Christmas Red Diamond; 50-Carat Graff Diamond Ring Up For Auction

3.15-carat circular-cut fancy reddish orange diamond. Estimate: $700,000 – 1,200,000. Photo credit: CHRISTIE'S IMAGES LTD. 2012

Red is certainly the color of Christmas and in this spirit Christie’s New York is offering a rare red diamond along with a 50-carat D color Graff diamond that could fetch $10 million during its Magnificent Jewels sale on December 10.

The 3.15 carat circular-cut fancy reddish orange diamond is the largest such diamond ever graded by the Gemological Institute of America and the largest ever to be offered at auction. Exhibiting excellent symmetry and polish, this stone is estimated at $700,000 - $1.2 million.

The diamond’s rarity is a function of both its intense color and large size, the auction house said. Very few red diamonds larger than one carat are known to exist. Among the largest is a circular-cut 5.03 fancy dark red diamond that is now in the permanent collection of the Smithsonian Institution in Washington, D.C.

50.01-carat Rectangular-cut D-color diamond ring by Graff. Estimate: $7,000,000 – 10,000,000. Photo credit: CHRISTIE'S IMAGES LTD. 2011

While impressive, the red diamond will not be the most expensive lot being offered at the daylong auction. That honor goes to a 50.01-carat D color diamond ring by the celebrated jeweler Graff. Offered for sale from an important private collection, the stone is mounted in a platinum setting designed by Graff, with two baguette-cut diamonds flanking the center stone. It’s estimated at $7 million - $10 million.

The Graff diamond is one of 12 D-color diamonds—the whitest shade possible—among the 300 lots being offered at the sale, which also includes rare gemstones, natural pearls and signed jewels from the Art Nouveau and Art Deco periods. The total sale, which is accessible for bidding in person, on the phone, online, or by absentee bid, is expected to realize in excess of $25 million.

Three-stone Colombian Emerald ring of 8.51, 4.04 and 3.94 carats. Estimate: $475,000 – 550,000. Photo credit: CHRISTIE'S IMAGES LTD. 2011

Among the star lots of gemstone jewelry is a three-stone Colombian emerald ring mounted with an 8.51 carat cushion-cut center stone and flanked by matching emeralds of 4.04 and 3.94 carats, respectively. Its estimate is $475,000 - $550,000.

Sapphire and diamond bracelet by Paul Flato from circa 1935. Photo credit: CHRISTIE'S IMAGES LTD. 2011

Among the period pieces being offered is a sapphire and diamond bracelet by American jeweler Paul Flato from circa 1935, which is on the cover of the sale cataloge. Its estimate is $120,000 - 180,000. This jewel, offered from a prominent private collection, is designed as an openwork bracelet with alternating rectangular-cut sapphire and diamond bricklink bands.

reade more... Résuméabuiyad

How Much Is My Gold Worth?

via

“How Much Is My Gold Worth?” When planning to sell gold jewelry, this question is often asked first. To begin with, there is just no simple and direct way to evaluate the value of gold jewelry. What anything is “worth” is always based on the circumstances. Are you looking to sell the item for quick cash? Are you planning to have it insured? Do you need an estate value for taxes?

Depending on what the gold jewelry is, who’s buying and who’s selling, here are three types of gold jewelry appraisal value methods you should know about.

If you want FAST CASH, for your LOW QUALITY or BROKEN GOLD JEWELRY, you would want to know the liquidation value or SCRAP VALUE.

The most common and most familiar appraisal value in selling gold jewelry is the Liquidation Value or Scrap Value. This type of appraisal reflects the value of your jewelry’s components on the wholesale market.  Generally, a liquidation/scrap value is based on the immediate cash value of your item, and is usually the lowest valuation which means the buyer is buying your gold jewelry for the value of the metal alone. In today’s market, many buyers will not pay anything for small diamonds unless they are very high quality, concentrating only on the value of the gold.
 

The scrap value of gold is often based on the gold market prices and does fluctuate daily. You can use the karat weight and volume of materials listed in the appraisal to determine current market value periodically.
If you take your gold to a reputable buyer with ready cash (such as a pawn broker, jeweler or online gold buyer) that strictly specializes in buying gold you should expect to get 80% to 90% depending on the quality, weight and quantity. If you are offered less than this it is not a legitimate offer.

Related Post: How to Calculate the Price of Scrap Gold

Photo by  Theodore Scott via Flickr

If you want FAST CASH, for your HIGH QUALITY GOLD JEWELRY, you would want to know the ESTATE VALUE.

