Buyer Defaults on $83.2 Million Pink Diamond. The oval mix cut "Pink Star" diamond, a 59.6 carat internally flawless fancy vivid type IIa diamond that sold at Sotherby's for a whopping $83.2 million in November 2013 has officially been defaulted on by the bidder, one New York-based Isaac Wolf who had outbid three rivals for the diamond during the auction. Following the default, the auction house had announced that it had acquired the diamond for the company's inventory at $72 million. Sotherby's then announced that it had reversed the related commission revenue. The diamond's presale estimate was valued at $61 million, however, Sotherby's chief financial officer, Patrick McClymont said in a conference call with investors, "we are currently in discussions with the buyer while also considering other alternatives. In the meantime, we are comfortable with our valuation and see real value in owning the diamond at this price."
Armenia intends to increase the volume of diamond production by 300% now that it eliminated a 6.5% import customs duty from Russia. Deputy Minister of Economy of Armenia one Tigran Harutyunyan noted that eliminating additional expenses would be a "significant impetus" for the development of this sector. Negotiations to enhance the volume of the diamonds are being held with Russia's Gokhran . Armenia also created and economic free trade zone for jewelry, the ArmenPress reported. It will organize under the "AJA Holding" company. Its goal is to promote growth and exports by encouraging international foreign direct investment for jewelry, precious stones and watch industry. Between January and November 2013, the volume of diamond production in Armenia increased 48% year on year to 78,871 carats. Belgium, China and Russia are the largest buyers of diamonds from Armenia.
ALROSA refinanced the bulk of its short-term debt that the diamond miner originally planned to pay off with the proceeds from the sale of its gas assets to Rosneft, Interfax reported. As of September 30, 2013 ALROSA's short-term that was $1.39 billion. This included $1.13 billion in bank loans and $268 million on your commercial papers (ECP).
http://thediamondsdirectory.com/alrosa-refinances-bulk-of-short-term-debt/
The Dubai Multi-Commodities Centre (SMCC) confirmed the launch of market deliverable brand (MDB) accreditation, a new responsible sourcing initiative designed to certify gold and silver refineries for their quality and technical production. The market deliverable brand applies to gold and silver refineries in operation for over one year. For gold refineries, the certification also includes responsible sourcing of gold bars in accordance with DMCC Diamonds and Review Protocol.
Gold jewelry demand by volume during the 2013 year experienced the highest increase in gold consumption. Furthermore, consumers across the globe react to lower gold prices. The entire years demand by weight was 2209.5 tons of gold. Representing a 17% increase over 2012 and the highest level since the onset of the 2008 financial crisis. The average price of gold fell 27% during 2013 to $1411.20 per ounce. Global gold demand by value plummeted 28% year on year to $170.4 billion. Demand for bars and corn surge to an all-time high of 1654.1 tons. This happens as individual investors took advantage of lower prices.
Diamond material is the most expensive material on earth. GIA Diamonds are the most accurately grading diamonds in the industry.