A 25 Carat Ruby Is Now the World’s Most Expensive Colored Stone - JCK

 The auction market got a shot of adrenaline last night, as the Sotheby’s Geneva sale set a world record for any jewelry auction—and capped that with six more world records, almost all for colored stones.  

The auction fetched $160.9 million, or 149.9 CHF (Swiss francs). That tops the previous record holder, the Christie’s November auction in Geneva, which fetched 147.2 million CHF. (Sotheby’s briefly claimed the title for its $199 million November 2013 sale, but that didn’t stand after an $83.1 million pink diamond sale was canceled.)

The sale gives a nice boost to the Sotheby’s jewelry sales, which were down two percent in the first quarter of 2014, according to its 10-Q. 

The Sunrise Ruby-1The 25.59 ct. Burmese Sunrise Ruby sold for $30.3 million ($1.1 million a carat), doubling the low end of its $12 million to $18 million estimate. The stone set records for a ruby, both in total price and per-carat price; for any non-diamond jewel; and any stone by Cartier. The buyer was not named. 

The blood-red stone was a favorite of Sotheby’s worldwide jewelry chairman David Bennett, who said last month: “I have remained in awe of the Sunrise Ruby since the first moment I set eyes on it. In over 40 years, I cannot recall ever having seen another Burmese ruby of this exceptional size possessing such outstanding color.”

The Sunrise sale significantly tops the ruby record set just six months ago by the 8.62 ct. Graff Ruby, which sold for $8.6 million at Christie’s Geneva in November 2014.

Historic Pink Diamond-1The Historic Pink Diamond, an 8.72 ct. fancy vivid pink, achieved $15.9 million, which fell within its $14 million to $18 million estimate, and also went to an unnamed buyer. The diamond is believed by the Gemological Institute of America to have been part of the outstanding collection of Princess Mathilde of Bonaparte, Napoleon I’s niece. It only recently resurfaced, having been kept in a bank vault since the 1940s.

 

The other records were set for sapphires and pearls: 

- A pair of very fine Burmese sapphire and diamond ear clips with a combined weight of 32.67 cts. sold for $3.2 million, setting a world record price for a pair of Burmese sapphire earrings.

- A Kashmir sapphire and diamond brooch weighing 30.23 cts. sold for $6.1 million, setting a record for a Kashmir sapphire (the previous record was set in November).

- A rare natural pearl and diamond necklace sold for $7 million, setting a record for a two-row natural pearl necklace.

 


Jewelers Mutual Insurance Company Expands Coverage

NEW! Expanded Coverage for Personal Jewelry Policies.

Since 1913, Jewelers Mutual Insurance Company has been the company that jewelers trust to protect their jewelry business, and it's with confidence that they mention Jewelers Mutual to their customers for their personal jewelry as well. In addition to worldwide protection against loss, theft, damage and mysterious disappearance, Jewelers Mutual's personal jewelry insurance policy now includes coverage for additional preventive repair to help policyholders avoid a larger, more painful jewelry loss. Expanding the types of damage our policy covers helps bridge the gap between what a typical retailer warranty or service plan may include and what our repair and replacement coverage provides.

Jewelers Mutual's expanded coverage for personal jewelry includes the following six repairs:

  • Prong retipping
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Perfect Circle logo

For insuring your valuable jewelry items, we highly recommend Jewelers Mutual Insurance Company.

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Their website is a great resource for:

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Sotheby's 'perfect' 100-carat diamond could fetch $25m - CNN.com

100 carat D IF Emerald DiamondPaddles at the ready! One of the world's largest flawless diamonds is about to hit the auction block.

On April 21, Sotheby's New York will sell a 100-carat, emerald cut internally flawless diamond, the largest of its clarity and cut ever shown at auction. The auction house expects it to fetch up to $25 million.

"Simply put, it has everything you could ever want from a diamond: the classic shape begs to be worn, while the quality puts it in an asset class of its own," said Lisa Hubbard, Chairman of North and South America for Sotheby's International Jewellery Division, in a press release. 

100 carat D IF Emerald Diamond-2The massive gem will lead the house's Magnificent Jewels auction, culminating a six-city exhibition tour that included stops in Dubai, London and Hong Kong. (Other highlights include colored diamonds, a collection of Kashmir sapphire jewelery and several Art Deco pieces from Cartier.)

