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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
26 April 2010
De Beers to Limit Production to 40 Million Carats a Year
In a drive to extend diamond reserves, De Beers will place a 40 million cap on its annual diamond production starting in 2011. The move will likely drive up the price of rough diamonds, ahead of an expected public listing of the company.
In an interviewed with the Financial Times, De Beers Managing Director Gareth Penny spoke about the company’s production plans. “Do we want to ramp production back up to 48 million carats, given the lack of availability in the future? Diamonds are a treasure of nature that should be properly protected, because there will be less to sell. The reality is that supply cannot keep up, and that will become very accentuated over the next 15 years,” Penny said.
In the past, De Beers was accused of using its diamond stocks to affect diamond prices in the market. Possibly anticipating such an accusation in this context, Penny told the Financial Times "We are not seeking to manipulate anything,” adding “But there is a natural supply-demand imbalance that is leading to certain realities.”
According to analyst Chaim Even-Zohar (IDEX Online February 13, 2010), De Beers prefers leaving diamonds in the ground, instead of mining them. Penny was quoted recently in a number of occasions as saying, “We don’t mind leaving the goods in the ground,” and “We don’t mind extending the life of our mines.”
At current demand, prices may rise in such a scenario by at least 5 percent per year for the next five years, according to RBC Capital Markets analyst Des Kilalea.
De Beers can expect to return to profit as well as enjoy what Penny called “a natural supply-demand imbalance.”
Even-Zohar believes that by early next year, De Beers will seek a public primary listing on the London Stock Exchange, with secondary listings on the Botswana and Johannesburg stock exchanges, and “timed with the beginning of the renewed growth of consumer demand” in the U.S.
The current shareholders, Anglo American (45%), the Oppenheimer family (40%) and Botswana (15%) are not expected to relinquish their control of the diamond miner. Instead, they are seeking to raise money to cover more than $3 billion in debt.
Further, Even-Zohar is speculating that the Oppenheimers may be interested in keeping some of the assets, such as the retail partnership with LVMH, out of the deal, essentially making only the mining operations part of IPO.
IDEX Online
25 April 2010
De Beers Cuts Diamond Production as Supply Seen Falling, FT Says
April 26 (Bloomberg) -- De Beers Consolidated Mines Ltd. is reducing production of diamonds as it expects the supply of the gems to decline, the Financial Times reported, citing Gareth Penny, managing director.
The tightening in production could mean diamond prices rising by 5 percent a year for the next five years, the newspaper said, citing Des Kilalea, an analyst at RBC Capital Markets in London.
Bloomberg
16 March 2010
Growing recovery evidenced in Belgian diamond imports and exports for February
rowing confidence that the global economy is recovering appears to have received fresh confirmation from the Belgian statistics for imports and exports of both polished and rough diamonds for February. Given Antwerps role as the largest centre in the world for the sale of rough and polished diamonds, the data released by the Antwerp World Diamond Centre Diamond Office serves as an important indicator for the state of international markets.
Belgian rough diamond exports in February soared by 164.3 percent from February 2009 to 10.8 million carats worth $904.0 million, a jump of 162.2 percent.
For the first two months of the year, rough diamond exports jumped 143.4 percent from the same period of 2009 to 21.2 million carats worth $1.72 billion, a jump of 165.1 percent.
As for imports of rough diamonds, Belgium brought 10.5 million carats of rough goods last month with a value of $781.7 million, rises of 150.2 percent and 182.0 percent, respectively on February 2009.
For January-February, rough diamond imports jumped 67.1 percent from a year earlier to 21.5 million carats worth $1.55 billion, a rise of 109.6 percent.
Meanwhile, polished exports in February totalled 582,934 carats with a value of $875.3 million, increases of 1.0 percent and 15.4 percent, respectively.
For the first two months of the year, polished exports climbed 5.4 percent to 1.1 million carats worth $1.52 billion, a jump of 15.7 percent.
In polished diamond imports, Belgium bought 573,146 carats in February, a rise of 15.3 percent from February 2009, with the diamonds value being $662.9 million, a rise of 21.6 percent on February 2009. In January-February, polished diamond imports jumped 9.5 percent from a year earlier to 1.22 million carats worth $1.40 billion, a rise of 16.5 percent.
As for export destinations, the United States posted an 18.9 percent fall in polished diamonds in financial terms, but a 62.8 percent jump in volume, indicating a sharp rise in price per carat. For the first two months of the year, however, the United States imported 1.4 percent more diamonds at 132,000 carats worth $451.4 million – a jump of 48.5 percent.
Overall, the U. S. accounted for 11.9 percent of Belgiums polished diamonds in carat terms, and 29.6 percent in dollars. Hong Kong was the second-largest importer of Belgian polished stones last month, taking in 20.5 percent in carats, and 19.9 percent in financial terms.
Israel was the third-largest importer of Belgian gems, 8.1 percent in volume, and was followed by the UAE, Switzerland, India, China, the U.K., Italy and France.
A service of the Antwerp Facets News Service (AFNS).
