February 2012 Diamond News
Diamond News – February 2012
Rio Tinto, of the Argyle Mine (Kimberley region of Western Australia) has a huge reason to celebrate after discovering a 12.76-carat pink stone. The immense pink diamond has been named the “Argyle Pink Jubilee “and is largest pink diamond ever found. Right now, the diamond is being cut as a single stone in what is said to be a “painstaking 10-day process” by Richard How Kim Kam, a 25-year employee of the Argyle Mine.
When asked about cutting the stone Mr. How Kim Kam said, “I’m going to take it very carefully,” adding, “I know the world will be watching.”
There is no word as of yet on the price this diamond is expected to go for, as a stone of this caliber is unprecedented. Final word will come once the finished gem is graded. However, given that pink diamonds, on average, go for 20 times as much as their white counterparts it is likely to be an impressive price tag.
Josephine Johnson, Argyle Pink Diamonds manager states, “It has taken 26 years of Argyle production to unearth this stone and we may never see one like this again”.
The GIA museum in Carlsbad, California, is the home of the Adamas Collection. One of the most breathtaking collections of high quality rare colored diamonds. The Adamas Collection possesses diamonds 10,000 times rarer than any other diamonds known at this time. Among the collection of extremely rare yellows, blues, pinks, greens and oranges, you will find some of the most noteworthy examples of black and brown stones in existence.
The GIA museum’s plans for expanding the collection include the addition of a selection of amazingly saturated rare pink Argyle diamonds and a spectacular purple, blue one-carat phenomenon. The collection, famous for the extraordinary color mixtures, shapes and sizes of its gemstones, is praised as one of the most unique collections in the world by private collectors.
Diamond Grading News
Thomas M. Moses, The Gemological Institute of America (GIA) senior vice president of laboratory and research brings the news that the GIA recently launched a new diamond grading report. The new report will deliver diamond-grading results entirely online and is being titled the Diamond eReport. The GIA guarantees a secure delivery via Report Check, The GIA’s web-based report database.
Using the same grading metrics as GIA printed reports (with the exception of the additional feature of a detailed image of the diamond in the course of grading) the report contains D – Z color diamonds from 0.15 – 2.99 carats. The GIA will store the report in its global database making it accessible at anytime.
The advantages to the eReport are:
* 10 percent savings in comparison with paper report fees
* Confirmed quality – Only natural diamonds qualify
* Makes trading easier as images can be shared through email and mobile devices
* Accesses report results instantly
* Increased efficiency – reduced shipping costs – environmentally responsible
“Our goal” states Moses, “is to continue to develop methods that allow us to deliver technical information to our clients rapidly and in turn, help our clients pass that information on to their customers”.
Vancouver, BC, Canada, sees it’s first “RITCHIES” auction indicating Canada as a safe market in a struggling world economy. Kashif Kahn, a native of the city and a RICHIES managing partner will be unveiling a collection of gems, jewelry and watches at a press conference February 20, 2012 in preparation for the auction.
Included among the auction items:
* Numerous Yellow Diamond Earrings ranging from 5.03ct to 13.5ct
* Several Yellow Diamond Rings from 3.21ct to 9.02ct
* Yellow Bracelets up to 17.84ct
* A range of Pink Diamond Rings 1.2ct to 2.72ct
* A Brown Yellow Diamond Ring 5.03ct
* A Loose 3ct. cushion shaped yellow diamond
* A 1.01ct unmounted radiant cut pink diamond
* A 16 ct yellow diamond, the largest ever offered in Vancouver
Although China is known to favor gold to as a secure investment, recently it has been reported by The Wall Street Journal that pink diamonds have attracted some serious attention in the second largest global economy. In fact last year Sotheby’s auction house made it a priority to bring the record-breaking yellow Sun-Drop diamond (worth $12.4 million) to their Hong Kong show.
Chinese investors do face some limitations as color diamonds are subject to a hefty luxury tax. However, there are those in the diamond industry who would like to see that change and are working to persuade China’s banks to arrange for diamond trading desks. So far, the word from China Merchants Bank Co. is positive, as they have announced plans to permit some customers to use their website for diamond trading.
Rio Tinto announced in a recent report that first quarter production in the Argyle mine was down by 14 percent; down another 24 percent from 2010. The reasons cited for the slow down in production are heavy rains and unfavorable exchange conditions.
Due to this, the Argyle mine’s expansion plans have been pushed back a year elevating costs by US$500 million. The underground expansions, intended to prolong the mines existence to 2019, were expecting completion by late 2013 and have been assigned a new target date of 2014. The plan initiated in 2005 saw its first delay in 2009 owing to the onset of the global financial crisis.
Tinto reports that any losses have been offset by other investments: such as a 60 percent share in the Diavik mine (Canada) and 78 percent holdings in the Murowa mine (Zimbabwe).