"People everywhere have been drawn to it from across the room and they are in awe of its size, particularly when they put it on their hand," says Gary Schuler, the head of Sotheby's jewelery department in New York. "They can't believe there's a diamond this pure of s

via edition.cnn.com


100 Carat D IF “Ultimate” Emerald Cut to Be Sold by Sotheby’s

Sotheby’s calls it the Ultimate Emerald-Cut Diamond—and it’s hard to argue.

100 ct6 D IF Emerald DiamondThe famed auctioneer will offer a 100.2 ct. D internally flawless emerald cut at its April 21 Magnificent Jewels sale in New York City. It is one of only five diamonds of that size and quality ever auctioned. (Two of those five were offered in the last three years.) 

The diamond, the largest classic emerald cut ever sold at auction, is expected to fetch between $19 million and $25 million. That would come in under the price garnered by the Winston Legacy, the 101 ct. D flawless pear-shape that fetched $26.7 million in 2013, as well as the 118 ct. D flawless oval that took in $30 million that same year.  

“The color is whiter than white, it is free of any internal imperfections, and so transparent that I can only compare it to a pool of icy water,” raved Gary Schuler, head of the Sotheby’s jewelry department in New York, in statement. 

The original 200 ct.-plus rough was mined by De Beers in Southern Africa. The current owner spent over one year studying, cutting, and polishing it, Sotheby’s said.

The diamond will be exhibited in Dubai, Los Angeles, Hong Kong, London, and Doha, Qatar. It will be shown in New York City beginning April 17.

via www.jckonline.com


Colored Diamonds: Asia's New Fancy Best Friend

The popularity and price of fancy colored diamonds have been on the rise globally, driven by Asian investors.

From 2006 to 2014, fancy colored diamonds (pink, yellow, and blue diamonds) experienced an average total appreciation of 154.7%, according to the Fancy Color Research Foundation (FCRF), a non-profit colored diamond index that was established last year. In the same time period, the colorless, white diamond increased by 62.4%, according to the Diamond Prices Index.

China and Hong Kong now represent approximately 40% of sales of the fancy colored diamond market, according to FCRF. “Most increases in fancy colored diamond prices, particularly for pink diamonds, is driven by Asian customers,” says Tracey Greenstein, director of research at FCRF.

Green Diamond ring

The high demand and extreme rarity of the colored diamond are what keep pushing up its price: It’s formed when a non-carbon element—such as nitrogen and hydrogen— is accidentally trapped during the crystallization process of the diamond. The foreign element is what renders the diamond colorful.

Outside of Asia, colored diamonds are often considered assets with highly attractive investment potential whereas colorless diamonds are more suitable for gifting. But in Asia, they are seen as both.

 

Edward Alvarado, director of colored diamond dealer, Diamintel notes that he often sees Chinese couples coming to his office looking for a colored diamond ring “for her” but walk out with “her ring and his ring.”

“A lot of men liked colored diamonds in China,” says Alvarado. “With white diamonds they might think it looks girly or flashy but with colored diamonds, they can choose some of the more masculine colors.”

Red diamond ring

As a Venezuelan company that supplies clients globally, Diamintel now sees 80% of their revenue coming from Greater China. Three years ago, Europe and the United States took up 50% of their total revenue.

Major auction houses have been bringing some of the most valuable natural color diamonds to market through the Hong Kong sales, whereas Geneva and New York were the two main focal points before, according to the Natural Color Diamond Association (NCDIA).

Sotheby’s Hong Kong sold an 8.41-carat purple-pink diamond for a record $17.77 million U.S. dollars in last year’s Magnificent Jewels and Jadeite Autumn Sale. Just two months ago, a 13.88-carat yellow diamond ring and a pair of 6.30 and 6.15-carat diamond earrings sold for $466,667 and $312,821 U.S. dollar, respectively, in Hong Kong.

Pink diamonds

And the colored diamond phenomenon is not exclusive to Asia’s super rich. Many of the private buyers at the Hong Kong wholesale jewelry trade shows are part of the growing middle class nowadays.

“We live in a time of a democratisation of the diamond market,” says Diamintel’s Alvarado. “The market is getting a lot more educated and global- and it’s not just the traditional elites that are collecting but the savvy Asian investors as well.”

via www.forbes.com


Diamonds.net - Fancy Color Diamonds Identified as Stable, High Growth Alternative Asset Class

Fancy colored diamondsA new index by The Fancy Color Research Foundation (The FCRF) shows that fancy color diamonds have delivered strong and consistent price increases, outperforming key global asset indices  since 2005.
Fancy color diamonds, predominantly  yellow, pink and blue diamonds, have always been highly prized and rare assets. They are found randomly and unpredictably in diamond mines throughout the world and are enjoyed by sophisticated jewelry buyers and gem collectors alike. Consistent recent growth in values has reflected the changing dynamics of global wealth notably the fast paced growth of emerging markets and the appeal of fancy color diamonds as an investment product. 