11 March 2010
Diamantaires Hold Steady on Forbes Billionaires List
Forbes released its annual list of the world’s billionaires on Wednesday, bringing to light the financial standing of the world’s top diamantaires. Nicky Oppenheimer and his family took the top spot among them on the Forbes list at #154, followed by Laurence Graff at #374, Beny Steinmetz at #488 and Lev Leviev at #655.
Oppenheimer, who ranked #98 on last year’s list, has a net worth of $5 billion. His wealth, inherited from his family’s long time holding in De Beers, remained intact during an arduous year for the company, which saw sales for the worlds largest diamond drop 44 percent to $3.8 billion. Despite posting a net loss of $220 million in 2009, cutting costs has allowed De Beers to remain cash positive and consumer demand is starting to recover thanks to an increase in demand from China and India.
Graff, while dropping from #305 on the 2009 list, saw his wealth increase from $2.2 billion to $2.5 billion last year — thanks to a revival in demand for high-end diamonds this year. Forbes notes that jewelry business insiders call the British diamond merchant the “new Harry Winston.”
Steinmetz dropped in ranking from his spot at #334 last year but his net worth of $2 billion remained the same. Steinmetz chairs the Geneva-headquartered Steinmetz Diamond Group, which he inherited from his father. The company is De Beers largest buyer of rough diamonds and is slowly starting to see profits again as diamond sales are beginning to rebound with the market.
Despite the many public hardships his company is enduring, Leviev has also maintained his 1.5 billion net worth since 2009, when he was #468 on the Forbes list. Both this year and last, Forbes notes that the “worlds largest cutter and polisher of diamonds is trying to hold his empire together.”
IDEX Online
11 March 2010
Graff Opens Charity and Leadership Center in Lesotho
Laurence Graff opened the first Graff Leadership Centre in Lesotho last Saturday, complete with training facilities for children, youth and adults in programs that will teach pre-employment skills. The center works in conjunction with Graff’s new F.A.C.E.T. (For Africas Children Every Time) charity in Lesotho.
Lesotho is home to the Letseng Diamond Mine where Graff sources many of his diamonds. The charity is meant to function as a ‘fund of funds to raise money for the education, health and wellbeing of the children of Africa. The second floor of the new center provides a hostel for 50 young girls in a leadership program meant to develop peer leaders in their villages.
Graff has donated $1 million to launch F.A.C.E.T and plans to continue to support the organization with further donations.
“We would like to give something back to the country which gives us our remarkable diamonds. There is such appalling poverty and hunger in Southern Africa, yet with more help from donations the situation will begin to improve,” Graff said.
The tiny mountain Kingdom of Lesotho, completely landlocked inside South Africa, has the world’s third highest incidence of HIV/ AIDS. One of the poorest countries in the world, 63 percent of its population is under 24 years of age with a life expectancy of 37 years. In parts of Lesotho, the percentage of children who are orphaned can reach 40 percent.
IDEX Online
8 March 2010
Rare blue diamond set to fetch £3.8m
A rare internally flawless blue diamond which was displayed at the Millennium Dome in Greenwich is expected to fetch up to £3.8 million when it is sold at auction next month.
The 5.16-carat, pear-shaped stone, which is set in a ring, is the first blue diamond from the De Beers Millennium Jewels collection to go under the hammer.
It was among 12 stones displayed at the former Millennium Dome in 2000, in a collection which included the 203.04-carat Millennium Star white diamond, and 11 blue stones of various shapes and weights.
The gem will be sold by Sothebys in Hong Kong on April 7, with an estimated price tag of 4.6 to 5.8 million US dollars (£3.04 to £3.8 million).
It has been graded as having "fancy vivid blue" colour which is the highest for coloured diamonds.
Blue diamonds get their colour if the element boron is present when the stone is formed. They are extremely rare.
Quek Chin Yeow, from Sothebys Asia, said: "It is an unprecedented opportunity to acquire at auction a gem with this unique historical provenance."
Each stone in the collection was laser-inscribed with a De Beers Millennium number, and this blue diamond is "De Beers Millennium Jewel 11".
Sothebys sold a 7.03-carat internally flawless blue diamond, called the Star of Josephine, in May last year which fetched 9.48 million US dollars (£6.27 million).
At the time it set a world record auction price per carat of 1,349,751 million US dollars (£892,000).
UK Press Association
3 March 2010
IDEX Online Research: Polished Diamond Prices Up Significantly in February
Polished diamond prices rose a sharp 2.3 percent in February, according to the IDEX Online Global Polished Price Index. There are three key factors pushing polished diamond prices higher: rough diamond prices are rising; the global economic recovery has begun, led by exceptional strength in the U.S., the largest market for diamonds; and anticipation of re-stocking in the diamond pipeline, especially at the retail level.
The IDEX Online Polished Diamond Price Index averaged 112.6 during February 2010, up over 2 percent from the average of 110.1 for January. This was the third consecutive month that polished diamond prices have risen, after languishing for most of 2009 at around 108.