The Estate Value represents the most accurate value of what your jewelry might cost if you were to find it in a jewelry store for sale on the day it is appraised. The retail value allows you to factor in the aesthetic value of your gold pieces so that you can sell gold for cash at a higher price. Sometimes, the buyer may take into account the craftsmanship that went into making the gold jewelry. Other buyers might consider whether you are selling an antique.
 

To have an idea on how much the estate value of your jewelry is, visit jewelry stores and look at the retail selling price of similar jewelry items being sold. Jewelers who buy jewelry for resale pay somewhat more- about 10 to 20% of current retail value. If your item is something they can easily resell, they may pay as much as 25% of the original retail value. These buyers will pay premiums only for highly desirable items, such as well known brands, high quality items, or items with an immediate market.

Photo by aqsahu via Flickr

If you want the HIGHEST POSSIBLE CASH, for your HIGH QUALITY GOLD JEWELRY and if there is PLENTY of TIME to find a buyer in the most appropriate market, and NO pressure to sell, the value you will probably want to know is the FAIR MARKET VALUE.

The Fair Market Value reflects what a willing buyer and a willing seller would agree to if the piece was put up for sale. Generally, this value will be somewhat below the retail value if the piece was for sale in a jewelry store and reflects what you could reasonably expect to sell it for if you can find a willing buyer, such as on auction sales, eBay or Craig’s List.

If the jewelry is antique, use online auction sites or live auction catalogs to find the selling prices of identical pieces. Use the information gathered to guide the search process. Note that the selling price is also influenced by the trust the public has in the merchant’s expertise. Therefore, it may not be what a you could privately sell (to a person) the item for, but it will give a range.

 

So, you can see it’s not easy to give a simple answer to a simple question like “What is it worth.” it all depends on what your item is and what situation as a seller you are in. Hope this article gave you a realistic idea on the various ways to look at the value of your gold jewelry.

reade more... Résuméabuiyad

How to Test Your Gold Jewelry with a Nitric Acid Test

Gold is a highly valued metal all around the world. Pure gold has a bright yellow color and shiny luster. However, there are other types of metal which have a similar appearance making gold identification difficult. By using the nitric acid test, you can test metal samples to confirm the presence of gold at home.

Why Do We Use Nitric Acid to Test Gold Authenticity? Nitric acid will not affect gold (other than to clean it), whereas it will dissolve most of the other metals found. Quiteoften mica or iron pyrites (fool’s gold) are mistaken for the real thing. Nitric acid will not affect iron pyrites or mica (fool’s gold), but those are brittle and will not pass the hardness test.

Nitric acid can be purchased from some drug stores or prescription counters. It can sometimes be found where gold mining equipment is sold.

CAUTION:Nitric acid can be dangerous to work with. Precautions must be taken to prevent harm to yourself and your equipment when working with it.

If you are dealing with strictly scrap gold, you can use the nitric acid test to determine if it is real or fake. Please note that it is not advisable to use this test on jewelry that you plan to keep or that has aesthetic value for resale.

Items You Need for the Nitric Acid Test

• Jeweler’s Loupe
• Nitric Acid or Gold Testing Solution Kit

*Both items can be purchased online.

Step 1: Put protective rubber gloves on your hands and place the gold jewelry you would like to test for gold content in a small glass bowl or a small stainless steel container.

Step 2: (Optional) Scratch the object on inconspicuous place of the jewelry with a file where the nitric acid will be applied.  A test stone can also be used to test a streak of metal laid down from the jewelry.

Step 3: Apply a drop of nitric acid on the gold jewelry (or on the streak of metal on the test stone) and watch for any resulting reaction to the acid.

• A green reaction indicates your item is either a base metal or gold plated.
• A milk-colored reaction would indicate gold-plated sterling silver.
• If there is no reaction, you mostly likely are dealing with real gold. (A dark brown reaction would indicate a 10 karat gold. A light brown reaction would indicate a 12 karat gold. A little or no reaction would indicate 14 karat or higher.)

Step 4: Clean the acid off of the gold using a cotton cloth. Rinse the metal thoroughly with water to remove the acid.

The nitric acid test is a great way to test your gold. However, due to the difficulty is acquiring the acid, and the inherent safety risks of doing this in your home, sometimes, it may be best to leave this test to a jeweler.

reade more... Résuméabuiyad

Guide to Gold Jewelry Stamps and Inscriptions

Photo via Gold.Org

 

Most authentic gold jewelry is stamped with information about the purity level of the metal content. Generally, the stamp is placed in an inconspicuous place on the item so it does not detract from the design. Stamps are usually located on the inside of the band of the ring, on the post or basket setting on a pair of earrings, on the bail on a pendant, and on the connecting ring or the clasp on the necklace or bracelet.

