Tycoon Joseph Lau snatched up this 12.03-carat “Blue Moon” diamond for $48.5 million at a Swiss auction on Wednesday, and named it “The Blue Moon of Josephine” for his 7-year-old daughter.
HONG KONG — A Hong Kong billionaire tycoon who has been convicted of corruption paid a total of $77 million at auctions in Geneva for two large and rare colored diamonds for his daughter, his office said Thursday.
Joseph Lau was the top bidder for the 12.03-carat “Blue Moon” diamond that sold Wednesday night for a record-setting 48.6 million Swiss francs ($48.5 million), said a spokeswoman for Lau, who declined to give her name.
“The Blue Moon of Josephine”
Lau was also the buyer of a 16.08-carat vivid pink diamond that sold for 28.7 million Swiss francs ($28.5 million) the night before, she said.
Sotheby’s, which held both auctions, said the buyer promptly renamed the pricier gem “The Blue Moon of Josephine” and the pink diamond “Sweet Josephine.”
“Sweet Josephine”
“Yes, the two diamonds are bought by Joseph Lau,” said the spokeswoman, who added that they were named after Lau’s 7-year-old daughter.
The blue diamond, set in a ring, was said to be among the largest known fancy vivid blue diamonds and was the showpiece gem at the Sotheby’s jewelry auction.
The Blue Moon — named in reference to its rarity, playing off the expression “once in a blue moon” — topped the previous record of $46.2 million set five years ago by the Graff Pink, Sotheby’s said. The diamond also set a new record of more than $4 million per carat, capping the daylong high-end jewelry sale that reaped roughly $140 million.
Lau, a property developer with a fortune estimated by Forbes at $9.9 billion, has a habit of snapping up expensive gems for his children.
At a Sotheby’s Geneva auction in 2009, he bought another blue diamond, paying a then-record $9.5 million for the 7.03-carat “Star of Josephine.”
Last November, he also bought two gems for another daughter, 13-year-old Zoe, his spokeswoman said. One was a 9.75-carat blue diamond that he named “Zoe Diamond” after buying it for about $33 million at a Sotheby’s auction in New York. He also spent 65 million Hong Kong dollars ($8.4 million) for a 10.1-carat ruby-and-diamond brooch at a Christie’s Hong Kong auction. He named that one “Zoe Red.”
Lau was convicted last year by a Macau court of bribery and money laundering and sentenced to more than five years in prison. But Lau, who didn’t attend the trial, has remained free by avoiding travel to the former Portuguese colony, which doesn’t have an extradition treaty with nearby Hong Kong. Both cities are specially administered Chinese regions.
“Tonight we set a new world record, a new auction record for any diamond, any jewel, any gemstone, with the sale of the Blue Moon diamond,” said auctioneer David Bennett in Geneva. He specified the price as $48,468,158. “I have never seen a more beautiful stone. The shape, the color, the purity — it’s a magical stone.”
The polished blue gem was cut from a 29.6-carat diamond discovered last year in South Africa’s Cullinan mine, which also yielded the 530-carat Star of Africa blue diamond that is part of the British crown jewels, and the Smithsonian Institution’s “Blue Heart” discovered in 1908.
Sotheby’s says experts took five months for an “intense study” of the original Blue Moon diamond, and a master cutter took another three months to craft, cut and polish the stone. The auction house said in a video that the Cullinan mine was the “only reliable source in the world for blue diamonds,” and only a tiny percentage of those found in it contain even a trace of blue.
Blue diamonds are formed when boron is mixed with carbon when the gem is created.
Thank you to the New York Post for this fantastic article.
A unique, personal jeweler who works nationwide, Keith Saxe is GIA and FIT trained and has been a trusted high end diamond jewelry specialist for 27 years. He is the founder and president of NYC Wholesale Diamonds located at 47 West 47th Street Suite 3A in the New York City Diamond District. His website iswww.NYCWD.comand he authors a blog www.NYCDiamondBlog.com.Keith has recently been named to The Diamond Council of America, is a member of the Jewelers Board of Trade, and Jewelers of America. He offers GIA Certified Ideal Cut Diamonds, and state of the art fine jewelry designs at low wholesale prices. Keith has been named the N.Y. Diamond District’s Favorite Jeweler by the N.Y. Post’s Savvy Shopper column, had his diamond education articles published, been recommended in the New York Times, national gift reporter Robyn Spizman’s ‘Perfect Present Guide’ and ‘The GIFTionary’, as well as having his Diamond Halo Engagement Ring design featured on ‘The Knot.’