The IDEX Online Polished Price Index started the month at 111.4 and ended the month at 113.2. It showed steady gains throughout the month.
U.S. Economy & Diamond Prices Moving Together
After sluggishness during most of 2008 and early 2009, the global economy has begun to show signs of a recovery. In particular, the U.S. economy posted a dramatic 5.9 percent growth in the fourth quarter of 2009, after generating a solid 2.2 percent gain in the third quarter of that year. Historically, jewelry demand and GDP move together.
Because U.S. consumers purchase roughly half of the world’s diamonds and diamond jewelry, a strengthening economy in America is good news for the diamond industry. Polished diamond prices have begun to brighten as a result of prospects that shoppers will loosen their purse strings and head to their neighborhood jewelers to buy diamonds, diamond jewelry and other jewelry accessories.
Further, economies in other diamond-consuming nations have also begun to stir from their doldrums of the past two years. Thus, there is an expectation that diamond demand will pick up globally during 2010.
Within the diamond industry, rough diamond prices have been rising for the past two years, despite weak demand downstream in the diamond pipeline. In 2009, rough diamond prices were up by perhaps 13-15 percent, but were highly volatile. So far in 2010, rough diamond prices are up about 15 percent, after only two DTC Sights. Clearly, higher rough diamond prices are putting pressure on polished diamond producers.
Monthly Diamond Price Improvement Extended Across All Stones
While shoppers did not stop buying jewelry during the recession of 2008-2009, they were more value-conscious. They bought “down” – that is, they purchased smaller, lower-quality stones. Now, however, it appears that diamond demand may be reverting to historic norms. As the graph below illustrates, monthly prices rose across all diamond sizes, though some sizes experienced greater price appreciation that others.
Outlook: Polished Diamond Prices Will Continue to Rise
After falling for the past year and a half, polished diamond prices are on the rise. It is likely that polished diamond prices will show a substantial increase in 2010, as demand recovers from the so-called Great Recession of 2008-2009. It is possible that prices could climb by double-digit levels for the full year.
IDEX Online
8 March 2010
Oscars Prove Diamonds are a Movie Star’s Best Friend
Hollywood’s royalty were not the only ones to take center stage at the 82nd Academy Awards in Hollywood Sunday night, as the expansive variety of diamond jewelry they wore stood out quite brilliantly on its own.
The newest generation of Hollywood’s start went for diamond looks that were both edgy and glamorous, as the trends recorded by the Diamond Information Center takes note.
“This year we saw the emergence of a new generation of actors who have embraced their individuality,” says Jamie Cadwell, director of the DIC. “They are using the red carpet to express their personal styles, whether vintage inspired or very modern, we are seeing diamonds used in an exciting variety of ways.”
Best Supporting Actress nominee Anna Kendrick showed a penchant for old-Hollywood glam in Kwiat’s diamond pendant earrings. Big Love’s Amanda Seyfried offset her ethereal gown with 250 carats of contrasting Brown, champagne and mint diamond geometric bracelets by Lorraine Schwartz. Twilight star Kristen Stewart went understated in a simple H. Stern diamond bracelet while Rachel McAdams went for perfect match in show stopping natural multi color diamond earrings by Lorraine Schwartz.
Mirroring a look seen last month at the Golden Globe and Screen Actor’s Guild Awards, diamonds in the hair were spotted on seasoned actresses and freshman starlets alike. Presenter Elizabeth Banks accented her gown with a delicate diamond head band by Fred Leighton, while Diane Kruger went floral in her Chanel fine jewelry black and white diamond flower hair pin.
The most stunning diamond moment of the night, according to the DIC, came with Best Actress Nominee Carey Mulligan’s 19th Century cascading diamond and diamond briolette earrings paired with a delicate Everlon diamond knot ring, all by Fred Leighton.
The following celebrities wore diamonds to celebrate the 82nd Annual Academy Awards:
Amanda Seyfried - Lorraine Schwartz - brown, champagne and mint diamond geometric bracelets, 250 carats; delicate blackened platinum diamond earrings; brown diamond ball ring.
Amy Landecker - Everlon diamond knot collection/Camilla Dietz Bergeron - Everlon diamond knot double row pave bracelet; diamond pendant earrings from Camilla Dietz Bergeron.
Anna Kendrick – Kwiat - diamond oval motif bracelet; diamond pendant earrings; diamond web ring.
Anika Noni Rose - diamond bracelet; flower cluster diamond earrings; diamond ring.
Cameron Diaz – Cartier – diamond pave trinity circle earrings in white, yellow and rose gold; diamond and white gold ring from Cartier private archive collection; princess and round cut diamond ring set in white gold.
Carey Mulligan - Fred Leighton - 19th Century cascading diamond and diamond briolette earrings; Everlon diamond knot ring by Fred Leighton; 19th Century pear-shaped diamond ring, 2 1/2 carats.
Charlize Theron – Harry Winston – vintage marquise diamond wave bracelet; diamond cluster earrings, 17.25 carats.
