Category: Jewellery valuations

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Zimbabwe stockpiles 300,000 carats of diamonds

Zimbabwe stockpiles 300,000 carats of diamonds

The Reserve Bank of Zimbabwe has stockpiled 300,000 carats of diamonds under new regulations which compel miners to pay half of their royalties using commodities, the state-run Sunday Mail reported.

Central bank governor John Mangudya also told the Harare-based newspaper that gold reserves stood at around 350 kilograms, or around $20 million in US dollars. The value of the diamond stockpile is hard to quantify, he added.

Zimbabwe introduced regulations last year that require miners to pay half of their royalties to the government in the commodities themselves and the rest in cash, as the southern African country seeks to build its mineral reserves.

Zimbabwe Consolidated Diamond, and Murowa Diamond, which is owned by Rio Zim, are the only diamond firms operating in the country.

Mining companies that operate in Zimbabwe include units of Impala Platinum, Anglo American Platinum and Sibanye Gold.

Platinum and lithium producers are allowed to pay their royalties in cash.

Source: mining.com

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Karowe Mine Yields Massive Rough Diamond Weighing 1.080 carats.

Karowe Mine Rough Diamond 1.080 carats

Lucara Diamond Corp. has recovered a 1,080.1-carat rough diamond from its Karowe mine in Botswana, its fourth topping the 1,000-carat mark in eight years.

The white, type-IIA stone came from the site’s south lobe, known for its large, high-quality rough, Lucara said Wednesday.

The diamond showed up in the miner’s Coarse XRT unit, a recovery circuit that uses X-ray technology to identify huge stones in large pieces of ore before they’re broken up.

Since 2015, the south lobe of Karowe’s AK6 kimberlite has yielded three other diamonds in this size class: the 1,109-carat Lesedi La Rona that year, the 1,758-carat Sewelô in 2019, and a 1,174.76-carat clivage diamond in 2021.

“Lucara is extremely pleased to be reporting the recovery of another large, high-quality gem diamond in excess of 1,000 carats,” said Lucara CEO Eira Thomas on Wednesday. “As we progress mining deeper in the open pit and transition to underground mining exclusively in the south lobe, the preponderance of large, high-value stones is increasing.”

The miner is investing $683 million in Karowe’s underground expansion — a move it says will extend the mine’s life until at least 2040, 15 years beyond the original 2025 closure date.

Surce: Diamonds.net

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How accurate are jewellery valuations?

AcuVal jewellery valuations

The accuracy of jewellery valuations can vary depending on several factors. Here are some key points to consider:

  1. Appraiser’s expertise: The accuracy of a jewellery valuation depends on the competence and experience of the appraiser. A certified gemologist or a professional jewellery appraiser with relevant credentials is more likely to provide a precise and reliable valuation.
  2. Purpose of the valuation: The purpose of the valuation matters. If the valuation is for insurance coverage, it may be higher to ensure full replacement in case of loss or theft. If it’s for resale, the value may be lower as it accounts for market conditions and potential profit margins for a buyer.
  3. Quality of the jewellery: The quality of the jewellery, including the materials, gemstones, craftsmanship, and overall design, plays a significant role in its valuation. High-quality materials and precious gemstones will generally have higher values.
  4. Market conditions: The fluctuating prices of precious metals and gemstones can impact the accuracy of a jewellery valuation. Market conditions change over time, so a valuation today might not hold the same value in the future.
  5. Certification and documentation: Having proper documentation and certifications for gemstones and metals enhances the accuracy of the valuation. This information helps appraisers make more precise assessments.
  6. Appraisal method: There are different methods for valuing jewellery, such as comparison with similar pieces, the cost to replace, or the intrinsic value of materials. Each method has its advantages and limitations.
  7. Local market differences: Valuations can vary across different regions due to variations in consumer preferences and market demands.

It’s important to note that a jewellery appraisal is an expert’s opinion based on their evaluation of the item at a particular point in time. The value assigned to the jewellery may change over time due to various factors, including market fluctuations, changes in demand, or updates in gemstone grading techniques.

AcuVal Adds the consistency of repeatable outcome, this give you a credible and trusted valuation.

 

 

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The gold, diamond, and ruby ring that Tupac Shakur wore days before his death sold at auction for over $1 million

Tupac Shakur

Tupac Shakur’s custom crown-shaped ring, which he wore shortly before he died, sold for nearly $1.02 million Tuesday, becoming the most valuable hip-hop artifact ever sold at auction.

