Shira Diamond's Blog
Shira Diamonds Dallas Blog is about diamonds, loose diamonds, new diamonds, diamond education, and new diamond rings created by Shira-Diamonds.com
Catering to Consumers : U.S. Wholesale : Wholesale Diamonds in the United States : Wholesale Diamonds in Texas
Diamond wholesalers who reported brisk sales in recent months find themselves in the minority as most around the country spoke of quiet activity. "It's tough right now as people are still not buying," said Richard Ribacoff, business partner at Shira Diamonds, a diamond wholesaler in Dallas, Texas. Noam Drori, owner of NDC Diamonds, a diamond wholesaler in Redmond, Washington, felt that the country seemed to still be in a "recession" mind-set of spending, even if actual economic figures showed otherwise.
Many sellers felt that staying in the wholesale industry has become increasingly challenging and that selling diamonds these days isn't what it used to be ten to 15 years ago. "I have to work harder to make the same sale these days," commented Roger Pessah, president of RP Diamond & Gold Imports, Inc., a diamond wholesaler in San Francisco, California. He added that people in the diamond business need a new way to talk to their clients and consumers about diamonds if the industry were to survive. While diamantaires felt that in the past two months diamond prices had been acceptable — many were able to get their asking selling prices within reasonable limits and most experienced no inventory trouble — the lack of demand from buyers was concerning.
Diamonds Not a Priority
Wholesalers who deal directly with consumers have noted a change in diamonds bought for engagement rings. "Consumers are still pessimistic about the economy, and as a result they're spending on things like their houses instead of diamonds," noted Pessah. "That is not to say they don't want big stones — they just don't want to spend the price on them," he said. Ribacoff agreed with the sentiment and said that it used to be that consumers would approach them directly and get engagement rings costing around $24,000. These days, it is not uncommon for younger customers to look for engagement diamonds of around $6,000.
Retailers aren't exactly buying either, not just because of poor impressions of the economy, but also the uncertainty brought about by the ongoing presidential elections. "Buyers are still thinking it's better to wait and see what happens before making any purchase decisions," Drori noted.
While diamantaires selling direct to customers isn't new, Ribacoff noted that the trend to do so has increased tremendously in the past few years. "There are so many wholesalers opening storefronts these days," he pointed out. Wholesalers need to be consumer facing these days and not just sell to retailers to even survive. "My retail side is probably doing better than my wholesale side," Ribacoff said, adding that while he felt his company probably fared better than many other smaller wholesalers, bigger players have it easier. Bigger companies have more resources to survive extended challenging conditions such as the current trying time the industry is facing, he explained.
"Things are getting more competitive than before," commented Joel McCully, manager and owner of Diamond Banque, a jeweler and diamond wholesaler in Bellevue, Washington. He noted more competing businesses were popping up around him, both physically and online. Unlike other sellers who felt that the country still seemed to be in the doldrums, McCully commented that the gradually improving economy and good weather seemed to have energized his clients, both retailers and consumers.
One of the keys to succeeding is having an effective online presence, said Roy Izakov, vice president and CEO of Motek Diamonds by IDC, a diamond wholesaler in Dallas, Texas. "Here in Texas, people still believe that 'bigger is better' and people still want to show off their status," Izakov said and wholesalers need that extra edge to secure those customers. He believes that the role of the wholesaler today has changed: The days of diamantaires solely dealing in memos and credit for wholesale diamonds for buyers are gone as consumers are buying direct from wholesale. As a result, suppliers to wholesalers also need to be more flexible in pricing to be able to handle the changing demands of consumers.
"There can be no room for error these days," said Pessah. "Customers today can simply go online to buy diamonds, but what will bring them back to you is what you can offer them in person." He felt that sellers and their staff have to be knowledgeable about the product because selling diamonds is about trust. When customers and clients feel that they can trust the vendor and his or her expertise, they will choose to buy from that vendor rather than via clicks online, Pessah concluded.
