How insanely good is this jewelry (and lookbook) from Sophie Bille Brahe?! I'm head over heels for the pearl collection. Find the pieces here and here.
For something similar that won't break the bank, check out this pair of earrings.
Showing posts with label DIAMONDS. Show all posts
Showing posts with label DIAMONDS. Show all posts
JEWELRY CRUSH: SOPHIE BILLE BRAHE
How insanely good is this jewelry (and lookbook) from Sophie Bille Brahe?! I'm head over heels for the pearl collection. Find the pieces here and here.
For something similar that won't break the bank, check out this pair of earrings.
Graff Recreates ‘Hair & Jewel’ With Half-Billion-Dollar Diamond Bejeweled Hairdo
Famed diamond jeweler, Laurence Graff, recreated a legacy statement Tuesday that helped to propel his brand to the forefront of the luxury world.
Known as “Hair & Jewel,” Graff in 1970 unveiled a photo of a model wearing an ornate coiffure decorated with $1 million dollars of diamonds and precious gems. The photo received international attention and became a landmark promotion for Graff Diamonds, founded only 10 years earlier.
“Until this time, images showing fine jewelry were typically modeled in a more conservative style,” Graff said in a statement. “This image broke the mould by using a younger model and created the idea of diamonds being aspirational to younger women.”
The Graff name is now known throughout the world and to celebrate the man behind the brand’s 60th year in the jewelry industry he recreated Hair & Jewel, only this time using $500 million worth of precious jewels. It’s a clear statement by Graff using a memorable promotion to show the world how far he has come.
"It is more than 40 years since the original image of Hair & Jewel was captured," Graff said. "The recreation marks an important milestone in Graff Diamonds’ history and coincides with the opening of its 40th store globally."
The hair of model Dalia Gunther was crafted by Eamonn Hughes using 22 rare jewels created at Graff’s headquarters in London. The image was photographed by David Slijper. The jewels used for the recreation include the following:
* Graff “Sweethearts” earrings featuring 51.53-carat and 50.76-carat D color Flawless type IIA heart shape diamonds;
* A selection of jewelry crafted from the 550ct Letšeng Star, the 14th largest white rough diamond ever discovered;
* A 10.47-carat fancy vivid blue internally flawless briolette diamond pendant;
* A 52.73-carat fancy vivid yellow emerald cut diamond ring; and
* A 6.51-carat fancy intense pink internally flawless oval cut diamond ring.
Below is a promotional video from Graff Diamonds showing the Hair & Jewel recreation.
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How Many Facets are there on the ‘World’s Smallest Diamond?’
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| Photo credit: Anthony DeMarco |
When it comes to diamonds bigger is almost universally accepted as better. However, luxury watch brand, Jaeger-LeCoultre, turned the tables a bit introducing what it claims to be the world’s smallest diamond. Perhaps the worlds smallest manufactured diamond or the world’s smallest faceted diamond may be a better claim.
Each diamond is 0.5mm in size and in an orange tray they are barely visible. However, under a microscope I can clearly see two faceted round diamonds. In fact, what I find more remarkable is that each diamond has 57 facets. No. I didn’t count the facets.
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| Photo credit: Anthony DeMarco |
Carlos Carvalheiro, Jaeger-LeCoultre’s master gem setter (pictured above), is the one who made the claim. He was demonstrating the miniature diamonds to guests attending the luxury watch brand’s 180th anniversary celebration, held at the Teatro La Fenice, the famed opera house in the city of Venice.
Carvalheiro’s claim peaked my interest. I have a lot of questions but the event was an inappropriate time for my queries. I will follow up.
My questions include whether these diamonds will appear on a watch? And whether the technique used to create them will be used for their gem-set timepieces or even used for their movements. Maybe the technique has already been applied to some of newer timepieces, such as the La Montre Extraordinaire La Rose (pictured above), which I wrote about just before leaving for Venice. I also would like to know if this is done in house.
For an industry that prides itself on innovations on a micro-level for watch movements, creating miniature gems for the exterior of watches this, in my humble opinion, is a new breakthrough in the use of micro-technology for watchmakers.
But first this claim needs to be clarified and verified.
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The Dramatic Fall of India’s Largest Jewelry Company
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| Mehul Choksi, managing director of Gitanjali Group, is under investigation for stock market manipulations. |
One of the world’s largest diamond and jewelry companies has quickly fallen on hard times. The Gitanjali Group, which bills itself as the “world’s largest integrated conglomerate of diamonds, jewelry and lifestyle brands,” has seen its share price fall 79 percent in a month, largely due to the Reserve Bank of India's recent restrictions on gold imports that has damaged much of the jewelry trade in the country. However, the latest setback on Thursday appears to have been self afflicted.
