jubilee.
The Royal Collection exhibition, which will take place in August and September, will chart the precious gemstones association with British monarchs over the last 200 years.
It will include some of the Sovereigns personal jewels.
Among items on show will be the Girls of Great Britain Tiara, which the Queen wore at a state banquet in November.
It was a wedding present to Princess Victoria Mary of Teck, later Queen Mary - the Queens grandmother - on behalf of the Girls of Great Britain and Ireland in 1893.
Originally crafted with upright pearls around the top and a bandeau base, it was altered in 1920 by Queen Mary who replaced the pearls with diamonds and removed the base.
The monarchs Williamson Brooch features a rare pink diamond.
The tiara is one of the Queens favourites and is known as "Grannys tiara", being a wedding present from her grandmother in 1947.
Visitors to the exhibition, which the Royal Collection website says will cost £18 for an adult, will also see the necklace and earrings worn by the Queen at her coronation ceremony in Westminster Abbey in 1953.
The collet necklace is formed of 25 large graduated cushion-shaped brilliant-cut diamonds and a central drop-shaped pendant of 22.48 carats.
It was created in 1858 for Queen Victoria - the only other British monarch to celebrate a Diamond Jubilee - from a Garter badge and ceremonial sword.
Historic pieces such as Queen Victorias miniature personal crown, which contains nearly 1,200 diamonds, will also be on view.
The monarchs Williamson Brooch which features a rare pink diamond - said to be the finest in existence - will be also be on display.
Touring exhibition
The diamond exhibition is one of a number of exhibitions taking place to mark the Queens 60 years on the throne.
Sixty photographs of The Queen, including the work of leading press photographers of the past six decades, will go on display at Windsor Castle from 4 February to January 2013.
An exhibition of some of the finest treasures from the Royal Collection will go on display at The Queens Gallery, Palace of Holyroodhouse, between 16 March and 16 September.
Highlights of the selection of 100 outstanding works - which has been made from eight royal residences and includes paintings, drawings, manuscripts, furniture and jewellery - include paintings by Rembrandt and Monet and drawings by Michelangelo.
There will also be a touring exhibition of 10 of Leonardo da Vincis finest drawings in the Royal Collection. The exhibition will visit Birmingham, Bristol, Ulster, Dundee and Hull.
In addition, the largest ever exhibition of Leonardo da Vincis studies of the human body will be shown at The Queens Gallery, Buckingham Palace, between 4 May and 7 October.
Jonathan Marsden, director of the Royal Collection, said it was "delighted to be sharing, on behalf of The Queen, some great treasures with museums and galleries across the UK".
"This is a fitting tribute to Her Majestys commitment over the past 60 years to the care and conservation of the Collection and to increasing public access," he said.
BBC news
22 December 2011
Petra Diamonds sells 4.8-carat blue diamond from Cullinan for $1.45 million
Diamond miner Petra Diamonds has announced the sale of a 4.8-carat blue diamond from its Cullinan mine for $1.45 million, equivalent to more than $300,000 per carat.
The diamond was sold at the firms most recent tender earlier this month.
The firm said that it is the highest amount it has achieved for any rough diamond it has sold on a per carat basis.
Petra is also confident that it is one of the highest values per carat ever achieved on the sale of a rough diamond by any rough diamond producer. Cullinan is renowned as the world’s only reliable source of blue diamonds and this sale demonstrates how rare and desirable they are to the international market.
Antwerp Facets News Service
26 December 2011
U.S. singer Britney Spears shows off $92,000 diamond engagement ring
American singer Britney Spears had a Christmas surprise after receiving a diamond engagement ring from fiancé Jason Trawick who paid $92,000 for the diamond band.
Trawick helped design the four-carat round-cut-diamond-and-platinum ring that also has diamonds set around the band which was made by jewellery designer to the stars Neil Lane, according to media reports.
Trawick is Spears agent and after presenting her with the ring, they published the news on Twitter.
Spears later showed off the ring at Trawicks 40th birthday party in Las Vegas over the weekend.
