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Year 11 Issue 6 November-December 2011
Bostwana's diamond
Spanish innovation
Platinum - A Pure Expression of Love!
Hong Kong fair marks hesitation
Montblanc's World Premiere
Gem Diamonds makes another big recovery in Lesotho
 
         
Botswana's diamond strength bolstered with new De Beers deal
      The ten-year agreement will see the sorting and trading division of the diamond giant move operations from London to Gaborone

      Botswana, currently the world's largest supplier of diamonds, has expanded its role in the industry with a 10-year deal signed between its government and De Beers Group. The agreement, which commenced in January of this year but only made public in September, involves the sorting, valuing and sales of the diamond production of Debswana, a split venture between De Beers and the government of Botswana.

      As part of the Agreement, the Diamond Trading Company(DTC), the distribution arm of De Beers, will relocate from London to Gaborone by 2013. The transfer will include professionals, skills, equipment and technology. The move is significant not only for Botswana's attempt to diversify its diamond industry with the aim of becoming a diamond trading and manufacturing hub, but also symbolically as De Beers' sales operation had been based in London since 1888.

      "With this agreement, De Beers cements its commitment to being the driving force behind Botswana's emergence as a world-leading diamond trading and manufacturing centre, " said Nicky Oppenheimer, chairman of De Beers.

      The rough diamond sales activity of De Beers, operating from its new base, will aggregate production from De Beers' mines along with its worldwide operations.

      As a result of the transfer, diamond cutting and polishing businesses are expepected to increase in the country.
  
Botswana will gain further control over its diamond trade after the new agreement with De Beers. Photo courtesy of De Beers
      "Botswana has preserved and enhanced a highly successful route to market, focused on maximising the value of her natural resource, and De Beers has secured long-term and uninterrupted access to the largest supply of diamonds in the world, "Mr. Oppenheimer added.

      The Botswana government will initially secure 10% of annual output from the Debswana venture, a figure that will then rise to 15% over five years.
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Spanish innovation and diversity at 54th Cibeles Madrid Fashion Week

      Spain's premier fashion event, Cibeles Madrid Fashion Week (CMFM), was held in September at Feria de Madrid, bringing out the country's talented designers and showcasing their tremendous diversity and innovative designs.

      More than 40 designers took their wares to the catwalk over the 5-day event, many featuring dazzling necklaces and typically Spanish panache. Meanwhile 40 other up-and-coming designers exhibited in a separate showroom. Complementing this year's event, and serving as a nod to Spain-Russia Year, some twenty young Russian designers took part in the "Russia at Cibeles" show.

      The next edition of CMFW has already been planned to take place from January 30 to February 3, 2012, serving as an entry to the major exhibits later in the year.
 
Platinum - A Pure Expression of Love!
     "How can love be sin?" Swedish singer Zarah Leander asks in one of her famous songs. And, is the same true of luxury goods? Is luxury a sin? To define luxury, it can be authentic and long lasting, destined to become a legacy for future generations.  

      It is not always easy to express profound emotions, but to articulate them through the wordless eloquence os a platinum ring is probably the best, most precious and most believable declaration of love that a man can give a woman. Pure, rare, and eternal - crafted from an unconventional precious metal - platinum, the "Pt 950" hallmark guarantees a high degree of purity. The exquisite metal is 30 times rarer than gold. With its extraordinary resistance to abrasion, none of its volume will be lost, as well ensuring that the metal will retain its white colour forever - a symbol for all things eternal.