Keith is a proud member of: The Diamond Council of America The Jewelers Board of Trade Jewelers of America
Call Keith directly at 212-719-2214 | 800-247-8478
Beware of the opal bug! It is a close kin to the love bug and, once bitten, there is no escape.
INTRODUCTION
With the world’s primary supply of black and boulder opal coming from its wild outback, Australia is synonymous with opal. Since the first recorded discovery of precious opal in the 1840s, its fabulous play-of-color has delivered excitement and delight to consumers all over the world.
In May 2015 GIA sent a group of field gemologists to the southern hemisphere to explore some famous opal fields, where they were impressed by the tenacious optimism of the miners and learned extensively about this breathtaking gemstone. The team included GIA field gemologists Vincent Pardieu and Andrew Lucas, G&G technical editor Tao Hsu, assistant field gemologistVictoria Raynaud, and field cameramen Didier Gruel and Didier Barriere Doleac.
THE JOURNEY
Between latitudes 22° and 31° South, and extending from longitude 145.30° across the Queensland and South Australian boundaries into the heart of the interior desert land, stretches a tract of country which presents many strange problems to explorers and others interested in the study of the earth’s formation.
The opal journey started at Lightning Ridge, New South Wales, the household name for black opal. In Lightning Ridge the team met multiple opal miners, cutters, and researchers who shared their techniques, experience, and passion for the opal industry. The authors also visited many characteristic opal shops and looked at the finished loose stones and jewelry pieces. Then we headed northwest to visit boulder opal fields. We spent one full day in each of the following fields: Koroit, Yowah, and Quilpie. Both open-pit and underground mines were covered by theteam. (Please note that the Australian miners refer to open-pit operations as open-cut operations, which is reflected in the upcoming videos of the miners.) Finished boulder opal products were checked and recorded as well. Famous opal fields such as White Cliffs, Andamooka, and Coober Pedy along the southern and southwestern margin of the Great Artesian Basin were not covered in this trip. More detailed information about each location the GIA group visited will be provided in following Australian opal series articles.
THE OPAL FIELDS
Australian opal is predominantly found in sedimentary rocks within the Great Artesian Basin. The Great Artesian Basin is the largest artesian basin on this planet and the main “water tank” that supplies inland Australia. The basin is the remnant of an inland sea filled with sediments. Some volcanic opals have been recovered, but production is very limited compared to sedimentary opal. Although the chemistry and the microscopic structure of opal have been well analyzed, the formation of this gemstone is still much debated within the research field.
Multiple models have been published with supportive evidence to demonstrate how opal formed. One certainty is that not all opal formed in the same way. Supply and transportation of silica, space for growth, sedimentation conditions, and ion exchange processes are some critical questions to be answered before any definitive model is constructed. During this visit we also found that although these opal fields have many things in common, such as Jurassic- and Cretaceous-period sedimentary host rocks, each one has its own characteristics.
Our first stop is Lightning Ridge, synonymous in the gem industry with top-quality black opal. The town is located in northern New South Wales and close to the border between New South Wales and Queensland. Geologically, Lightning Ridge is situated in the Surat Basin, part of the Great Artesian Basin. The sedimentary host rocks are more or less horizontal with no deformation. Black opal occurs as nobbies and as seams. The stones are generally found between 6 to 18 meters below the surface. Also amazing in this field are the extraordinary opal fossils of the Cretaceous age. These fossils are considered a national treasure and are well preserved in the Australian Opal Centre for both exhibition and paleontological research. Known for its rich history of black opal mining, mineral water spas, and unique Australian outback lifestyle, Lightning Ridge has long been a tourism hot spot, with more than 90,000 visitors per year.
To the northwest of Lightning Ridge are the Queensland boulder opal fields. Boulder opal from Queensland has very bright play-of-color, which makes these stones extremely appealing. The stone is called boulder opal because it is always attached to its host ironstone. Though the sedimentary host rocks are very similar to those in Lightning Ridge, the opal occurs mainly in ironstone concretions or as pipes instead of nobbies. Seam opal can sometimes be found in Queensland fields. Though local miners give the ironstone concretions different nicknames, such as “nuts” or “lily pads,” based on their different shapes, they bear the same concentric internal structure. Opal can be found as the kernel of the “nuts,” between the concentric layers of ironstone or on the surface of the concretions. Certain opalized fossils were also recorded in this area, with plant fossils commonly seen.
