Sunday, 28 April 2013

The Patiala Necklace



De Beers Consolidated Mines Limited produced a 428 carat light yellow octahedral diamond in March 1888. With a finished weight of 234.65 carats, the cushion cut "De Beers" is the seventh largest faceted diamond in the world.

The Maharaja, Bhupinder Singh, of Patiala in the Punjab region of India, bought the gemstone in 1889.

In 1925, the Maharaja commissioned Cartier to set the De Beers diamond as the centerpiece of a ceremonial necklace that became known as the Patiala Necklace. In its original form, the necklace was 962 carats contained in 2,930 diamonds and other precious stones. It was completed in 1928 and is one of the most spectactular and expensive pieces of jewellery ever made.

The last sighting of the complete necklace was in 1946 when it was worn by the son of Maharaja Bhupinder Singh, Maharaja Yadavinder Singh. Fifty two years later the necklace was discovered in a second-hand jewellery shop in London by a Cartier representative. The De Beers diamond and the other large stones were gone. The remnants of the Patiala Necklace was bought by Cartier. It took four years to restore the necklace to it's former glory.

On May 6th, 1982 the 'De Beers' came up for auction at Sotheby's in Geneva. The top bid of $3.16 million remained below the undisclosed reserve price.



Saturday, 27 April 2013

Going for gold in Mozambique

Manica, Mozambique - They are washing the soil, day and night, hoping to reveal gold.

80 percent of gold prospectors arrive illegally from the neighbouring country of Zimbabwe. The miners claw at the earth between 15 and 20 metres beneath the surface, in an extensive tunnel system.

The diggers work on their own account, and after selling the gold they must give half of the money to the owner of the land.


Workers earn 15 meticals (about $0.50) per sack they deliver to the river. On average, they deliver 48 to 50 sacks a day.

http://www.aljazeera.com/indepth/inpictures/2013/04/2013417134429794713.html

Thursday, 25 April 2013

World's top copper mines

The Escondida copper-gold-silver mine is located in the northern Atacama Desert of Chile, 3,050m above sea level. The mine is a joint venture between BHP-Billiton (57.5%), Rio Tinto (30%), a Japanese consortium (10%) and the IFC (2.5%).
It came on-stream in late 1990 and its capacity is 230,000t/d.
Chuquicamata (Codelco Norte) is by excavated volume the biggest open pit copper mine in the world, located in the north of Chile, 215 km northeast of Antofagasta and 1,240 km north of Santiago. The mine is owned and operated by Codelco. At 850 meters (2,790ft) its the second deepest open-pit mine in the world (after Bingham Canyon Mine in Utah, USA).
The Grasberg Mine is the largest gold mine and the third largest copper mine in the world. It is located in the province of Papua in Indonesia and has 19,500 employees. It is majority owned through a subsidiary by Freeport-McMoRan.
The Collahuasi mine in Chile was commissioned in April 1999 at a cost of US$1.76bn. The mine is 44%-owned by Xstrata plc in joint venture with Anglo American (44%) and a Japanese consortium (12%). It has a long-term capacity of 500,000t/yr of copper.
The El Teniente mine in Chile is an underground copper mine located 2,300 m (7,500 ft) above sea level in the Andes.

Mining at El Teniente stared as early as 1819. It is "the world's biggest underground copper mine", and is the largest of Codelco's operations.


The Norilsk-Talnakh deposits in Russia are the largest nickel-copper-palladium deposits in the world. The Norilsk deposits were discovered during the 1920s, with nickel production starting during the Second World War. Underground mining began in the 1950s.
Reserve estimates show proven and probable ore reserves totalling 478.7Mt, containing 6.27Mt of nickel, 9.37Mt of copper, 62.2Moz of palladium and 16Moz of platinum. Reserves are reportedly sufficient to support 50 years' output at current rates.




Copper is believed to have been used first by Neolithic man as a substitute for stone around 8000 B.C. The science of metallurgy emerged when copper was heated and mold-casted into shapes in Egypt around 4000 B.C. In 3500 B.C., fire and charcoal were used to smelt ores, and copper was alloyed with tin to create bronze, giving rise to the Bronze Age.

The Romans obtained their copper from Cyprus. It was called aes Cyprium, which means "metal of Cyprus." This was shortened to cyprium. Later, cyprium was changed to coprum, and eventually became known in English as copper.

