Queen's 10,000 diamonds on display in London

On Thursday, June 28, 2012, a press preview provided the first entrance to 'Diamonds: A Jubilee Celebration,' an exhibition which forms part of the summer opening of Buckingham Palace. This exhibition, part of the Diamond Jubilee celebration of Queen Elizabeth II, displays over 10,000 diamonds set in works that were commissioned and acquired by six monarchs over three centuries.

The items are from the Queen's personal collection and the Royal Collection. Pieces such as the Delhi Durbar Tiara (shown in slideshow) are being displayed to the public for the first time. The tiara, which King George V fondly referred to as "May’s best tiara," was made in 1911 for Queen Mary to wear to the Durbar, a ceremonial gathering in Delhi which marked the succession of King George as King Emperor.

The Diamond Diadem, despite its feminine associations, was commissioned for George IV at his coronation in 1821. Queen Elizabeth II is shown wearing it on British and Commonwealth stamps, as well as on some coins and bank notes. It contains 1,333 brilliant-cut diamonds, including a four-carat pale yellow brilliant diamond.

The Girls of Great Britain and Ireland Tiara (see slideshow) was a present to Princess Victoria Mary of Teck from the ‘Girls of Great Britain and Ireland’ on the occasion of her marriage to the Duke of York, later King George V, in 1893.

As if anyone needs a reminder of the glory of royalty, these beautiful gems show how monarchs over the centuries have used diamonds as a display of power, might and magnificence.

The exhibition opens on Saturday, June 30, 2012 and runs through July 8. The exhibition is closed through July, then opens again from July 31 to October 7, 2012.


- www.examiner.com

Brooches:The New Accessory Trend for Summer 2012

Brooches have made a big comeback recently and are a great way to accessorize an outfit without breaking the bank. An attractive, inexpensive brooch can transform your look in the same way as a statement necklace, but it does not have to be big to be eye-catching.

Most recently, young Hollywood actress Emma Stone shot her first cover of Vogue with Mario Testino.

Showcasing a deluge of designer clothing, Emma’s July editorial shows off her serious and sultry side. Wearing a Dries Van Noten blazer embellished with a brooch by Marni, it’s clear that this is a one-to-watch accessory worn by the one-to-watch girl of the moment.



An interesting and creative way to wear a brooch this summer is on the waistline. This could be the waistline of a dress, a summer skirt or your favorite pair of trousers. A small bow-shaped diamante brooch, for example, would add interest to the waistline of a delicate flowing summer dress without overpowering it.

Use a larger brooch to hold in place a summer scarf. If the scarf is patterned, pick an enameled brooch in one of the colors so that it complements the scarf. Alternatively, nestle a small brooch in the soft folds of the material to add interest. Bird and butterfly scarf designs lend themselves to this idea, with the addition of a vintage bird or butterfly brooch.


A cluster of three small brooches adds flair to a plain sweater or top. You can express yourself with various combinations, whilst still coordinating with other accessories such as earrings and bracelets. The brooches need not be expensive as there are many outlets specializing in fashion jewellery throughout the UK. Brooches make great gifts too, so if your birthday is approaching, make sure they are on the list.


Embellish a crossover handbag by placing a brooch on the bag strap. Brooches can be mixed and matched depending on your mood. Alternatively, place a brooch on the handbag itself for a simple but effective look. A range of brooches can be found in most high-street and online stores.

Brooches that are also fitted with a hairpin make two accessories in one. Large brooches look stunning worn in long wavy hair and are perfect for keeping an ‘up-do’ firmly in place. Flower brooches in particular will look lovely in your hair this season.

Shoulder brooches add a dramatic finishing touch to an outfit. From vintage animal brooches to large art deco bar brooches, wearing a shoulder brooch makes a powerful fashion statement.

Brooches are not just an accessory trend for women this summer. There are many different styles of brooches and pins for your man. Medals of honor are commonly worn on a jacket, while a simple arrow-shaped pin worn on a tie is also popular. This classic and simple trend adds personality to office or casual wear.

There is an overwhelming choice of styles when it comes to buying a brooch. Contemporary or vintage, they add a lovely finishing touch to any outfit. Vintage styles need not be expensive and are readily available at car boot sales and flea markets every weekend throughout the summer. Alternatively, ask your grandma to donate one or two from her collection.