Antwerp Facets News Service
20 December 2011
Christie’s says Elizabeth Taylor Collection auctions raised almost $157 million
The auctions of The Collection of Elizabeth Taylor at Christie’s New York from December 3-17 realized a combined total of $156,756,576 with every single item sold, the auctioneer reported.
The sale drew interest from bidders throughout the world, who gathered in Christie’s flagship Rockefeller Center saleroom to compete in person, on the phone, on-line and by absentee bid to win one of the Collection’s 1,778 lots of jewellery, fashion, decorative arts and film memorabilia.
The total far exceeded Christie’s pre-sale expectations for the sale as a whole and for individual items, which were frequently sold for five, 10, or even 50 times their estimate in some cases.
The collection generated intense interest from bidders throughout the world, with 36 different countries represented during the four days of live auctions. The historic sale set a world record for the most valuable sale of jewellery in auction history, and set a new bar for the most valuable collection of fashion ever offered at auction.
It also marked the company’s first-ever online-only sale, which ran in parallel to the live auctions at Christie’s New York and generated over 57,000 bids and $9.5 million in additional sales. In total, 26 items sold for over the $1 million mark, and numerous new world auction records were achieved.
All sales proceeds will be directed to the Elizabeth Taylor Trust. A portion of the profits generated by sales of exhibition tickets, event sponsorships and the ongoing sales of select publications will be donated to The Elizabeth Taylor AIDS Foundation (ETAF). An estimated 58,000 visitors viewed highlights from the Collection since September, when Christie’s launched an eight-city global exhibition and tour that reached Moscow, London, Los Angeles, Dubai, Paris, Geneva and Hong Kong.
Antwerp Facets News Service
3 November 2011
With a projected shortfall in diamond supply in the coming years all but ensuring that prices will rise, investors are seeing an opportunity to grow their money with a new breed of diamond investment funds.
(IDEX Online News) – The Letseng Star, a 550 carat, Type IIa, D color rough diamond was sold for $16.5 million, Gem Diamonds announced. The diamond has been sold into a profit sharing arrangement, under the companys new sales and marketing strategy the miner added.
Gem Diamonds recovered the diamond on August 19 at its Letseng mine in the Kingdom of Lesotho. The Letseng Star is currently ranked as the 14th largest white diamond on record and is the fourth diamond of such historical significance to be recovered at Letseng since 2006.
Under, the Letseng Star has been sold into a profit sharing arrangement for a rough price of $16.5 million, payable immediately.
Letseng Diamonds will then further benefit from a significant share of the downstream polished margin uplift resulting from the sale of the polished diamonds cut from the Letseng Star, the diamond miner stated.
"Gem Diamonds strategy of maximizing revenue generation from our rough diamonds by seeking value-added initiatives further up the diamond value chain is gaining importance for the Group, and we are becoming increasingly successful in selling rough and polished diamonds with good margins being realized," said CEO, Clifford Elphick.
IDEX Online Staff Reporter
3 November 2011
As prices rise and supply falls, investors see diamonds’ potential
With a projected shortfall in diamond supply in the coming years all but ensuring that prices will rise, investors are seeing an opportunity to grow their money with a new breed of diamond investment funds.
November 02, 2011
Take a product that is difficult and extremely costly to locate, mine and bring to the market, while sources of that product are drying up and new mines take years to bring on stream and, generally, are on a relatively small scale. At the same time, demand from major emerging markets is continuously pushing the price of the product higher.
Surely from the point of view of an investor, seeing volatile global stock markets, governments in crisis, and the threat of a double-dip recession and disinflation, this would appear to be a classic investment opportunity? Indeed, investing in diamonds is increasingly being considered as following in the footsteps of gold, providing a worthy investment opportunity and a safe investment haven.
As a result, groups are being established to provide investors, nervous about the state of global stock and bond markets, with both an alternative investment option, as well as benefitting from rising demand and prices for diamonds. Indeed, despite the recent decline in prices for both rough and polished goods following the sharp rises seen in the first half of 2011, analysts still believe that investor interest in diamonds will continue to grow, largely as a result of the supply shortfall that is expected to be felt in the coming years.