Gitanjali’s managing director, Mehul Choksi, has been suspended of trading activities by the Securities and Exchange Board of India (SEBI), as part of a probe into suspected market manipulations, according to reports by the Economic Times of India and other publications in the country.
Choksi is one of 26 individuals and firms that were suspended Thursday, according to reports. They are all suspected of being linked with a securities and stock brokerage services company called Prime Broking Company (India) Ltd., which also operates under the name Prime Securities. The company is described by The Economic Times as a “significant shareholder” of Gitanjali. Choksi is the leading shareholder of Gitanjali with a 51 percent stake. They are being investigated for allegedly making trades while concealing their identities, according to the report.
According to a second story in The Economic Times, Gitanjali shares appear to be in the center of this investigation. Several investors reportedly purchased Gitanjali shares through Prime Broking, “which allegedly pledged these without their consent to take exposure on the derivatives segment of NSE.” Two of the suspended parties have filed police reports against Prime Broking.
The company that began in 1966 as a cutting and polishing diamond operation for the jewelry trade has undergone dramatic and expansive growth. Gitanjali now operates on five continents and in just about every sector of the jewelry industry. It is one of India’s largest diamond manufacturers, jewelry manufacturers and retailers. It manufactures rough diamonds, designs and builds jewelry, creates jewelry brands and distributes diamonds and jewelry for wholesale and retail—including its own stores in India, the US and other parts of the world. It claims to be:
* The world’s largest number of established jewelry brands under one roof;
* A distributor and retailer with 4,000 points of sales throughout the world; and
* The largest precious jewelry manufacturer in the world, with the ability to produce 235,000 jewelry pieces per month across nine manufacturing facilities.
In India—in addition to its vast manufacturing, design, distribution and retail operations—it owns approximately 20 jewelry brands, each one fronted by a Bollywood star.
Among its holdings in the US is Samuels Jewelers, the country’s fifth largest retail jewelry chain with 111 stores. In Italy, it owns five jewelry brands under the name “Leading Italian Jewelers,” with the most prominent being luxury jewelry brand Stefan Hafner. It also has large operations in Belgium, UK, Japan, China, Southeast Asia and the Middle East.
If that’s not enough, the company owns 17 watch brands (including Italian brands Morellato and Pirelli) and several brands that deal in household products, particularly tableware and silverware, that include the Italian companies Greggio Argento and Donatella.
Gitanjali’s influence on the worldwide jewelry trade cannot be underestimated. Its suffering may have a domino effect—particularly in India..
The company trades on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE). Since June 24, the company went from a high of 550 rupees ($9.21) to a low of 115 ($1.93) on the BSE. It last traded at 115.60 rupees.
The impact of this setback will soon be known as markets will open in a few hours.
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Gold, Diamonds and Crystals Glitter, Sparkle, and Shine at Las Vegas Jewelry Week
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| The World Gold Council's LoveGold exhibit at Couture. |
Not everything was for sale at the jewelry shows in Las Vegas this past week although I suppose someone could have purchased the 27-pound gold bar valued at more than $500,000 from the LoveGold Exhibit at the Couture jewelry show.
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| Gold jewelry from Couture Show jewelry exhibitors. |
Up on a stage above the tradeshow exhibitors at Wynn Las Vegas, the World Gold Council’s exhibition included art creations, curated gold jewelry used at red carpet events and selected gold pieces from the vendors at the tradeshow. LoveGold is the fashion jewelry initiative of the WGC, the marketing development organization of the gold industry.
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| One of the gold fashion displays at the LoveGold exhibit. |
Many of the pieces were from the catwalk at Cannes where they were part of a special fashion show that was curated by Carine Roitfeld, the former editor-in-chief of Vogue Paris, to benefit amfAR, the foundation for AIDS research.
“We want to showcase the best that gold can be regardless of origin or price point,” said Sally Morrison of the World Gold Council. “The exhibition at Couture was a way of introducing the beginning of this activity to the brands and press at the show.”
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| A display at the "Diamonds with a Story" Rio Tinto Diamonds exhibition that highlights diamond origins. |
As previously noted, Rio Tinto Diamonds presented an exhibition at the JCK Luxury and JCK Las Vegas tradeshows titled “Diamonds with a Story.” It featured jewelry created for the US market by eight North American designers based on the following four topics: “Origin,” “Cutting Impact,” “Mixed Medium” and “Color My World.” The designers created their works using Rio Tinto's colored diamonds from its Argyle mine in Australia and white diamonds from its Diavik mine in Northwestern Canada.
