Winter News from Novel Collection
Huge Anglo American Purchase
After months of speculations in the industry, the Oppenheimer family sold their 40% stake in De Beers to mining giant Anglo American for a $5.1 billion. The Oppenheimers have run De Beers since 1927.
These speculations were accompanied by concerns as to whether this sale would bring about drastic changes to the way De Beers – the world’s largest diamond producer – does business, specifically the way it sells rough diamonds to the market.
“Neither diamond dealers nor banks need worry that any drastic changes will take place”, said Sanjay Kothari, Vice Chairman of India’s Gem & Jewelry Export Promotion Council. “Anglo American has been a part of the diamond industry for a long time and knows its intricacies. There won’t be any hiccups when ownership changes. Sights and allocations will go on as they have before and there is no cause for concern anywhere”.
Though everyone is hurrying to calm the assumptions, one wonders whether the Oppenheimers sold their stake due to commercial reasons or was there pressure coming from certain quarters.
Finding large rough diamonds is always a special event in the market. Last month witnessed one such event – the Letseng Star, a 550 carat, type IIa, D color rough diamond was sold for $16.5 million.
Gem Diamonds recovered the 550 carat diamond on August 19th at its Letseng mine in the Kingdom of Lesotho. The Letseng Star is currently ranked as the world’s 14th largest white diamond on record, and is the 4th diamond of such historical significance to be recovered at Letseng since 2006.
Diamonds For Your Eyes Only
The next time someone tells you that they saw a person with “a twinkle in their eyes”, they might be talking about the next extreme fashion trend – custom-made, gold-plated contact lenses featuring 18 diamonds.
This eerie and alluring new jewelry line from Shekhar Eye Research will definitely satisfy those who aren’t content to simply boast bling on their wrist, fingers or neck. The creator of this new eye-jewel, Chandrashekhar Chawan, got his inspiration from cosmetic dentistry after his wife had diamonds planted on her teeth. Although many critics came out against the idea, Chawan still believes he is a true trend setter. “Look at Lady Gaga and her followers. People take time to digest new fashion until some celebrity starts using it”, he said.
As one of the largest companies in the world specializing in Fancy Color Diamonds, it is a pleasure to note when a colored diamond makes waves in the market. Such a memorable occasion took place on November 15th, at Sotheby’s Sale of Magnificent Jewels in Geneva, when the world’s price record for yellow diamonds was broken. The Sun-Drop Diamond, considered the largest known pear-shaped fancy vivid yellow diamond at 110.03 carat, sold for $12.3 million.
The original rough stone which later produced the Sun-Drop was discovered in South Africa in 2010. Sun-Drop is graded fancy vivid yellow, the highest color grading for a yellow diamond, and has a purity of VVS1. “The Sun-Drop is one of the most impressive (diamonds) I have had the pleasure of selling,” said David Bennett, co‐chairman of Sotheby’s Switzerland.
Sotheby’s November 15th auction also witnessed the sale of a 4.16 carat fancy vivid blue diamond which sold for $4.2 million.
December is planned to be no less exciting at Sotheby’s New York sale of Magnificent Jewels, which will be led by two significant diamonds. The first is “The Light of Golconda” – an exceptionally rare diamond ring set with a cushion-shaped diamond weighing 33.03 carats, reminiscent of the legend of the Golconda mines of India. The diamond is a D color, Internally Flawless, type IIa classification, and is estimated in the region of $7 million.
The second is a rare and glorious fancy intense pink diamond ring, set with a brilliant-cut diamond weighing 22.17 carats, VS2 clarity, type IIa classification, estimated in the region of $13 million.
This December’s Magnificent Jewels sale will sum up an exceptional year for jewelry at Sotheby’s New York. “Each of our jewelry auctions this year has brought our strongest-ever result in its respective month”, said Lisa Hubbard, Chairman, North & South America, Sotheby’s International Jewelry Division, “and we look forward to offering some amazing collecting opportunities in December”.