RBC Capital Markets analyst Des Kilalea said that in general terms the long-term trend for diamond prices was to go higher which would be positive for diamond funds. "Currently, there is something of a downturn in prices and volatility which could be expected to be a little negative for such funds, but long-term the outlook is good."
Meanwhile, another analyst said that the dip in prices could be a good opportunity for investors to get into funds invested in the market. "In the same way that some more aggressive investors see falls in stock prices as a good time to invest, the same case could possibly be made now for getting into diamond funds,” he stated. “Diamond prices have dropped very sharply in recent months. Is this a good time to invest in diamonds? It depends on your investment appetite."
Although the idea of investing in diamonds has popped up several times over the past decade or so, it generally was not taken further due to the perceived difficulties of investing in gems. Since diamonds are so heterogeneous, unlike gold or platinum for which single prices can be quoted, it traditionally was regarded as difficult to persuade investors to put their money into the gemstone.
In the diamond sector itself, there was a residual reluctance to promote diamonds as an investment tool, mainly because of an ill-fated period in the early 1980s when the price of high-end one-caraters soared, only to collapse spectacularly, leaving a good number of the industrys most well-known companies floundering in its wake.
But the investment experiment in the 1980s was haphazard, and confined largely to the diamond industry, with diamantaires often paying massive premiums on De Beers sight boxes, which frequently were sold unopened time and time again. Furthermore, when prices plummeted, both the industry and the banks rewrote the rule books to prevent such a debacle from reoccurring.
Institutional investors have been considerably more conservative when approaching the diamond industry. A diamond investment trust, established by investment firm Thomson McKinnon in the 1980s, was closed down after a drop in the market. More recently, Diamond Circle Capital Plc, the first publicly listed fund to invest in diamonds, has been standing still for the past two years since it lost more than half of its value in the 2008 crisis as investor interest in its expensive diamonds slumped.
However, several factors have helped change investors positions and persuaded some that such funds can be not only viable, but highly profitable. Firstly, there is the financial volatility which has continued for the past three years since the near financial meltdown of September-October 2008. Then, there are the sharply rising diamond prices seen in the past year or more, and certainly since the start of this year.
In addition, there were widespread reports that the easy portability and inherent value of diamonds further boosted their prices as they were sought after by the wealthy in Middle Eastern states as a result of the so-called Arab Spring earlier this year. Concern among the wealthy political and business elites in the countries of North Africa and the Gulf that popular revolutions could see their wealth confiscated is reported to have persuaded many people to place their cash, and faith, in diamonds.
The renewed interest in diamonds as an investment tool was certainly reflected in a memorandum of understanding and framework agreement concluded between the Antwerp World Diamond Centre (AWDC) and ICBC, China’s biggest state-owned bank, and one of the largest financial institutions in the world. The agreement provides the possibility of additional sources of financing for the diamond trade though the provision of alternative investment opportunities for the banks more than 240 million private and corporate clients.
Among the companies that have set up funds is diamond miner and jewellery retailer Harry Winston Diamond Corp. It launched a first fund in May, and is reportedly mulling a follow-up with its partner Diamond Asset Advisors (DAA), whose chairman, Peter Laib, said the concern was encouraged by the fact that the supply of diamonds was not projected to grow in the years to come since no new mines have been discovered. And even if a new mine is found, the nature of the diamond business means it would take many years for diamonds to come on stream.
The fund will purchase diamonds, and provide direct exposure to the wholesale market price of polished diamonds. It is expected that $100 million will be raised this year, with the outstanding $150 million due during 2012, subject to market conditions. Conscious of the issue of the difficulty in being able to provide clear indications of diamond prices, DAA said the structure of the fund offers a solution. That is because it is highly liquid, since whenever Harry Winston sells a diamond, the fund has a trade.
