SourcingJun 24, 2021
This Time, Lucara Finds a 1,174-Carat Diamond in BotswanaSourcingJul 14, 2021
39-Carat Blue Diamond Sells to De Beers, Diacore for $40M
The “exceptional” stone went for about $1 million per carat and is the second natural color rough diamond purchased by the two companies.
De Beers and manufacturer Diacore paid $40.2 million for this 39.34-carat blue diamond. It’s expected to yield a 14- or 15-carat polished stone that is cushion- or pear-shaped.
London—The “exceptional” 39.34-carat blue diamond recovered from a mine in South Africa has been sold, Petra Diamonds Ltd. announced Monday.
A partnership between De Beers Group and manufacturer Diacore International, a De Beers sightholder, paid $40.2 million ($1 million per carat) for the stone.
The two companies will appoint “expert artisans” to study and work with the diamond prior to cutting, so that “its beauty can be maximized before it is presented to the wider world,” De Beers said in a statement issued Wednesday morning.
The 39.34-carat diamond is the single most expensive stone Petra has ever sold.
It’s also the second rough blue diamond the De Beers/Diacore partnership has recently purchased from Petra, which just underwent a debt-for-equity restructuring after a failed attempt to find a buyer.
In November 2020, the two companies bought the five blue diamonds comprising the “Letlapa Tala Collection,” paying $40.36 million.
Related stories will be right here …
Like the 39-carat blue diamond, those stones came from the Cullinan Mine, which has yielded a number of famous diamonds, both natural color and colorless.
Among them is the rough that yielded the 12.03-carat blue diamond later named the “Blue Moon of Josephine,” which sold for $48.5 million at a Sotheby’s auction in November 2015.
That is roughly $4 million per carat, which remains the highest price-per-carat ever paid for a gemstone sold at auction.
In an interview last month, L.J. West Diamonds gemologist George Togholian, who worked on the cutting of the Blue Moon at a previous job, said this 39-carat blue diamond looks “very similar” to the rough that became the Blue Moon.
https://www.nationaljeweler.com/articles/9907-petra-puts-39-carat-blue-diamond-up-for-sale
Blue diamonds from Cullinan, he said, possess a “special tone of blue” that’s not comparable to any other diamonds.
Though Togholian declined to share his estimate, others predicted the diamond would sell for upward of $1 million a carat, with one diamantaire telling National Jeweler the stone could go for as much as $65 million.
It fell well short of that mark at $40 million.
Larry West, owner of L.J. West Diamonds, said the rough diamond’s sale price is indicative of where the market is right now.
The Blue Moon, sold as rough in 2014 and auctioned as a polished diamond for $4 million per carat the following year, was purchased at a high point.
Today, travel limitations and lingering concerns around COVID-19 are “putting a little damper” on the sale of extremely rare natural color diamonds, West said, holding down prices slightly.
Damper, however, is a relative term when it comes to these sought-after stones.
While more and more large colorless diamonds are being found, the supply of exceptional natural color diamonds is dwindling. West cited both the closure of the Argyle mine and Cullinan, where Petra has to keep going deeper to find diamonds like the 39-carat blue, as examples.
“In general, [the 39-carat diamond’s $40 million sale] still shows how strong [the market for] vivid blues is ... as a commodity, they generate strong interest,” he said.
More on Sourcing
The Latest
TrendsSep 16, 2021
Amanda’s Style File: Fun With Geometric ShapesThe clean lines of these 15 designs feel fresh for fall.
Events & AwardsSep 16, 2021
Gem Legacy Is Having Another Benefit Auction to Celebrate 3 YearsAll proceeds will go toward its miner toolkit initiative.
IndependentsSep 16, 2021
Day’s Jewelers Named a Great Place to Work, AgainThe retailer made the list of Best Places to Work in Maine for the seventh year in a row.
Brought to you by
What is your Health Care Coverage Strategy?Health care coverage is a big expense for small businesses - find out how to lower costs long-term instead of every 12 months.
EditorsSep 15, 2021
See 10 Show-Stopping Jewelry Looks from the Met GalaLots of Lorraine Schwartz, mega diamonds, and a timepiece were among the most impactful baubles.
Weekly QuizSep 16, 2021
This Week's QuizTest your knowledge of jewelry news from the week of Sept. 13-17, 2021.
CrimeSep 15, 2021
Police Search for 3 Suspects Wanted in Armed Home Invasion of JewelersThe Jewelers’ Security Alliance provided four tips for jewelers amid concern about the incident.
AuctionsSep 15, 2021
A Rolex ‘Deep Sea Special’ Surfaces for Fall Auction These watches rarely hit the market, and this particular timepiece is expected to sell for as much as $2.6 million.
Brought to you by
3 Reasons Your Store Should Add An Estate CategoryIncrease profit margins, generate traffic and attract new customers with an Estate assortment by partnering with Windsor Jewelers, Inc.
IndependentsSep 15, 2021
Shane Co. Opens Relocated, Redesigned Cupertino Store The flagship location in California is now the largest of the company’s 20 across the country.
