April 2013 Diamonds News
The Demand in China is Creating a Price Increase for Diamonds
KOLKATA – The middle class in India has expanded do to its economic improvement and this class is finding that the price of diamonds are slowly going up. Smaller diamonds are increasing in price because of the surge in demand from China.
According to the chairman of the Gem and Jewelery Export Promotion Council, Vipul Shah, the prices of polished diamonds have already increased by as much as 5 percent because their demand in Hong Kong and China, as well as other Asian regions.
However, the diamond industry has found that there is less of a demand for larger diamonds because the market is sluggish in Europe and the United States. Many of the consumers in these regions of the world are not buying larger diamonds.
Polished diamond prices are expected to increase as the demand from Asian countries continues to grow and there is not enough of these diamonds to meet the demand. According to the Global Diamond Industry Report, this demand is expected to increase the value of diamonds throughout the world. The report states that sales of these diamonds in 2011 were $10.3 billion and will grow to as much as $17.5 billion within the seven years. This demand will be found from middle class citizens from China and India.
The diamond industry will have to find an innovative way to keep up with the demand as these prices continue to rise. This has happened in the gold industry also. Many jewelers have developed light-weight gold pieces that have a heavy look.
Petra Diamond Mine Unearths 25.50 Carat Blue Diamond from Cullinan Mine
Petra Diamonds has announced the discovery of a high quality, 25.50 carat blue, rough diamond from its Cullinan mine in South Africa. The celebrated mine is the only significant source of blue diamonds in the world and has produced 750 stones greater than 100 carats in size and more than a quarter of all diamonds in the world weighing over 400 carats, this according to the Petra Diamonds website
The mine, located in South Africa, has been very prolific in its 111 years of service producing in excess of 350 metric tonnes (Mt) of ore yielding approximately 120 Mct (million carats) of diamonds. More than 75 Mt of coarse tailings material has been reprocessed and yielding 20 Mcts of diamonds. But the mine is most famous for its blue diamonds. Blue diamonds form when ‘colorless’ diamonds are exposed to boric acid and some blue diamonds are able to conduct electricity, a quality not present in “colorless” diamonds.
Many notable diamonds have come from this mine including the world’s largest rough diamond, a 3,106 carat (0.621 kg) monster gem and the world’s largest cut diamond, at 530.20 carats (106.04kg). The mine is also known as being the source of the two main polished diamonds in the British Crown Jewels (the 530 carat Great Star of Africa and the 317 carat Lesser Star of Africa). Petra Diamonds is planning an expansion which will increase production at the mine from 870,000 carats per year to a staggering 5 million carats by 2019.
Participants ‘Fancy’ Colored Diamonds at 2013 GIA Gemfest
Tokyo hosted it’s first ever GIA (Gemological Institute of America) Gemfest on April 11, 2013 and 2 words were on everyone’s mind – colored diamonds. Gemfest comes 4 months after the opening of GIA’s Gem Grading Laboratory in Tokyo last December. Gemfest gives the GIA the opportunity to share the latest news and trends in the gemological world to industry insiders and the general public and is an important instructional tool for the Institute.
Japan leads the world in consumption of fancy colored diamonds and were very enthusiastic about the latest news in the world of these very special gems. Mari Okada, Executive Manager of the Tokyo Gem Grading Lab, opened the proceedings and emphasized the important role of the GIA in dissemination of information about industry trends. Ms. Okada is quoted on Diamond World online, “It is very important for GIA to be present…in an important market as Japan not only with gem grading services, but also with latest information from GIA’s nine laboratories and international research effort.”
Front and center at Gemfest was a seminar on colored diamonds by Jim King, Chief Quality Officer and noted expert on colored diamonds for the Institute. Mr. King discussed rare colors seen in Institute labs – rich, diverse colors such as purple, pinkish, orange and blue-green – as well as techniques used to create artificially colored gems, such as HPHT (high pressure, high temperature) treated colors, synthetics and treated synthetics.
He also reviewed the new trend of pale colored diamonds, which are equivalent to F, G, H and I on the D to Z scale and the upswing in diamond evaluations by the Institute, with 30% growth since 2010.