Deborah Ann Woll - Everlon diamond knot collection - Everlon pave diamond double knot bangle; Everlon pave diamond knot bangle; Everlon diamond knot bangle; Everlon diamond knot tassel earrings in oxidized white gold.
Demi Lovato – Vanity Fair Party - Everlon diamond knot collection - Everlon diamond knot tennis bracelets; William Goldberg diamond bracelet; Everlon diamond pendant earrings in antiqued gold; Everlon Pave diamond double knot ring.
Diane Kruger – Chanel fine jewelry - diamond line bracelet; diamond floral stud earrings; black and white diamond flower brooch.
Elizabeth Banks - Fred Leighton - rose-cut diamond briolette pendant earrings; diamond head band.
Emma Roberts – Vanity Fair Party - Martin Katz - Everlon pave diamond knot drop earrings.
Faith Hill - Lorraine Schwartz - Lorraine Schwartz-black diamond bangles in blackened platinum, 180 carats; white diamond bangles.
Helen Mirren – Chopard - oval shape diamond necklace, 125 carats; fancy and rose-cut diamond cuff; diamond pear-shape drop earrings, 9 carats.
Jennifer Lopez – Cartier - diamond and platinum bracelet; diamond ear clips, Cartier London 1934; diamond Cartier Panthere Maillon XXl ring in white gold.
Joe Jonas – Vanity Fair Party - Everlon diamond knot collection - Everlon diamond knot cufflinks.
Julianne Moore – Bulgari – two diamond and platinum bracelets, circa 1930 from Bulgaris Historical Archives; three diamond and platinum bracelets from Bulgari’s high jewelry collection.
Kate Winslet - Tiffany & Co. - yellow diamond necklace created exclusively for her by Tiffany & Co., $2.5 million; yellow diamond bracelets; yellow diamond drop earrings, 10 carats.
Kathryn Bigelow – diamond bracelet.
Kathy Bates - Diamond in the Rough - rough diamond Astra necklace, 61.48 carats; stacked rough diamond Astra bangles with over 54 carats; rough diamond Astra earrings, 56.59 carats.
Kevin Jonas - Everlon diamond knot collection - Everlon diamond knot cufflinks.
Kristen Stewart - H.Stern - diamond bracelet.
Maggie Gyllenhaal - Fred Leighton - 1940s diamond cuff bracelet; 19th Century diamond and ivory calla lily earrings.
Mariah Carey – Various - William Goldberg oval-cut diamond bracelet; H.Stern top floral diamond cuff bracelet; stacked diamond tennis bracelets; chopard rose-cut diamond hoop earrings, 43 carats; diamond flower rrooch.
Mariska Hargitay – Fred Leighton - 19th Century diamond cluster necklace.
Meryl Streep - Fred Leighton – magnificent Art Deco diamond and onyx bracelets; square pave-set diamond ear clips; 1920s diamond and onyx ring.
MoNique – Chopard – princess-cut yellow diamond tennis bracelet; radiant-cut light yellow diamond line bracelet, 46 carats; radiant-cut fancy yellow diamond and white diamond earrings, 17 carats.
Nick Cannon - Everlon diamond knot collection - Everlon diamond knot cufflinks.
Nick Jonas – Vanity Fair Party - Everlon diamond knot collection - Everlon diamond knot cufflinks.
Nicole Richie – Lorraine Schwartz - Diamond stud earrings in blackened platinum; iridescent cluster diamond ring in blackened platinum, 110 carats; diamond ring in blackened platinum.
Paula Patton - Martin Katz - diamond tambourine bracelet, 14.86 carats; diamond cuff bracelet, 18 carats; diamond tassle earrings, 25.22 carats; diamond mosaic ring, 8.5 carats.
Penelope Cruz – Chopard - Asscher-cut diamond bracelet, 23 carats; emerald-cut gradual diamond bracelet, 28 carats; diamond line bracelet; pear-shape diamond drop earrings, 18 carats; fancy-cut diamond cocktail ring; diamond pave band, 16 carats.
Rachel McAdams – Lorraine Schwartz - natural multi-color diamond earrings; diamond pinky ring.
Rashida Jones – Vanity Fair Party - Everlon diamond knot collection - Everlon diamond knot chain bracelets; oxidized Everlon 3 knot drop earrings; Everlon diamond knot stacked rings.
Sandra Bullock – Her own personal jewelry from Neil Lane - diamond drop earrings; diamond line bracelet.
Sarah Jessica Parker - Fred Leighton - 1950s diamond swirl bracelet; cognac diamond flexible bracelet; rose-cut diamond bracelet; 19th Century diamond cluster earrings; antique cushion-cut diamond ring, 9 carats.
Sherri Shepherd - William Goldberg - diamond aero bracelet; diamond cluster chandelier earrings.
Sigourney Weaver - Neil Lane - diamond link bracelet; round diamond drop earrings, 7 carats each.
Stana Katic - Neil Lane - 3 antique diamond Bracelets; diamond oval pendant earrings; diamond cluster ring.
Vera Farmiga - Fred Leighton - 1920s diamond ear clips; 1960s diamond cluster cocktail ring; diamond leaf brooch in her hair.