The independently managed $250 million fund will see Harry Winston source polished diamonds for the fund to purchase. In the portfolio, 75 percent are diamonds of 0.50 to 5.99 carats, and 25 percent in fancy colors or larger stones, the company said. The diamonds will be consigned to Harry Winston which will act as custodian and use the diamonds in its products. When Harry Winston sells jewellery it will pay the fund the current wholesale replacement price. Ongoing replacement of the diamonds used creates a mark-to-market for the fund by providing a yardstick to determine the market value of the diamond fund.
The move also makes a new source of diamond inventory available to an expanding salon network without making additional demands on working capital, as well as supporting an expanding bridal business where clients prefer to review a wide range of diamonds at each salon. In addition, it reduces inventory financing costs and improves returns on capital.
Harry Winston would be interested in a second fund with DAA, said its Chief Operating Officer Ray Simpson. If there is strong demand from investors for the first fund, the second could be launched immediately after the first sometime next year. Meanwhile, DAA said interest in the fund was very large.
Michael Shaw, managing director at Bristow Shaw & Company, which is aiming to raise $25 million-$30 million for the Australian part of the investment, said the fund will be offered in a private placement to qualified investors, and aims for a return of 12 percent annually net to investors.
De Beers, over the past three years, has also reported strong interest from various investment firms in diamonds, although there have not been any public announcements of a fund formation. However, Diamond Trading Company CEO Varda Shine recently said the firm was seeing more demand "from a greater variety of sources" and "new types of demand, or a different consumption rationale evolving".
She said that interest in diamonds and gold as tangible assets, and a means of diversifying investments, had grown among investors who had seen traditional investment vehicles break down.
Martin Rapaport, whose Rap diamond price list is widely used in the industry, is working on a fund. The Rapaport Diamond Fund will be a proprietary diamond investment fund that enables the financial community to invest in diamonds. The fund will offer "extraordinary levels of transparency and efficiency enabling access to investment grade diamonds fair market values" according to the company.
Rapaport said in August that it would start with more than $10 million, before increasing in size to more than $100 million. He told Bloomberg News that the fund would begin operating in the first half of 2012, and initially would be open only to institutional investors. Called the Rapaport Diamond Fund, it will be secured by polished diamonds that his company will buy and hold.
“The financial markets are weird and people are looking for alternatives to holding the dollar,” Rapaport told Bloomberg. “In that kind of environment, diamond prices are going to do very well.” Rapaport said that global demand could outstrip supply by at least 75 million carats by 2025, as producers struggle to find commercial deposits of rough, while demand continues to increase in Asia.“Diamonds are going to track exponential growth of wealth in developing markets. Chinese demand for diamonds is simply fantastic, so is Indian.”
Another diamond investment fund has been created by businessman Clive Cowdery with Diamond Capital Ltd, with a reported capital raising of $20 million. The founder of a firm called Resolution Ltd. who made about $240 million buying and selling insurers, said his aim was to diversify risk.
However, investors are not simply showing their interest in buying into diamond investment funds. “Diamond companies look underpriced versus gold, and silver stocks on a price-to-net-present-value basis,” wrote Edward Sterck, diamond-producer equity analyst for BMO Nesbitt Burns in London, in a recent research report.
Gold and diamond prices have traditionally moved together, with diamonds generally attracting a higher price, however gold prices have been higher than those for diamonds since the 2008 financial crisis. That was because jewellery sales dropped in the wake of the recession, while gold was seen as a safe-haven investment. However, the theory that gold could only drive higher took a bash in September when the price of bullion plummeted quickly on profit taking. While gold supplies remain ample, the increasing scarcity of diamonds will push prices higher, Sterck believes.
“Rough diamond production peaked in 2006,” Sterck said. “Despite some returning production and a handful of new mines forecast to enter production … rough diamond supply is highly unlikely to ever return to its 2006 high water mark." He added that in the long term, the outlook was extremely positive.
Antwerp Facets News Service
20 June 2011
Record Polished Prices, Soar Ahead of HK Show
(June 20, 11, 10:22 Edahn Golan)
(IDEX Online News) – The IDEX Online Polished Diamond Price Index set a record Monday, crossing 142.25, the highest level the Index reached since its introduction in July 2004.