The Fancy Color Diamond Index (The Index) has been developed by The FCRF from proprietary access to tens of thousands of fancy color diamond transactions since 2005 and will be updated on a quarterly basis. The Index provides greater knowledge and understanding of fancy color diamond pricing trends to jewelry retail, wholesale and mining industries.

Fancy color diamonds, across pinks, yellows and blues, have increased in value by 167 percent on average since January 2005, outperforming other leading assets in a similar period, for example, the Dow Jones industrial average has increased 58 percent,  Standard & Poor’s 500 has increased 63 percent and London house prices have increased 82.1 percent. 

Looking in more detail the Index shows that pink diamonds have shown the greatest growth in value, up by 360 percent in the last nine years, with blues showing less dramatic but equally consistent growth of a 161 percent by value. Crucially, both pink and blue diamonds were unaffected by the global financial crisis with blues keeping their value and pinks still increasing through 2008 to 2010. 

The publication of the Index marks the launch of The FCRF, which is an independent, non-profit organization formed to promote fair-trade, ethics and transparency in the fancy color diamond retail, wholesale and mining industry.

The FCRF activity will encompass:

• Developing innovative research and digital tools that will support the fancy color diamond retail selling process for consumers, retailers and collectors;

• Promoting fair trade in fancy color diamonds throughout the value chain underpinned by reliable data analysis to create a uniform knowledge base across all industry layers;

• Authoring publications to clarify the complex methodology for evaluating fancy color diamonds;

• Correcting common misconceptions about evaluating fancy color diamonds.

The FCRF expects that together these activities will enhance consumer demand and retail understanding of fancy color diamonds.

The FCRF was initiated by Eden Rachminov, author of "The Fancy Color Diamond Book" and winner of the NCDIA education award. Ambitions and activities of The FCRF will be guided and evaluated by an experienced board of advisors that work throughout the diamond pipeline.

Rachminov, a member of the board of advisors for The FCRF, commented, “The launch of The Fancy Color Research Foundation is in response to the growth in fancy color diamonds transactions and the resulting need for greater education, understanding and clarity in the industry.

“The process and skills for evaluating fancy color diamonds are unique to this exceptional product. As a result there is a need to clarify misconceptions and to highlight the differences to evaluating colorless diamonds. 

“In addition to publishing the Index, The FCRF is developing and publishing a series of practical tools, targeted at retailers. We are confident that The Fancy Color Research Foundation will be a significant influence on increasing demand within the fancy color diamond industry.”

Membership of the FCRF is open to retailers, auction houses, wholesale traders/manufacturers, financial institutions, insurance appraisers and mining companies. Organizations interested in membership of The FCRF should visit fcresearch.org to register details.

About the Fancy Color Diamond Index:
The Index is a first of its kind tracker of changes in the market prices of yellow, pink and blue fancy color diamonds, the three most commonly traded fancy color diamond categories (a market price is a wholesale transaction taking place in one or more of the global diamond trading centers). 

The Index is a composite representation of changes in price points gathered since 2005, based on a statistically significant sample size. It offers insight into variations in the appreciation of diamonds of different colors and sizes. 

The Fancy Color Research Foundation oversees proprietary prevalence and pricing data aggregation and production of the index. A third party New York-based audit firm reviews the development of The Index from the various data points gathered.

The Index can be used to understand and track the historical price behavior of different rare fancy color diamonds.

via www.diamonds.net


Cora International to Unveil Blue Moon Diamond in Los Angeles - JCK

By Logan Sachon, Social Media Journalist

Posted on September 4, 2014
 
The Natural History Museum of Los Angeles County will host the unveiling of Cora International’s Blue Moon Diamond on Sept. 13.

The diamond will be on display at the museum until Jan. 6, 2015. 

12 ct Blue Moon DiamondThe 12 ct. stone is owned by Cora International, the diamond-cutting company. It purchased the 29.6 ct. rough stone from Petra Diamonds in February for $25.6 million and have since cut it down.

29.62-rough-blue-diamondThe diamond was unearthed by Petra in January from the Cullinan mine in South Africa. 

 

via www.jckonline.com


New lawsuits filed against Genesis Diamonds concerning EGL-certified diamonds

NASHVILLE, TN (WSMV) -
Gia_vs_eglA lawsuit filed Monday centers on what might be the most dramatic example yet of diamond discrepancies at Nashville's popular Genesis Diamonds.