Zoe Saldana - Lorraine Schwartz - custom-made 20-carat bronzed platinum diamond drops.
Zoe Kravitz - Fred Leighton - 1920s diamond square-link bracelet; 1920s diamond and cognac diamond bracelet; 1930s old-mine cut diamond drop earrings, 3 1/2 carats; diamond paisley ring; 3 stacked diamond rings; 19th Century diamond wing brooch worn in her hair.
IDEX Online
1 March 2010
507-Carat Cullinan Heritage Sells for $35.3 Million
The 507-carat Cullinan Heritage diamond has been sold for $35.3 million, the highest sale price on record ever achieved for a rough diamond, Petra Diamonds announced Friday. The diamond was sold on tender in South Africa and was purchased by Hong Kong-based Chow Tai Fook Jewellery.
The purchaser, a Diamond Trading Company (DTC) Sightholder, has not yet disclosed its plans for the diamond.
According to Petra, the price of the Cullinan Heritage, recovered in September 2009 from Petra’s Cullinan mine, reflects the incredible rarity of the diamond. At 507.5 carats, it is the nineteenth largest gem quality diamond ever discovered.
IDEX Online
24 February 2010
Petra Diamonds 507-carat gem could raise $25 million in sale on Friday
The 507-carat egg-sized diamond discovered by Petra Diamonds at its Cullian mine in South Africa is due to be sold on Friday and could raise $25 million for the company after it drew more buying interest than originally expected.
Analysts originally placed a value of around $20 million for the 100-gram stone named the Cullinan Heritage. Rising rough diamond prices, however, are likely to have raised its price further.
"There has been very strong interest in viewing the stone and in being involved in bidding," said Petra Finance Director, David Abery. "We have been very pleasantly surprised to see the level of interest."
The sale of the diamond, one of the 20 largest high-quality rough diamonds ever found, will also provide a boost to Petras full-year financial results. "We are very confident for second-half earnings," said Abery. "We are looking forward to some nice strong full-year numbers."
A service of the Antwerp Facets News Service (AFNS).
25 February 2010
Million-dollar engagement sparkler for actress/singer Hilary Duff
ctress and singer Hilary Duff has reason to celebrate after receiving a marriage proposal sealed with a diamond engagement ring estimated to have cost around $1 million.
Media reports suggest the diamond could weight from 7 to 14 carats, and is either a princess or cushion cut.
The ring is estimated to have cost fiancé Mike Conrie, a National Hockey League player, anywhere from $750,000 to a cool $1 million.
Some reports said that since the ring is the same size as her finger, the diamond is likely to be in the 10-carat range.
And since money does not seem to be an issue for the couple, reports said they were looking for a Beverly Hills mansion for around $10 million.
A service of the Antwerp Facets News Service (AFNS).
25 February 2010
American Idol star Cowell proposes with $400,000 Graff diamond ring
American Idol star Simon Cowell has bought his fiancée a £250,000 ($400,000) diamond ring from London jeweller Graff Diamonds.
Cowell, aged 50, and know for his taciturn personality and sarcastic comments on American Idol, Britains Got Talent, and the X-Factor, has proposed to make-up artist Mezghan Hussainy, according to media reports.
Hussainy, 36, was photographed wearing the Graff ring on her wedding finger.
Cowell, who has refused to comment on the reports, proposed to Hussainy several weeks ago, according to the Daily Mail.
Cowell, one of the most powerful men in showbusiness, has reportedly always refused to consider marriage, fearing the loss of a huge part of his personal fortune following a divorce.
A service of the Antwerp Facets News Service (AFNS).
18 February 2010
DTC raises prices by 7-9 percent at February sight - report
The Diamond Trading Company (DTC) reportedly increased its prices by 7 to 9 percent at this week’s February sight, however it expects short-term stability in prices. The sight began on Wednesday and finishes at the end of this week.
There were “incremental adjustments to DTC box prices over the past few sights and a further and higher single digit increase for sight two,” said Mahiar Borhanjoo, DTC’s executive director of sales and sightholder services, in a letter to sightholders cited by Rapaport News. “We now anticipate a period of stability in respect of our prices, subject, of course, to any further major changes in market conditions.”
The DTC has been able to alter prices in recent months due to increasingly positive economic and supply-demand developments, Borhanjoo added.
"Clearly, it would be premature to say that the period of uncertainty is over, but the industry does appear to be moving in the right direction,” he said. “Our sights in [the second half of] 2009 and into 2010 have seen demand consistently increase and we are confident that this trend will continue throughout 2010.”
DTC has increased prices in light of rising U.S. consumer confidence and diamond jewellery sales. In addition, there is strong demand for some types of rough diamonds, and growth in China and India is also helping.
Meanwhile, Rapaport said reports from BHP Billiton customers showed that prices rose by an average of three percent at the firms rough tender last week.
A service of the Antwerp Facets News Service (AFNS).