Diamond prices have been rising sharply in the first half of the fiscal year, especially so in the second quarter, as the graph below shows.
Polished diamond prices are rising as rough diamond prices continue to increase and consumer demand is unabaiting. The strong rally started in early March, ahead of the Hong Kong March show, which was later described by many participants as "fantastic."
Prices continued to rise until the Basel show, pausing on the first two days when traders felt that the show is not matching their expectations. That quickly changed when a day later rough diamond prices at the DTC Sight were hiked, sending polished prices up again.
Since March, prices continued their upwards movement, as traders are reassured again by good business at the recent Las Vegas trade fair.
Last week De Beers once again hiked prices of their rough, leading some traders to buy polished on a speculative basis, anticipating further growth of polished prices.
Next week the June Hong Kong trade fair will open and the conventional wisdom is that business will be good there too, as the Chinese and Indian markets are on a steady and continues growth path.
The industry views these trends as positive signs for a successful November-December holiday season, and therefore expects prices to keep rising for another few months.
IDEX Online Research
2 June 2011
Polished Diamond Prices Rise Again in May
(June 2, 11, 15:00 Ken Gassman)
(IDEX Online News) - The IDEX Online Polished Diamond Index averaged 132.1 in May, setting a new record, as polished diamond prices continue to rise. The record surpassed the prior record level both last month and in the pre-recession period of the late summer of 2008.
The full analysis of the polished diamond prices is available to IDEX Online Research subscribers and IDEX Online members here.
On a month-over-month basis polished diamond prices rose by 1.1% in may, based on average asking prices during both months. This was one of the larger price increases in the past two years. This gain is in line with the average of prior monthly gains in the past year or so.
Moreover, between May 1 and May 31, polished diamond prices rose by about 2.4%, one of the largest increases since the price recovery cycle began in March 2010.
Inflation typically begins to heat up in post-recession periods as demand strengthens and suppliers attempt to recoup losses incurred in the recession. In the diamond industry, inflation trends seem to be more pronounced than in many other industries. Polished diamond prices continued to set new records almost daily in May, though there was some indication in May that prices of certain diamonds – specifically three-carat and five-carat gemstones – may not be sustainable.
May’s polished diamond prices rose 13.4%, when compared to the same month a year ago. This price increase is well above earlier months’ year-over-year gains, and it is close to some of the year-over-year gains in mid-2008, at the height of the diamond price bubble.
Polished diamond price statistics for May are as follows:
Period % Change Polished Diamond Prices
May vs April 2011 +1.1%
May 2011 vs May 2010 +13.4%
Year-To-Date Through May 2011* +12.5%
*January 1, 2011 price compared to May 31, 2011 price.
Three key factors are pushing polished diamond prices higher:
• Rough diamond prices keep increasing – much faster than polished prices. These higher prices are being passed along the diamond pipeline to all participants.
• Consumer demand for jewelry, including diamond jewelry, has strengthened significantly over the past few months, especially from emerging markets such as India and China. As demand has intensified, price inflation has also increased.
• Demand for smaller stones – largely one carat and smaller – from both China and India are pushing up prices. On a month-to-month basis, prices for smaller diamond gemstones rose at a much greater rate than prices for larger diamonds. In contrast, average prices for three-carat and five-carat gemstones fell in May versus April levels.
The graph below summarizes polished diamond prices based on the IDEX Online Polished Diamond Price Index for the past twenty-four months.
Polished Diamond Price Outlook: Headed Higher
As long as rough diamond prices and consumer demand remains strong, IDEX Online Research believes that polished diamond prices will continue to increase, though perhaps at a more moderate pace than in the first five months of 2011.
Polished diamond prices historically rise rapidly early in a recovery cycle – which began near the end of the first quarter of 2010 – and then increase at a slower pace, in line with the long term annual increase of 3-4%.
The full analysis of the polished diamond prices is available to IDEX Online Research subscribers and IDEX Online members here. Click here for more information on how to subscribe or become a member.