Sotheby’s in New York sold the ring as part of a large sale of hip-hop artifacts, including autographed letters from Shakur and a demo tape for his single “Trapped,” per a press release from the auction house. Prior to auction, the ring was estimated to sell between $200,000 to $300,000.

The lots, meant to commemorate the 50th anniversary of the musical genre, also included memorabilia from many other memorable names — Mos Def, De La Soul, and Wu-Tang Clan, to name a few.

The 14-Karat gold ring, encrusted with diamonds and rubies, features an inscription on the side that reads “Pac & Dada 1996” — a reference to his engagement to actress Kidada Jones.

According to the press release, Yaasmyn Fula, the artist’s godmother, offered the ring for auction, telling Sotheby’s it was custom designed by Pac and assembled by jewelers in New York City following his months behind bars and his newly signed deal with Death Row Records.

“Reflecting his recent affinity for Niccolo Machiavelli’s political manifesto ‘The Prince’ (Tupac would start going by “Makaveli” after reading The Prince while incarcerated), Tupac modeled his design after the crowns of the medieval kings of Europe in ‘an act of self-coronation,’ according to Fula, a celebration of survival through a tumultuous year in an oft tumultuous life,” per the press release.

The ring also appeared on his finger during the September 4, 1996, MTV Video Music Awards — his last public appearance before his tragic murder three days later in Las Vegas.

Source: insider.com

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The world’s largest office building is filled with diamonds

India’s diamond city

A new office building in India’s diamond city Surat in Gujarat, where 90% of the world’s diamonds are manufactured has surpassed the Pentagon as the largest structure of the kind.

Built over 7.1 million square feet of floor space, the Surat Diamond Bourse (SDB) has a big leg up on the 6.5 million square feet headquarters building of the US department of defense in Arlington, Virginia. The Pentagon was the world’s largest building for 80 years before it got dethroned.

The 15-story structure, featuring a succession of nine rectangular structures spilling out from a central “spine,” cost a whopping 32-billion-rupee ($388 million) to develop and build.

Indian architecture firm Morphogenesis stopped and started construction over four years because over pandemic-related delays. The building is finally due to open its doors in November 2023, with prime minister Narendra Modi due to inaugurate it.

Quotable: Narendra Modi lauds Surat Diamond Bourse
“Surat Diamond Bourse showcases the dynamism and growth of Surat’s diamond industry. It is also a testament to India’s entrepreneurial spirit. It will serve as a hub for trade, innovation and collaboration, further boosting our economy and creating employment opportunities.” Prime minister Narendra Modi, who was Gujarat’s chief minister from 2001 to 2014, quote-tweeted a video of the Surat premises yesterday.

Working in the Surat Diamond Bourse, by the digits 4,700 office spaces: Office spaces in the Surat Diamond Bourse, which can also double up as small workshops for cutting and polishing diamonds. The offices were all purchased by diamond companies prior to construction, project CEO Mahesh Gadhavi.

65,000: Diamond professionals, including cutters, polishers and traders, that can work on the premises at a given time. Besides offices, the workers also have access to dining, retail, wellness and conference facilities

9: Number of 1.5-acre courtyards with seating and water features that can serve as casual meeting places for traders

131: Number of elevators on the premises

7 minutes: The maximum amount of time it takes to reach any office from any of the building’s entry gates, according to Sonali Rastogi, co-founder of the Indian architecture firm Morphogenesis that designed the behemoth building. In a democratic move, the offices were assigned to business via a lottery system

3 times: How much bigger SDB is compared its counterpart in Mumbai, Bharat Diamond Burse (BDB)

400: The small number of merchants that were willing to move in during the touted November 2022 opening, which led to the opening being postponed. Mumbai’s Palanpuri diamantaires are staying put because they do not want to incur establishment cost, transport cost, and take on overheads of maintenance when the trading business is struggling.

Source: qz.com

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What’s The Difference Between Natural And Lab-Grown Diamonds?

Natural diamonds and lab-grown diamonds are both made of carbon atoms arranged in a crystal lattice structure, but they differ in their origin and formation processes. Here are the key differences between natural and lab-grown diamonds:

Formation: Natural diamonds are formed deep within the Earth’s mantle under high temperature and pressure conditions over millions of years. They are brought to the Earth’s surface through volcanic eruptions. In contrast, lab-grown diamonds are created in a laboratory setting using various techniques that replicate the natural diamond-growing process.

