Latest news with #R392
The South African
14-05-2025
- Business
- The South African
Rare blue diamond from Cullinan mine in SA fetches R392m at auction in Geneva
An exceptionally-rare blue diamond went under the hammer in Geneva, selling for $21.5 million (R392 million), Sotheby's auction house said. 'The Mediterranean Blue', a fancy vivid blue diamond weighing 10.3 carats with an estimated value of $20 million, attracted an intense bidding battle. Bidding began at nine million Swiss francs ($10.8 million), with a fierce back and forth before the diamond was ultimately sold to a private US collector, whose name was not given, for 17.9 million francs ($21.5 million), Sotheby's said. The Mediterranean Blue, which is a brand-new blue diamond recently mined from the legendary Cullinan mines of South Africa, generated huge excitement within the diamond industry ever since it was first announced in March, the auction house said. Ahead of its final showing in Geneva on Tuesday, it was unveiled as part of a Sotheby's debut exhibition in Abu Dhabi last month, where it was showcased alongside seven other 'extraordinary' diamonds and gemstones collectively worth over $100 million. 'At the top of the rarity pyramid are blue diamonds,' Quig Bruning, head of jewels for Sotheby's in North America, Europe and the Middle East, said at the Abu Dhabi show. After serving as auctioneer at Tuesday's event, he hailed the gem as 'undoubtedly the defining stone of the season', saying in a statement that it 'ranks among the top blue diamonds we have sold'. The 10.03-carat blue diamond was mined in South Africa © Giuseppe CACACE / AFP Tobias Kormind, head of Europe's largest online diamond jeweller 77 Diamonds, was less upbeat, describing the sale as 'less dazzling than anticipated'. 'The diamond did exceed its $20 million estimate, suggesting there was meaningful interest,' he acknowledged. 'But broader uncertainty, including the ongoing US-China trade tensions, may have dampened bidder confidence and muted what could have been a more frenzied atmosphere.' Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news. By Garrin Lambley © Agence France-Presse
TimesLIVE
22-04-2025
- Automotive
- TimesLIVE
Hyundai and Posco agree to cooperate on US steel plant
South Korea's Hyundai Motor Group said on Monday it has signed a memorandum of understanding with Posco Holdings for cooperation on its planned US steel plant. Posco will make an equity investment in Hyundai Motor Group's steel factory project in Louisiana, the group said in a press release. The steelmaker was also considering selling some of the steel to be produced from the factory. Production is slated to begin in 2029. The South Korean automaker announced plans to invest $21bn (R392,229,595,800) in the US with President Donald Trump at the White House last month. In a regulatory filing, Hyundai Steel said it would invest $5.8bn (R108,335,885,800) along with Hyundai Motor Group to build a steel plant in Louisiana with an annual capacity of 2.7 million tonnes.
