Diamond industry news recap -May 16, 2024
Diamonds Make Headlines: De Beers on the Move, Record Prices, and Auction Intrigue
The diamond world glittered with a mix of news this week! De Beers' parent company is looking to sell the miner,potentially reshaping the industry. The EU may exempt pre-2024 diamonds from Russia sanctions, while record prices were set for a Titanic pocket watch and a red diamond at auction. A cyberattack even forced Christie's to postpone a watch sale, highlighting the ever-present influence of technology in the gem trade.
De Beers: A New Chapter?
In a surprising move, De Beers' parent company, Anglo American, announced plans to sell the iconic diamond miner. This strategic restructuring aims to unlock value within both businesses and allow Anglo American to focus on other core assets.
EU Sanctions and Diamonds: A Carve Out?
There's a potential glimmer of hope for the diamond industry as the EU considers exempting pre-2024 rough and polished diamonds from Russia's sanctions. This could provide some relief for those impacted by the recent import restrictions.
Titanic Treasure Fetches Record Price:
History buffs and watch enthusiasts alike were captivated by the news of a record-breaking $1.5 million sale! A gold pocket watch, recovered from the wreckage of the Titanic, fetched this impressive sum at auction.
Christie's Auction Postponed Due to Tech Issue:
The world of high-end auctions encountered a hurdle this week. Christie's was forced to postpone a watch auction after experiencing a website security issue.
Red Diamond Makes History at Phillips Geneva:
Breathtaking colored diamonds continue to captivate collectors! Phillips Geneva auction saw a fancy red diamond, aptly named "The Argyle Phoenix," break world records for price and price per carat.
Stay tuned for more exciting industry updates next week! We'll keep you informed on the latest trends and developments shaping the world of gems and jewelry.
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