Sourcing

De Beers, Diacore Buy Blues From the Cullinan Mine

SourcingNov 30, 2020

De Beers, Diacore Buy Blues From the Cullinan Mine

The two companies paid a little over $40 million for the five diamonds, which range in size from 10 to 26 carats.

20201021_Blue_Diamonds_Cullinan.jpg
The five blue diamonds recovered from the Cullinan Mine over the course of the same week in September are, from left to right, 9.61, 11.42, 17.57, 21.25, and 25.75 carats. (Photo courtesy of Petra Diamonds)

London—De Beers Group and Diacore are partnering to buy the five blue diamonds recovered from South Africa’s Cullinan Mine in the same week earlier this year.

De Beers and the diamond manufacturer are paying $40.36 million, split equally between the two companies, for the collection, which totals 85.62 carats and ranges in size from about 10 to 26 carats.

Two natural color diamond experts, Joseph Namdar of Namdar Inc. and Eden Rachminov, said they cannot comment on the purchase price until the diamonds are polished and graded.

“I can tell you with absolute certainty, however, that the buyers are counting on the diamonds being graded as fancy vivid blue,” Namdar said. “Even if they are all graded intense blue, I don’t believe they (De Beers and Diacore) will cover their investment.”

Rachminov, chairman of the board of the Fancy Color Research Foundation, which collects and analyzes wholesale and retail data on fancy color diamonds, called the purchase of the five blue diamonds a “smart move.”

“Generally speaking, any rare fancy color diamond is considered to be a safe purchase these days as the supply diminishes year after year,” he said.

“We also see that fancy color diamond producing mines are slowly closing, such as the Argyle mine, and other mines’ futures, such as Petra (Cullinan) in South Africa and Dominion (Ekati) in Canada, are not clear.”

The diamonds (which can be seen below in the slideshow, in ascending order of size) are: 9.61, 11.42, 17.57, 21.25, and 25.75 carats.

De Beers and Diacore said in the news release on the purchase of the diamonds they will select
“expert craftsmen” to study and cut the diamonds.


Petra announced it was selling the five blue diamonds via tender about a month ago, immediately after the financially troubled miner handed itself over to lenders in a debt-for-equity restructuring deal.

The diamond miner is also dealing with allegations that security employees and contractors at the Williamson mine in Tanzania beat and shot at artisanal miners who trespassed on the site, killing at least seven of them. Petra owns a 75 percent stake in the mine; the government of Tanzania owns the other 25 percent.

Leigh Day, the same U.K. law firm that sued Gemfields over human rights abuses at its ruby mine in Mozambique, has filed a claim against Petra in the High Court in London on behalf of 35 Tanzanians who
live near the mine and claim they, or their family members, were abused by the mine’s security forces.
Michelle Graffis the editor-in-chief at National Jeweler, directing the publication’s coverage both online and in print.

The Latest

Jemma Wynne Forme Toggle Necklace
CollectionsJul 25, 2025
Piece of the Week: Jemma Wynne’s ‘Forme’ Necklace

Anne Hathaway was seen wearing the toggle necklace three times while filming scenes for “The Devil Wears Prada 2.”

September Hong Kong jewelry show
Events & AwardsJul 25, 2025
Pre-Registration Open for September Hong Kong Show

Jewellery & Gem World Hong Kong is scheduled for Sept. 15 to 21, and buyer pre-registration will be available until Sept. 7.

Bulgari Celestial Mosaic spinel necklace
FinancialsJul 25, 2025
LVMH Sales Slip in H1 Amid ‘Prevailing Uncertainties’

Renovations at Tiffany & Co. stores ate into profits in the company’s watch and jewelry division.

rio-article photo-diamond.jpg
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine Jewelry

As a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.

Mark and Candy Udell
Events & AwardsJul 24, 2025
2 Retailers to Receive 2026 Gem Award for Lifetime Achievement

Mark and Candy Udell of London Jewelers will receive the honor at the 24th annual Gem Awards next March.

Weekly QuizJul 25, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Francesca Villa Fantasia Collection The Crab Pendant, The Mermaid Pendant, Keep Dancing Seahorse Pendant, Keep Dancing Ladybug Pendant, Secret Dreams Pendant, The Puffer Fish Takes Flight Pendant
CollectionsJul 24, 2025
Francesca Villa Adds Dimension to Her Intaglio Characters

The “Fantasia” jewelry collection turns the intaglio animals from her “Close Encounters” collection into 3D characters.