HOW TO IDENTIFY LASER DRILLED DIAMOND
To identify laser drilled diamond is simple. Laser drilling is the process to enhance diamond clarity. It basically changes black inclusion into white, hence less noticeable with naked eyes. In this laser drilling process, tiny hole is drilled with laser which reaches to the black or colour inclusion. Laser passed through that pit melts or burns out dark inclusion and thin hairline sized hole is left behind. Another process called fracture filling helps to fill this small hole with crystal substance, thus enhance diamond clarity.
TIPS TO IDENTIFY LASER DRILLED DIAMOND
Close Look at Patterns: Laser drilled diamond usually have thin hairline pattern from skin toward inside. To check out this tunnel use 10X diamond loupe. Below image shows parallel tunnel line and hole on facet which is caused use to laser. It is sometime hard to find for untrained person.
Use Microscope: Using microscope is the easiest way to check drilled diamond. Even tiny hole in diamond appears big in microscope. You can judge drills in diamond by checking out patters shown in below image.
Check Certificate: Clarity enhanced diamond usually abbreviated as "CE". GIA lab mention about laser drilled holes under comment section on GIA certified.
HOW TO TAKE CARE OF LASER DRILLED DIAMOND?
Laser drilling usually improve diamond purity by one step. For example diamond with SI2 clarity submitted under laser drilling process can be outcome as SI1 clarity. But diamond with more holes and laser tunnels, weakens its strength, thus chances of break out increases.
Use Cotton: If you own loose diamond or an engagement ring with laser drilled diamond, keep it between cotton when not in use. Cotton helps the stone from damage cause due to the force.
Prevent from hit: Handle it with care. If you lose it and get hit by hard surface, there are very good chances of damage to your stone.
Note : Laser drilled diamond without crystal or fracture filling have less value. Also Laser drilled and fracture filled diamond are cheaper than usual certified stones. I always recommend to buy stones with GIA certificate. If you are buying non certified stone. Check all the aspect before buying diamond. Also ask to expert before making final purchase.
How to tell if diamonds are real or fake?
World is full of most precious jewels, but the diamonds are one of the top pest in list. But how to tell if diamonds are real or fake? In century of history with the mankind, diamonds played different role in every decades. In a once, glory for mankind and on other side as bloodshed.
Due to the precious in price and astonishing luster, diamonds have win hearts of mankind. These make forgery in diamonds.
In a past, one of the most common technique or a traditional method to test a solitaire is to scratch a diamond with glass –if a glass is scraped or scratched, the diamond is real. But some fake diamonds can also scratch glass. Scratching method is now outdated. So how can you tell if a diamond is real? Here, how you can examine.
HOW TO TELL IF DIAMONDS ARE REAL OR FAKE? 5 FOOLPROOF METHOD
- Examine Stone With Loupe:
Loupe are said as magnifying glass, usually a person can buy from a stationery or from jeweler shop. While noticing gem under loupe you will find imperfection in carbon because majority of diamonds are made from nature factory- A fake stone will be absolute perfect, so here the game becomes easy. But good quality real diamonds are eye clean and inclusion less, so you might not find any impurities. Using loupe to tell if a diamonds are real or fake is for experience person.
- See How It Sparkles:
Luster in diamond is its pride. Inside the stone, it will sparkle grey and white (known as "brilliance") while outside of the gem, it will reflect colors similar to rainbow on surfaces (this dispersed light is known as "fire"). Some people misunderstand that diamonds sparkle like rainbow, but in reality they don't. Real diamond sparkle more as grey to white shiny, if you found rainbow inside a stone, it's probably not real diamond or fake diamond.
- Fog Test – Check Real or Fake Diamond:
Another test requires exhaling on the gem, similar as seen in picture. Diamonds are good at conducting heat. As soon as you fog, your breath on stone would clear instantly. In case fog stays for a couple of seconds probably it can be fake. Cubic zirconium also shows similar result as real one so it make a confusion.