17 February 2010
Brilliant cut diamond ring for reality star Nicole Ritchie
Hollywood celebrity Nicole Ritchie is making headlines after receiving an engagement ring. Media reports quoted diamond experts as saying the ring was worth anywhere from $60,000 to $85,000.
The ring contains a brilliant cut centre stone weighing around 3 to 4 carats set in platinum and featuring pave diamonds surrounding the center stone makes it modern.
"This diamond is set in platinum so it makes the diamond sparkle brighter. Also, Nicole wont have to worry about the large diamond falling out since platinum settings hold stones more securely than other metals," jewellery and style expert Michael OConnor.
The reality star turned designer, aged 28, is to marry singer Joel Madden, with whom she has two children called Harlow Winter Kate and Sparrow Midnight.
Nicole Ritchie is the daughter of singer Lionel Ritchie who achieved fame in the 1980s and 1990s.
A service of the Antwerp Facets News Service (AFNS).
16th February 2010
Investors bought more gold than jewellers for first time in 30 years in 2009
Demand for gold as an investment surpassed demand from the jewellery industry last year for the first time since 1980 as prices reached record highs, according to AngloGold Ashanti Ltd., Africa’s largest producer of the metal.
“The U.S. market continued its rally with the case for gold investment gaining traction with both retail investors and institutions,” the firm said in its earnings report. “There is now also talk of significant bar purchases by some of the larger buyers which are opting for bullion rather than paying the storage and management fees charged by” so-called exchange-traded funds (ETF), AngloGold said.
Gold jumped to a record $1,226.56 an ounce in December, rallying for a ninth year, as investors, worried about the possible inflationary impact of massive government financial stimulus packages worldwide, as well as low interest rates, poured huge amounts of cash into gold.
The price of gold was also boosted by central bank buying of gold, particularly in India and China.
Meanwhile, the World Gold Council said global gold demand climbed 2.6 percent in the fourth quarter to 819.7 metric tons. North American and Western European retail investment demand jumped 77 percent.
A service of the Antwerp Facets News Service (AFNS).
12th February 2010
Gareth Penny says De Beers may raise output by 20 percent in 2010
De Beers may increase output by more than 20 percent this year due to “strong” growth in demand as the gem industry recovers from global recession, said managing director Gareth Penny.
Production may rise to more than 30 million carats this year and “in the 40 millions of carats” in 2011, Penny told Bloomberg News.
"We’ve seen quite a strong rough diamond market emerging in 2010,” Penny said. "We’re going to be pretty close fairly shortly to the price levels that prevailed at the end of 2008.”
De Beers slashed output by 49 percent last year as demand slumped for luxury goods, the company reported in its annual results for 2009.
Sales at DTC fell 46 percent to $3.23 billion last year, De Beers said.
Rough diamond prices began rising from mid-2009 as De Beers cut output and gem dealers rebuilt stockpiles in the run-up to the Christmas holiday.
Christmas-season sales globally were better than expected, Penny said. In the U.S., the largest retail market for the gems, sales rose 1 or 2 percent from a year ago, he said.
A service of the Antwerp Facets News Service (AFNS).
10 February 2010
CIBJO calling for renewed effort over natural and synthetic nomenclature
The Diamond Commission of CIBJO, The World Jewellery Confederation, is calling for a renewed effort to reach industry-wide agreement on nomenclature that accurately distinguishes between natural and synthetic diamonds ahead of the 2010 CIBJO Congress.
The appeal is contained in CIBJOs annual report which it has released in the run-up to the annual congress which takes place in Munich and starts on February 19.
In their report, Udi Sheintal and Jon Phillips, respectively the president and vice president of the Diamond Commission, note that they will be meeting with representatives of the International Diamond Council in London before the start of the CIBJO Congress. The aim of the meeting is to investigate whether progress can be made in creating a joint set of nomenclature for natural and synthetic diamonds.
"Hopefully all participating parties will concur that the lack of an agreed to nomenclature for diamonds - natural and synthetic - ultimately will affect consumer confidence negatively across the globe," they write in the report.
Delegates to the CIBJO 2009 congress in Istanbul decided not to change the nomenclature permitted for gem-quality synthetic diamonds. As a result, the only descriptor permitted by CIBJO is the adjective "synthetic."
The other terms that were proposed were: "man-made," "laboratory-grown," "laboratory created" or "[company name]- created."
In a similar vein, the Diamond Commission report looks at the misrepresentation of diamonds in the mass media, and in particular in-flight magazines and sales catalogues. Without a common, joint directive from the major umbrella organisations, such as the WFDB, IDMA, IDC and CIBJO, offenders "will continue to get away with arguments that the nomenclature is not clear-cut and therefore ineffective," the reports authors write.
The Diamond Commission report also looks at a study conducted by a task force created by the Accredited Gemmologists Association (AGA) into the impact of lighting on colour-grading colourless diamonds. The Task Force was established in response to allegations in recent years from gemmologists and appraisers that colourless diamonds exhibiting blue fluorescence were being over-graded by gem-testing laboratories.
A service of the Antwerp Facets News Service (AFNS).