The term karatage simply refers to the proportion of pure gold in a piece of jewellery. Karatage can be defined in two ways:

• as ‘fineness’ which expresses the amount of gold in parts out of 1000;
• as a ‘percentage’ of pure gold 

The first thing you need is a magnifying glass or a jeweler's loupe--a 30 x 21 mm which is what I use.  The table below lists the most common precious metal stamps on gold jewelry, their alternative stamps or hallmarks, their purity level, and alloys commonly used.

Metal stamp	Minimum percentage of pure gold	Common alloys**
10k Also: 416, 417, 10KP*	41.6% pure gold (10 parts out of 24) -minimum standard for U.S. gold	Usually silver, copper, zinc, and nickel
14k Also: 583, 585, 14KP*	58.3% pure gold (14 parts out of 24) -one of the most popular gold purities	Usually silver, copper, zinc, and nickel
18k Also: 750, 18KP*	75% pure gold (18 parts out of 24) -Standard international karatage	Usually silver, copper, nickel, and palladium (for white gold)
22k Also: 916, 917*	91.6% pure gold (22 parts out of 24) -popular in India and Middle East	Usually silver and copper
24k Also: 999*	100% pure gold (24 parts out of 24)	None

*Alternate stamp or European hallmark is a simple, three digit number representing the quality or fineness of Gold.

Additional Information

• Common alloys vary depending on desired color, such as white gold or rose gold
• The term "karat" (usually abbreviated as "k," "K," or "Kt") refers to the relative purity of gold; pure gold is 24 karats. "Karat" is different from "carat," which is a metric unit of weight for gemstones.
• In gold jewelry, "plumb" is an old-fashioned term that means that the fineness or purity level of the gold content is precisely what is stamped on the item. The word "Plumb" or the letter P still sometimes follows the metal stamp (e.g., "14k Plumb," "14KP").
  
• Other gold stampings such as 15kt, and 16kt gold are not used any longer. When a 15kt stamp appears in jewelry,  this would indicate it is a antique piece. Most 16kt gold is used for dental purposes only and you will not see it used in jewelry. Most of the other stampings 8kt, 9kt and 12kt are of a lesser gold quality and are not generally highly desirable.  

Does Gold Jewelry Have to Be Stamped? -- powered by ehow

Anything with one of these stamps below is not gold. It is made out of a different metal with a very thin gold layer that will wear off over time. These pieces do not have any real metal value and most gold buyers won’t purchase them from you except for sterling silver. Here are a few stamps which signify the piece is NOT gold:

• 14K 1/20 (1/20 gold is basically gold-filled)
• 14K G.F.(gold-filled)
• 14K G.P. (gold-plated)
• 14K H.G.E.(hydrostatic gold electroplating)
• 14K G.E.P. (gold electroplating)
• .925 (sterling silver)

So take note that even if your piece is stamped “14K” you cannot be 100% sure it is gold. There are a number of fake stamps out there and the only way to be 100% sure is to test the metal with a gold tester using nitric acid. On the other hand, even if there is no stamp it could still be gold.

Aside from the stamps or lack thereof, there are a couple other ways you (or most likely a jeweler) will be able to tell if the piece is gold like the nitric acid test or density test.

Related Post: How Can I Tell If Gold is Real?

reade more... Résuméabuiyad

David Beckham Is The New Face of A New Breitling Watch

David Beckham appears in new ad for Breitling. 

Breitling, said Tuesday that David Beckham is the new face of its Transocean Chronograph Unitime worldtimer watch. The new campaign establishes a long-term partnership between the Swiss luxury watch brand and the international sports celebrity and style icon.

Transocean Chronograph Unitime

The Transocean Chronograph Unitime, equipped with the new Manufacture Breitling Caliber B05, with its double disk enables permanent readings of the time in all 24 timezones through its crown-operated correction system.

Beckham stars in the Breitling advertisement featuring a visual shot on the runway of the Mojave Air & Space Port in California. The image, taken by American photographer Anthony Mandler, shows Beckham standing in front of a private jet wearing his Transocean Chronograph Unitime. 

Please join me on the Jewelry News Network Facebook Page, on Twitter @JewelryNewsNet and on the Forbes Web site.

reade more... Résuméabuiyad

A Titanic Jewelry Exhibition

Ring with sapphires and diamonds. Photo credit: RMS Titanic Inc.