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| Varieties of Rio Tinto diamonds. |
The exhibit is part of a marketing program by the mining company for the jewelry trade based on its own consumer research. The jewelry collections based on the four stories identify consumers' desire for the following attributes:
• Identifying the place of origin of the diamond they buy;
• Knowing that their diamond purchase is having a positive impact;
• Differentiating designs and concepts; and
• Access to natural colored diamonds
“We are excited by how well the 'Diamonds with a Story' platform is resonating," said Rebecca Foerster, manager of Rio Tinto Diamonds US Representative Office. “This appetite for innovation is good news for miners, manufacturers, retailers and ultimately the consumer.”
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| Elaborate and colorful jewelry design by David Mandel, part of the Swarovski Elements exhibit at JCL Las Vegas. |
Swarovski Elements, the premium brand division of the world-renowned crystal company, Swarovski, provided a fashion-forward jewelry exhibition at JCK Las Vegas called “World Jewelry Facets,” featuring collaborations with designers and artists representing several mediums who created colorful designs using Swarovski crystal.
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| A necklace by Tim Hosier and Brian Thorson. |
The creations ranged from elaborate, fanciful designs to more wearable pieces. Designers included Tim Hosier and Brian Thorson, known for their home accessories designs, to entertainment industry designer David Mandel.
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| Jewelry by American artists at the Swarovski Elements exhibit |
There is also a charitable element with designs created by Senhoa, a non-profit organization and fashion brand that produces jewelry made by survivors of human trafficking. The Senhoa line on display was designed by Canadian model, Coco Rocha, and handcrafted by survivors of exploitation in Cambodia.
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| Jewelry by the non-profit organization and fashion brand, Senhoa, handcrafted by survivors of exploitation in Cambodia, |
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Dominion Diamond Completes $553 million Acquisition of Ekati Diamond Mine
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| Ekati Diamond Mine |
Dominion Diamond Corp., formerly known as Harry Winston Diamond Corp., said Wednesday it has completed its acquisition of the Ekati Diamond Mine in Canada’s Northwest Territories and related diamond sorting and sales facilities in Yellowknife, Canada, and Antwerp, Belgium. The Canadian subsidiary of mining company BHP Billiton was the majority owner of the mine and the other facilities. BHP is exiting the diamond business to concentrate on other mining activities.
The purchase price was $500 million plus price adjustments of $53 million for items that include interest, tax and capital expenditures bringing the total amount paid to $553 million. On the date of closing Ekati had cash on hand of approximately $65 million and two sales cycles (10 weeks) of diamond inventory either in the process of being sorted and valued or available for sale. Dominion Diamond said the inventory will be valued against its rough diamond sales assortments.
Dominion Diamond also provided letters of credit to the Government of Canada of approximately CAD$127 million, in support of reclamation obligations for the Core Zone. The purchase price and the letters of credit were satisfied from or secured by cash on hand.
The Ekati Diamond Mine consists of the Core Zone, which includes the current operating mine and other permitted kimberlite pipes, as well as the Buffer Zone, an adjacent area hosting kimberlite pipes having both development and exploration potential.
Dominion Diamond funded the acquisition through its recent $1 billion sale of the Harry Winston luxury retail brand to Swatch Group. The company also owns a 40 percent stake in the Diavik Diamond Mine, also in the Northwest Territories of Canada. The acquisition of Ekati has made the company the largest supplier of Canadian diamonds.
Dominion Diamond is still flush with cash and the speculation is it will use the money to buy the remaining 60 percent interest in the Diavik Diamond Mine from mining company Rio Tinto, which has, like BHP, stated a desire to pull out of the diamond business to focus on other mining activities.
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The Former Harry Winston Diamond Corp. Files First Earnings Report Under New Name; Ekati Mine Acquisition Is Approved; Frédéric de Narp Reportedly Resigns
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| The new Dominion Diamond Corp. logo. |
Dominion Diamond Corp., the company formerly known as Harry Winston Diamond Corp., said that consolidated sales from continuing operations increased 8 percent to $110.1 million for the fourth quarter. The increase was the result of an improved sales mix, partially offset by a 3 percent decrease in volume of carats sold during the quarter. It also cited increased demand in India, China and the United States.
Meanwhile, operating profit from continuing operations fell 12 percent in the quarter ended Jan 31 to $21 million. Consolidated EBITDA from continuing operations decreased 6 percent to $45.3 million.
Net income from continuing operations fell to $12.1 million, or 14 cents per share, from $12.7 million, or 15 cents per share, a year earlier.
Since 2006, the company operated as two segments: a luxury retail jewelry and watch division under the iconic Harry Winston brand name and a diamond mining business. The company closed its sale of the luxury brand segment to the Swatch Group Ltd. on March 26 in a deal valued at $1 billion. As part of the closing of the transaction, the company changed its name to Dominion Diamond Corp. and its common shares now trade on both the Toronto and New York stock exchanges under the symbol DDC.