There are more than a dozen boulder opal fields in Queensland; the GIA team visited Koroit, Yowah, and Quilpie. The Koroit opal field was first discovered in 1897, and the most recent mining activities started in 1972, when consumers regained interest in boulder opal and sales became more profitable. The mine operated by Mark Moore has both a large-scale open pit and a small-scale underground shaft. The stones from this mine are quite stunning, with a range of quality. Today Koroit is unquestionably one of the main boulder opal suppliers in Queensland.
Yowah is a small town southwest of Koroit. The name Yowah is from Yowah Creek, where people formed a large horse station in 1872. The small opal field was first discovered around the same time. This mining area is famous for its “Yowah nuts”—precious opal sometimes occurs as the kernel of ironstone nuts. The authors observed both large-scale mechanical mining and fossicking in this field. With necessary supply and food providers, plus the permanent hot spring bores, the town has become a popular tourism and fossicking destination.
Heading northwest from Yowah, we arrived at Quilpie. The town was officially granted the township in 1917, while opal was discovered in this area around 1885. It serves as a center for the southern Queensland opal industry and is a gateway to multiple historic boulder opal mines. Mining activities in this field all cluster to the west and north-northwest of the town. Here you can find some of the more productive mines in recent times. Known as the “home of boulder opal,” the area is the largest producer of this variety in the world. Now, like many other famous opal towns, Quilpie is also a tourist- and fossicker-friendly place. The group visited an opal shop in town and a large open-pit mine north of Quilpie, where the exposed ironstone nuts range from centimeters to over a meter in diameter. The mine owner also cuts and polishes some of their production, and finished product was shown to the authors.
THE STONES
Opal cutter and carver Justine Buckley holds a 92-carat Lightning Ridge black opal that she cut.
Opal is an amorphous form of silica, and precious opal shows the rainbow colors we call play-of-color, caused by the diffraction of light. Precious opal is rare as its structure is composed of tiny silica spheres tightly packed in a three-dimensional grid. Light is broken up into the colors of the rainbow by the tiny voids between the spheres. To give an idea of the size of the spheres, those that are 0.20 microns have spaces between them that diffract the light to cause a blue play-of-color; 0.25 microns, a green color; and 0.32 microns, a red color. These tiny spheres that are responsible for play-of-color require an electron microscope of at least 30,000X magnification to see them.
The Australian opal miners, cutters, and dealers all repeated one important attribute of opal: it is the only stone that can show every color of the rainbow. Our trip focused on the areas that produce black opal and boulder opal, both types of opal famous from Australia. Both types possess a range of appearances; in fact every stone is unique with its combination of colors. All the members of the expedition found opal to be a captivating if not mesmerizing stone.
Black opal refers to opals that have a dark bodycolor when viewed from above. They can be almost transparent to opaque, with an endless variety of play-of-color. Black opal is considered the rarest and most valuable opal. Boulder opal has thin veins of precious opal in the host rock the opal formed in, which is usually ironstone. The opal forms as infillings in the cracks and spaces of the ironstone. Boulder opal is usually cut free-form and wavy to follow the contours of the opal.
Add to the appearance equation the pattern of the play-of-color, the underlying bodycolor, the brightness of the rainbow colors, the number of colors, the dominant rainbow colors, the thickness of the seam of play-of-color or color bar, the depth of the transparency, and the shape of the stone, and it is easy to see why each opal is unique and why opal is considered by many gem experts to be the most complex stone to grade. While market preferences determine the values of different opal appearances, opal is truly a personal stone with a beauty that is very subjective.
Perhaps one of the best summations of opal was given in the first century ad:
For in them you shall see the living fire of the ruby, the glorious purple of the amethyst, the sea green of the emerald all glittering together in an incredible mixture of light.
The striking impression when conversing with Australia opal miners is their fierce sense of independence. These are people who love their freedom and the ability to live their lives as they see fit. All of the miners we spoke to said they could never live any other way. These men and women reminded us of the U.S. cowboys who lived in the 1800s, forging their way west. The hardships and risks involved in their lifestyle seem trivial compared to that of the Australian opal miners.