1 September 2009
Diamond-set watch individualised by wearer’s fingerprint
Piaget, the Swiss luxury watchmaker and jeweller, has developed new way to enable its more wealthy clients individualise their purchases. Its Altiplano Fingerprint watch features a diamond-set dial with a design based upon the wearer’s own fingerprint.
Buyers of the Altiplano Fingerprint watch supply Piaget with an impression of their own fingerprint, and then the company uses it to create a one-of-a-kind dial in gold and round brilliant diamonds, in its Geneva workshop. No one watch, like no one fingerprint, is like any other.
And it’s not only about the diamonds. The Piaget Altiplano Fingerprint watch features a hand-wound mechanical movement, contained in one of the slimmest casings in the industry. In look and performance the watch is all high-quality.
Among the individuals whose fingerprints have been recreated in diamonds are reportedly Monaco’s Prince Albert II and the pop-star Ludacris.
Piaget was founded in 1874 by Georges Piaget in the Swiss village of La Côte-aux-Fées. It is today owned by the Richemont group.
A service of the Antwerp Facets News Service (AFNS).
1 September 2009
Belgium consumer confidence rises to highest level since September 2008
The National Bank of Belgium has reported that its consumer confidence indicator has risen to its highest level in almost a year. According to the bank, the indicator stood at minus 11 in August, up from minus 17 in July. It was the highest level reported since September 2008.
Other indicators were also more upbeat, the central bank reported. Its measure for households saving capacity over the coming 12 months rose to to 5 in August from 2 in July, while the financial situation indicator climbed to 1 from minus 2 in June. The measurement for the economic situation in Belgium during the coming 12 months stood at 7 in August, up from minus 4 in July. The measure for unemployment fell to 57 from 65 in July.
According to the Organisation for Economic Cooperation and Development, GDP in the euro zone dropped by 0.1 percent during the second quarter of 2009, following a decline of 2.5 percent during the first quarter.
A service of the Antwerp Facets News Service (AFNS).
1 September 2009
Diamonds are a guy’s best friend
Published: August 28 2009 17:54 | Last updated: August 28 2009 17:54
My better half never used to like jewellery – thank goodness – but, after talking to one of her friends, she’s started leaving leaflets about diamonds lying around the house. Even the children have mentioned it recently – according to my daughter: “Mummy says she’d love a nice diamond”. Well, Daddy would love a nice twin-engine plane, but he’s not getting that either.
This response has so far failed to silence the ‘debate’. Apparently, my wife’s friend has declared that, “diamonds are a much better safe haven than all that brash gold”. She’s obviously been listening to the marketing bods from De Beers who are preparing an advertising campaign based around just such a thought: why bother buying gold as insurance against monetary fiat, when you could have a lovely white diamond?
EDITOR’S CHOICE
Adventurous Investor: More columns from David Stevenson - Oct-28..This also seems to have been the thinking of the super-slick diamond thieves who took down a Mayfair jewellers a few weeks ago for £40m plus.
In honesty, I do see their point. Gold is so, well . . . boring and samey. What I mean is that gold never looks unique. In a generic sense, it all looks the same. Diamonds, on the other hand, have always struck me as distinctive and individual – no two high grade diamonds are ever quite the same and I’m guessing that the market for investment grade diamonds is inefficient and riddled with ‘emotion’.
Like all emotional assets – a term I’ve discussed before with reference to collectables – value is set by what a buyer will pay. So, if that buyer is a Russian oligarch or Middle Eastern potentate, then the sky’s the limit. That imperfection in the marketplace is both a risk and a potential source of reward.
The risk is that ‘insiders’ will take you for a ride. It’s a particularly big risk in the diamond sector where many auctions are closed. But the potential rewards are that, with the right ‘alpha’ – or expert investment manager – you can exploit these markets to add some non-correlated returns to your portfolio.
Until recently, there wasn’t a way of testing this theory. Then, last summer, some adventurous types launched a listed diamond fund called Diamond Circle Capital. It buys high-grade polished diamonds, including coloured and large white stones, with an average purchase price of £3m-£5m. The fund is 90 per cent invested and is managed by the commodity specialist Diapason Commodities Management.
With hindsight, the summer of 2008 was not the ideal time to launch a fund that invests in a luxury product influenced by high-spending Americans (50 per cent of the market), Russians and Gulf princes. De Beers, for instance, cut back Q1 2009 output 91 per cent year on year, and profits tumbled. So the fund is down 50 per cent in price terms since launch, with net assets down 28 per cent.
But my contrarian instincts suggest that this woeful situation might be worth a second look based on the following:
● 5ct diamond prices have outperformed gold bullion over the last 25 years – they may even be a better hedge against inflation.
● Global supply of crucial Kimberlite deposits is in decline.
● Chinese demand is ramping up. A recent article on the IDEX news website noted: “Chinese diamond imports were up nearly seven per cent in the first half of 2009 . . . between January and June, China’s foreign diamond trade amounted to $692m, a growth of 6.9 per cent compared with the same period last year. The total included a record $300m in imports, up 12.7 per cent . . . China has become the world’s third largest diamond consumer after the US and Japan.”