Source: The Los Angeles Fashion

Round to fancy cut, shape of a diamond does matter

Think of diamond and the image of a sparkling round stone crops up in your mind. However, the trend among diamond consumers in the country and abroad, especially in the US, Hong Kong, UAE and China is fast changing as far as a diamond's shape is concerned.

Diamond consumers have now begun to drift away from traditional round and princess-cut diamonds towards shapes such as pears, heart, radiant, ovals, marquise, emerald, asscher and cushion.

Diamantaires in the world's biggest diamond cutting and polishing centre in Surat say rounds are considered expensive and with their relatively lower prices, fancies offer buyers bigger pieces for less money.

Gujarat Heera Bourse (GHB) secretary Praveen Nanavaty, a leading diamantaire, told TOI, "Fancy cut diamonds are in high demand in the world markets. Earlier, round diamonds were ruling the global market. Now, out of 10 pieces of diamonds sold in the world, two are fancy cut diamonds."

Fancy shaped diamonds are less expensive. Manufacturing fancy cut diamonds requires less precision compared to the rounds and that the wastage is relatively much less.

The global polished diamond market is pegged at $60 billion per annum. While round and princess-cut are most popular, fancy cut diamonds have a $10 billion worth of market.

Nanavaty said fancy shaped rough diamonds from the mines are assorted as per their shapes. While there is 70 per cent wastage in processing round-cuts, fancy-cuts have a lesser wastage of 10 to 15 per cent. On the contrary, the time, skill and per piece wages required for cutting and polishing the fancy-cuts are much less than the round-cuts.

Surat's diamond industry is the world leader in manufacturing fancy-cuts. About 80 per cent of fancy cut diamonds - 10 out of the eight fancy cut diamonds - in the world are supplied by the diamantaires here.

"The fancy cuts like cushion, emerald, marquise, princess etc. are really in fashion as more people in the world want them even though they are less common in the market. Even people prefer fancy cuts in the wedding rings in US, China and Indian markets," said Rakesh Gandhi, a leading diamantaire dealing in fancy cut stones.

-www.timesofindia.com

Skinner's Jewelry Sale Nets Nearly $3M

Auction house Skinner Inc. grossed $2.8 million, including buyer's premium, for its fine jewelry sale on June 12. Colored stones, Art Deco pieces, diamonds, and natural pearls were especially strong performers, according to the firm.

Highlights of the sale included an Art Deco diamond pendant necklace by Cartier, which sold for $325,000 and featured a 7.93-carat, F, VS1, pear-shaped diamond and a 3.92-carat diamond ring (pictured) by Tiffany & Co., which sold for $142,200. An antique Kashmir sapphire and diamond ring, set with a cabochon sapphire weighing 9.92 carats, with no evidence of heat treatment, fetched $189,600, surpassing its presale high estimate of $50,000.

Skinner will hold its next fine jewelry auction on September 11, in Boston.

-www.diamonds.net

"Volatile diamond prices not forever'...

A weakening Indian rupee is likely to contribute to volatility in rough diamond prices for the rest of the year, but longer-term price prospects are bright, the chief executive of London-listed miner Gem Diamonds Ltd (GEMD.L) said.

Clifford Elphick, who formed Gem Diamonds in 2005, said prices would eventually resume their upward trend because of the simple fact that demand will continue to exceed supply.

"There's no question that the volatility in Europe is having an impact, and on top of that the appreciation of the dollar against the rupee is a big issue," Elphick said in an interview.

"But at the end of the day, supply and demand determine price and I'm confident that prices will get better," he said.

"There are only so many diamond mines, and the population of the world is wanting ever-more diamonds ... people are consuming diamonds more than they are being mined."

India is the world's biggest importer of rough diamonds and vies with Japan and China as the second biggest consumer of polished diamonds.

However, a six percent decline in the value of the rupee against the dollar since January has made it more expensive for Indians to import raw diamonds, while exports of cut diamonds are being restrained by the euro zone debt crisis.

Economic growth in India has also slowed markedly.

Rough diamond prices fell sharply in the second half of 2011 as markets tumbled and investors retreated. Prices stabilized in the first few months of 2012 but have since turned volatile.