GIA opened its Tokyo laboratory in late 2012. The facility is GIA’s ninth global laboratory and the seventh outside of the United States. GIA has offered educational programs in Japan since the 1970s and has been recognized as the foremost authority in gemology since its inception in 1931.
Sotheby’s – Magnificent Jewels and Jadeite – Hong Kong | April 8th 2013
Fancy intense blue diamond and pink diamond ring set with a 3.04 carat heart-shaped was sold for $2,170,000
Pair of cushion cut fancy intense yellow diamonds set with pink diamonds around which are set in earrings were sold for $1,242,000
Fancy vivid yellow diamond and pink diamond ring set with 13.10 carat was sold for: $1,056,000
Pear shaped Fancy orangey pink diamond weighing 6.37 carats set in a ring was sold for: $1,010,000.
Fancy color diamond necklace Composed of twenty-nine graduated heart-shaped diamonds of various hues together weighing 22.89 carats. Sold for $655,000
Christie’s – New York Magnificent Jewels and the Princie Diamond – New-York| April 16th 2013.
The “Princie Diamond” is a 34.65 carats, fancy intense pink in color and is cushion-cut shaped. This amazing diamond was sold for an amazing price of $39,323,750 – the second most expensive diamond was ever sold in an auction.
Ring set with a cut-cornered modified rectangular-cut fancy pink-brown diamond, weighing 35.60 carats. Sold for $1,683,750
Loose fancy yellow diamond weighing 21.28 carats sold for $663,750
Ring set with a modified pear-shaped fancy intense yellow diamond, weighing 10.19 carats sold for $447,750
Sotheby’s Magnificent Jewels – New York | April 17 2013
Fancy vivid yellow round cut diamond weighing 5.03 carats set in a mounting accented by round diamonds sold for $827,000
Fancy blue diamond ring set in platinum by HAYDEN W. WHEELER, & CO.
The ring was estimated $120,000-$140,000 was sold for $425,000
Radiant shaped Fancy orangey pink diamond weighing 2.35 carats set in a ring that was estimated for $180,000 – $220,000 was sold for $293,000.
Bonham’s – London | April 24th 2013
The last item we wish to mention was sold for an amazing and unexpected price of $9.5 million (the estimated price for the diamonds was $2.3 million) at the Bonhams auction house that was conducted on April 24th. It was purchased by the famous Graff Diamonds. It is a cushion-shaped fancy deep-blue diamond, weighing 5.30 carats, set horizontally within a mount pavé-set by BVLGARI
Raising the Bar on Conspicuous Consumption with an Iphone
There are some people who have so much money, they can just about do anything imaginable, and occasionally, unimaginable.
Take the case of “Joe”, the business from Hong Kong, with a priceless family heirloom and a mission – to honor the precious family treasure, a 26 carat black diamond worth $15 million, in the most conspicuous manner he could dream up, by placing it in an iPhone.
A businessman from Hong Kong, known only by the name of “Joe”, commissioned UK craftsman Stuart Hughes, to create the most extravagant iPhone he could dream up and create he did.
The phone, valued at £10 million GBP, (US $15.5 million), took Hughes 9 weeks to craft by hand, completely replacing the case with 135g of 24 carat gold, substituted the Gorilla glass normally used with Sapphire glass – a manufactured sapphire product reported to be 3 times stronger than Gorilla glass – and then, if this was not enough, replaced the ‘home key’ with the family heirloom diamond. The chassis of the phone also includes 600 white diamonds, 53 of which make up the Apple logo.
Hughes is well known for his extravagant creations, in 2012, he created the Solid Gold iPhone 5 Edition at £22,000, (US $33,000), and the iPad 2 Gold History Edition in 2011, complete with a piece of 65 million year old Tyrannosaurus rex thigh bone at £5 million, (US $7.5 million). Hughes said on CNN, “I am a craftsman. I basically fulfill and make up these ideas.”
It makes you wonder what Mr. Hughes will cover in diamonds next and if he will ever top this masterpiece of conspicuous consumption – perhaps the next generation iPhone will be covered in fancy colored diamonds!