Timeframe: Natural diamonds take millions of years to form, while lab-grown diamonds can be produced within a few weeks to a few months, depending on the method used.

Origin: Natural diamonds are mined from the Earth’s crust, typically through open-pit or underground mining. They are a limited resource and require extensive mining operations. Lab-grown diamonds, as the name suggests, are created in laboratories through high-pressure, high-temperature (HPHT) or chemical vapor deposition (CVD) methods. They are a product of human technology.

Purity and Clarity: Both natural and lab-grown diamonds can be chemically and optically identical. However, lab-grown diamonds often have fewer impurities compared to natural diamonds since they are grown under controlled conditions. This can result in higher clarity grades for lab-grown diamonds.

Size and Availability: Natural diamonds can vary greatly in size and quality, and large, high-quality natural diamonds are rare and valuable. Lab-grown diamonds can be produced in larger sizes more consistently, and their availability is not limited by natural occurrences.

Cost: Traditionally, natural diamonds have been more expensive due to their rarity and the cost associated with mining and distribution. Lab-grown diamonds, on the other hand, tend to be more affordable, although their price can still vary depending on factors like size, quality, and market demand.

Ethical and Environmental Considerations: Natural diamond mining can have social and environmental impacts, including habitat destruction and human rights concerns in some regions. Lab-grown diamonds are often seen as a more ethical and environmentally friendly alternative as they require less land disruption and have a reduced carbon footprint.

It’s worth noting that both natural and lab-grown diamonds have their own unique characteristics and appeal. The choice between them ultimately depends on personal preferences, budget, and individual values.

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131 Carat Diamond Discovered by Lucapa in Lulo

Lucapa Diamond
Lucapa Diamond Discovery

Lucapa Diamond and its partners announced the recovery of another beaming diamond. This 131-carat white Tpe lla diamond was located in the Lulo mine in Angola. This makes the diamond the fourth +100 carat unearthed by Lulo this year alone.

Stephen, the Managing Director of Lucapa, stated: “We are very pleased with the recovery of another spectacular +100 carat Type IIa diamond at Lulo. [It] continues to illustrate the success of our long partnership with Endiama and Rosas & Petalas. The unique nature of the Lulo resource and the ongoing potential for primary source exploration is highlighted by this result.”

The Australian miner Lucapa has a 40% stake in the Lulo mine, which holds the world’s highest dollar-per-carat alluvial diamonds. As such, the discovery of this stone is the 29th +100 carat diamond discovery since commercial production started at Lulo in 2015. Interestingly, Angola is proving to have enormous diamond discovery potential with stones such as this being found regularly.

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How To Get Jewellery Valued

Have you ever wondered what your special engagement ring or other jewellery would be worth? Have you had your jewellery valued? It is vital for protecting your precious pieces when updating or investing in insurance, re-sale purposes and keeping up to date with market values.

However, the process can be tiresome and confusing. That is until Acuval came along.

We offer a valuation platform managed from the palm of your hand with leading experts ready to value your items today. Acuval offers secure certifications that are stored in a digital vault for easy access.

Finding the Right Valuer

Traditionally, jewellery owners get valuations from the original retailer or jeweller. However, this isn’t always possible. Perhaps you don’t live in the same state or that jeweller is no longer operating. Finding some to value your precious items can be difficult. Acuval takes the stress out of valuations with an online platform that connects customers with valuers ready to take on work. Think of it like Air Tasker, but for valuations! Simply take a photo of your item and provide the relevant details and you can get an instant valuation! You need an expert valuer to get an accurate and fair valuation.

Your Jewellery Valued

Normal valuations need to be done in person, putting your precious item at risk of being lost or stolen. By doing this from the palm of your hands you can avoid dodgy retailers and keep your item precious and safe at home. In order to protect your precious item a valuation will allow you to understand the true value of the item. Valuations can be used when purchasing insurance or updating a policy. Accurate valuations ensure that you are compensated correctly for any lost or stolen items. To fully protect your engagement ring or jewellery piece, you will need an insurance policy with an accurate valuation.

Get the Best Price and Valuation

Getting an accurate valuation can be the difference between thousands of dollars. Therefore, valuations need to be accurate and performed by experts. Acuval connects you with hundreds of valuers who have many years of experience in providing valuations. Get instant access to your valuations and certifications in the app. You can also get renewals and market updates for your item, giving accurate yearly valuations. Get the most from your insurance policy in case of theft or loss. It will also allow you to get a great price if you do decide to sell that precious piece.

Download the app today