The companies mining opal are really individuals. Often a company is a partnership with just a couple of people working a claim, or in some cases just one person. If there are employees, there are just a few. This is a world of the rugged individual. Miners not only mine the opal themselves but also keep the equipment going, make repairs, and handle everything necessary to maintain the operation.
Another factor that drew these people to the search for opal was the thrill of finding beautiful opals. Even with the gamble, the risks, and no assurances, the hope of a major find is strong enough to keep them going through the tough times. One miner explained that there was a four-year period in which he found no opal, and continuing was extremely difficult. Then he discovered a significant pocket of black opal in his mine, and that rush of adrenaline made it all worthwhile. There is no guarantee of finding pockets of valuable opal, and experience and knowledge greatly contribute to success, but perseverance is the key factor—and of course luck.
I have known people that have been here for 50 years and never found more than $1,000 and people that have been here for ten minutes and found millions.
All the opal miners conveyed this same feeling of euphoria when finding opal. Hope is the universal feeling among the miners—the hope of making the next big find and hitting that pocket of top-quality opal that will make all the hard work and patience worthwhile.
Finding an opal is like an injection of endorphins…it is like Mother Nature teasing you, saying, ‘come on, a little bit further; a little bit further anything can happen. Your fantasy and your dreams might just come true just a few more inches.’
Frederic Mallock began helping his father mine opal when he was around 10 years old. He said the excitement is still there, but it is a different excitement. In the beginning it was like a fantasy. Now that he is seasoned with over 45 years of experience, he knows what is possible, but the thrill of discovery is still there, and the passion is as strong as ever. All the opal miners we met, whether black opal miners or boulder opal miners, said there was no other job in the world they would want. None of them could see themselves working in a corporation, sitting in an office, or being told what to do by anyone. All the miners gave a similar answer:
[Expletive] no, mate; it is the best. Hey, I am my own boss. Nobody tells me what to do, when to do it, how to do it, and we are actually in with a chance the fantasy might come true. —Frederic Mallock, Lightning Ridge black opal miner
~~NEWS:Here is the latest inside industry update on all fancy diamond shapes:
Ovals hot, Princess not. Cushions steady, Pears improving. Hearts slow. Good demand and firm prices for very large, top quality fancy shapes. U.S. demand supporting market for commercial-quality fancies, especially for sizes under the carat. Larger sizes stable. Far East fancy demand weak. Buyers are very selective and insisting on excellent-shape proportions. Significant price differentials between excellent and average-cut fancies. Off-make, poorly-cut fancies illiquid and very hard to sell, even at very deep discounts.
Our most recent Yelp review…..Thank you so very much for the kind words Brad!
Keith came highly regarded…I emailed back and forth prior to my appt with him and he had all my options ready to go. He then built the ring with the 3 GIA cert stones I picked and I had it Fed-Ex to me in VA the following week! The ring is perfecto! And one other thing is no one and I mean no one can touch his pricing. 1st class experience and 1st class ring built from scratch…Not many rings come with GIA certs for the side stones… I will never shop anywhere else again… Thanks Keith S.
Brad D
Chesapeake, VA
Keith Saxe is GIA and FIT trained and has been a trusted high end diamond jewelry specialist for 26 years. He is the founder and president of NYC Wholesale Diamonds located at 47 West 47th Street, Suite 3A in the New York City Diamond District. His website is www.NYCWholesaleDiamonds.com and he authors a blog www.NYCDiamondBlog.com. Keith has a full service store located across the street from his private office, and a San Diego factory showroom. He offers GIA Certified Ideal Cut Diamonds, and state of the art fine jewelry designs at low wholesale prices. Keith has been named the N.Y. Diamond District’s Favorite Jeweler by the N.Y. Post’s Savvy Shopper column, had his diamond education articles published, been recommended in the New York Times, CNN reporter Robyn Spizman’s ‘Perfect Present Guide’ and ‘The GIFTionary’, as well as having his Diamond Halo Engagement Ring design featured on ‘The Knot’ http://www.theknot.com/weddings/album/a-preppy-upstate-wedding-in-aurora-ny-144122
Our Diamond Inventory Search Engine will guide you through our most complete and compelling inventory in every cut, clarity, color and carat weight!
Every indication was that diamonds, currently priced as the most undervalued commodity in decades, would appreciate significantly throughout 2015. While gold, platinum and silver have more than quadrupled in price, diamonds remained very close to the same price levels as at the beginning of this decade.