- Stone Refractivity:
This trick is simple and easy for household. Diamonds sharply bend, or refract, the light that passes through, resulting in their strikingly brilliant appearance. Whereas other stones like glass and quartz sparkle less because they have a lower refractive index.
So with the help of this knowledge diamond can be examine with the help of newspaper. Keep a stone on paper, If you can read print through the stone, then it probably isn't a real diamond.
- Sand Paper Test:
Diamond are said toughest material, by rubbing sand paper on diamond will give a result quickly. If a stone get scratched it is said as fake diamond. Whereas if no mark found of scrubbing on diamond, it is said as real.
With this you can quickly identify and can take correct decision, hopefully you learned;how to tell if diamonds are real or fake.
SO, INSTEAD OF REAL DIAMOND, WHAT IT CAN BE?
- Cubic zirconium – It scratches easily and does not have the same fire and shine as diamonds. Commonly known as synthetic diamond.
- Moissanite – Moissanite is harder than cubic zirconium and this stone is visually extremely bright, especially so as to blind the eyes temporarily. The main difference is that moissanites have a intense brightness of light than a diamond. In Moissanite you can see rainbow colors, it give effect like disco ball.
- Lab grown diamonds – These diamonds are technically "real" diamonds both chemically and physical, but the price of mined diamonds is comparatively high because it passes century's for formation. Experts says lab grown diamonds sell for about 20% to 30% less than a traditional mined diamonds.
Over to you: So the next time you run across something you think is just cheap costume jewellery, it's important to test it – just in case. We still suggest to double check your diamond is real or fake by visiting jewellers shop or concern right person. Who knows? may be your diamonds are real or fake. If you find this article about "how to tell if diamonds are real or fake" helpful please consider sharing on social media. Share awareness, help your friends to choose real diamonds. Got question? comment below and gem experts will reply asap.
Diamond Shapes | Diamond Education with Shira Diamonds in Dallas, Texas
Round brilliant cut (RBC) is the most popular diamond shape among other shapes of diamonds. Cuts like Emerald, Princess, Asscher, Radiant, Cushion, Oval, Pear, Marquise & Heart can be bought online or from local markets. Various diamond shape and cut creates surprising fire and pattern in diamonds, thus diamond shapes adds WOW factor.
Very often people consider "diamond shape" and "diamond cut" as same, however it is totally two different aspects. Diamond cut is quality guidelines in making or cutting of any diamond i.e excellent cut, very good cut, good cut diamonds. Whereas shapes of diamondsare round shape (RBC) heart shape, oval shape etc.
DIAMOND SHAPE GUIDE
- Round Brilliant Cut (RBC): Most common and popular diamond shape. 7 out of every 10 stone sold is round in shape. Reason of the popularity of RBC is the fire, brightness it can create due to its cut angles and mechanics. It consist of 58 facets- 33 facets on top (crown) and 25 facets on bottom (pavilion) of diamond.
FANCY DIAMOND SHAPE
- Princess Shape (SMB): Princess cut diamond is usual in square with L/W ratio 1 to 1.05 considered best. Princess cut diamonds are most popular in fancy shapes. It reflects best light among others fancy shapes and sets perfect in engagement ring. SMB has 58 facets. SMB stands for square modified brilliant
- Emerald Shape (EM): Emerald cut diamond is square or rectangle in shape with 49 to 50 facets. It is created with step cut on pavilion. Emerald shape moreover gives mirror effects with less fire and more of clean or plain crystal visuals.
- Asscher Shape (AS): Asscher cut diamond was first created by Asscher brothers from Holland in 1902. It is actually alteration of emerald cut diamond, AS is square in shape. It has large step facets, small table & higher crown which increase fire and luster.
- Marquise Shape (MQ): Marquise cut diamond is ellipse in shape. It is long and narrow, thus creates illusion of big size. However, due to its mechanics MQ creates bow-tie effect into stone.
- Oval Shape (OL): Oval in shape, this would be more appealing to people who wants unique in RCB. Oval shape diamond have some very good fire pattern thus create brightness. It even creates bow-tie effect when tilt.