Jewelry not only defines an individual’s personal style but it also provides an understanding of how people lived and what they valued at a given time in history. With this in mind an exhibition of jewels from the ill-fated RMS Titanic that opens Friday will attempt to help the public gain this understanding. It will be the first stop on a three-city tour that will end in May, 2013.

Filigree ring with diamonds. Photo credit: RMS Titanic Inc.

As everyone knows the British luxury passenger ship on its maiden voyage struck an iceberg and sank in the North Atlantic Ocean on April 15, 1912. A total of 1,502 passengers and crew, some of whom were among the wealthiest people of the time, were killed in the maritime accident. The sinking of the Titanic is considered one of the deadliest peacetime maritime disasters in modern history and it has captured the imagination of the public to this day.

The “Jewels of the Titanic” is a collection of 15 pieces of fine jewelry that gives a glimpse of how the wealthiest passengers traveled. Items on display include a hand-made platinum, 18k gold and diamond filigree ring; a gold ribbon brooch with diamonds; and a man’s green enamel and gold cufflinks and studs.

Ring with three diamonds. Photo credit: RMS Titanic Inc.

Alexandra Klingelhofer, VP of collections for RMS Titanic Inc., said most of the items that will be on display were found in a Gladstone bag uncovered during a research and recovery operation in 1987. The remaining items were found at various times during other recovery operations. RMS Titanic is a subsidiary of Premier Exhibitions, Inc., which owns the rights to salvage the shipwreck site.

The jewelry owners are unknown but other items inside the bag reveal that the valuables were entrusted to a purser, who was responsible for handling the money and other valuables inboard the ship, she said. It’s believed the purser was taking care of the bag himself instead of leaving it in the safe during the shipwreck. However, he, like all the other pursers, did not survive.

Ribbon brooch with diamonds. Photo credit: RMS Titanic Inc.

“The majority of the best-of-the-best, high-end pieces came from the Gladstone bag,” Klingelhofer said. “They’re beautiful, explicit, Edwardian pieces.”

Klingelhofer said that some of the items had been on display at various times over the years but this is the first time they will be featured together. The timing is part of the way the organization has been commemorating the 100-year anniversary of the shipwreck.

Green enameled gold cufflinks and studs. Photo credit: RMS Titanic Inc.

“We thought it would be a fitting end to the 100 year anniversary of the Titanic and that the jewelry would be highlighted in a different way as a mini-exhibit,” she said.

The jewelry will be on display at the three permanent Titanic exhibition spaces that are owned and operated by RMS Titanic and Premier Exhibitions, Inc. The dates and locations are as follows:

Atlanta
Titanic: The Artifact Exhibition
Premier Exhibition Center
Atlantic Station
Nov. 16 – Jan. 6, 2013

Orlando
Titanic The Experience
International Drive
Jan. 11, 2013 – March 12, 2013

Las Vegas
Titanic: The Artifact Exhibition
Luxor Hotel and Casino
Mar. 22, 2013 – May 31, 2013

Please join me on the Jewelry News Network Facebook Page, on Twitter @JewelryNewsNet and on the Forbes Web site.

reade more... Résuméabuiyad

How Can I Tell If Gold is Real?

How to Identify Gold on Howcast

Have you cleaned out your jewelry box and have a pile of rings, necklaces and more in front of you. but have no clue about the karat or if it is actually gold? There are several methods that you can use to tell if your gold jewelry is made of real gold. Keep in mind, these do-it-yourself methods are not all 100% conclusive.


All of these methods can be useful ways to see if your gold jewelry is made of real gold or fake. However, they will not give guaranteed answers or tell you the quality or carats of the piece. To be certain, bring your gold jewelry to a certified jeweler.


Visual Inspection

Look closely at the piece for a stamp or label on it somewhere identifying either the karat (24K, 22K, 12K, 10K...), fineness (.1-.999 o r.999), or percentage (.999, .916, .833, .792, 583). This would be a small marking usually on the clasp of necklaces, inside the bands of rings and on the backs of pendants. If you see anything marked 1/20, GF, GP, RGP or EGP, these are symbols for gold filled or gold plated items, which means they are not pure gold.

Don't panic if you don't see a stamp at all, gold produced before the early 1900's was rarely tagged and you may have a valuable antique on your hands. Also, older pieces may not have visible stamps because of wear or repairs that may have been previously done on the piece. On top of that, some forged pieces will still have authentic looking stamps so further testing would be recommended.