"In the very short-term, between now and October-November, we may well be in for choppy rides as confidence disappears," Elphick said.

"Prices will continue their upward trend over the long-term, definitely over the medium term. Over the short-term, I can't be so confident."

Elphick's optimism about the longer term is shared by BMO Capital Markets, which said earlier this month that it expected rough diamond prices to increase by between 3 and 7 percent a year from 2013.

Gem Diamonds said earlier this week that initial production at its Ghaghoo mine in Botswana, which is under development, would be delayed until the first half of 2014, following a ground collapse that killed two employees.

Elphick declined to say when he expected operations to return to normal at the site.

"They're not back to normal today; they may well be quite soon," he said. "I don't want to get back to normal operations if there is any risk of such a thing happening again."

Production at Ghaghoo was scheduled to start in 2013 at an initial rate of 100,000 carats per year, rising to a peak steady-state production of 780,000 carats per year, according to the company's website.

Gem Diamonds has two mines in production, the Letseng mine in Lesotho and the Ellendale mine in Australia.

The company considered buying the Ekati mine in Canada earmarked for potential sale by BHP Billiton Plc (BLT.L) last year but decided not to proceed.

A deal could have edged Gem closer to FTSE 250-listed Petra Diamonds Ltd (PDL.L) or even put it ahead of its rival, in a sector dominated by giants De Beers - soon to be majority owned by Anglo American Plc (AAL.L) - and Russia's state-owned Alrosa.

Gem Diamonds, which counts upscale jeweler Tiffany & Co (TIF.N) among its customers, continues to explore options for the Ellendale mine, famous for its prized yellow diamonds.

"This is a mine that has a short life," Elphick said. "It probably has another three or four years of life to it, and short-life operations are not really what we want to have in our portfolio," Elphick said. "If a buyer emerged at the right price, we would certainly consider an offer."

Gem Diamonds' shares, which have fallen about 18 percent over the past 12 months, have risen 4 percent since the beginning of this year. They closed at 200.5 pence on Wednesday on the London Stock Exchange.

-www.reuters.com

Elvis Presley’s Omega Constellation Sells for a World Record Price of $52,500

An Omega Constellation watch that once belonged to Elvis Presley sold for $52,500—a world record for the reference—at Antiquorum’s auction of Important Modern & Vintage Timepieces, Part 2, in New York City on June 12.

The bids for the timepiece quickly escalated from $10,000 to the final total, which was over five times its pre-sale estimate.

The auction raked in a total of $4,437,225 resulting in a combined spring total of $9,073,713.

The top lot by value was a Patek Philippe tourbillon minute repeater with a custom grey dial that sold for $542,500 to a Chinese phone bidder.

A yellow gold Patek Philippe minute-repeating perpetual calendar raked in $380,500. A. Lange & Söhne's yellow gold Pour le Merite timepiece sold for $188,500, while the Ulysse Nardin Trilogy of Time watch brought in $164,500.

-Jckonline.com

The 5 most popular engagement ring styles of 2012

Jewelers typically do not like to use the word “trend” when helping customers select an engagement ring because it suggests a passing fad rather than a timeless symbol of love. But the truth is, engagement rings are much like any other aspect of fashion or style; they vary in popularity from year to year, and whatever the “next big thing,” you’ll see it first on the red carpet. Here are some of the engagement ring styles in demand for 2012.


Yellow Gold and Rose Gold. In the 1930s, demand for yellow gold jewelry gave way to the Art Deco-inspired aesthetic of white metals. The leading ladies of old Hollywood adorned themselves in platinum jewelry, and “platinum blondes” were synonymous with beauty. The 80s saw the return of yellow gold as the ultimate symbol of wealth, but by the late 90s, white metals were back on top, falling in line with the sartorial minimalism of designers like Calvin Klein.

Today, we’re seeing a renewed interest in yellow gold and rose gold as a way to add extra visual interest to even the most traditional ring style. The perfect example is Miley Cyrus’s 3.5 carat cushion-cut diamond set in 18-karat gold–youthful and fashion forward, yet elegant and timeless.


