We are in the middle of the summer, and trade has shifted gears to a slower pace. In August, many go on vacation, and the coming month is expected to be even slower than July.
Last week I wrote about the places where diamonds are found around the world. The reality is that our planet might host enormous quantities of diamonds below its rocky surface.
Examine the diamond sector – especially the midstream where most of the skilled activity takes place – and you will find a sector with very narrow margins and near zero profitability. This state of affairs keeps the industry constantly on the verge of bankruptcy. How did things get to where they are now?
Few people understand what an enormous task it is to bring a diamond mine into production. Few if any of the shoppers on New York’s 5th Avenue or London’s Old Bond Street could possibly appreciate the complexity, cost, or the sheer number of people involved in bringing a diamond mine into existence.
The Lesedi la Rona is no doubt a rare diamond of exceptional quality and size. It is unusual and remarkable. Mined in Botswana by Lucara, this exceptionally large diamond is a beautiful and extremely rare find. After examining it, I believe it can yield a very high-quality fancy shape cut polished diamond weighing over 350 carats, alongside several additional secondary diamonds of significant size and quality.