Christie’s to Offer 204ct. Yellow in New York
RAPAPORT. A 204.36-carat, fancy-intense-yellow diamond with a high estimate of $5.5 million is set to lead the New York sale at Christie’s next month.
The cushion modified brilliant-cut, VVS2-clarity stone, called The Dancing Sun, is the largest polished diamond originating in North America, having been cut from a 552.74-carat rough unearthed at the Diavik mine in Canada, Christie’s said last week. The auction house will offer the stone at its Magnificent Jewels sale on June 8 alongside six smaller diamonds originating from the same rough, ranging from 1.06 to 14.52 carats.
Another prominent lot is the Chrysler Diamond, a pear-shaped, 54.03-carat, D-color, internally flawless stone. Originally purchased by Harry Winston from the estate of Thelma Chrysler Foy, the daughter of Walter Chrysler, the stone is now set in a necklace together with 43 smaller pear brilliant-cut diamonds. The piece carries a high estimate of $4.5 million.
GIA Offers Grant for Diamond Council Graduates
RAPAPORT. The Gemological Institute of America (GIA) has provided $25,000 in scholarships that will fund distance-education courses for graduates of the Diamond Council of America (DCA).
The money will enable individuals who have graduated from at least one course at the DCA to continue their education at the GIA in a number of courses, the DCA said Monday. Students may use scholarships to pay for classes in jewelry essentials, colored-stone essentials, diamond essentials, pearls, colored stones, diamonds and diamond grading, and gem identification.
“DCA appreciates this exceptional gesture by GIA to work together to provide our students an opportunity to continue their education and improve their professional profile,” noted DCA CEO Terry Chandler. “This generous grant will allow DCA students to continue their education in advanced coursework offered only by GIA.”
De Beers Sales Stall Amid India Slowdown
RAPAPORT. De Beers registered its weakest sales total since August as rough demand wobbled during India’s Covid-19 wave.
The fourth sales cycle of 2021 saw proceeds of $380 million, down from $450 million in the third cycle, the miner reported Wednesday. Revenues included the sight that took place in early May, as well as auctions.
“We continue to see robust demand for diamond jewelry in the key US and China consumer markets,” said De Beers CEO Bruce Cleaver. “However, the scale of the second wave of Covid-19 in India, where the majority of the world’s diamonds are cut and polished, has led to reduced midstream capacity and subsequently lower rough-diamond demand, during what is already a seasonally slower time of year for midstream purchases.”
Alrosa Profit Bounces Back
RAPAPORT. Alrosa saw a sharp rebound in profit in the first quarter as the mining company capitalized on a strong recovery in the diamond market.
Net profit soared to RUB 24.02 billion ($325.9 million) from RUB 3.06 billion ($41.5 million) a year earlier, the Russian miner reported Tuesday. Revenue jumped 44% year on year to RUB 89.31 billion ($1.21 billion).
Strong retail demand in the US and China spurred the market during the period ending March 31, with manufacturers showing appetite for rough amid low midstream inventories and reduced supply from miners, Alrosa explained. By the end of the quarter, rough prices recovered to levels that had been visible in the first quarter of 2020, the company added.
Natural Diamond Council Seals China Partnership
RAPAPORT. The Natural Diamond Council (NDC) has teamed up with Chow Tai Fook to promote mined stones in China, marking the trade organization’s first collaboration with a retailer.
“Chow Tai Fook is a leading enterprise in China’s jewelry industry, with massive influence,” David Kellie, CEO of the NDC, said Thursday. “By joining hands with Chow Tai Fook in the China market, we hope to ignite the ‘natural diamonds dream’ among young consumers.”
Hong Kong-based Chow Tai Fook will “fully support” the NDC’s promotional and educational campaigns related to natural diamonds in China, the council noted. The NDC, meanwhile, will expand its support to the sector by providing advertising and marketing material.