Related Post: Guide to Gold Jewelry Stamps and Marking

The terms karat, spelled with a K, and carat, spelled with a C, are different. Karat with a K describes the purity of a substance and carat with a C is a measure of a gemstone's weight.

Check for dull splotches or discoloration, especially around edges and other areas that would experience a lot of friction. If the gold is wearing off and revealing another material underneath, your jewelry is only gold plated and not real gold.

Anything under 10k isn’t considered real gold in the U.S.


Magnet Test

Check whether the object is magnetic. Gold is not magnetic, so if the object is attracted to the magnet, it is not gold. But just because the object is not magnetic does not mean it is authentic gold. However, scammers also use non-magnetic metals, which would not be attracted to the magnet, and therefore appear to be gold. So again, this is not a full proof test.


Nitric Acid

Nitric acid can tell you if your gold jewelry is real. This is the method most jewelers use. Always take all necessary precautions when handling any type of acid. Put on your gloves and glasses and take a drop of nitric acid and see if it causes a reaction. To tell if the piece is gold plated, you may have to take a file and make a scratch in the jewelry (somewhere that will not be noticeable) to test under the plating. Then, rinse with running water. If the nitric acid creates a green reaction, you are dealing with a gold plated piece or a base metal. If you see a milky color reaction, it is probably gold plated over sterling silver. What you want to see is nothing at all—real gold should not react when it comes in contact with nitric acid.

Related Post: How to Test for Real Gold Using Nitric Acid


Use an Unglazed Ceramic Plate

(Warning: His technique may scratch your piece!) Rub your jewelry across a piece of unglazed ceramic (from a home improvement store). Real gold will leave a gold streak on the ceramic, while fake gold will produce a black streak.


Compare Weights

Use a small balance scale to weigh two pieces of jewelry - your jewelry to be tested and a piece of real gold jewelry of the same size. Gold is very heavy, so if two pieces of the same size and shape weigh exactly the same amount, chances are your piece is made of real gold.


Have it Inspected by a Gold or Jewelry Expert!

If you have used the methods above, you may or may not have determined your items to be gold. Don't worry. The best option for discovering the authenticity of your jewelry is to have it appraised by a professional. This can be a jeweler or someone who purchases gold regularly. Be sure to find someone trustworthy! A professional will be able to quickly test your items and give you an accurate quote for the value of the gold.

Related Article: How to Get a Jewelry Appraisal

reade more... Résuméabuiyad

World Record for a Colorless Diamond: 76-Carat Archduke Joseph Diamond Sells For $21.5 Million

The 76-carat diamond is considered is the largest D-color, Internally Flawless diamond from the historic Golconda region. It was the property of the Archduke Joseph August of Austria, Palatine of Hungary (1872-1962). Photo credit: Tony Falcone

A large, D-color, Internally Flawless diamond with outstanding pedigree in origin and ownership sold for $21.5 million at Christie’s Geneva Magnificent Jewels auction on Tuesday, setting a world record for the sale of a colorless diamond.

The 76-carat Archduke Joseph Diamond was sold to a phone bidder during the auction held at the Four Seasons Hotel des Bergues, Geneva. The unmounted, cushion-shaped gem is from the historic Golconda region of India, one of the oldest diamond mining regions in the world and where some of the most storied diamonds on earth were discovered. The Gemological Institute of America said it is the largest D-color, IF diamond it ever graded from the historic region. It was the property of the Archduke Joseph August of Austria, Palatine of Hungary (1872-1962), a member of the House of Habsburg. 

“I am thrilled but not surprised that the Archduke Joseph Diamond should have fetched such a high price,” said the former owner of the diamond, Alfredo J. Molina, CEO of America’s Black, Starr & Frost jewelers. “I was blessed to be the Archduke’s guardian and champion for the past 13 years, and indeed it has become part of my very identity.”

The auction took in more than $85 million, selling 84 percent by lot and 86 percent by value. This result, combined with the total achieved for the category in May, concludes the most successful year for Christie’s jewelry department in Switzerland, with annual sales exceeding $195.2 million.  

Highlights of the sale include: 

A Pair of Unmounted Brilliant-Cut Diamonds. The twin gems sold in separate lots each for $2.1 million. The diamonds were each 25.28 carats and have identical G color, VVS1 clarity characteristics. Each gem also has the same estimate of $2.3 million to $2.5 million.

