Gem Diamonds back in the black on higher prices

Drilling at new projects up 57% as spending on gold exploration reaches 21-year high.

This summer’s crash in commodity prices is turning it into a year to forget for miners. Unless you dig the world’s biggest diamonds.

Made of 99.99 percent pure gold, the coin features four rare Argyle pink and purplish-pink diamonds. The largest is 1.02 carat.

Total proceeds from the sale were US$26.9 million (CDN$35.3 million) from 411,317 carats at an average realized value of US$65 per carat

This marks the completion of the production ramp-up of the underground mine.

As part of its plans to expand into that market, Alrosa will hold its first “True Colour” auction of coloured polished diamonds, during the Hong Kong Gem & Jewellery Fair taking place this month.

World’s No.1 diamond miner will let buyers refuse some lower-quality stones, just as it gets ready to begin selling synthetic stones.

This is a rare move by De Beers, which is famous for requiring buyers to take what’s offered.

Some in the industry see this move as a prelude to a potentially broader deal with bigger miner Anglo American.