A) Niessing Colette Dekollete' - platinum necklace, Pt 950, with brilliant-cut diamond
B) Niessing Colette - platinum bracelet, Pt 950, with a platinum ball
C) Cocktail X - Platinum ring, Pt 950, with a tanzanite (3.43 ct). and two brilliant-cut diamonds
D) Forever ['Fur immer"] - platinum ring, Pt 950, with a rock crystal ball and an ebony ball
E) Geo.Virgo - platinum jewellery for the ears, Pt 950, with 281 brilliant-cut diamonds.
F) Platinum diamond rings, Pt 950, set all around with brilliant-cut diamonds
G) Platinum eternity ring, Pt 950, set with brilliant-cut diamonds
H) Platinum eternity ring, Pt 950, set with brilliant-cut diamonds
I) Platinum eternity ring, Pt 950, set with brilliant-cut diamonds
J) Platinum eternity ring, Pt 950, set with brilliant-cut diamonds
K) Embrace ["Umarmung"] - platinum Platinum eternity ring, Pt 950, set with brilliant-cut diamonds
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Hong Kong fair marks hesitation in diamond market: Rapaport

       
         Existing demand largely driven by Chinese

        The Hong Kong Jewellery and Gem Fair served as an important gauge for the diamond market, revealing sluggish diamond prices amidst wweakened demand. According to the September Rapaport Research Report, aptly titled "Third Quarter Jitters," the average price for 1 carat polished diamonds dropped by 8.6 % in the third quarter from Q2 on the Rapnet Diamond Index (RAPI). The report cities that economic uncertainly and tight liquidity in the cutting centres are affecting the polished market. Despite the drop, prices for 1 carat polished diamonds were still up 22.5% for the year to date and up 23.7% year-on-year (Figure 1).

        Retailers have been reluctant to build their inventory, instead purchasing only to fill orders that have already been placed. Demand in the East has remained stable, but Chinese buyers have tried to purchase at lower prices and have avoided larger purchases, anticipating a further softening in prices. "The Hong Kong show reflected concerns for the global economic recovery as buyers and suppliers appeared uncertain about the prospects for fourth-quarter grownth given Europe's dept crisis, pending further U.S. debt discussions, and sluggish economic sentiment," the report stated. Some small to medium Indian suppliers were willing to offer discounts, while others defliantly stuck to their downside limit.

    
Figure1. The RAPI is based on the best asking price in hundred $/ct. For the top 25 quality round diamonds (D-H, IF-VS2,RapSpec-2 and better) offered for sale on Rapnet - Rapaport Diamond Trading Network.

Figure2. Percent change in rough diamond prices over past two years, Rapaport
 
        The rough diamond market saw trading come to a virtual standstill as buyers were asking for discounts of up to 15% to 20% on Diamond Trading Company (DTC) boxes, an amount that proved difficult for sellers to accept. Indian manufacturers, for the most part, have sufficient stock to last through the Diwali season. "They are hesitant to lay out additional capital for rough purchases, especially given the low liquidity available and as they remain cautious about the market in the near-term,"the report said. Average prices dropped by approximately 15% to 20% since the beginning of August, but remain some 40% higher than levels seen a year ago (Figure 2).
        DTC's September sight, a week after the Hong Kong show, was estimated at US$500 million, an amount slightly above the September-October sights of the previous two years (Figure3). The report states that both De Beers and AL-ROSA have committed to maintain stable prices in an attemp to strengthen market sentiment. Recently, Alrosa elected to reduce supply rather than lower prices.

        Looking ahead, there is little on the horizon to boost sentiment in the markets. The U.S. fourth quarter outlook remains dim, with consumer confidence at levels not seen since the recession. Meanwhile, the European debt crisis grows in intensity. The report states that despite long-term fundamentals in place for the diamond industry, more general economic concerns have the industry watching closely.
Figure 3. Data is based on Rapaport estimates with those for 2008 to 1H 2011 adjusted to reflect DTC sales as reported by De Beers in its financial statements.
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Montblanc's World Premiere

        Montblanc paid tribute to one of the most remarkable individuals of all time and gave support to her artistic legacy the Princess Grace Foundation-USA. 350 VIP guests from around the world came together in Monaco to celebrate the global launch of the Montblanc "Collection Princesse Grace de Monaco" on September 8th 2011, under the patronage of H.S.H. Prince Albert II of Monaco.