Emerald Cut Diamonds. Bridal jewelry styles often take their cue from the red carpet, so it’s no surprise that emerald cut diamonds have dramatically increased in popularity since the debut of Angelina Jolie’s engagement ring. Other fashionable celebrities like Kate Hudson and Beyoncé are also wearing emerald cut engagement rings. It’s the perfect look for the bride with sophisticated yet edgy sensibilities.


Colored Gemstones. Colored gemstones have long been the choice for royal engagements, from Princess Diana and now Kate Middleton’s stunning sapphire ring, to Facebook royalty Mark Zuckerburg’s new bride’s ruby engagement ring. Whether a woman’s style is classic or bold, the variety of colors and gems available make these rings unsurpassed in individuality and style.


Micro Pave and Halo. This is the perfect look for someone who wants to offer his bride a ring with a “wow factor.” A type of pave, micro pave uses ultra-miniature diamonds that are delicately set to give the illusion of a solid diamond surface. We often see this technique used in combination with a halo setting around the center gemstone, which gives the illusion of a bigger diamond, making it really stand out. It’s perfect for the bride-to-be who wants extra sparkle.


Vintage Glam. Old Hollywood glamour never goes out of style, even for fashion-forward celebrities like Jessica Biel, who’s newly sporting a stunning 6-carat, cushion cut ring from Justin Timberlake. New vintage-inspired rings combine romantic charm with the intricate metalwork of antique rings. Platinum is the metal of choice for these ornate rings.
Staying on top of engagement ring trends is a great first step to selecting the perfect ring, but be sure to take into account the bride-to-be’s personal style. This will show her that you took the time to find a ring as unique and special as she is.

-http://blastmagazine.com/

Company Introduces Low Cost Lab-Made Diamond Identifier

As diamond traders continue to express concerns over undisclosed lab-made diamonds, a Hong Kong firm is offering a low cost way to identify them. Their solution is a $200 laser pen.


The device, a pen-shaped pointer called the DiamaPen will be introduced at this month's Hong Kong Gem & Jewellery Fair by Diamond Services Ltd.

The company says the device is highly accurate and can identify HPHT and CVD grown diamonds.

The DiamaPen uses the 405 nm wavelength for the operation of its laser beam.

Joseph Kuzi, owner and CEO of EGL Asia who tested the DiamaPen, said, "The detection of fancy yellow synthetics is the easiest and fastest job for the DiamaPen. The procedure takes a bit longer for colorless CVD synthetics, but in all cases the testing results are consistent and highly satisfactory."

He added that because of the high-power output of the laser beam, anyone handling the laser pen would need to wear safety glasses.

http://www.idexonline.com/

Diamonds Sparkle at Christie's Opening Luxury Week Auction

A 22.46-carat rectangular-cut E-color diamond ring by David Webb sold above its estimate for $1.87 million, or $83,500 per carat, at Christie’s New York Important Jewels auction Tuesday. It was one of more than a dozen top-quality diamonds featured in the sale.


A 14.82-carat, pear-shaped E color VVS2 diamond also sold above its estimate for nearly $1.6 million, or $107,500 per carat.

A 15.65-carat circular-cut F color VS1 diamond sold above estimate at more than $1.5 million, or $98,300 per carat.

“Diamonds have been the flavor of the season, with top prices achieved in Geneva, Hong Kong and New York through spring 2012 as seasoned collectors and new economies went head to head for the best,” said Rahul Kadakia, Head of Jewelry, Christie’s Americas.

The jewelry sale at Chrsitie’s New York marked the first of four consecutive days of sales devoted to jewelry, watches, wine and 20th Century design that will be held daily until June 15. Known as “Luxury Week,” more than 1,000 items will be offered with a combined week-long total expected to exceed $23 million.

-http://www.forbes.com/

DE BEERS CEO SEEKS NEW DIAMOND DISCOVERY

The head of the De Beers diamond company says that he aspires to find a new diamond deposit of very large proportions, something that has not been done in the diamond industry for fifteen years. Mining Weekly reports that De Beers chief executive officer Phillippe Mellier, at the helm of the company for just under a year, dreams of finding another Jwaneng – a reference to the world's richest diamond mine by value, located in the Kalahari Desert in Botswana and co-owned by De Beers.