The company now operates solely as diamond mining and marketing business and its earnings report reflects this with the results of the luxury brand segment treated as discontinued operations for accounting and reporting purposes.
Other fourth quarter highlights include:
* Rough diamond production during the fourth calendar quarter increased 19 percent to 1.9 million carats.
* The company had 500,000 carats of rough diamond inventory with an estimated current market value of approximately $65 million at January 31, of which approximately $25 million represents rough diamond inventory available for sale, with the remaining $40 million being sorted.
In related news:
* The company previously said it received regulatory approval to complete the $500 million acquisition of the Ekati diamond mine in Canada’s Northwest Territories and diamond sorting and sales facilities in Yellowknife, Canada, and Antwerp and Belgium, from mining company BHP Billiton Canada Inc. Dominion said it expects the transaction to close on or about April 10. It was speculated that the sale of the luxury retail segment was used to finance the acquisition.
* In addition, the company is reportedly interested in buying the remaining stake in Diavik diamond mine. It currently owns a 40 percent share of the mine with the remaining interest owned by mining company Rio Tinto, as Rio has stated a desire to pull out of the diamond business.
* Frédéric de Narp, president and CEO of the Harry Winston luxury segment, has resigned, according to a report in the New York Post. Nayla Hayek, a Swatch board member and daughter of the company’s founder Nicolas Hayek, has assumed de Narp’s role.
“The last year and this first quarter has been a time of great positive change for the company, including changing its very identity,” said Robert Gannicott, Dominion Diamond Corp.’s chairman and CEO. “This change reflects a focus on the production, sorting and sale of diamonds from Northern Canada, a region that we know and understand well. The acquisition of the Ekati Mine, and its operating team, is expected to close next week giving us operational control of both a producing mine and development opportunities in the large scale resources on the Ekati property. Together with our exploration acreage adjacent to the Ekati and Diavik properties, this positions us from grass-roots exploration through development opportunities. We also become the largest supplier of Canadian diamonds sold through an expert sorting and marketing chain that we have perfected through the years of Diavik production.”
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Sotheby’s to Offer 75-Carat Diamond with $12 Million Price Tag
The centerpiece of Sotheby’s New York Magnificent Jewels sale on April 17 will be a 75-carat pear-shaped, D-color diamond that the auction house says it is “the most important white diamond ever to appear at auction in the Americas.” It is estimated to sell for $9 million to $12 million.
The spring auction will offer 400 lots of jewelry, gemstones and pearls with an estimated sale value of more than $35 million. Among the other offerings are the following:
* Fancy pink diamond and diamond pendant ear clips. The pear-shaped pendants weigh 5.79 and 5.68 carats. Its estimate is $3.5 million to $4.5 million
* From the Estate of Lynn Wolfson, a square emerald-cut diamond ring with a 21.46-carat, D color, Internally Flawless, type IIa diamond. Its estimate is $2.5 to $3.5 million.
Six jewels from the family of financier and railroad magnate Jay Gould acquired in the first half of the 20th Century. Among the items:
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* From the Estate of Sarah Cantine Shrady Gould and Thence by Descent, an emerald and diamond brooch featuring a 22.48-carat, Classic Colombian emerald. Estimate $400,000 - $600,000.
* From the Estate of Florence Bacon Gould Sturgeon and Thence by Descent, an emerald and diamond ring with a 15.23-carat Classic Colombian emerald, circa 1930. Estimate $750,000 - $1 million.
Other highlights of the sale include:
* From a distinguished European collection, a carved colored stone, diamond and pearl “Tutti Frutti” Bracelet by Cartier. Estimate $300,000 - $500,000.
* Formerly from the collection of Katharine Dexter McCormick, a ruby and diamond ring featuring a 4.36-carat, classic Burmese ruby, circa 1900. Estimate $400,000 - $600,000
* From the Estate of Micheline Muselli Lerner, a diamond Rivière Necklace by Van Cleef & Arpels. Estimate $125000 - 175,000
* A diamond, onyx and emerald panther brooch by Cartier. Estimate $150,000 - $250,000
Highlights from the sale will be on view in the Hong Kong Convention & Exhibition Center April 3 – 7 before returning to New York for exhibition on April 13, alongside a selection of pieces from the upcoming Geneva auction of Magnificent Jewels & Noble Jewels.
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Christie's Geneva to Sell 101-Carat Flawless Diamond
Christie’s Geneva is offering what it says is the world’s largest flawless diamond to ever be offered at auction. The auction house calls the 101.73-carat, pear-shaped D color, type IIA flawless gem “absolute perfection.” It will be the highlight of the May 15 Magnificent Jewels auction at the Four Seasons Hotel des Bergues. The estimate is available upon request.