- Radiant Shape (RT): Its hybrid shape of cushion and princess. Radiant shape is square in shape with cropped corners. You may find 53 to 70 facets, as it can be made in many variations. Usually RT shape is popular for fancy color diamond.
- Pear Shape (PB): Pear shape is hybrid of round and marquise shape. With sharp corner at one end & round at other side, PB shape is similar to water drop or leaves.
- Heart Shape (HT): Most loved solitaire for valentines and wedding day. Heart shape diamond looks pretty bright & shinny to showcase your love. It has 56 to 58 facets and length-to-width ratio 0.90 to 1.10 would be ideal.
- Cushion Shape (CN): Cushion cut diamond is of pillow shape. It has 58 facets and can be found in square and rectangle shape. It is actually successor of old mine cut diamond.
The History of Diamonds
Diamonds have a long history as beautiful objects of desire. In the first century AD, the Roman naturalist Pliny stated: "Diamond is the most valuable, not only of precious stones, but of all things in this world."
A diamond has to go through a lot before it reaches the jeweler's display case. It forms deep in the earth under extreme heat and pressure. It's ejected violently upward until it arrives at or near the earth's surface. It's forced from its hiding place by nature or by man. Then it's cleaved and cut and polished until its natural beauty shines through.
The world's love of diamonds had its start in India, where diamonds were gathered from the country's rivers and streams. Some historians estimate that India was trading in diamonds as early as the fourth century BC. The country's resources yielded limited quantities for an equally limited market: India's very wealthy classes. Gradually, though, this changed. Indian diamonds found their way, along with other exotic merchandise, to Western Europe in the caravans that traveled to Venice's medieval markets. By the 1400s, diamonds were becoming fashionable accessories for Europe's elite.
In the early 1700s, as India's diamond supplies began to decline, Brazil emerged as an important source. Diamonds were discovered in the pans of gold miners as they sifted through the gravels of local rivers. Once it reached its full potential, Brazil dominated the diamond market for more than 150 years.
While sources changed, the diamond market experienced its own evolution. The old ruling classes—diamonds' biggest consumers—were in decline by the late 1700s. Political upheavals like the French Revolution led to changes in the distribution of wealth.
The 1800s brought increasing affluence to western Europe and the United States. Explorers unearthed the first great South African diamond deposits in the late 1800s just as diamond demand broadened.
By the early 1900s, De Beers controlled about 90 percent of the world's production of rough diamonds. - Courtesy De BeersThe story of the modern diamond market really begins on the African continent, with the 1866 discovery of diamonds in Kimberley, South Africa. Entrepreneur Cecil Rhodes established De Beers Consolidated Mines Limited 22 years later, in 1888. By 1900, De Beers, through its mines in South Africa, controlled an estimated 90 percent of the world's production of rough diamonds.
The South African sources affected many segments of the diamond industry. This was especially true as diamond mining moved from the surface to farther underground. Because of the huge costs and comparatively low yields involved, the new sources forced the development of more efficient mining techniques. They created the need for better marketing. They also led to advances in cutting and polishing—advances that increased efficiency, reduced costs, and enhanced the appearance of finished stones.
In the 1870s, annual production of rough diamond was well under a million carats. By the 1920s, the figure was around three million carats. Fifty years later, annual production approached 50 million carats, and in the 1990s it surpassed 100 million carats per year.
At the end of the 1970s, the world's most important rough diamond producers were South Africa, Zaire (now renamed the Democratic Republic of Congo), and the former Soviet Union. In the 1980s, output of higher-quality diamonds from Russia and South Africa remained relatively constant, but Zaire's production of lower-quality diamonds more than doubled.
In 1982, a highly productive new mine in Botswana added to world production. A prolific source of high-quality diamonds, the Jwaneng mine boosted Botswana's production so much that the country rose to third in the world in total diamond recovery, and second in diamond value. De Beers contracted with Botswana's government to buy the mine's production and Botswana set out to build its own diamond-cutting industry.