Mellier is instead confronted with a decidedly different set of circumstances: existing alluvial diamond mines that are reaching decreasing scales of efficiency and which must receive large infusions of cash in order to construct the appropriate infrastructure if diamond mining is to continue below ground.

One such diamond mine is the Venetia project, South Africa's biggest diamond producer, located in the Limpopo province. The mine, expected to produce until 2021, would need a cash investment of about $2.1 billion in order for De Beers to unearth its underground diamonds.

http://www.israelidiamond.co.il/

Hasenfeld-Stein Gets FireMark Princess Cut Patent

DTC Sightholder Hasenfeld-Stein received a U.S. patent for their FireMark Princess Cut Diamond.

U.S. Patent No. 8,181,482 protects FireMark’s characteristics that result in its brilliance and light return of 98 percent.

“We’ve always said there is no other Princess diamond in the world like FireMark, and now, with the newly issued Patent, it’s somewhat humbling to think there won’t be another like it for a very long time to come,” said Vice President Hertz Hasenfeld.

FireMark is the first Princess diamond in the world that rivals an Ideal Round in brilliance and light return, the company claims.

“After years of trial and error, we determined that the combination of a higher crown, smaller table and shallower depth dramatically impacts the diamond’s light performance,” explained Hasenfeld. A FireMark’s crown averages between 9.5 and 13.5 percent; the table is a maximum 68 percent (averaging 65 percent), and the depth is a maximum 70.9 percent (averaging 68 percent).

Other characteristics that distinguish a FireMark are:
GIA “Excellent” in both polish and symmetry
GCAL “Excellent” in light performance
Minimum 95 percent light return (average 98 percent)
Maximum length and width ratio of 1.025
Chamfered corners that are invisible to the naked eye

Hasenfeld also expressed how important the patent is to the growing number of exclusive FireMark retail jewelers. “It protects our exclusive retailers against competitors making false claims, and it makes a strong statement that FireMark retailers are selling real value.”

FireMark Princess Cut Diamonds are available to independent retailers only. They are not available online or sold in major U.S. chains and mass merchandisers.

http://www.idexonline.com/

Miley Cyrus and Liam Hemsworth engaged: What does the ring look like?

Miley Cyrus and Liam Hemsworth are officially engaged. So how did the "Hunger Games" actor choose the ring?

Neil Lane told People that Hemsworth wanted "something unusual," that was also "romantic and beautiful."

What he ended up purchasing was a 3.5-carat cushion-cut diamond ring. The band was handcrafted out of 18-karat gold that contains diamond floral motifs. The center stone dates back to the late 19th century, according to the jeweler.

"It was hand-cut around 1880 or 1890 and it's unique and in its original form," Lane told People. "At that time, no two diamonds were alike, as they were all hand-cut, so it's fascinating to look at because it hasn't been re-cut to look contemporary over the years. I find that really romantic."

It apparently worked. the 19-year-old "Hannah Montana" star said yes after Hemsworth got down on one knee last week.

-CBSnews.com

100-Million-Year-Old Oyster Could House World’s Biggest Pearl

How would you like to have a pearl the size of a golf ball? That is how big the pearl inside a 100-million-year-old oyster found near the Solient, a strait separating mainland England from the Isle of Wight, could be.

The Huffington Post notes that the pearl, while huge, and likely one of the oldest on Earth, is unlikely to top the world’s largest, the clam-produced Pearl of Allah, which weighs an astonishing 14 pounds, and has an estimated worth of $60 million.

The gigantic oyster fossil was accidentally trawled up by fisherman, and is now housed at the Blue Reef Aquarium in Portsmouth, England, where it will soon undergo an MRI to see if it contains a giant pearl.

The Daily Mail reports that the gigantic fossil is ten times bigger than a regular oyster shell, measuring in (after the mud was washed off) at seven inches wide and three inches thick. A spokesman for the Blue Reef Aquarium told The Daily Mail that:

“It was discovered in the nets of a fishing boat which was dredging here in the Solent. When the fishermen came back to port they thought it was real, but when they picked it up, cleaned it, and had a closer look they could tell it was a fossil. It had completely turned to stone.”