Photo Credit: CHRISTIE'S IMAGES LTD. 2012

Colored Diamond and Diamond Brooch by Wartski. The shield shaped fancy intense blue diamond center, SI1clarity, weighing approximately 3.33 carats, flanked on either side by single old-cut pear-shaped diamonds with a suspended diamond. Wartski, the London antique jeweler, is a “royal warrant of appointment” for the British Royal Family. Estimate: $1 million - $1.4 million. Sold for $2.4 million.

Photo Credit: CHRISTIE'S IMAGES LTD. 2012

Sapphire and Diamond ‘Transcendence’ Butterfly Brooch by Cindy Chao. The body of the pavé-set diamond butterfly is a pentagonal-cut diamond, weighing approximately 3.01 carats, the wings are enhanced by briolette diamonds, sapphire beads and vari-cut sapphires. It is mounted in titanium and gold and signed by artist.

Photo credit: Denis Hayoun - Diode SA

Bulgari Art Deco Sapphire and Diamond Sautoir. The circa 1930s baguette and circular-cut diamond geometric pendant is centered upon a star sapphire, suspended from a sautoir composed of cabochon sapphire and diamond cluster panels with diamond collet connecting links. Estimate: $320,000 - $530,000. Sold for $662,483.

A 70-carat unmounted rectangular-cut fancy vivid yellow diamond failed to sell. It had an estimate of $3.1 million to $5 million. 

Please join me on the Jewelry News Network Facebook Page, on Twitter @JewelryNewsNet and on the Forbes Web site.

reade more... Résuméabuiyad

Harry Winston to Pay $500 Million for Ekati Diamond Mine

Ekati Diamond Mine
Photo credit: Jason Pineau, through Wikipedia

Harry Winston Diamond Corp. said Tuesday that it has entered into share purchase agreements with BHP Billiton Canada Inc. and other affiliates to acquire all of BHP Billiton’s diamond assets, including its controlling interest in the Ekati Diamond Mine as well as the associated diamond sorting and sales facilities in Yellowknife, Northwest Territories and Antwerp, Belgium.

The Ekati Diamond Mine, located in the Northwest Territories of Canada, consists of the Core Zone, which includes the current operating mine and other permitted kimberlite pipes, as well as the Buffer Zone, an adjacent area hosting kimberlite pipes having both development and exploration potential. The agreed purchase price, payable in cash, is $400 million for the Core Zone interest and $100 million for the Buffer Zone interest, subject to adjustments in accordance with the terms of the share purchase agreements.

“Completion of this acquisition will bring the opportunity to marry our Canadian diamond sorting and marketing skills with an experienced mine operating and development team, a world class operating asset, and future growth potential,” said Robert A. Gannicott, Harry Winston chairman and CEO. “Together with our existing mining business, these assets will serve as our platform for sustained, disciplined growth in the upstream diamond sector.”

Harry Winston, known for its luxury retail salons throughout the world, also supplies rough diamonds to the global market through its 40 percent ownership interest in the Diavik Diamond Mine, also located in the Northwest Territories. The company was looking to sell its retail assets, according to media reports, which it denied. Harry Winston also was reportedly in talks to buy the remaining interest in Diavik from its partner in the venture, Rio Tinto Diamonds. Talks between Harry Winston and BHP Billiton for the Diavik Diamond Mine were first reported in August.

The Ekati Diamond Mine, approximately 310 kilometers northeast of Yellowknife in the Northwest Territories of Canada, includes both open pit and underground operations and is Canada’s first, and largest, diamond producer, having begun production in 1998.

The Ekati Diamond Mine has produced an average of approximately three quarters of a billion dollars of rough diamonds per year over the past five years, Harry Winston said in a statement. Over that period sales from the Core Zone represented approximately 6 percent of world rough diamond supply by value. The current phase of production at the Ekati Diamond Mine includes ore sourced primarily from the lower grade, but high carat value, Fox open pit supplemented by underground production from the lower portion of the Koala kimberlite pipe and from the Koala North pipe. Although production in the next two years is forecast to be lower than the average achieved over the last five years, it is expected to return to higher levels as the mine transitions to higher grade, but lower carat value, ore from the Misery and Pigeon open pits. The current Ekati mine plan calls for a further seven years of production, but there are additional resources which could become economic with increased diamond prices.

