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(IDEX Online) – ALROSA, the world’s largest diamond producer by output in carats, will hold its first “True Colour” auction of colored polished diamonds during the upcoming Hong Kong Jewellery & Gem Fair. <?xml:namespace prefix = "o" ns = "urn:schemas-microsoft-com:office:office" /?>

The collection includes 250 polished diamonds of various shapes and colors – purple, pink, orange and vivid-yellow stones with GIA certificates – some of them of very rare shades. ALROSA said it will be the first time it has presented such a large quantity of large colored diamonds.

The star of the show will be an 11-carat fancy deep purple-pink cushion cut diamond (pictured above) which it says is the largest diamond of this color ever certified by the GIA.

“It took more than a year to prepare the collection," said ALROSA deputy CEO Yury Okoemov.

ALROSA will auction the stones via a special electronic platform.

ALROSA is sorting its colored rough diamonds into 19 color groups. Most of them are polished by ALROSA cutting subdivision....

After shocking the market with a decision to start selling jewellery containing synthetic diamonds, Anglo American’s De Beers is planning to let buyers refuse some lower-quality stones.

The unusual move (the world’s No.1 diamond miner is famous for requiring buyers to take what’s offered) says lots about the state of the low-end diamond market. The last time De Beers did something similar, in fact, was two years ago, when India’s move to ban high-value currency notes pushed down demand.

The diamond giant’s new strategy for small stones, paired with its looming entry into the lab-grown stones market, have many in the industry worrying about prices.

Cheaper diamonds, which are often small and low quality, are selling for a lot less now than five years ago. And when it comes to synthetic stones, De Beers’ entry in the market will create a big price gap between mined and lab diamonds, pressuring rivals that specialize in synthesized stones at the same time.

A 1-carat man-made diamond sells for about $4,000 and a similar natural diamond fetches roughly $8,000. De Beers new lab diamonds will sell for about $800 a carat. That’s a fifth of the price of existing man-made stones and one-tenth of the cost of buying a similar natural gem.

No wonder competitors are worried. The lab-grown industry has filed a complaint with the U.S. Federal Trade Commission, accusing De Beers of price dumping and predatory pricing.

They did so even though the government body recently amended its jewellery guides...

Paris (AFP) - Too much debt has made the world's financial system as vulnerable as it was 10 years ago, Europe's top central banker during the 2008 global meltdown has warned as he looks back on the crisis.

"There is now agreement that the excessive debt level in advanced economies was a key factor in the triggering of the global financial crisis in 2007 and 2008," Jean-Claude Trichet, who ran the European Central Bank between 2003 and 2011, told AFP in an interview.

"The growth in debt, especially private debt, in advanced countries has slowed, but this slowdown has been offset by an acceleration of emerging country debt," said Trichet, a Frenchman who ran his country's central bank, the Banque de France, before taking the helm at the ECB.

"This makes the entire global financial system at least as vulnerable as it was in 2008, if not more so."

Trichet was only the second president at the ECB, which was barely a decade old when US bank Lehman Brothers collapsed in September 2008, a date widely seen as the trigger of the global crisis.

- 'Unheard of since WWII' -

But Trichet said the bank had detected big trouble much earlier.

"I witnessed the real start of the financial crisis that was about to sweep the world in the morning of August 9, 2007, when we were confronted with a complete interruption of the eurozone money market," he remembered.

After claiming its first bankruptcies in the US in the summer of 2007, the budding crisis quickly made world stock exchanges wobble too.

The contagion reached Europe when German bank IKB issued a profit warning, prompting the German government to extend it a lifeline of more than three billion euros...