DiamondBuzz
Sotheby’s Withdraws Rare 10-Carat Pink Diamond from Geneva High Jewelry Auction
The $20 million ‘Glowing Rose’ was expected to lead the sale but was removed after discussions with the consignor.
Sotheby’s has withdrawn a rare 10.08-carat fancy-vivid-pink diamond from its High Jewelry auction in Geneva, where it was estimated to fetch around $20 million. The Glowing Rose—a cushion brilliant-cut pink diamond set in a ring—was slated to be the star lot of the November 12 sale but never reached the auction block. The company did not disclose the reason for the withdrawal.
“The Glowing Rose is an absolutely beautiful pink diamond… however, following discussions with the consignor, the lot was withdrawn prior to the sale,” a Sotheby’s spokesperson told. The stone is notable as only the third cushion-cut vivid-pink diamond to appear at auction in the past decade and was showcased in Singapore and Taipei last month in a presentation mount by British jeweler Boodles.
Despite the withdrawal, the High Jewelry sale achieved CHF 29.8 million ($37 million), led by a 4.50-carat fancy-vivid-blue, internally flawless diamond that sold for CHF 4.8 million ($6 million). The event ran parallel to Sotheby’s Royal & Noble Jewels auction in Geneva.
DiamondBuzz
Lesotho’s Kao Diamond Mine To Halt Operations Amid Industry Slump
The Mine’s Operator, Storm Mountain, Cited A Severe Financial Crisis Driven By A Prolonged Drop In Global Rough-diamond Prices, Rising Middle East Conflict
Lesotho’s largest diamond mine, Kao, will cease operations on June 30 and transition to care and maintenance. The mine’s operator, Storm Mountain, cited a severe financial crisis driven by a prolonged drop in global rough-diamond prices, rising Middle East conflict-related fuel costs, and stiff competition from lab-grown diamonds.
Despite a warning last October that the mine required $13 million in fresh capital to survive, the necessary investment did not materialise. According to CEO Neo Hoala, the steep market decline made continued operations unsustainable. The shutdown will impact roughly 750 workers.
The mine’s financial downturn is stark: in 2024, Storm Mountain sold 250,000 carats for $50 million—a massive drop from its $105 million revenue in 2022. Kao’s suspension reflects a broader crisis in the diamond sector, following recent insolvencies and closures at Canada’s Ekati mine and South Africa’s Ekapa and Finsch mines.
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