The Core Zone and the Buffer Zone are subject to separate joint venture agreements. BHP Billiton holds an 80 percent interest in the Core Zone and a 58.8 percent interest in the Buffer Zone, with the remainder held by the Ekati minority joint venture parties. Harry Winston has agreed to purchase BHP Billiton’s interests in each of the Core and Buffer Zones. Pursuant to the joint venture agreements, BHP Billiton will first separately offer to the joint venture parties its interest in each of the Core and Buffer Zones on the same terms as those agreed to by Harry Winston. The joint venture parties will then have 60 days to elect to acquire either or both of those interests. Any interests that the joint venture parties do not elect to acquire within that time period can then be transferred to the Company in the following 60 days.

Please join me on the Jewelry News Network Facebook Page, on Twitter @JewelryNewsNet and on the Forbes Web site.

reade more... Résuméabuiyad

Diamond Empowerment Fund to Honor Tiffany & Co. and Leo Schachter

Global luxury jeweler Tiffany & Co. and Leo Schachter Diamonds will be honored for global leadership in helping empower people in Africa, at the second annual GOOD Awards on January 10, 2013.

The GOOD Awards, established by the Diamond Empowerment Fund in 2012, are the highest awards to recognize individuals and corporations in the diamond and jewelry industry for outstanding leadership in the areas of good corporate citizenship, sustainability, and promoting opportunity in Africa.

Tiffany & Co. has been in the forefront of promoting business practices and programs that benefit communities in which diamonds are sourced. Tiffany’s work in Botswana and other diamond producing countries highlights one of the many ways the company demonstrates accountability through best business practices resulting in employment, infrastructure improvements, and ultimately the empowerment of people in that region.

Leo Schachter Diamonds was one of the first diamond companies to establish a cutting factory in Botswana, employing hundreds of locals. In addition, Elliot Tannenbaum, principal of Leo Schachter Diamonds, in partnership with the government of Botswana, helped to establish the Botswana Top Achievers Program, a DEF beneficiary, that funds top students from the nation to study at the university of their choice worldwide.

Additional honorees will be announced soon. For more information on tickets, journal ads and sponsorship packages please visit www.goodawards.org.

Please join me on the Jewelry News Network Facebook Page, on Twitter @JewelryNewsNet and on the Forbes Web site.

reade more... Résuméabuiyad

World Records Set for Eric Clapton’s Patek Philippe Watch and Patek Chronometer

Eric Clapton's watch with moon phases sold for $3.6 million. CHRISTIE'S IMAGES LTD. 2012

A Patek Philippe platinum perpetual calendar chronograph wristwatch with moon phases owned by famed guitarist Eric Clapton sold for $3.6 million at Christie’s Geneva Important Watch auction held Monday.

Described by the auction house as a reference 2499/100, movement number 869'308, and case number 2'817'876, it was manufactured in 1987. The Calibre 13''' mechanical movement was stamped twice with the Geneva seal. The watch from the famed rock and blues musician and songwriter (nicknamed “slowhand”) has 23 jewels, silvered matte dial, applied gold baton and square numerals, gold dauphine hands, outer Arabic five minute divisions, windows for day and month, three subsidiary dials for constant seconds, 30 minutes register and moon phases with date, circular case, stepped downturned lugs, snap on back. Finally it has a platinum Patek Philippe buckle, case, and a signed 37.5 mm. diameter dial and movement.

Patek Philippe unique platinum chronometer wristwatch sold for $4 million. CHRISTIE'S IMAGES LTD. 2012

While Clapton’s watch may have been the piece the received the most press, it didn’t receive the highest bid at the auction. That honor went to “J.B. Champion Platinum Observatory Chronometer.” a Patek Philippe unique platinum chronometer wristwatch with Guillaume balance, Bulletin d’Observatoire, additional diamond-set dial and platinum bracelet that sold for just under $4 million, a world auction record for a watch without complications.

Manufactured in 1952, the historically significant 13''' caliber, 13 Lépine, mechanical movement is numbered twice and stamped twice with the Geneva seal, three-quarter plate, 20 jewels, blued steel Breguet balance spring, Guillaume balance, micrometer regulator, silvered matte dial, applied baton numerals, outer beady minute divisions, gold feuille hands, subsidiary seconds, circular heavy case, snap on back, platinum Patek Philippe buckle, case, dial and movement signed 36 mm. diameter.

It great day for Patek Philippe as the top 10 lots was manufactured by the renown Swiss watch brand. This includes three other Pateks that sold for more than $1 million:

* An extremely rare, platinum chronograph wristwatch that sold for $1.6 million. One of three platinum examples ever made of this reference; it’s signed Patek Philippe & Co., Genève, ref. 1579, movement no. 867'005, case no. 645'566. Manufactured in 1946, the Calibre 13''' mechanical movement has 23 jewels, micrometer regulator, silvered matte dial, black enameled baton and applied gold Arabic numerals, Arabic five minute divisions, outer tachymetre scale, two subsidiary dials for constant seconds and 30 minutes register, large circular case, downturned angular or "spider" lugs, snap on back, and 18K white gold Patek Philippe buckle.