IDEX Online Research
4 May 2011
Polished Prices Rise 1.9% in April, Index Breaks Record
IDEX Online Research
6 February 2011
Polished Diamond Prices Rise 1.4% in a Single Month
IDEX Online
5 January 2011
Polished Diamond Prices Post Solid Gain in December
IDEX Online
7 February 2011
Alrosa reports sales of $313 million of rough and polished in January
Russian miner Alrosa sold more than $313 million of rough and polished diamonds in January and forecasts first quarter sales of $880 million, the company said in a statement.
The diamond mining monopoly said that there has been strong demand for rough diamonds since the start of this year.
The company’s debt level stands at $3.22 billion, but by the end of this year it expects that figure to be reduced to $2.78 billion.
The figures were discussed at a meeting of the company’s senior management held on February 7 chaired by President Fyodor Andreev.
A service of the Antwerp Facets News Service (AFNS).
3 February 2011
Certified Polished Diamond Prices Rise 1.6% in January
Rapaport Issues January 2011 Research Report: The Uptrend Continues
The positive trend in polished diamond prices continued in January supported by Far East demand in preparation for the Chinese New Year. Prudent restocking by U.S. wholesalers has also begun amidst continued economic uncertainty. Caution remains on whether the positive consumer spending experienced through Christmas will be sustained through Valentine’s Day and the first quarter of 2011.
Certified polished diamond average asking prices increased 1.6% on RapNet – Rapaport Diamond Trading Network in January, with half carats up 1.3%, one carats up 3.1% and three carats up 0.3%. Prices of small, inexpensive diamonds at Rapaport Auctions also strengthened during the month. Average prices on RapNet were 11.7% above levels seen a year ago, at the end of January 2010.
Supply shortages are spurring higher prices in rough and polished diamonds. De Beers kept prices stable at the January Diamond Trading Company (DTC) sight, which influenced higher prices on the secondary market and has fed expectation that a DTC price hike is imminent in February.
“Positive retail trends continue to emanate from the Far East and India, feeding optimism in the dealer market. Supply side management of rough diamonds continues to impact market prices and encourage speculation. Political risk and uncertainty driven by current events in Egypt are expected to increase demand for large expensive diamonds which are in relatively short supply and subject to speculative price levels.” said Martin Rapaport, chairman of the Rapaport Group.
Rapaport News, Diamonds.net
3 February 2011
White Diamonds Top Sellers at Sotheby’s
A Harry Winston platinum and emerald-cut diamond ring sold for $662,500 at Sotheby’s Important Jewels auction in New York City on Feb. 2.
The 15.98 ct. VS1 clarity ring led the sale, fetching $41,458 per carat. The auction’s final sales total was $8.8 million, the highest for a February auction at Sotheby’s New York.
White diamonds were among other top sellers at the auction.
“We saw bidding from a truly international audience, with many clients embracing participation through our online BidNow program, adding an exciting new element to our salesroom,” Gary Schuler, senior vice president and head of Sotheby’s Jewelry department in New York, said in a statement.
JCK
20 October 2010
Price of gold rises on markets following biggest decline in three months
The price of gold rose on international markets on Wednesday as a weaker dollar provided strong demand for an alternative asset and as some investors bought the precious metal following its biggest drop in more than three months.
Gold declined by 2.7 percent on Tuesday after China announced it would increase borrowing costs for the first time since 2007 which gave the dollar a boost. The price of gold and the value of the dollar move inversely. The dollar has fallen on speculation that the U.S. Federal Reserve will institute credit-easing measures to support economic growth.
The price of gold hit a record $1,387.35 an ounce on October 14 before slipping back. The price of gold for Immediate-delivery bullion rose to $1,341.65 an ounce in London on Wednesday.
Gold has jumped 22 percent this year, and is heading for a 10th annual gain, the longest winning streak since at least 1920.
The price of bullion has outperformed global equities, Treasuries and most industrial metals, prompting record investment in gold-backed exchange- traded products. The metal rallied as central banks and governments maintained low borrowing costs and spent trillions of dollars to stimulate economies.
