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

What Causes Diamonds To Erupt? Scientists Crack the Code

New findings hold the potential to spark future diamond discoveries.

An international team of scientists, led by the University of Southampton, has found that the breakup of tectonic plates is the main driving force behind the generation and eruption of diamond-rich magmas from deep inside the Earth.

This insight could significantly influence the trajectory of the diamond exploration industry, guiding efforts to locations where diamonds are most probable.

Diamonds, which form under great pressures at depth, are hundreds of millions, or even billions, of years old. They are typically found in a type of volcanic rock known as kimberlite. Kimberlites are found in the oldest, thickest, strongest parts of continents – most notably in South Africa, home to the diamond rush of the late 19th century. But how and why they got to Earth’s surface has, until now, remained a mystery.

The new research examined the effects of global tectonic forces on these volcanic eruptions spanning the last billion years. The findings have been published in the journal Nature.

Southampton researchers collaborated with colleagues from the University of Birmingham, the University of Potsdam, the GFZ German Research Centre for Geosciences, Portland State University, Macquarie University, the University of Leeds, the University of Florence, and Queen’s University, Ontario.

Tom Gernon, Professor of Earth Science and Principal Research Fellow at the University of Southampton, and lead author of the study, said: “The pattern of diamond eruptions is cyclical, mimicking the rhythm of the supercontinents, which assemble and break up in a repeated pattern over time. But previously we didn’t know what process causes diamonds to suddenly erupt, having spent millions – or billions – of years stashed away 150 kilometers beneath the Earth’s surface.”

To address this question, the team used statistical analysis, including machine learning, to forensically examine the link between continental breakup and kimberlite volcanism. The results showed the eruptions of most kimberlite volcanoes occurred 20 to 30 million years after the tectonic breakup of Earth’s continents.

Dr. Thea Hincks, Senior Research Fellow at the University of Southampton, said: “Using geospatial analysis, we found that kimberlite eruptions tend to gradually migrate from the continental edges to the interiors over time at rates that are consistent across the continents.”

Geological processes

This discovery prompted the scientists to explore what geological process could drive this pattern. They found that the Earth’s mantle – the convecting layer between the crust and core – is disrupted by rifting (or stretching) of the crust, even thousands of kilometers away.

Dr Stephen Jones, Associate Professor in Earth Systems at the University of Birmingham, and study co-author said: “We found that a domino effect can explain how continental breakup leads to the formation of kimberlite magma. During rifting, a small patch of the continental root is disrupted and sinks into the mantle below, triggering a chain of similar flow patterns beneath the nearby continent.”

Dr. Sascha Brune, Head of the Geodynamic Modelling Section at GFZ Potsdam, and a co-author on the study, ran simulations to investigate how this process unfolds. He said: “While sweeping along the continental root, these disruptive flows remove a substantial amount of rock, tens of kilometers thick, from the base of the continental plate.”

The typical migration rates estimated in models matched what the scientists observed from kimberlite records.

“Remarkably, this process brings together the necessary ingredients in the right amounts to trigger just enough melting to generate kimberlites,” added Dr Gernon.

The team’s research could be used to identify the possible locations and timings of past volcanic eruptions tied to this process, offering valuable insights that could enable the discovery of diamond deposits in the future.

Professor Gernon, who was recently awarded a major philanthropic grant from the WoodNext Foundation to study the factors contributing to global cooling over time, said the study also sheds light on how processes deep within the Earth control those at the surface: “Breakup not only reorganizes the mantle, but may also profoundly impact Earth’s surface environment and climate, so diamonds might be just a part of the story.”

Reference: “Rift-induced disruption of cratonic keels drives kimberlite volcanism” by Thomas M. Gernon, Stephen M. Jones, Sascha Brune, Thea K. Hincks, Martin R. Palmer, John C. Schumacher, Rebecca M. Primiceri, Matthew Field, William L. Griffin, Suzanne Y. O’Reilly, Derek Keir, Christopher J. Spencer, Andrew S. Merdith and Anne Glerum, 26 July 2023, Nature.

Source: scitechdaily.com

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.

 

 

555 Carat Diamond Bought with Illicit Funds, SEC Says

The 555 carat Enigma diamond

Cryptocurrency mogul Richard Heart allegedly used proceeds from the sale of unregistered securities to buy the 555-carat Enigma diamond, according to the US Securities and Exchange Commission (SEC).

The SEC has charged Heart — who was born Richard Schueler and who created the Hex cryptocurrency token — with selling the securities to raise more than $1 billion from investors. It alleges that Heart and his PulseChain company committed fraud by misappropriating at least $12 million of those funds to purchase luxury items, including sports cars, watches and the diamond.

“Heart called on investors to buy crypto asset securities in offerings that he failed to register,” Eric Werner, director of the SEC’s Fort Worth regional office, said in a statement Monday. “He then defrauded those investors by spending some of their crypto assets on exorbitant luxury goods.”

The Enigma, which is believed to have come from outer space, is the largest faceted diamond of any kind to appear at auction. Heart purchased it from Sotheby’s at a one-off sale in February 2022 for GBP 3.2 million ($4.3 million). At the time, Heart tweeted that he had bought the stone and would rename it the Hex.com diamond as a nod to his cryptocurrency platform, calling it a “match made in heaven.” Hex has a “5555 day club” comprising people who hold 5,555-day Hex stakes — the longest possible stake in the electronic token.

Sotheby’s, which accepted payment for the Enigma, was not mentioned as a defendant in the SEC’s lawsuit.

“Sotheby’s does not comment on individual transactions, but we can confirm we have established due diligence procedures, tailored and updated to take account of our requirements to conduct business in compliance with applicable laws and regulations,” the auction house stated.

Source: Diamonds.net

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

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

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.