        Grace Kelly, Her Serene Highness Princess Grace of Monaco, is a woman admired for her iconic timeless style, her artistic talent as an Oscar-winning actress and for her unrelenting commitment to helping others.
A) Her Serene Highness Princess Grace of Monaco
B) The Montblanc "Collection Princess Grace de Monaco"-Haute Joaillerie
C) Montblanc "Collection Princess Grace de Monaco" Writing instrument Limited Edition 29 Celebrating 1929, the year when Grace Patricia Kelly was born in Philadelphia
       The collection, consisting of three one-of-a-kind fine jewellery sets, timepieces and writing instruments, represents a pure expression of Princess Grace of Monaco's iconic timeless style, sophistication, feminine and timelessly elegant, as well as it has been inspired by her love for roses. The collection relies on signature'petal cut' stones and volumes and brings in delicate touches of colours and sparkles of diamonds.

       Meanwhile, the collaboration with the "Princess Grace Foundation-USA" was launched in Los Angeles last February during the Academy Awards, where guests were invited to sign a "wish wall" to the late Princess Grace in support of the Foundation's work. It also reflects Princess Grace of Monaco's life-long commitment to helping emerging artists realise their potential.
D) Natalie Imbruglia (wearing Alberta Ferretti and Montblanc 'Premiere Rencontre' necklace, and 2 bangles 'En Vague' and 'Premiere Rencontre' earrings) attends the Montblanc "Collection Princesse Grace de Monaco" World Premiere at Monte-Carlo Opera on September 8, 2011 in Monte-Carlo, Monaco. Photo by Julien M. Hekimian
E) Sarah Marshall (wearing Jitrois see through white dress with special white make-up, with Monblanc "La Dame Blanche" Earrings, bracelet and ring) attends the Monblanc "Collection Princess Grace de Monaco" World Premiere at Monte-Carlo Opera in Monte-Carlo, Monaco, Photo by Julien M.Hekimian
F) FranziskaKnuppe (wearing Montblanc" A Petits Pas" long earrings) attends the Montblanc "Collection Princesse Grace de Monaco" World Premiere at Monte-Carlo Opera in Monte-Carlo, Monaco, Photo by Julien M.Hekimain
G) Elsa Pataky (wearing Armani and Montblanc 'Seven Stars' necklace with Monblanc 'Bouquet' studs) attends the Montblanc "Collection Princesse Grace de Monaco" World Premiere at Monte-Carlo Opera in Monte-Carlo, Monaco. Photo by Tony Barson
H) Sumire Matsubara attends the Montblanc "Collection Princesse Grace de Monaco" World Premiere presentation at Monte-Carlo Opera on September 8, 2011 in Monte-Carlo, Monaco. Photo by Tony Barson
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Gem Diamonds makes another big recovery in Lesotho

 

        A stunning 553-carat Type II D-Colour diamond was discovered in the Letseng mine in Lesotho, Gem Diamonds announced. The Jewel, which has recently been named the Letseng Star, is currently being analysed in Antwerp.

        It currently ranks as the 15th largest white diamond ever to be recovered. Its exceptional quality may have it breaking future records. "It has the potential to yield one of the largest flawless D-colour round polished diamonds in history, "a statement from Gem Diamonds said.

        While difficult to assess its value at this stage, a similar weight stone of lesser quality recently sold for US$12 million, according to Reuters.

        The Letseng mine is no stranger to fame. This diamond marks the fourth historic diamond from the site in recently years. The 603-carat Lesotho Promise, the 493-carat Letseng Legacy and the 478-carat Light of Letseng were all recovered from the mine, which is locked at an attitude of more than 3,000 m (10,000ft) in the Kingdom of Lesotho. Gem Diamonds owns 70% of Letseng. While the government of Lesotho owns the rest.

 
    Letstar Star
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