World diamond mining expanded dramatically with the discovery of sources in Australia in 1985 and important new deposits in northern Canada in 2000.
The market probably changed as much after 1990 as it did in the years after the 1866 discovery of diamonds in South Africa and the establishment of De Beers. The 1990s brought exciting new sources and encouraged the dramatic growth of some cutting centers. All this was happening as the world economy fluctuated wildly.
As one of the trade's major participants, De Beers had to change, too. The De Beers of today bears little resemblance to the De Beers of 1989. The company greatly reduced its role as the custodian of diamond supply. Instead of flowing into the market in a single-channel path from De Beers, diamonds now flow into the market through multiple channels.
Not everything changed, though. Regardless of the path they take, diamonds still flow from mines through cutting centers, and ultimately to retail customers.
Diamond's splendor has been appreciated for centuries, but there was not much scientific knowledge about it before the twentieth century. Since then, diamond knowledge has grown steadily, with research by chemists, physicists, geologists, mineralogists, and oceanographers. In the past 50 years alone, scientists have learned a lot about how diamonds form and how they're transported to the earth's surface. That knowledge has made it easier to predict locations for new diamond discoveries.
What is the origin of the word 'diamond?'
"Diamond" comes from the Greek adamao, which signifies "I tame" or "I subdue." From ancient times, the adjective adamas was used to describe the hardest substance known to men. It eventually became a synonym for the word diamond. It is believed that Adamas previously referred to the second hardest mineral, corundum (the gem variety is sapphire)or to something else altogether. Due to this problem of uncertainty surrounding the names, it is difficult to trace the history of the diamond.
Mothers Day Jewelry Ideas 2016 | Mothers Day Trends 2016 | Jewelry and Diamonds
It's hard to choose the right Mother's Day gift when you know your Mom will love whatever you get her, simply because you got it for her. But this is no reason not to spoil her with a timeless keepsake she can wear everyday and will cherish forever. There is no better gift than jewelry to say I love youand stand the test of time. To make your hunt a little easier, we've rounded up some of the most popular Mother's Day jewelry picks this year.
Not solely dedicated to Mother's Day, diamond pendants are a best-seller that should be on everyone's radar. From diamond studs to initial and diamond rings, the halo necklace trend is not going anywhere anytime soon, and it's a creative gift for Mom!
More of a traditional Mother's Day gift, birthstone rings can be customized for any Mom. Whether you want your gift to simply represent Mom's birthstone, or the birthstones of everyone in the family, the options are seemingly endless with customizable mothers' birthstone rings.
The Diamond Manufacturing Process with Shira Diamonds in Dallas, Tx
The Diamond Manufacturing Process with Shira Diamonds in Dallas, Tx
For hundreds of years the Diamond has fascinated man for its alluring sparkle and physical hardness exceeding all other gems. Formed about 3 billion years ago beneth the the Earth's crust by extreme heat, it may be the oldest item you will ever own. Before the rough diamond is transformed into a beautiful piece of jewelry, it must undergo several stages in its production.
Stage 1 - Mining the Diamond Rough
Roughly 50% of diamonds come from Africa, although some sources of diamonds have been discovered in India, Russia, Canada and Australia. The diamonds that made it to the surface were forced up volcanic activity, through kimberlite pipes. A typical pipe mine consists of a large vertical shaft and tunnels running from the main pipe. The deepest mine runs about 160 kilometers, down into the earth with hundreds of tons of rock, gravel and sand that need to be blasted, drilled, crushed and processed to yield just 27,000 kg mined annually. Only about 20% of all rough diamonds are suitable for polishing and the rest are used for industrial purposes. Once the rough is found, it is sold to the manufacturers.
Stage 2 - Rough Reaches the Market
A large proportion of the world's rough supply goes to De Beers' Central Selling Organization (CSO). The rough that the Central Selling Organization buys is sorted into more than 5,000 different categories. Once the rough is priced and sorted, it is then sold to manufacturers at sights and there are ten sights yearly, each lasting a week. The chosen few allowed the chance to purchase at these sights are called Sightholders. The balance of the world's rough supply is sold to private buyers and through private auctions.