The rising price of gold has led diamond jewellery manufacturers to rethink their designs in order to keep price points attractive.
A service of the Antwerp Facets News Service (AFNS).
25 October 2010
Golf great Greg Norman proposes with six-carat diamond ring
After two divorces in the last four years, Australian golfing legend Greg Norman is hoping the third time is a charm after proposed to his partner with a six-carat diamond ring.
Norman, who last year divorced a great from another sport – former tennis star Chris Evert – proposed to 41 year old interior designer Kirsten Kutner.
Norman’s first divorce was from Laura Andressy in 2006 after 25 years. Media reports said she received more than $100 million as part of the divorce agreement.
He married Evert in the Bahamas in 2008, but the marriage lasted just 18 months.
Norman was one of the top players in the world 1980s and 1990s, and was the number one ranked golfer for 331 weeks.
A service of the Antwerp Facets News Service (AFNS).
5 October 2010
Pink diamond expected to sell at Sothebys auction for up to $38 million
A rare rectangular 24.78-carat pink diamond with rounded corners set in a ring between two white diamonds could sell for as much as $38 million when it is auctioned by Sothebys in Geneva next month.
The gemstone has been graded by the Gemological Institute of America as "fancy intense pink" and as type IIa – placing it in the top two per cent of the worlds diamonds.
Sold by jeweller to the stars Harry Winston around 60 years ago, it has been in a private collection since then.
The ring is on show in Hong Kong and will tour the world before being auctioned by Sothebys on November 16. The pre-sale estimate for the ring is $27 million to $38 million, or close to $1.5 million per carat.
The world record for the most expensive diamond sold at auction per carat is the Star of Josephine, a blue diamond weighing 7.03 carats which sold in May last year at Sothebys for $9.5 million, or $1.35 million per carat.
David Bennett, of Sothebys, said: "During my 35-year career I have had the opportunity to examine many magnificent and rare gemstones. But, put simply, this stone is one of the most desirable diamonds I have ever seen.
"What makes it so immensely rare is the combination of its exceptional colour and purity with the classic emerald-cut – a style of cutting normally associated with white diamonds and one that is so highly sought-after when found in rare colours such as pink and blue. "The stones character is further enhanced by the gently rounded corners which impart a unique softness and charm to this truly outstanding gemstone."
A service of the Antwerp Facets News Service (AFNS).
28 September 2010
6.43 ct Fancy Vivid Pink Diamond Expected to Auction for $1 Million p/c
A large pink diamond is hoped to fetch between $6 million to $7 million at a Sotheby’s sale in Hong Kong. The diamond is a IIa type, rectangular modified brilliant-cut 6.43 carat, fancy vivid pink of VS2 clarity.
The diamond’s estimate is a $933,000-$1.08 million per carat value for the rare stone. However, the selling price may even suppress the estimate. Fancy-color diamonds tend to achieve high prices at auctions in Hong Kong, making the place a favorite of auction houses.
Last December, a 5.00-carat cushion-shaped fancy vivid pink potentially flawless, type IIa diamond ring sold for 10.78 million at Christie’s Jewels sale in Hong Kong. At $2.1 million per carat, it was the most paid per carat for a diamond at an auction as well as the highest price for a pink diamond. It was bought by a private Asian buyer.
The 6.43-carat diamond is set in a Van Cleef & Arpels ring, flanked by a cluster of pear-shaped and brilliant -cut diamonds.
Another interesting lot that will be offered at the Magnificent Jewels and Jadeite sale on October 6 are a pair of loose diamonds, each weighing 10.88 carats. The pair - both D, flawless, triple excellent, type IIa diamonds - is estimated at $3.3-3.9 million.
IDEX Online
16 September 2010
Gem Diamonds and Tiffany & Co units agree 25 percent price rise
Gem Diamonds wholly owned subsidiary, Kimberley Diamonds, has agreed a 25 percent price increase with Laurelton Diamonds, the polishing unit of high-end jeweller, Tiffany & Co.
