Industry News

Petra’s 29.6-Carat Blue Diamond Sold for $25.6M

The Cullinan mine was acquired by Petra Diamonds in 2008. Other notable diamonds discovered in the mine is the 3,106 carats Culinan Diamond in 1905- described as the largest rough gem diamond ever recovered; and a 25.5 carat blue diamond in 2013 - sold for $16.9 million.The blue diamond was discovered by Petra Diamonds about 25 miles north east of Pretoria, South Africa in January. The color makes it one of the rarest and most coveted in the world. At the point of the discovery, Petra described the stone as “an outstanding vivid blue with extraordinary saturation, tone and clarity. It is one of the most exceptional stones recovered at Cullinan during Petra’s operation of the mine”. “This sale result affirms this stone as one of the most important blue diamonds ever recovered,” Petra CEO Johan Dippenaar noted. This is a follow-up story on the the 29.6-carat blue diamond discovered at the Cullinan mine reported in the ICA January Newsletter (Sign up for the ICA Monthly Newsletter here). The acorn- sized diamond was sold to Golden Yellow Diamonds for Cora International NY for US$25.6 million, or $862,780 per carat.


Zambia receives USD 2 million dividends from Kagem

The Government of the Republic of Zambia, a 25-percent shareholder in Kagem Mining Limited, received its K10.94 million (about USD 2 million) share of the K41.6 million(about USD 8 million) dividends declared by the emerald mining company.

“This is the first dividend paid by Kagem in its 29 year history and the first such payment to the Government from any gemstone operating in Zambia,” said Minister of Finance Alexander Chikwanda in Lusaka.

Chikwanda added that Kagem needs to expand its operations significantly and partner with Government to increase its capital stocks in its efforts to alleviate poverty.

Back in 2008, when London-listed Gemfields Plc. first acquired a 75-percent beneficial interest of Kagem, the mining company was loss-making and its total annual sales was approximately USD 8.9 million, broadly the same as the dividend now being paid. It then implemented a pioneering incentive scheme, paying bonuses to all Kagem employees for each month in which pre-determined emerald productions thresholds are reached, according to London Stock Exchange.

“Kagem is the flag bearer of the Zambian gemstone sector, and one of the finest examples of what can be achieved in partnerships between government and foreign investors in the mining sphere,” said Gemfields CEO Ian Harebottle.


Spread the Secret: the $ 10 million Royal Fantasy Bra unveiled by Victoria’s Secret

Valued at $10 million, the Royal Fantasy Bra and Belt designed exclusively for Victoria’s Secret by world-renowned jeweler Mouawad was introduced in time for the holiday season. The bra is handset in 18 karat gold, featuring a 52 karat and pear shaped center ruby. The two pieces are adorned with over 4,200 precious gems from around the world including rubies, diamonds, and yellow sapphires.

Victoria’s Secret Angel Candice Swanepoel will model the Fantasy Bra in the 2013 Victoria’s Secret Dreams & Fantasies Catalogue and the Victoria’s Secret Fashion Show airing December 10th on the CBS television network.

Victoria’s Secret Angel Candice Swanepoel in The Royal Fantasy Bra valued at $10 million. Photo credit of Victoria's Secret and/or its affiliates.


Zambian government plans to set up precious-stone collection points benefiting small-scale miners

Zambian government plans to set up precious-stone collection points with the aim to reorganize small –scale miners of precious stones -- by providing them an opportunity to expose their products to international buyers at auctions.

“With the setting up of collection points, transportation will be made easier and miners can bring their products during auctions in Lusaka and money will be given to them instantly,” said Victor Mutambo, Mines, Energy and Water Development Permanent Secretary.

While the Zambian government policy on the auctions of emerald in countries like Singapore still stands, the Gemfields’ auction hosted in Lusaka this July yielded the highest unite value achieved at any auction.  Kagem Mining Limited, one of the three emerald mines in Zambia, had already pledged to hold its next auction.


CIBJO and Responsible Jewellery Council (RJC) announce Memorandum of Understanding at IJL London

LONDON: SEPTEMBER 1, 2013 - CIBJO, the World Jewellery Confederation, and the Responsible Jewellery Council (RJC) signed a Memorandum of Understanding (MOU) today at the International Jewellery London Show (IJL).  The MOU will work to further advance responsible business practices among all sectors of the jewellery supply chain, and will include the use of CSR education programmes developed by CIBJO, in collaboration with the United Nations, and chain of custody certification programmes developed by RJC.

The MOU reflects the willingness of both organisations to collaborate on efforts to entrench a solid understanding and commitment from the jewellery industry, to improve its performance in the crucial areas of human rights, social and environmental performance and ethical business practices.


US Maintains Bans on Myanmar jade and rubies importing

The Obama administration maintained the ban on imports of Myanmar jade and rubies, according to the official announcement on August 7, manifesting their aims to push the political and economic reforms in the Southeast Asian nation.

"The administration is maintaining restrictions on specific activities and actors that contribute to human rights abuses or undermine Burma's democratic reform process," deputy national security adviser Ben Rhodes said in a statement. It is “due to continuing concerns, including with respect to labour and human rights”, Rhodes reiterated.

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