Stage 3 - Diamond Manufacturing
Regardless of the source, all rough diamonds eventually end up at the cutting centers. Today, the major cutting centers are Israel, Antwerp, Bombay, Johannesburg, & New York. Upon reaching its destination the rough is carefully examined, now adays with the help of computers, decisions are made on how it should be cut to yield the greatest value. After the stone's size and shape are determined, taking into consideration the rough's shape, as well as the quantity and position of its internal inclusions, the stone is marked and usually sawed. The stone then goes through a series of diamond cutters who each have their own specialty. Finally, the diamond is polished and cleaned, all ready for sale.
Stage 4 - The Final Journey
After the diamond is manufactured it needs to be sold but for decades, diamond manufacturers have sold their cut diamonds to jewelry manufacturers and wholesalers who in turn, sell to jewelry diamond dealers and to retail jewelry stores. Today's Internet technology is changing the diamond market, diamond manufacturers now have a direct link to the final customer. Through the internet, it is possible to purchase the same quality diamond for a significantly lower price because it does away with the middleman.
Diamond Buying Guide 2016
DIAMOND BUYING GUIDE
1) Choose a jeweler as you would choose a doctor.
He or she should be armed with expert training, open to questions and able to provide answers in clear, simple language.
A measure of a jeweler's knowledge is whether he is professionally trained. Preferably, his training comes from a highly-recognized and internationally accredited program, such as the GIA Graduate Gemologist (GG) or Accredited Jewelry Professional (AJP) diploma programs. An educated jeweler will not only explain the 4Cs of diamond quality to you, but will be able to demonstrate the differences between apparently similar stones. They will also encourage you to compare a number of diamonds that fall in your budget.
2) Understand the 4Cs of Diamond Quality
This basic knowledge will not only unlock the mystery of a diamond's quality, it will help you understand a diamond's value and price.
Diamond Color In most diamonds, the term actually refers to the absence of color. The less color in the stone, the more desirable and valuable it is. Some of these differences are not visible to the naked eye, but directly impact the overall quality and price of the stone.
Diamond Clarity measures the amount, size and placement of internal 'inclusions,' and external 'blemishes.' Grades run from 'Flawless,' with virtually no imperfections, to 'Included,' which contain a significant number of imperfections.
Diamond Cut does not refer to a diamond's shape, but to the proportion and arrangement of its facets and the quality of workmanship. The amount of brilliance, sparkle and fire in a diamond is determined by cut. Grades range from 'Excellent' to 'Poor.'
Diamond Carat refers to a diamond's weight. Generally speaking, the higher the carat weight, the more expensive the stone. Two diamonds of equal carat weight, however, can have very different quality and price when the other three Cs are considered.
No matter how beautiful a diamond may look you simply cannot see its true quality. The 4Cs of diamond quality will provide you with the information you need to know the diamond's actual quality.
3) Insist On a Diamond Grading Report.
A diamond grading report from an unbiased, scientific source such as GIA is more than important information, it's proof of what you are purchasing. The differences in diamonds can be so subtle, even a trained jeweler can't recognize them without lab verification. Insist that any diamond you buy come with an indisputable verification of its quality.
4) Protect The Purchase.
Have your diamond appraised and insured. Appraisers and insurers rely on diamond grading reports to accurately evaluate the value of gems. As an additional measure, consider having your diamond laser-inscribed with its GIA report number, to provide verification if it is ever lost or stolen.
Planning To Propose Your Love With Diamond Ring?
Planning To Propose Your Love With Diamond Ring?
Whether you are planning an intimate proposal or a public proclamation of your love, presenting your would be wife with the perfect diamond engagement ring will enhance the joy of the moment. She's sure to remember your proposal forever, and will treasure her carefully chosen engagement ring as a symbol of your eternal love. While it's uncommon for a couple to shop together for an engagement ring, some grooms still prefer to surprise the to-be-bride with a ring of their choosing. After choosing from yourself, may be you can ask for a second opinion from one of the close friend of your would be wife.
