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‘Perfect’ 88-Carat Diamond Goes Up for Auction

It will headline the Hong Kong Sale of Magnificent Jewels and Jadeite.

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Described by Sotheby’s as “perfect according to every critical criterion,” this 88.22-carat oval diamond will headline the auction house’s Hong Kong Sale of Magnificent Jewels and Jadeite on April 2.

The D-Flawless diamond is expected to fetch between $11.2 million and $12.7 million, a value reflecting its extreme rarity. Sotheby’s reports that only three oval diamonds larger than 50 carats have appeared at auction over the past few decades.

The 88.22-carat faceted diamond was cut from a 242-carat rough stone discovered at the Jwaneng mine in Botswana. The mine, which is well know for producing high-quality diamonds, is jointly owned by De Beers and the government of Botswana.According to Sotheby’s, the rough diamond was cut and polished over a period of “intense months” to produce a symmetrical and striking oval brilliant diamond. Given the elongated shape of the rough stone, the oval shape was chosen to preserve the greatest amount of weight.

The double-eights in the carat weight will hold extra significance to buyers of Asian heritage. Eight is considered a lucky number, and “88” is believed to bring good fortune in abundance.

The star of Sotheby’s upcoming event was rated Type IIa, the most chemically pure classification. Diamonds of this quality display exceptional optical transparency and make up less than 2% of all gem-quality diamonds.

“When you think that one ton of mined earth yields less than a carat of diamond, and that high-quality diamonds over 10 carats are a rarity, the discovery of a 242-carat rough, of gem quality and exceptional size, is nothing short of a miracle,” noted Patti Wong, Chairman of Sotheby’s Asia.

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Wong added that the perfect 88.22-carat diamond is a “summary of everything: A wonder of nature, a masterpiece resulting from man’s ability to shape the hardest material on earth into an object of ultimate beauty and the most concentrated form of wealth, as stated by Pliny the Elder almost 2,000 years ago.”

David Bennett, Worldwide Chairman of Sotheby’s International Jewelry Division, said that one adjective came to mind when he viewed the stone for the first time.“Breathtaking,” he said. “Barely any diamonds of this weight are known to possess the same exceptional qualities of purity and perfection as this remarkable stone which is so full of fire and blinding brilliance.”

Howard Cohen is the Shoreham, NY-based editor of The Jeweler Blog, a daily blog ghost-written for retail jewelers. Cohen, a long-time industry veteran, is dedicated to making social media tasks simple and affordable for every jeweler. For more information, visit thejewelerblog.com or contact Cohen at 631-821- 8867, hscohen60@gmail.com. Websites: thejewelerblog.com, thejewelerblog.wordpress.com.

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Jewelry Insurance Startup Firm Raises $2M

The founder is a third-generation jeweler.

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BriteCo, a jewelry-insurance startup company, announced a $2 million seed round.

The round’s investors include Brian Spaly, the founder of Trunk Club; and Jeff Taylor, the former chairman and CEO at Cole Taylor Bank.

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The firm provides verified appraisals and immediate replacement coverage by HDI global, an A-rated insurance carrier, according to a press release.

“As a third-generation jeweler, my family and I have a long history delighting customers and helping them celebrate moments of joy in their lives,” said Dustin Lemick, BriteCo founder and CEO.

“But the jewelry buyer is changing rapidly. Millennials now represent the largest jewelry buying demographic, and their expectations are different from those of prior generations. BriteCo helps jewelers by providing them with the optimal blend of online convenience and personal attention.”

Lemick and his family have owned and operated retail jewelry locations in the Chicagoland area for over 60 years.

BriteCo explains that its coverage has no deductible, automatically updates protection each year using advanced price analytics and predictive models, and offers a streamlined claims experience. It also “offers an easy to use, cloud-based Appraisal Management System (AMS) that is faster and more accurate than the jewelry industry’s traditional manual processes,” according to the release.

“What Dustin and his team have accomplished in such a short period of time is amazing,” said Jeff Taylor, one of the company’s investors. “Getting BriteCo licensed in virtually every state before officially launching is a testament to their hard work and the professionalism with which they’re approaching this big challenge.

“I’m excited to be a part of their push to modernize the jewelry insurance and appraisal process and to help millions of people across the US protect their most valuable possessions.”

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Fugitive Jeweler Arrested in $2B Fraud Case

India is seeking to extradite him.

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Nirav Modi, the billionaire jeweler who’s suspected in a $2 billion fraud case in India, has been arrested in London, The Telegraph reports.

He was arrested on behalf of Indian authorities, and he appeared Westminster Magistrates’ Court to fight extradition to India, according to the newspaper.

In court, he “spoke only to confirm his details and to refuse to submit to extradition” related to embezzlement allegations, The Telegraph reports.

He’s due in court again on March 29.

Modi had been staying in a high-dollar apartment in London’s West End, according to the newspaper.

Last year, The New York Times described Modi as being “on the run” and noted that figuring out his location had become something of a “national pastime” in India.

He remained at-large despite Interpol’s issuance of a reed notice for his arrest in July, according to The Telegraph.

Modi is at the center of a fraud case involving Punjab National Bank, where employees are “suspected to have steered fraudulent loans” to Modi’s businesses, Reuters has reported.

Modi has apparently been involved in a new new diamond business in the UK, according to The Telegraph.

Read more at The Telegraph

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This 13-Carat Pink Diamond Just Sold for $8.7M+

The sale represents a dollar-per-carat price of $656,933.

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Gem Diamonds Ltd. announced that a 13.33 carat pink diamond recovered at the Letšeng mine in February has been sold for $8.75 million.

The sale represents a dollar-per-carat price of $656,933.

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That’s a record for a Letšeng diamond, according to a press release from Gem. The company owns both the Letšeng diamond mine in Lesotho and the Ghaghoo mine in Botswana.

The diamond sold on tender in Antwerp. Gem did not reveal the identity of the buyer.

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Yahoo Finance reports that Gem mined about 127,000 carats of diamonds last year.

That amounts to under 1 percent of the worldwide total, making the company a relatively small player compared to industry titans such as Alrosa and De Beers.

 

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