The increase relates to the exclusive assortment of rare fancy yellow diamonds from Kimberleys Ellendale mine in Western Australia, and comes into effect on October 1.
Tiffany launched its Yellow Diamond Collection in Japan in April 2010, and last week launched it on the U.S. market at its flagship store on New Yorks 5th Avenue.
Gem Diamonds CEO Clifford Elphick said, "The Ellendale mine in Australia is the worlds single largest producer of rare fancy yellow diamonds and we are very pleased to have concluded a 25 percent increase in price for these rare diamonds.
"The long term agreement with Tiffany & Co., spanning the economic life of the Ellendale mine, continues to provide a sustainable platform for Kimberley Diamonds mining operation. This shows the benefits of partnering with such a highly regarded brand and major player in the diamond jewellery and retail sector."
A service of the Antwerp Facets News Service (AFNS).
22 September 2010
Pink diamond could sell for up to $3 million at Toronto auction
A rare pink diamond, being called the most expensive diamond to be auctioned in Canada, comes under the block in Toronto on October 3.
The gem has a pre-sale estimate $2.5 million to $3 million.
The sale is being held by Circa Auctions, along with millions of dollars worth of other gemstones.
The value of pink diamonds is directly related to their rarity, with high-profile purchases, such as the six-carat diamond actor Ben Affleck bought in 2004 for then fiancée Jennifer Lopez, further raising demand for them.
A world-record price per carat was established in Hong Kong in December 2009, with the sale of a five-carat pink diamond for $10.8 million.
However that record-setting diamond was appraised as internally flawless, while the diamond to go under the block in Toronto is VS2.
Analysts say the buyer for the pink diamond is likely to come from Asia, or the Middle East, according to the report in The Star
A service of the Antwerp Facets News Service (AFNS).
21 September 2010
Necklace worn by Princess Diana to go on auction in New York
A necklace famously worn by Diana, Princess of Wales, at one her last official engagements, are to be auctioned on September 24 in New York.
Auction house, Guernsey’s, has set an estimated selling price of $1.5 million to $2.5 million.
The princess wore the necklace on June 3, 1997, at a gala performance of “Swan Lake” at the Royal Albert Hall in London. She died in a car crash in Paris two months later.
Thousands of photographs were taken of her wearing the necklace. Arlan Ettinger, the owner of Guernsey’s, said, “It was said she was photographed more often that evening than on any other occasion except her wedding.”
The seller of the necklace is Jim McIngvale , a Houston furniture magnate known as Mattress Mac.
A service of the Antwerp Facets News Service (AFNS).
21 September 2010
Distant star is largest diamond ever found
Astronomers have discovered a diamond star which they believes weighs 10 billion trillion trillion carats. The astronomers have dubbed the star "Lucy," in honor of the famous Beatles song "Lucy in the Sky with Diamonds."
The diamond star is located roughly 50 light years from Earth in a constellation known as Centaurus.
"You would need a jewelers loupe the size of the of the sun to grade this diamond," said Travis Metcalfe of the Harvard-Smithsonian Center for Astrophysics who is the leading astronomer on the project.
"Lucy" - technically known as BPM 37093 - is actually a crystallized white dwarf, the hot core of a star left over after the star uses up its nuclear fuel and dies.
A service of the Antwerp Facets News Service (AFNS).
26 April 2010
Price Hikes at DTC Sight
The Diamond Trading Company (DTC) has raised prices by 4-5 percent at its Sight held in London this week, according to initial reports. The Sight started today (Monday).
According to the company, there are “some minor price adjustments in some areas.”
The price increases are more pronounced in the larger goods, closer to 7 percent, according to Sight attendees.
High premiums for DTC goods in the market prompted the expectation that prices will be raised by the company. This in turn resulted in speculative buying, further driving up prices in the secondary market.
As Europe’s air travel is slowly returning to normal after the volcanic eruption in Iceland, a lower Sightholder attendance is noted.
This week’s Sight, the last one until June and the important JCK Las Vegas trade show, is the first Sight of the new ITO period.
IDEX Online
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