In one of two suits filed on Monday, a customer said a pair of three-carat diamond cufflinks he bought from Genesis, with color grades certified by a lab known as EGL International, turned out to be six to seven colors worse and far less valuable when analyzed by GIA, the most stringent diamond grading laboratory.

The same customer also bought an expensive anniversary ring he claimed was exaggerated by four color grades in its EGL International certification.

"There's a six-figure difference, over $100,000, between what my client was told these diamonds were worth and what an independent appraiser told us they were worth when we had them checked this year," attorney Brian Cummings said.

Last May, the Channel 4 I-Team talked to customers, former employees and competing jewelers who claimed Genesis often sold diamonds certified by EGL International. In many cases, those diamonds were not of the quality the customers expected.

There are now three lawsuits against Genesis concerning misleading customers about the quality of certain diamonds.

Eli Richardson, Genesis Diamond's attorney, said diamond grading is done with the human eye and the store stands by what it sells.

"All grading is subjective, and EGL International is known to be more lenient than GIA," Richardson said. "That does not make EGL International certifications fraudulent, just more lenient."

The two customers who filed suits Monday are represented by a different attorney than the one who alleged Genesis was breaking U.S. custom laws by offering EGL-certified diamonds, since the laboratory is involved in a complicated legal fight over its name.

Cummings said his customers had no idea their diamonds weren't worth what they paid.

"We have purchases in 2012, 2013 and 2014 by two different individuals at three very different price points, but the single common denominator was Genesis Diamonds told these people on different days these items were worth or what their grades were, were far from the truth," Cummings said.

Attorneys for Genesis said the store offered full refunds to both customers who filed a suit Monday, but both refused.

Genesis also said at least one of the pieces of jewelry at issue wasn't even certified as the suit describes.

Reported by Demetria Kalodimos - Channel 4 Nashville, TN

 

http://www.wsmv.com/story/26310387/new-lawsuits-filed-against-genesis-diamonds


Will rare pink diamond auction sparkle for investors? - Telegraph

Will rare pink diamond auction sparkle for investors?

Pink diamond tender comes as wealthy Asian buyers spur rise in the precious stones

Red diamondsRio Tinto, the world's second-largest mining company, has launched its latest rare pink diamond auction in Australia as prices for the most sought after of precious gems stones are expected to surge. The 2014 Argyle Pink Diamonds Tender collection which is going under the hammer comprises 55 diamonds, including 51 pink and purplish red diamonds and four Fancy Red diamonds.
 
Only 13 Fancy Red diamonds have been included in the annual tender in the last 30 years.
 
Diamonds are becoming an increasingly rare item as fewer mines remain in operation and new discoveries dwindle. According to Petra Diamonds there are only around 30 operational diamond mines still working around the world. De Beers estimates there is only a 1pc chance of finding a profitable diamond mine.
 
Rio Tinto controls the market for pink diamonds from the Argyle mine in Australia. Around 65pc of the world's diamond supplies come from the Cullinan mine in South Africa. Jean-Marc Lieberherr, Rio Tinto Diamonds managing director said: "Decades ago, no one would have believed that Australia held the secret of diamonds, let alone virtually the world's entire source of rare pink and red diamonds.
 
"The pinnacle of the production from Rio Tinto's Argyle mine, the annual pink tender diamonds are now celebrated internationally as amongst the rarest and most valuable diamonds in the world. We have seen and continue to see sustained demand and price growth for Argyle pink diamonds.
 
" Investors have until October 8 to submit bids for the diamonds, which will be showcased in New York, Sydney, Perth and Hong Kong.
 
According to Rio Tinto, the market for pink diamonds is quite separate to white diamonds, and due to their rarity, pink diamonds typically command prices far in excess of white diamonds. The world's biggest certified diamond is the 3,106-carat Cullinan, found at the mine near Pretoria in 1905. It was cut to form the Great Star of Africa and the Lesser Star of Africa, set in the Crown Jewels of Britain. However, most of the new demand for diamonds is now coming from the Asian market.
 
In 2000, the whole of Asia made up 8pc of global diamond jewellery sales, while in 2012 China and Hong Kong alone made up 13pc, with the expectation that this will rise to 18pc by 2017. Bain's 2013 diamond report found that the stones have strong spiritual resonance in China, where diamonds are associated with eternity and high status. And the country's affluent middle class is predicted to grow by 60pc, or 200m, to a total of more than 500m over the next six years..

via www.telegraph.co.uk