Business Rescue Plan for Finsch Mine
June 11, 26
Petra Diamonds says business rescue practitioners (BRPs) will now see if they can find a way to save the Finsch mine, in South Africa. They've taken custodianship of the beleaguered mine and will draw up a revised business plan that must be approved ... Read More...
Tiffany & Co Re-opens Stores after $6m Fine
June 11, 26Tiffany & Co has been allowed to re-open three stores in Indonesia, after paying a $6.1 million fine for alleged import violations. They were closed in February by customs authorities pending checks on whether the company had paid levies on imported goods.... Read More...
Russia Insists on "Synthetic" Label for Lab Growns
June 10, 26The Russian government has announced new rules requiring lab growns to be labelled as "synthetic" so that consumers don't mistake them for natural stones. It does not list "lab grown" or any variant with "lab" or "laboratory" as being acceptable.... Read More...
Two Blues Each Fetch Over $8m
June 10, 26Two blue diamonds each sold for over $8 million yesterday (9 June) at Christie's New York, highlighting the importance of color over size. The 31.62‑carat Azure Blue, the largest fancy blue diamond ever offered at auction, went for $8,371,000, or $262,500 ... Read More...
Ruby and Diamond Necklace Sells for 20 Times Estimate
June 09, 26A diamond necklace featuring a 5.02-carat Burmese ruby sold for $2,178,000 - more than 20 times its pre-sale low estimate at Bonhams New York yesterday (8 June). The auction house said there was "intense competition" for the piece, which had been ... Read More...
Memo by John Jeffay
June 11One day, two diamond mine closures. News that Petra was suspending operations at its Finsch mine, in South Africa, and that Storm Mountain Diamonds was doing likewise at Kao, in Lesotho, broke on the same day, Friday 29 May. Petra's suspension... Read More...