Friday, 19 April 2013

The Clark Pink

The Clark Pink
In April 2012 the jewels of eccentric heiress Huguette Clark were put under the hammer at Christie’s New York.

Huguette Clark was heir to a copper empire and lived the last 30 years of her life in various New York hospitals until her death at age 104. Her jewels were believed to have been kept in a vault unseen since the 1940s.

The collection of seventeen items brought $ 20.8m but the star was the 9 carat Pink Diamond which sold for $ 15.7m.


_____________________________________
"A long-lost relative of the reclusive and eccentric New York heiress Huguette Clark, who stood to inherit $19 million of her $300 million fortune has been found dead from hypothermia in rural Wyoming.

Timothy Henry Gray's body was discovered by children sledding under a Union Pacific Railroad overpass in Evanston, in the southwest of the state on Thursday, as the temperatures hit 10 degrees.

Gray, 60, was the half great-nephew of Clark, who died in May 2011 aged 104.

The heiress had not visited Bellosguardo in Santa Barbara, California since the 1950s
Huguette Clark left no money to her relatives and lived as a recluse in New York City hospitals until her death. Her palatial properties across the country sat unused for decades.
"The last Fifth Avenue apartment belonging to the late reclusive and eccentric heiress Huguette Clark is now for sale for $7.2 million.

The final piece of the eighth floor of 907 Fifth Avenue owned by the daughter of copper baron multimillionaire, William Andrews Clark, went on sale on April 5. It is said to have been used exclusively for Huguette Clark's dolls.

Speaking to NBC, Mr Baeyens said: 'She didn't want to go out. She didn't want to have beautiful things. She just wanted to be home and play with her dolls.' Clark collected dolls obsessively and her vast real estate holdings were filled with them.

http://www.dailymail.co.uk/news/article-2307820/Last-Fifth-Avenue-apartment-belonging-reclusive-heiress-Huguette-Clark-goes-sale-7-2million--home-just-dolls-decades.html

"Princie Pink" Sells for $ 39m

UPDATE : The "Princie Pink" sold for $ 39m at Christies in New York
The Princie Pink diamond heads to auction April 16 at Christie's New York and some jewellers expect it to sell for around $40 million dollars. A cushion-cut jewel, it weighs 34.65 carats and is one of the finest and largest of its kind.

The historic polished stone can be traced back to the ancient diamond mines of south central India. It was first recorded as part of the collection of the Hyderabad state's royal family during the Mughal Empire of the late 1500s to mid 1600s. The Hyderabad monarchy offered the piece at auction in 1960 where the diamond fetched a price of 46,000 pounds sterling (approximately $69,588 in today's currency) when French jeweller Van Cleef & Arpels bought it via its London branch.
The gem was subsequently named "The Princie" in honour of the 14-year-old Indian Prince of Baroda who attended a Parisian party held by the firm.
http://www.mining.com/rare-pink-diamond-heads-to-auction-block-77365/


Check out our recent the Argyle Pinks page :

http://pennystockjournal.blogspot.ca/2013/04/argyle-pinks.html




Saturday, 13 April 2013

Argyle Pinks

Argyle Pinks

Australia's Argyle Diamond mine is the world's primary source (90%) of rare pink diamonds. Pink diamonds are at least 20 times the price of an equivalent white diamond. This places them in the rarified air of most highly concentrated form of wealth on Earth.

After being cut and polished at Rio Tinto’s diamond cutting and polishing factory in Perth, exceptional pink diamonds from each year's production are sold individually at 'tenders'.

The diamonds average around a carat each (1/20 of a gram) with 40 to 50 carats in total sold each year. Of every million carats of rough diamonds produced at the Argyle mine, less than one carat is suitable for sale in one of the tenders.

Prices can range from US $100,000/ct to US$1,000,000/ct and beyond.


One of the biggest pink diamond sold at auction was the 12.04-carat "The Martian Pink" which sold for $17m in May 2012 ... more than twice it's pre-sale estimate of $ 8m.

In March 2012 a 12.76-carat pink diamond was unearthed at Argyle, the largest ever found in the country. It was christened as the Argyle Pink Jubilee. "A diamond of this caliber is unprecedented -- it has taken 26 years of Argyle production to unearth this stone, and we may never see one like this again," said Argyle Pink Diamonds Manager Josephine Johnson in a statement.

Rio Tinto expects that after two months of assessment and planning, it will take ten days to cut and polish the diamond into a single stone.