Breitling’s special Eagles Super Bowl watch on gold bracelet
WatchesJul 24, 2025
Breitling Drops Super Bowl Watch Honoring the Philadelphia Eagles

The special Classic Avi Chronograph 42 with an Eagles-green dial is limited to 59 pieces, a nod to the Super Bowl Philadelphia just won.

an instructor and a student in a bench jewelry classroom
Brought to you by
Investing in the Next Generation of Bench Jewelers

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

Stock image of crime scene tape
CrimeJul 23, 2025
JSA Warns of Violent String of Smash-and-Grabs in California

JSA has received reports of mobs swarming jewelry stores, driving cars into the storefront or smashing through the windows.

Silvia Furmanovich Kasmir Collection Carnelian Bracelet and Sketch
CollectionsJul 23, 2025
Silvia Furmanovich’s ‘Kashmir’ Collection Is a Tribute to Northern India

The “Kashmir” collection features centuries-old craft techniques made in collaboration with the region’s master papier-mâché artisans.

Bench jeweler holding a bracelet and a tool
IndependentsJul 23, 2025
Montreal’s Ecksand Eyes Move to SoHo

Creative Director Erica Bianchini shared why the jeweler is looking to expand into the U.S. and how it’s putting Canadian craftsmanship on the map.

LAFD Fire Station 44 and Fire Station 16
IndependentsJul 23, 2025
IJO Raises Nearly $37K for LA Fire Relief

Two Los Angeles Fire Department stations plan to use the donations to upgrade their equipment and tools.

A Vanitas by Hannah Martin and Guy Berryman Sothebys
CollectionsJul 22, 2025
Jewelry With a Rock ‘n’ Roll Aesthetic Heads to Sotheby’s London

Next week, the auction house will kick off a selling exhibition of jewelry by British artist Hannah Martin and Coldplay’s Guy Berryman.

Emmanuel Raheb
ColumnistsJul 22, 2025
The Gifting Gap: How to Market Jewelry Beyond the Holidays

Emmanuel Raheb shares the top five gifting moments outside of major holidays that jewelers should build marketing campaigns around.

NY Now
Events & AwardsJul 22, 2025
NY Now’s Summer Market Returns in August

The wholesale trade show’s Luxury Lifestyle section will showcase established and emerging jewelry designers.

Jeweler setting a diamond into a ring
MajorsJul 21, 2025
Rio Grande Expands Personalization Offerings

As demand for custom jewelry grows, the company is expanding its services to support retailers.

National Associate of Jewelry Appraisers Logo
Events & AwardsJul 21, 2025
NAJA’s 2025 ‘Ace It’ Conference To Go Virtual

The mid-year conference for jewelry and watch appraisers is slated for Aug. 9 to 10 on Zoom.

Jacquie Aiche graduated turquoise beaded necklace
TrendsJul 21, 2025
Amanda’s Style File: Graduated With Honors

Graduated stones make for elevated tennis-style pieces and dramatic statement necklaces.

24th Gem Awards Show Logo
Events & AwardsJul 21, 2025
Gem Awards Now Accepting Nominations for 2026

Nominations in the categories of Jewelry Design, Media Excellence, and Retail Innovation will be accepted through July 30.

Lewis Heyman
MajorsJul 18, 2025
Lewis Heyman on Sourcing Gemstones, Post-Retirement Plans

He retired last month after 28 years traveling the world to source the very best gemstones for his family’s jewelry business, Oscar Heyman.

CCWW Designs Multiple Shell Charm Necklace
TrendsJul 18, 2025
Piece of the Week: CCWW Designs’ Shell Charm Necklace

The charm necklace features six nautical charms of shells and coral that founder Christina Puchi collected on Florida’s beaches.

The Plumb Club board members
MajorsJul 18, 2025
Plumb Club Elects New Board Members

The organization elected its youngest vice president as it looks to draw in fresh talent.

Jewelry industry veterans Brad Campbell and John Liebler
TechnologyJul 18, 2025
Brad Campbell, John Liebler Join Clientbook’s Executive Team

Campbell joins the company as vice president of business development while Liebler is the new vice president of operations.

Silver, Gold, and Bronze Medals for Italy Olympic Winter Games
CollectionsJul 17, 2025
2026 Winter Olympic Medal Design Symbolizes Unity

The medals feature a split-texture design highlighting the Games’ first time being hosted by two cities and the athletes’ journeys.

vimeo screenshot.png
Supplier BulletinJul 17, 2025
The INSTORE Jewelry Show 2025: Your Holiday Preparations, All Wrapped Up!

Sponsored by The INSTORE Jewelry Show 2025

Guinness
SurveysJul 17, 2025
The Most Recommended Brands in the World, According to YouGov

Globally, travel and transportation brands reigned, while in the U.S., alcoholic beverage companies and a lingerie brand took the top spots.

Gina Ferranti
IndependentsJul 17, 2025
Gina Ferranti of GiGi Ferranti Jewelry Dies at 59

The Brooklyn-based jewelry designer is remembered as a true artist and a rare talent.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy