Star Diamond acquires Buffalo Hills project in Alberta
Located approximately 400 kilometres northwest of Edmonton, the Buffalo Hills project includes 21 mineral leases covering 4,800 hectares.
Two reports this week suggest that fears of a prolonged period of global economic austerity following the financial crisis of 2008 have been overblown. In Hong Kong Christie’s experienced its best ever auction with buyers spending $469m on fine wines, antiques, art and particularly jewellery. At $9,342,219, the pictured pair of Golconda diamond ear pendants — dubbed the Imperial Cushions — set an all time record price per carat.
At the other end of the scale prices have also been rising at a rapid rate. Demand for one carat and smaller stones from India and China pushed the International Diamond Exchange’s polished diamond index to a new record in May surpassing the previous record level achieved in the pre-recession summer of 2008 and up 12.5% so far this year.
The International Diamond Exchange reports:
“As long as rough diamond prices and consumer demand remains strong, IDEX Online Research believes that polished diamond prices will continue to increase, though perhaps at a more moderate pace than in the first five months of 2011.
Polished diamond prices historically rise rapidly early in a recovery cycle – which began near the end of the first quarter of 2010 – and then increase at a slower pace, in line with the long term annual increase of 3-4%.”
Professional Jeweller Reports:
Vickie Sek, Director of the Jewellery and Jadeite Department, Christie’s Asia, said: “With US$110 million changing hands in two days, we have just concluded our best season for jewellery and watches in Asia.”
This week De Beers opened its first ever store in China. Antwerp Facets reports:
“De Beers Diamond Jewellers also has stores in London, New York, Paris, Hong Kong and Tokyo. The stores were established in 2001 as an independently managed and operated joint venture with LVMH Moët Hennessy Louis Vuitton.”
Image of the Imperial Cushions courtesy of Christie’s. The D-colour 23.49 and 23.11 carat diamonds mounted in platinum are from the Golconda mines of India where gems are believed to have been first excavated in 400 BC. The diamonds possess an antique cutting style and achieved a price of US$200,000 per carat.