“A perfect diamond is the result of the skill and vision of a master cutter who is able to uncover beauty from a rough gem,” said Rahul Kadakia, head of Jewellery, Christie’s Switzerland and Americas. “This diamond is in its scale, quality and rarity one of the most beautiful ‘white’ diamonds Christie’s has ever had the honor of offering for sale.”
The diamond meets every criteria of perfection, according to the auction house. The Gemological Institute of America graded it with the best color, D, and the best clarity. In addition, fewer than 2 percent of the world’s diamond meets the type IIA criteria for transparency and brilliance.
The diamond was carved from a 236-carat rough diamond that was found at the Jwaneng Mine in Botswana, according to the auction house. It took 21 months to polish.
Out of a total annual worldwide diamond production in excess of 100 million carats, the Gemological Institute of America estimates there are no more than 600 diamond crystals that finish as polished stones between one and two carats and that are D color, flawless clarity, the auction house says. Above ten carats this figure decreases dramatically. For a diamond of more than 100 carats …
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Mouawad Unveils Necklace Worthy of the 407-Carat ‘Incomparable’ Diamond
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| L'Incomparable Diamond Necklace |
Luxury jewelry and timepiece company, Mouawad, recently unveiled the L’Incomparable 18k rose gold necklace with 91 diamonds weighing 635.40-cts. Suspended on the end of the necklace is the 407.48-ct. “Incomparable” diamond. The colored shield step‐cut gem is the largest IF diamond ever graded by the Gemological Institute of America, according to the company.
In its rough state, the diamond weighed 890 carats. As the story goes, the diamond was accidentally discovered by a little girl in 1980 in a discarded pile of kimberlite that was sorted out because it was considered to be too bulky to possess any diamonds.
It was first made public in its polished state in 1984. It was then put on display in several museums, with the first being the Smithsonian Institute.
Mouawad unveiled the diamond necklace at the Doha Jewellery and Watch Exhibition, which was held February 25 – March 3.
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GIA Accepting Fall 2013 Scholarship Applications
For those of you who are considering a career in the jewelry industry or would like to advance your skills, the Gemological Institute of America is offering a number of scholarships for its educational programs.
There are about 20 scholarships for prospective students all over the world ranging from $450 to $5,000. GIA offers programs for every aspect of the jewelry and gem industry from its headquarters in Carlsbad, Calif.; its campuses in London, Hong Kong, the Middle East and Taiwan; and through online programs that can be taken nearly anywhere in the world. The Gemological Graduate diploma (G.G.), which focuses on gem grading and identification, is considered by many to be the industry’s highest professional credential.
GIA bills itself as the “world’s foremost authority on diamonds, colored stones and pearls.” It provides education, laboratory services for gem grading and identification, research, and lab instruments for the industry. It is also the creator of the 4Cs, the universal grading system for diamonds.
Scholarship applications will be available till April 30 on the Institute’s website. For more information on the scholarships follow this link or contact GIA at (760) 603-4131 or scholarship@gia.edu. For an application follow this link.
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D.E.F. Presents Its GOOD Awards
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| Members of the DEF board pose with five students who graduated from two of three DEF-beneficiary schools (the Botwsana Top Achievers Program or African Leadership Academy) and who now are enrolled in various universities in the United States. |
The Diamond Empowerment Fund, a non-profit organization that raises money to fund education initiatives in African diamond-producing nations, presented its GOOD Awards to Tiffany & Co. and Leo Schachter Diamonds, and international model and humanitarian, Noella Coursaris Musunka, during a recent event at LAVO nightclub.
Five students who directly benefited from scholarships funded by DEF at two of its three beneficiary schools in Africa were presented with checks at the event.
Russell Simmons, entertainer/entrepreneur and DEF co-founder, emphasized the importance of the diamond industry to give back and empower the communities where their precious resources are found. “A strong Africa is an educated Africa. For the diamond industry to be sustainable in the future, empowerment of youth through education is essential.”
Celebrities at the event included Estelle, Jeffrey Wright, and Selita Ebanks. Jewelry global industry leaders in attendance included Varda Shine and Stephen Lussier of De Beers, Mike Kowalski of Tiffany & Co., Mark Light and Mike Barnes of Signet Jewelers, and African ambassadors from the diamond producing countries of Botswana, Namibia, and South Africa.
The event began with an African ceremonial dance by native Batswana dancers. After the Awards presentation, Grammy Award-winning artist, Estelle, performed.