* An 18K gold World Time wristwatch with cloisonnè enamel dial depicting the Eastern hemisphere sold for more than $1.04 million. Signed Patek Philippe, Genève, ref. 1415 HU, movement no. 964'802, case no. 669'492. Manufactured in 1949, the calibre 12'''120 HU mechanical movement has 18 jewels, bimetallic compensation balance, micrometer regulator, polychrome cloisonné enamel dial depicting the map of Europe, Asia, Africa and Australia, applied gold baton and Roman numerals, gold hands, outer revolving ring depicting the diurnal and nocturnal hours on silvered and black background, circular case with revolving bezel engraved with the names of 41 cities in the world, teardrop lugs, and snap on back.

* An 18K pink gold chronograph wristwatch with two-tone silvered dial also sold for more than $1.04 million. Signed Patek Philippe, Genève, retailed by Gobbi, Milano, ref. 530, movement no. 868'800, case no. 514'608, it was manufactured in 1955. The Cal. 13''' mechanical movement stamped with the Geneva Seal, 23 jewels, two-tone silvered dial, applied pink gold baton and Arabic numerals, gold hands, outer railway five minute divisions and tachymetre scale, two subsidiary dials for constant seconds and 30 minutes register, large circular case, downturned lugs, snap on back, two rectangular chronograph buttons in the band, 18K pink gold buckle, case and movement signed by the maker, dial signed by the maker and the retailer.

Possibly the world's first chronograph. CHRISTIE'S IMAGES LTD. 2012

A timepiece of historical significance that was part of the auction was what may have been the first chronograph. It sold for $245,274. The “probably unique” and historically important inking chronograph with cylinder escapement, housed in mahogany box is signed Rieussec Horologer du Roi, Chronographe, Brevet d'Invention, circa 1821/22.

Nicolas Mathieu Rieussec is credited with inventing the chronograph on September 1, 1821.

The timepiece has a mechanical cylinder movement, plain three-arm balance, two revolving silvered dials on the front plate—the upper one for minutes, the lower one for seconds—both with fixed blued steel inking hand, brass button on the left side of the fausse-plaque activates the inking hand, brass button on the right starts and stops the movement, front plate signed. It measures 143 mm. long & 114 mm. wide not including the box.

This lot includes a note from Christie’s, which reads as follows:

It is very interesting to note that this historically important inking chronograph by Rieussec is not numbered, but instead inscribed "Chronographe, Brevet d'Invention". One may speculate for the reasons why Rieussec didn't number this superb piece, but one very logical explanation may be that this example here is the very one he used to obtain his patent.

Vaucher Fleurier 18K gold and enamel identical numbered, mirror-image pair of duplex watches. CHRISTIE'S IMAGES LTD. 2012

Another interesting item that received a great deal of interest was a set of two Vaucher, Fleurier 18K gold and enamel identical numbered, mirror-image pair of openface center seconds duplex watches with matching gold and enamel keys and fitted box, made for the Chinese market. It fetched $385,432, nearly triple its high estimate. Signed Vaucher, Fleurier, No. 160 & 160., circa 1830, it features mirror-polished and blued steel keywound duplex movements, bimetallic compensation balances with blued steel wedge-shaped weights, hinged gold cuvettes, white enamel dials, Roman numerals, gold spade hands, centre seconds, large circular cases, pink, light blue and translucent scarlet champlevé enamel floral decorated bezels, rims, pendants and bows, the backs decorated with finely painted, mirror-image polychrome enamel bouquet of flowers on mauve background.

All totaled, the auction held at the Four Seasons Hotel des Bergues, Geneva achieved more than $28.5 million in sales with 96 percent sold by lot and 97 percent sold by value. All prices realized for individual items and auction house totals include commissions.

“Today’s seven-hour marathon auction welcomed some 500 registrants from five continents, generating stellar sell-through rates as well as breaking numerous records,” said Aurel Bacs, International Head of Christie's Watch Department. “Collectors, public and private museums, the trade and also an investment watch fund, battled out the bidding for the best watches seen at auction this season, reconfirming.”

Please join me on the Jewelry News Network Facebook Page, on Twitter @JewelryNewsNet and on the Forbes Web site.

reade more... Résuméabuiyad