In regard to diamonds, cut and shape are not synonymous terms. While the diamond's cut refers to the number of facets and their proportions, its shape is used to describe the overall form of the finished stone. Some common shapes of the diamonds, diamond engagement rings have are round diamonds, princess cut diamond, oval diamond, marquise diamond, pear shaped diamond, cushion shaped diamond, emerald cut diamond, heart shaped diamond and radiant cut diamond.
Nuggets of wisdom while purchasing your diamond engagement ring:
- Obtain a gemological appraisal that confirms the ring's value for insurance purposes.
- Get a certificate from an impenitent diamond grading facility.
- Verify that the jeweler offers money back guarantee and a hassle-free return policy.
- It's important to get insurance to protect your diamond in the event that it is lost or stolen.
- Prefer wholesale diamond engagement rings dealer to get the beat price.
Diamond rings stand out in every occasion. They make heads turn. As per research polls, women prefer to buy wholesale diamonds anytime compared to the other jewelries. Women have a special attachment, or maybe we could even call it an obsession towards diamonds. It does have the magnetic effect towards people.
A 1,111-carat diamond has been discovered in Botswana 2nd Largest Diamond
A 1,111-carat diamond has been discovered in Botswana 2nd Largest Diamond
In a stroke of good fortune, the Lucara Diamond firm discovered the world's second-largest diamond of gem quality in Botswana. This 1,111-carat diamond is second only to the 3,106-carat Cullinan diamond found in South Africa in 1905. The gem measures 65mm x 56mm x 40mm and was recovered from the Karowe mine located north of the capital Gaborone.
This diamond (Karowe AK6), the largest found in over a century, has yet to be evaluated and thus far has no price tag or potential buyer. The diamond rates as a Type-IIa stone and is roughly the size of a tennis ball. It is extremely hard to estimate the value of the diamond given the unknown color, clarity, and cutting.
To provide an estimate of final selling price, Lucara recently sold a 341.9-carat diamond of roughly the same quality for $20.6 million, equaling out to $60,251 per carat. If you were to extrapolate the same cost per carat for the newly found 1,111-carat diamond, it could sell for a whopping $66.9 million!
"This has been an amazing week for Lucara with the recovery of the second largest and also the sixth largest gem quality diamonds ever mined," William Lamb, chief executive officer of Lucara. On the wave of this news, Lucara's stock price rose 32%, adding $150 million to its market value.
Where does the diamond go next?
With a diamond of this caliber the process of determining a tender, getting it cut, polished, and sold will likely take years to complete. Lucara found that the diamond was too big to fit within their in-house scanner and thus requires a larger 3rd party scanner.
A 1,111-carat diamond is shown against a hand lens for scale. The diamond was discovered in the Karowe mine in Botswana. Credit: Lucara Diamond Corp)
The eventual fate of the diamond may be as several smaller cut diamonds. The Cullinan diamond was cut into many different stones, including the Great Star of Africa, for the British royalty's crown jewels. The diamond will be scanned and rendered in 3D to determine the best use of the diamond and how many pieces to cut it into.
The diamond market has been hot lately, with Hong Kong billionaire Joseph Lau paying $48.4 million for a 12.03-carat blue diamond. The most expensive diamond that was ever sold at auction was the "PinkStar" pink diamond for $82 million in 2013.
Lucara's fortune did not stop at the incredible 1,111-carat diamond; they also discovered an 813-carat and 374-carat diamond the same week. Given the rarity of the 1,111-carat diamond, the price could easily overwhelm price per carat norms.
The Karowe mine generates diamonds from its three kimberlite pipes, the south, center, and north lobes. Each lobe outcrops at surface and the majority is located within 10m from the surface. The mine books an estimated 6.3-million carats of diamonds in reserves, with 1.5mm as the bottom cutoff in size.