The spokesman went on to explain how the Aquarium came to possess the fossil, saying:

“A member of the public called and informed us it was on display at a local fishmongers so we called them and they gave it to us to have in the aquarium. Oysters can be aged by annual growth rings on their shells and we have counted more than 200 rings on this oyster making it an extremely long-lived individual.”

They explained as well that there is only “a million-to-one chance” that the oyster fossil will contain anything at all, but based on the shell’s dimensions, the potential pearl will be about the size of a golf ball. The Daily Mail reports that they will scan the giant oyster fossil to see if it is concealing an ancient pearl.


-http://www.inquisitr.com

Why the Queen's Diamonds Are Truly Remarkable

2012 marks the Diamond Jubilee of the coronation of Queen Elizabeth II of England. The Imperial State Crown she wore after her coronation and the Soverign's Sceptre with cross that she held contain two of the most remarkable gems in the world. Both were cut from the Cullinan diamond, reportedly the largest diamond ever found (3106 carats/0.62 kg). Cullinan I or Star of Africa (530.2 carats) is the largest of the nine gems cut from the Cullinan and it is now part of the Soverign's Sceptre with cross. The Cullinan II, or Lesser Star of Africa (317.4 carats), is mounted on the Imperial State Crown.

The Imperial State Crown is 31.5cm high, weighs 0.91kg and is set with over 3,000 precious stones, including the 317 carat Cullinan II diamond. © Crown copyright.

Dating from 1661, the Sovereign's Sceptre with Cross signifies temporal power. The sceptre is 92.2cm long. Precious stones include the 530 carat Cullinan I diamond.

These exceptional gems are samples of diamond, a mineral made entirely of carbon, the sixth element on the periodic chart. The crystal structure is relatively simple; each carbon atom chemically bonds to four neighboring carbon atoms using very strong covalent bonds (solid lines) that place the carbon atoms just 1.54 angstroms apart. This continuous and systematic three-dimensional framework of carbon atoms forms a cubic building block (dotted lines). The external shapes of diamond crystals reflect the three-dimensional symmetry of this framework of carbon atoms. Natural diamonds typically form cubes, octahedrons, or rhombic dodecahedrons. An octahedron is shown here (photo from U.S. Geological Survey). The strong chemical bonds account for diamond's distinctive physical properties including hardness, brilliance, fire and ice.


Diamond is the hardest known material. This hardness, coupled with its great strength, makes it extremely valuable as an industrial mineral. It is extensively used to cut, grind, and polish other materials. The saw blades used to cut bricks, concrete, rock, and many other materials are studded with small diamonds. Grinding wheels impregnated with numerous fine diamonds, and slurries and pastes containing fine diamond particles, are used to produce a mirror-like finish on many products. A notable example is the semiconductor industry, where diamond saws and abrasives are used to prepare silicon wafers that serve as the substrate for myriad semiconductors that are an integral part of our lives. Nearly 900 metric tons of diamonds -- worth $1.65 to $2.5 billion -- are used worldwide each year for industrial purposes.

Nearly octahedral diamond crystal in matrix. Source: United States Geological Survey.
Brilliance and fire are important for diamond's role as a gemstone. Because of its high density, diamond has a very high index of refraction, which is a measure of how much the path of light can be bent when it enters the diamond. One consequence of the high index of refraction is that the gem has a brilliant luster. Diamond also has very high dispersion, which means that light at the violet end of the spectrum is bent significantly more than light at the red end of the spectrum. The diagram below shows how this works for light containing the full spectrum of colors that enters a diamond gem from above. The violet light is bent more on entering the diamond than the red light, so after reflecting twice from the internal surfaces of the gem, the violet and red light are significantly separated when they exit the top of the gem. Gems are cut so that light that enters from all directions is reflected multiple times from inside surfacesbefore exiting and reaching the viewer's eyes. The long paths allow the different parts of the visible spectrum to be separated so that the individual colors can be seen as the "fire" that makes diamonds so desirable.