● US demand for diamonds might also increase when the US economy picks up.
● Shares in Diamond Circle Capital are trading at a 30 per cent discount to net asset value (NAV) in a sector where pricing is fairly liquid and open.
Take these together, and you can begin to see why diamonds might make a very small ‘alternative assets’ holding.
But, before you get too carried away, consider one piece of recent research. Last year, I wrote about Bernard Duffy and a team of academics who had studied “emotional assets” including diamonds and other collectables. They found that, over the 30 years between 1976 and 2006, diamonds (as measured by the HRD Carat D Flawless Index) had produced a return of 4.4 per cent (above coins, clocks and watches) but with a massive standard deviation of 19.5 per cent. Over the 20 years to 2006, that return had dropped to just over 2.5 per cent but still with a big 10 per cent standard deviation.
They also noted: “Some collectable items show a tendency to move in line with each other, with a high correlation coefficient, such as diamonds and coins, books and atlases, and clocks and watches and stamps.”
However, diamond enthusiasts argue that this recent under-performance has ended and supply/ demand forces will reassert themselves. If they’re right, Diamond Circle Capital could be an interesting, sideways bet on growing affluence in the emerging world
Financial Times (ft.com) By David Stevenson
25 August 2009
iaget, the Swiss luxury watchmaker and jeweller, has developed new way to enable its more wealthy clients individualise their purchases. Its Altiplano Fingerprint watch features a diamond-set dial with a design based upon the wearer’s own fingerprint.
The Hope Diamond will get a new setting with your help and a vote as the Smithsonian Channel wants you to have a say in where a beautiful and exquisite 45-carat diamond sits. Gene Byrd takes a look at the way to move the big massive rock from its traditional setting to a new one.
Some think its foolish to ever move it with one adding, These people are idiots to even think about resetting the Hope Diamond... it is beautiful just the way it is, surrounded by diamonds... the three choices offered by Harry Winston are completely underwhelming, and look nothing short of cheap... why is it everyone thinks everything needs to be changed or improved at some point, even when it doesn\t need such? I call that pretty damned arrogant. " Have your vote and see the designs at Smithsonian Channel.
National Ledger
12 August 2009
Christies predicts top price for five-carat pink gem
A service of the Antwerp Facets News Service (AFNS).
12 August 2009
Platinum and diamonds make cellphone one of worlds most expensive
British craftsmen have turned a Nokia mobile phone one of the world’s most expensive such devices by using platinum and diamonds.
The Nokia Royal Plus costs £30,000 ($50,000) and was created by Goldstriker International founder Stuart Hughes and three craftsmen who took several months to transform the handset.
The company removed the carbon fibre from the phone and replaced it with 65 grams of platinum. By way of comparison, the average platinum wedding ring weighs just four grams.
The platinum was then set with 1,160 diamonds totaling 8.2 carats of VVS F coloured stones.
The finishing touch is a granite case and the mobile can only be bought at high-end London store Harrods.
Hughes specializes in using gold, platinum and diamonds on mobile phones, iPods, pens and lighters.
It has also created an 18 K rose gold iPhone set with 53 pink diamonds with a price of £21,995 ($33,000).
A service of the Antwerp Facets News Service (AFNS).
12 August 2009
London police say $65 million of jewellery stolen in Graff Diamonds raid
A retail value of £40 million ($65 million) has been given by London police for the jewellery stolen from Graff Diamonds luxury jewellery store in Londons up-scale Mayfair area last Thursday.
The raid makes it by far the largest of its kind in Britain, eclipsing the almost $40 million of jewellery stolen from the same store in May 2003.
The police said that two men dressed in suits, under which they had handguns, placed 43 jewellery items in a bag and got away as they threatened workers with warning shots.
The stolen items were set with 1,437 individual diamond stones.
Police said the stolen jewellery includes a pair of white gold earrings set with 216 white diamonds; a platinum and yellow gold ring set with 179 yellow and white diamonds; a set of white gold earrings set with 84 diamonds; a large platinum and gold necklace containing 272 pink and yellow diamonds; and a necklace set with 78 diamonds.
Police have released a closed circuit film from the store showing the men – one white and one black – being let in through the security doors. After gaining entry, they took out their handguns and threatened staff.
They then placed the jewellery items in a bag before briefly taking a female employee hostage. She was released as the men made their getaway in a blue BMW.
They were nearly caught when the car crashed into a taxi and members of the public pursued them. However, the men fired warning shots in the air and escaped in a silver-colour Mercedes, before later swapping that for a black vehicle.
Police suspect that the bag of jewellery was handed over to man on a motorbike who was able to escape quickly through the busy streets of Londons West End.
London Metropolitan police detectives suspect the robbers knew exactly which items to steal, and may already have a market for the jewellery.
Although the suspects details were sent to all of Britains ports and airports, the police believe they likely had a well-organised escape route and the jewellery may already have found its way abroad.
A service of the Antwerp Facets News Service (AFNS).
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