The Kimberly Diamond: Famous Large Diamonds - 1Earth Gemstones & Appraisals Magazine

The Kimberly Diamond

A Flawless, 70-carat, step cut, champagne-colored diamond that was found in the Kimberly Mine, South Africa. It was recut into this modern shape in in 1921 from a large, flat stone that was once in the Russian Crown Jewels.

In 1958, the stone was again recut by it's owners, Baumgold Bros., New York City, to improve the proportions and increase brilliancy.

It now weighs 55.09 carats and is valued by the firm at $500,000, but is probably worth considerably more.

The Kimberly Diamond

Baumgold Bros. sold the stone in 1971 to an undisclosed collector. Source: DIAMONDS: Famous, Notable and Unique (GIA).

Kimberley sets diamond sale benchmark

Shares in Kimberley Diamond Co surged after Australia's second largest diamond producer said prices for its gems jumped more than 50 per cent during April 2005.

Kimberley's sale in the diamond centre of Antwerp realised a record average price of $US328.94 per carat compared with $US211 per carat in the six months to the end of December.

The price is a 16 per cent increase on the previous sale in February, which Kimberley said reflected growing international recognition and demand for its Ellendale product, as well as continuing strength on the international market.

Chairman Miles Kennedy said there was growing awareness of the high-value "Kimberley Yellow" diamonds.

"We believe that this will continue to build, particularly with the forthcoming first sale under the newly established marketing arrangements for Ellendale through The Marketing Company, which is scheduled to be completed in the week of 26 April," Mr Kennedy said.

The Marketing Company has the rights to purchase 50 per cent of production from Kimberley's Ellendale project.

The syndicate includes participants with diamond cutting, polishing and manufacturing centres and retail outlets in Tokyo, Osaka, Shanghai, Hong Kong, Bangkok, Antwerp, New York and Dubai.

Kimberley said final documentation has been finalised with Societe Generale to provide funding facilities totalling $48 million to underpin expansion of the Ellendale project, in Western Australia's Kimberley region.

The expansion will lift production to a long-term level of 700,000 carats a year. The new plant is expected to be fully commissioned by the end of April 2006.

Kimberley, which went into a trading halt pending another announcement, strengthened its board with the appointment of international mining executive Rob Still as a non-executive director.

Mr Still led the development of the Corridor Sands minerals sands project in Mozambique through Southern Mining, which was taken over by WMC Resources Ltd.