Diamonds are sometimes referred to as "ice" because they seem cold to the touch. The diamonds are not actually colder than their surroundings. The perception of cold is a consequence of the strong covalent bonds that give diamond unsurpassed thermal conductivity at room temperature. It conducts heat four to seven times faster than metals such as gold, silver, or copper. When a diamond at room temperature is touched to the lip, which is quite sensitive, body heat is conducted into the diamond far faster than heat is conducted into a gold ring that is touched to the lip. Our brain interprets the rapid loss of heat to the diamond as though the diamond is colder than the gold ring, even though they are the same temperature. This property is just an interesting curiosity as far as diamond's use as a gem is concerned, but it has important industrial applications. For example, diamonds make superior heat sinks to control the temperature of microprocessors in computers and other electronics, and its use for this purpose is increasing as costs are reduced.

The large majority of natural diamonds are from volcanic rocks, called kimberlite and lamproite, that are derived from 150 to 200 km below the Earth's surface. The extremely high pressures found at that depth are required to allow diamond to crystallize rather than become graphite, the low-pressure form of carbon. Diamonds are mined from these volcanic rocks, and from sedimentary deposits derived from them, on every continent except for Europe and Antarctica. In 2009, 129 million carats of diamonds were mined worldwide, of which 57 percent were gem quality. The remainder were used for industrial purposes. The price for typical gems is between $800 and $12,000 or more per carat depending on size and quality. Russia is the largest single producer, with about 25 percent of the total.

Commercial production of synthetic diamonds began nearly 60 years ago. Because synthetic diamonds can be produced in large quantities with very tight control over quality, almost 99 percent of the nearly 900 metric tons of diamonds used for industrial purposes are synthetic. While gem-quality diamonds can be synthesized, they command far lower prices than similar natural samples. Most synthetic diamonds are made using very high temperatures and pressures, and sizes are smaller than a few carats. A relatively new process called chemical vapor deposition operates at low pressures and holds the promise of being able to produce large pure samples. This should enable an expanded range of technological applications.

As Oxford University Press celebrates the Diamond Jubilee of Queen Elizabeth II, it is worth noting just how remarkable diamonds, for which the jubilee is named, really are. They make lovely gems that symbolize the strength and resolve of the British monarchy. But perhaps more importantly, their unsurpassed physical properties make them a critical industrial commodity that supports the commerce and industry upon which modern society and culture depend.

London's Graff Diamonds puts Hong Kong IPO on hold

London jeweler Graff Diamonds is putting its $1.5 billion Hong Kong initial public offering on hold because of the steep sell-off in global stock markets.

In a brief statement Thursday, Graff blamed adverse market conditions for the decision to postpone the IPO in the southern Chinese financial center.

"Consistently declining stock markets proved to be a significant barrier to executing the transaction at this time," the company said.

The jeweler, which gets half of its revenue from less than two dozen customers, would have been the latest in a line of foreign brands to go public in Hong Kong. Italian fashion label Prada SpA and luggage maker Samsonite International SA held IPOs last year while U.S. luxury handbag maker Coach Inc. launched a secondary listing.

Foreign companies are seeking to cash in on rising investor interest in China, the world's second biggest economy, and to raise their brand profiles with the country's rapidly expanding pool of newly wealthy consumers.

In a prospectus filed earlier with the Hong Kong stock exchange, Graff outlined plans for a strategic expansion in Asia, focusing on China. Plans included opening shops this year in Hong Kong, Macau, Shanghai and Hangzhou as well as Tokyo. The company also intends to open five more stores in 2013, most of them in Asia.

The company said that demand for diamond engagement rings is rising sharply in China, where ownership levels are still far from rates in the U.S. and Japan.

Graff's decision to yank its IPO appears to have been made overnight as markets in the U.S. and Europe tumbled on intensifying fears over the European sovereign debt crisis and China's slowing economy. Hong Kong's benchmark Hang Seng Index ended 1.9 percent lower Wednesday and is down nearly 15 percent in the past three months.

Hong Kong newspapers still carried ads on Thursday from the company detailing plans to sell up to 311.2 million shares for as much as 37 Hong Kong dollars ($4.76) a share. That means the deal would have raised up to $1.5 billion.

Founder Laurence Graff, who opened his first two stores in London in 1962, has earned a reputation for dealing in large stones. In 2010, Graff paid $46 million at a Swiss auction for a 24.78-carat "fancy intense pink" diamond, which he immediately named "The Graff Pink."

Last year, the company earned nearly half its $755.6 million revenue from just 20 customers.

-http://www.businessweek.com/ap/2012-05/D9V3GBO80.htm