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SHIMMER + GOLD
1. Helmut Lang HELMUT Kinetic Jersey Top
2. Super Sunglasses America Sunglasses
3. serefina Healing Crystal Necklace
4. ginette_ny Diams Strip Stud Earrings
5. 3.1 Phillip Lim Grey Sequined Collage Silk Harem Pants (on sale)
6. Marie Turnor Accessories The Lunch Clutch
7. Jennifer Meyer Jewelry 18k Gold Diamond Thin Bangle
8. Maiyet Signature Skinny 18-karat Gold-Plated Bangle
9. Deborah Lippmann Nail Polish in 'Dark Side of the Moon'
10. Gorjana Lena Ring
11. Gianvito Rossi Plexy Laser Black Suede Pump
ps- Have a great New Year's Eve- Stay Safe! x
MY FAVORITE RINGS
ph: my own
My favorite rings. Yellow gold, delicate + dainty.
Below are the details on each (second photo- from left to right, then center)...
+ Victorian Halo Pavé Diamond Ring: Found this beauty on Ebay from Peter Suchy Jewelers.
The moment I saw it, I fell in love with the floating design. They also have this art deco stunner... it kinda reminds me of Angelina Jolie's engagement ring.
+ Gold 'Oui' Ring: After a failed hunt for the original Dior ring last year, I came across this version on Etsy from Street Bauble. Check my original post on it here.
+ My Engagement Ring: A vintage solitaire diamond set in platinum with a yellow gold band.
It was inspired by my great-grandmother's diamond ring. Since I was little, I adored hers- it was classic + simple, so I knew I wanted the same. Love how well it goes with my other rings.
+ Jacquie Aiche Diamond Waif Bezel Ring: Cutest lil thing. I got this ring in a smaller size so I could wear it as a pinky ring or as a knuckle ring.
+ Bittersweets NY Teensy Diamond Ring: Handmade, thin, delicate + perfect for stacking.
+ Mara Carrizo Scalise Rain Ring: Love the this texture this ring gives to my stack.
Harry Winston to Pay $500 Million for Ekati Diamond Mine
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| Ekati Diamond Mine Photo credit: Jason Pineau, through Wikipedia |
The Ekati Diamond Mine, located in the Northwest Territories of Canada, consists of the Core Zone, which includes the current operating mine and other permitted kimberlite pipes, as well as the Buffer Zone, an adjacent area hosting kimberlite pipes having both development and exploration potential. The agreed purchase price, payable in cash, is $400 million for the Core Zone interest and $100 million for the Buffer Zone interest, subject to adjustments in accordance with the terms of the share purchase agreements.
“Completion of this acquisition will bring the opportunity to marry our Canadian diamond sorting and marketing skills with an experienced mine operating and development team, a world class operating asset, and future growth potential,” said Robert A. Gannicott, Harry Winston chairman and CEO. “Together with our existing mining business, these assets will serve as our platform for sustained, disciplined growth in the upstream diamond sector.”
Harry Winston, known for its luxury retail salons throughout the world, also supplies rough diamonds to the global market through its 40 percent ownership interest in the Diavik Diamond Mine, also located in the Northwest Territories. The company was looking to sell its retail assets, according to media reports, which it denied. Harry Winston also was reportedly in talks to buy the remaining interest in Diavik from its partner in the venture, Rio Tinto Diamonds. Talks between Harry Winston and BHP Billiton for the Diavik Diamond Mine were first reported in August.
The Ekati Diamond Mine, approximately 310 kilometers northeast of Yellowknife in the Northwest Territories of Canada, includes both open pit and underground operations and is Canada’s first, and largest, diamond producer, having begun production in 1998.
The Ekati Diamond Mine has produced an average of approximately three quarters of a billion dollars of rough diamonds per year over the past five years, Harry Winston said in a statement. Over that period sales from the Core Zone represented approximately 6 percent of world rough diamond supply by value. The current phase of production at the Ekati Diamond Mine includes ore sourced primarily from the lower grade, but high carat value, Fox open pit supplemented by underground production from the lower portion of the Koala kimberlite pipe and from the Koala North pipe. Although production in the next two years is forecast to be lower than the average achieved over the last five years, it is expected to return to higher levels as the mine transitions to higher grade, but lower carat value, ore from the Misery and Pigeon open pits. The current Ekati mine plan calls for a further seven years of production, but there are additional resources which could become economic with increased diamond prices.
The Core Zone and the Buffer Zone are subject to separate joint venture agreements. BHP Billiton holds an 80 percent interest in the Core Zone and a 58.8 percent interest in the Buffer Zone, with the remainder held by the Ekati minority joint venture parties. Harry Winston has agreed to purchase BHP Billiton’s interests in each of the Core and Buffer Zones. Pursuant to the joint venture agreements, BHP Billiton will first separately offer to the joint venture parties its interest in each of the Core and Buffer Zones on the same terms as those agreed to by Harry Winston. The joint venture parties will then have 60 days to elect to acquire either or both of those interests. Any interests that the joint venture parties do not elect to acquire within that time period can then be transferred to the Company in the following 60 days.
