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Diamonds to Die for
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By: Renae Leith-Manos, Issue 27 – Winter 2006
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(Diamonds)
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TOUTED AS A GIRL’S BEST FRIEND, THE LUXURY WORLD OF DIAMONDS IS MORE COLOURFUL THAN EVER BEFORE.
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The Sultan of Brunei is reportedly passionate about red diamonds. So passionate it seems, that he is the largest collector in the world of these very rare and highly priced gems. Whilst red diamonds are yet to hit Australian stores and tastes, diamonds of many other colours of the rainbow are becoming highly sought after. As Australians have become wealthier over the past ten years, so diamond sales have increased, along with the demand for rarer, larger stones. Whilst the vast majority of diamonds sold worldwide are still colourless, diamonds occur in a wide range of colours including blue, pink, yellow, orange, green and red. Here in Australia the yellow, orange and pink stones are becoming popular, and retailers are competing to keep up with demand. “Pink diamonds are very rare – we are lucky to find them, and finding people who can afford them is almost as rare as finding the gems, but we do see them from time to time,” explains Sydney jewellery designer Panos Levendi. John Calleija, from his Gold Coast store agrees, “Coloured designs are be coming more popular, and coloured gems are also being used.”
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Western Australia’s Argyle mines are now the primary source of pink diamonds in the world, but out of 30,000 carats of diamonds mined there annually, less then one per cent is pink. The reason some diamonds are coloured is because trace elements have invaded the structure, colouring it. Different trace elements bring different colours, but the trace element which makes diamonds pink remains a mystery, and has kept scientists baffled.
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“Once a woman has a colourless diamond, her attention can turn to coloured diamonds,” Alicia Kinnane sales and marketing manager from Canturi explains. “They are the hardest naturally occurring substance, one of the most valuable.”
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Diamond rings are still the most popular item in any mainstream Australian jewellery store today, and platinum is the metal of choice. More people are requesting coloured stones within the ring setting alongside the colourless stone, and requests for larger more prominent stones are increasing. “I like to use a lot of colour, as coloured diamonds really off-set colourless stones,” explains Melbourne jewellery designer Ina Barry. “Diamonds will always be the stone for commitment, and I deal with a lot of people who want a special setting, a stand out piece. They’ve looked around and haven’t found what they really want. Australians are not concerned with where the diamonds come from, but want a good colour and cut. They are a lot more informed today and know what they want from a piece of jewellery. In the last few years I have had requests for cognac and champagne coloured diamonds, and people are looking for larger stones. They generally like rings with some weight to them.”
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Tiffany's New York based chief gemmologist, Melvyn Kirtley agrees: “Customers are more aware and much more interested in coloured diamonds in recent times. There is definitely a fascination – and people are drawn to the intrigue of their beauty as well as their rarity.”
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Whilst larger stones are selling in greater numbers, Levendi says the challenge for the jeweller is not only to locate larger gems but to also make smaller stones look bigger than they are with cleverly designed settings. His company won the Diamond Guild Harpers Bazaar Award recently for the best solitaire setting in a ring retailing for under $40,000. “The value of the Australian dollar can have a great effect on the price of diamonds here,” he explains. When the value of the dollar is up, diamonds are cheaper here, but we have to be able to make small stones look attractive and find different styles that surprise and challenge the market place.”
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The romantic tradition of wearing a diamond to symbolise the commitment of marriage reputedly started in the 15th Century when Archduke Maximilian of Austria gave Mary of Burgundy a diamond ring for their engagement. However in current times, women aren’t always waiting for a man to give them what they want, and are buying more diamond jewellery for themselves than ever before. With increasing income levels, and greater emotional independence, women aren’t afraid to treat themselves with an extravagant gift. Several jewellers claim ladies are buying a diamond ring for their right hand in their early 30s as a replacement for an engagement ring they don’t yet have.
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Whilst according to Bulgari their female customers seem to return to the store after their wedding to shop for themselves; “The first diamond in a woman’s life is still usually her engagement ring, but after that she chooses to buy the diamond jewellery for herself.” No matter who buys the first ring, for many it symbolises their entry into the world of designer jewellery.
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For engagement rings, round ‘brilliant cut’ diamonds are still the most popular, but square stones (‘princess cut’) are currently a close second. Often they are shouldered with smaller colourless stones or coloured diamonds. “‘The Tiffany setting’ is our most popular style, but the ‘Lucida’ – a square modified brilliant with wide cut corners is selling well along with our ‘Legacy’, a unique cut with more traditional styling is also popular,” Tiffany's Kirtley says.
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A handful of Bulgari’s upper-end customers have requested unusual diamond cuts, and even diamonds cut in the shape of an animal. “There is a trend to explore fantasy type of cuts in an exaggerated way, in the shape of a horse’s head for example or a letter of the alphabet,” a Bulgari spokesperson said.
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Women aren’t the only ones changing their shopping habits when it comes to sparkling gems, and it seems the Sultan of Brunei is not the only male amassing a collection of sparkling gems. In Europe, many male customers from around the world are buying diamonds and diamond jewellery to start a collection. Russians, especially Russian men love diamonds, as do men from the Arab Emirates. South African company De Beers is still the largest supplier of rough diamonds to the world market, and according to their research, Americans are the largest purchasers of diamonds in the world, buying 48 per cent of the world supply. Australia makes up just four per cent of the world diamond market. It is for this reason alone that shopping for diamonds outside Australia is a great idea if you want a wide variety of choice, but local jewelers warn many people return home with stones of far less quality and value than they thought.
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“I feel that if you fall in love with a ring or a stone when on holidays, then buy it,” Barry says. “But there are always risks, as you never really know what you are buying, and what the quality of the stone is. If quality is important to you, then develop a relationship with a jeweller in your city, and you can ensure you know exactly what you are buying.” Martha Kennedy, from LK Jewellery in Sydney and Melbourne would support this idea, and comments that she personally likes very different jewellery designs. Her stores import just about everything, including designs from Pasquale Bruni in Italy. Wholesaler Simon Kushnir from Melbourne sees a real change in local diamond buyers, who have become “more educated”. But, he warns there are some cheap imports on the market. It is a challenge for those shopping for diamonds since different countries have varying standards of certification, so you may think you are buying a particular quality but in Australia the standards are different.
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If you have your heart set on an overseas purchase, one way to ensure you will get quality is to buy from the big name stores. Cartier, Bulgari and Tiffany all have much larger stores in America, Europe and Asia, so you can select from a far wider range of stock and be assured you are getting what you are paying for. Diamonds companies worldwide are currently investing more and more money into their stores to ensure the world market remains highly competitive and some major amalgamations between manufacturers and retailers guarantee shopping for diamonds will be more glamorous overseas than ever before.
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The world’s largest supplier of diamonds, De Beers and LVMH have formed de Beers LV and are opening stores internationally (there is a store in Bond Street London and a huge store opening in Dubai later this year). Last year Bulgari and Israeli based Leviev Group announced a joint venture to boost their diamond supply, and Sotheby’s launched a glamorous high end collection of diamonds at the end of last year in partnership with the Steinmetz Diamond Group.
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Despite the changing trends and high-end glamour being seen in overseas stores, Barry says, it all comes down to romance. She still loves the tradition of the ‘secret ring’. “I see a lot of men who want a secret ring made up for their partner, and it is just so romantic. There is such pleasure in making up a beautiful piece and knowing it will be worn for a lifetime.” With so much choice at the upper end of the market, there will certainly be plenty of sparkles around and perhaps a bit more romance as well.
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