Here at NYC Wholesale Diamonds we have been expecting significant increases in round diamond prices this year, and for many years to come. This opinion has been shared for many reasons by leading Wall Street analysts, and continues to be the mainstream consensus of diamond industry leaders. The reality is that in the short term the opposite has happened, as round diamond prices have now dropped twice this year. This creates a rare buying opportunity to take advantage of due to this short term blip on an upward diamond price trend that will most definitely continue going forward.
The three key factors that have contributed to this price drop all appear to be short term in nature. Let’s review them beginning with the demand and supply curve. Diamond inventory levels became much higher than anticipated due to the industry overestimating the demand for exchange traded diamond funds. These funds that were introduced earlier this year need to physically purchase round diamonds as fund shares are purchased, removing them from the supply side.
Secondly, the diamond industry has been hit by a lending drought after KBC Groep NV said it’s winding down its Antwerp Diamond Bank unit, a source of finance for 80 years to the network of companies that trade, cut and polish diamonds in the Belgian port city. Other lenders, including ABN Amro Bank NV, have cut the proportion of gem purchases they were willing to finance due to pricing concerns. Any time banks tighten credit to the industry, it forces traders, cutters and polishers to sell more inventory as well.
Last but far from least is the slowing of demand from the two strongest emerging economies, China and India. Government restrictions on imports have been the culprit here.
“The biggest thing really is the tightening liquidity,” said Ed Sterck, an analyst at Bank of Montreal. “If you’re a cutter or polisher of rough diamonds whose available liquidity is being reduced you’ve got to adjust your inventory. Selling inventory to increase cash has the knock on effect of increasing the supply of polished diamonds.”
As the economy recovers, diamond and jewelry demand will grow rapidly. There has already been a 3 percent growth in global demand for diamond jewelry in 2014 to $81 billion.. De Beers is also committing billions of dollars over the coming years to a number of projects.
Opportunity is knocking for those who have been waiting to purchase a diamond for their very special love. Those seeking an investment alternative to 1% interest rates, and an uncertain toppy stock market are emerging as well. Here at NYC Wholesale Diamonds we are committed to finding you the best quality and value GIA certified ideal cut diamonds. Always at wholesale level pricing, and with a personal education on grading, maximum value, and the industry. Just view our extensive diamond inventory at http://www.nycwholesalediamonds.com/diamond-inventory/ Click on the diamonds that you desire, and we will guide you through the exciting process at your own chosen pace.
I Offer My Clients the Finest Selection of Diamonds, Engagement Ring Designs, and Custom Wedding Bands all at the Lowest Wholesale Prices!
My Exclusive Personal Consultation to You Includes:
* An informative lesson on the quality, pricing, and certification of diamonds.
* Locating the perfect, ideal cut diamond for maximum, spectacular brilliance.
* Finding and/or custom designing the perfect ring setting for the diamond.
* Advice on immediate protection by the least expensive insurance options.
* Advice on the actual proposal as its romantic significance will last a lifetime!
Our promise is to always offer ideal cut diamonds that display maximum brilliance at all times. Round, Princess, Cushion, Asscher, Radiant Cuts in quality designs hand made in gold and platinum.
Call Keith directly at (212) 719-2214 or (800) 247-8478
A unique, personal jeweler who works nationwide, Keith Saxe is GIA and FIT trained and has been a trusted high end diamond jewelry specialist for 26 years. He is the founder and president of NYC Wholesale Diamonds located at 47 West 47th Street Suite 3A in the New York City Diamond District. His website is www.NYCWD.com and he authors a blog www.NYCDiamondBlog.com. Keith has a full service store located across the street from his private office, and a San Diego factory showroom. He offers GIA Certified Ideal Cut Diamonds, and state of the art fine jewelry designs at low wholesale prices. Keith has been named the N.Y. Diamond District’s Favorite Jeweler by the N.Y. Post’s Savvy Shopper column, had his diamond education articles published, been recommended in the New York Times, national gift reporter Robyn Spizman’s ‘Perfect Present Guide’ and ‘The GIFTionary’, as well as having his Diamond Halo Engagement Ring design featured on ‘The Knot’
A fancy intense pinkish purple VS2 diamond will be shown to the public for the first time during the September Hong Kong Jewelry & Gem Fair, September 15 – 21. The 3.37-carat gem, named the “Purple Orchid,” has an asking price of $4 million, or nearly $1.2 million per carat.