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Blue Nile Sales Up 19.8 Percent
Blue Nile said Thursday its net sales increased 19.8%, year-over-year, to $89.8 million for the third quarter due to a increases in all its product categories, including its new focus on fashion jewelry, and a large increase in new customers. However, international sales fell for the period ended September 30.
Operating income for the diamonds and jewelry Internet retailer totaled $2.7 million, representing an operating margin of 3 percent of net sales. Net income totaled $1.7 million, or $0.14 per diluted share. Non-GAAP adjusted EBITDA for the quarter totaled $4.8 million.
"We are excited to report solid results in the third quarter, with accelerating revenue growth and expanding earnings per share, said Harvey Kanter, president and CEO of the Seattle-based company. “The execution of our strategy is clearly on track. Investments we made in marketing and pricing are working and building momentum behind the strength of our diamond engagement products. Sales of our non-engagement products also improved this quarter, and we are only beginning to launch an assortment of new jewelry aimed to further accelerate our growth. With continued steady execution of our strategy coupled with exciting product offerings for the holiday season, we believe we are well positioned to achieve our goals for 2012.”
Among the highlights for the third quarter:
* U.S. engagement net sales increased 31.5 percent to $54.1 million.
* U.S. non-engagement net sales (a new focus for the company) increased 12 percent to $21.8 million.
* International net sales fell 3.3 percent to $14.4 million for the third quarter 2011. Excluding the impact from changes in foreign exchange rates, international net sales decreased 1.5 percent.
* Gross profit totaled $16.9 million. As a percent of net sales, gross profit was 18.8 percent compared to 19.8 percent for the third quarter of 2011.
* New customers grew 22.4 percent.
* Selling, general and administrative expenses were $14.3 million, compared to $12 million in the third quarter of 2011.
* At the end of the third quarter, cash and cash equivalents totaled $30.2 million.
In its financial guidance, the company said it expects fourth quarter net sales to be between $140 million and $153 million, with earnings per diluted share are projected at $0.44 to $0.50.
For the fiscal year it expects net sales to be between $404 million and $417 million, with earnings per diluted share are projected at $0.70 to $0.75.
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‘Pigeon’s Blood’ Ruby Necklace Leads Diverse Christie’s Hong Kong Jewelry Sale
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| CHRISTIE'S IMAGES LTD. 2011 |
It’s a rare jewelry auction these days where diamonds are not the most prestigious items for sale. This auction will break the trend as leading the sale of Christie’s Hong Kong Magnificent Jewels Autumn sale is a Burmese no heat “pigeon’s blood” ruby and diamond necklace (pictured above) with matching earrings (below) by James W. Currens. The necklace has an auction estimate of $3.5 to $5.5 million; and the earrings have estimate of $2.5 million to $3.5 million.
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| CHRISTIE'S IMAGES LTD. 2011 |
Designed as twenty-six graduated oval-shaped rubies weighing between 5.38 and 1.27 carats, each ruby comprising the necklace named, “Red Scarlet” is accented by a cluster of marquise and pear-shaped diamonds, mounted in platinum and 18k yellow gold. The matching pair of earrings are titled the “Red Butterflies” for their shape, and each feature a pair of Burmese rubies over 7 carats. The rubies all come from the Mogok Stone Tract in Upper Burma, which is considered to be the source for the finest quality “pigeon’s blood” rubies, the term used to describe the brightest and most valuable red color for rubies.
More than 300 items will be on sale for the November 27 auction at the Hong Kong Convention & Exhibition Centre. The pre-sale estimate is valued at approximately $70 million. An assortment of diamonds, emeralds and sapphires from the world’s legendary mines, natural seawater pearls, and, being Hong Kong, jadeite jewelry will be among the items featured. Highlights include:
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| Emerald, pearl and diamond earrings in platinum, featuring Colombian pear-shaped emeralds weighing 23.34 carats and 23.18 carats. Its estimate is $3.5 million to $4.8 million. CHRISTIE'S IMAGES LTD. 2011 |
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| Diamond and pearl earrings, featuring a pair of 6-carat pear-shaped diamonds from the legendary Golconda mine in India. Its estimate is $1.2 million to $1.9 million. CHRISTIE'S IMAGES LTD. 2011 |
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| A natural pearl and diamond necklace with an estimate of $1.2 million to $1.5 million. CHRISTIE'S IMAGES LTD. 2011 |
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| A lavender jadeite bead necklace, consisting of 63 slightly graduated jadeite beads measuring from 8.8 to 11.3 mm, and a jadeite cabochon and diamond clasp mounted in 18k white gold. Its estimate is $1 million to $1.5 million. CHRISTIE'S IMAGES LTD. 2011 |
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| A 36.58-carat fancy brown diamond ring with an estimate of $1 million to $1.5 million. CHRISTIE'S IMAGES LTD. 2011 |
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| An 8.59-carat fancy pink cut-cornered rectangular-cut diamond and sapphire ring, by Paris-based American jeweler, JAR. Its estimate is $3 million to $4.5 million. CHRISTIE'S IMAGES LTD. 2011 |
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50-Carat Flawless Diamond Sells for $9.5 Million
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| 50.52-Carat Pear-Shaped Diamond that sold for $9.5 million. CHRISTIE'S IMAGES LTD. 2012 |
NEW YORK — Big diamonds sparkled during Christie’s sale of Magnificent Jewels in New York on Tuesday. Leading the way was a pear-shaped D color flawless diamond of 50.52 cts., which sold for $9.5 million, or $188,000 per carat, to a private collector. The stone is mounted in platinum and may be worn suspended from a necklace with a 2.28 carat, circular-cut D-color diamond surmount.
It was one of several major diamond lots sold during the auction of 369 lots held during two sessions Tuesday. The other top sellers were:
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| CHRISTIE'S IMAGES LTD. 2012 |
* A pair of pear-shaped fancy yellow and colorless diamond ear pendants of 52.78 and 50.31 cts.(pictured above) that achieved $4.5 million. The diamonds are surmounted by circular-cut fancy yellow and white diamonds Mounted in yellow and white gold. The pendants may be easily swapped or detached completely, giving the owner three options for how to wear them. Its estimate was $4.5 - $6.5 million. The buyer was listed by Christie’s as Aleks Paul of Essex Global Trading.
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| CHRISTIE'S IMAGES LTD. 2012 |
* A 68.35-carat oval-cut fancy intense yellow, internally flawless diamond sold for $3.16 million. The gem with excellent polish and symmetry had an estimate of $2.2 - $3.2 million.
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| CHRISTIE'S IMAGES LTD. 2012 |
* A pear-shape fancy light pink SI1 diamond ring sold for of 10.52 cts sold for $2.21 million, or $210,000 per carat; well above its estimate of $1 million to $1.5 million.
* A 28.20-carat square-cut fancy intense yellow VVS1 diamond ring by Van Cleef & Arpels that sold for $902,000.
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| CHRISTIE'S IMAGES LTD. 2012 |
* A 10.05-carat pear-shaped diamond on a ring, flanked on either side by a pear-shaped diamond, mounted in platinum took in more than $1.2 million.
* A 12.05-carat pear-shape F color flawless diamond that sold for $842,500.
* An 11.68-carat marquise-cut F color VS1 diamond ring by Harry Winston that sold for $746,500.
All totaled, the auction achieved $50 million and had a sell-through rate of 87 percent by lot and 93 percent by value.
“Private collectors and dealers reacted more than positively to a 369-lot auction that was finely-tuned in terms of prices and selection of gems to current market conditions,” said Rahul Kadakia, Head of Jewelry, Christie’s Americas and Switzerland. “Natural pearls, colorless flawless diamonds, and colored diamonds of high quality once again dominated the day, making for a vibrant atmosphere in the saleroom.”
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| CHRISTIE'S IMAGES LTD. 2012 |
Natural pearls again proved to be a dynamic force in the auction market. This was underscored by the sale of a double strand natural pearl necklace for $3.66 million (pictured above). It has 120 large-sized individual pearls, ranging in size from 6.50 mm to 12.25 mm in diameter, and ranging in coloration from white to light cream, with subtle rosé and green overtones and superb luster. It is accented with a 3-carat, D color diamond clasp signed by Cartier. Its estimate was $2.8 – $3.5 million.
During the morning session, a single strand of 83 natural pearls, measuring from approximately 3.15 to 9.75 mm, sold for $158,500, nearly double its high estimate; and an antique diamond and sapphire brooch set with a natural baroque pearl, measuring approximately 15.90 – 16.70 x 20.40 mm, brought in $170,500, nearly tripling its high estimate.
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| CHRISTIE'S IMAGES LTD. 2012 |
In addition, a 32.31-carat cushion cut Burmese sapphire ring (pictured above) sold for $986,500, nearly double the high estimate of $500,000.
Bidding was robust throughout the day, gaining strength in the afternoon session, with dealers in the back of Christie's saleroom loudly clamoring for attention, competing with those in the front of the room and many phone and online bidders.
Sharing the auctioneer duties was Kadakia, along with Christie's Asia president, François Curiel, the Christie’s jewelry veteran who moved to Hong Kong recently to head the auction house’s jewelry operation in the booming Asia market.
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