Monday, June 23, 2008

Pretty in Pink Diamonds!

Celebrities are expressing their love with Pink! This year, rare pink diamonds are making a debut on the fingers of newly-engaged celebrities in Hollywood. The trend started in 2002, when Ben Affleck proposed to Jennifer Lopez with a 6.1 carat pink diamond ring worth a reported $1.2 million. Since then, the pink diamond has been making rare appearances on the red carpet at the Emmies and the Academy Awards and even on the big screen.

In May of this year, Mariah Carey's wedding to Nick Cannon came as a shock to many. But even more shocking than their one- month relationship turned marriage is the ring that hangs off her finger. The emerald-cut fancy light pink 10 carat diamond is surrounded by 58 intense pink diamonds-a total of 17 carats worth $2.5 million. Last month, comedian and talk-show host Ellen Degeneres proposed to long-time lover Portia de Rossi with a fabulous marquis-cut pink diamond that glittered in the spot light at this year's Emmies. It seems rare pink diamonds are garnering as much attention as the celebrities who flaunt them. To celebrate her 30th birthday, David Beckham gave his wife Posh a pink diamond ring.

For celebrities looking for something exceptional and extraordinary pink diamonds are becoming more desirable. In the 2006 feature film The Pink Panther, the heroine, played by Beyonces Knowles, is adorned in pink diamonds. Salma Hayek arrived at the Academy Awards wearing a 15.23 carat fancy intense orangey-pink diamond.

In the world of rare colored diamonds, pink diamonds are the rarest of them all. For every 10, 000 carats mined only one will be colored, and of those colored diamonds a handful will sparkle pink. The majority of the world's pink diamonds are mined in the Argyle mines in Australia.

© 2008 Rare Colored Diamonds.
www.rarecoloreddiamonds.com

Pretty in Pink Diamonds!
posted by Rare Colored Diamonds on Monday, June 23, 2008

Wednesday, June 18, 2008

Preface: The Allure of Colored Diamonds

While colored diamonds have been known and admired for centuries, the more widespread passion for them is a relatively recent phenomenon. In the not-so-distant past, only large, historic diamonds such as the Hope or the Dresden Green commanded much attention even within the gem and jewelry community. Today, we have come to appreciate the beautiful range of natural-color colored diamonds as well as their rarity: available in relatively small quantities, yet just plentiful enough to sustain an active market. It is an exciting time in which the consumer and the jewelry industry alike are learning that few other gemstones occur in the depths and ranges of color seen in diamonds. It may be the only gem where stones with the least color and those with the most color carry the highest premiums.

Although colored diamonds comprise only a small percentage of total mine production, they are often the center of attention at major auctions or at closely watched media events such as the Academy Awards and the Cannes Film Festival. What has caused this change?

Since the late 1970s, developments in areas such as diamond cutting, mining, marketing, and grading have helped put colored diamonds squarely in the public eye. While much of this activity has been recent, Gems & Gemology has a long history of publishing reports on colored diamonds. This volume of Gems & Gemology in Review presents a selection of the articles and notes on colored diamonds that have appeared in the journal since its inception in 1934. Before the sections of this volume are introduced, let's take a brief look at the developments mentioned above and their impact on our perception of colored diamonds.


Cutting Innovations

Historically, colored diamonds were manufactured in the same shapes, cutting styles, and proportions as their colorless and near-colorless counterparts. That began to change in the 1970s, as a handful of diamond cutters began experimenting with ways to attain better yield from rough and create new face-up appearances. Little did they realize they were laying the foundation for a revolution in the availability of colored diamonds in the marketplace. By the mid-1970s, New York manufacturers such as Stanley Doppelt and Henry Grossbard were devising variations on Basil Watermeyer's 1971 Barion cut, a square mixed cut whose step crown and modified-brilliant pavilion improved brilliance and increased yield over the traditional step cut. Their assumption was that the increased scintillation from the mixed cut would better disguise inclusions, resulting in a more pleasing appearance. But as both Doppelt and Grossbard eventually discovered, their experimental proportions and facet variations also strengthened the face-up color of light yellow and other yellow diamonds.

By the late 1970s and early 1980s, the trade had become aware of the full potential of these new cutting styles. Doppelt, in conjunction with diamantaire Louis Glick, introduced the StarBurst cut, which helped popularize yellows. Grossbard, meanwhile, purchased an off-color 109 ct diamond named the Cross of Asia at Sotheby's Zurich auction in 1976. His decision to refashion this diamond into his new radiant cut resulted in a 79 ct Fancy yellow* Flawless diamond. Despite the loss of 30 carats, the renamed Radiant Cut diamond was considered significantly more valuable than the original Cross of Asia.

With the success of the StarBurst and radiant cuts, more manufacturers began recutting light yellow diamonds into these new styles to achieve face-up color grades of Fancy Light or Fancy. The new cutting styles moved away from maximizing white light return, fire, and strongly contrasting scintillation patterns—the aspects of cut that are sought after in near-colorless diamonds—to improving and intensifying color appearance. Key features of these new cutting variations were half-moon facets on the pavilion, French culets, and a greater number of facets in general. Over time, the new shapes and cutting styles were used not just during recutting but also on diamond rough, a practice that resulted in better color grades and weight retention. As a result, the manufacturing of light yellow rough became more profitable. Even more than increased mining output, this revolution in cutting was responsible for the greater availability of intensely colored yellow diamonds in the marketplace. Over time, these cutting variations were successfully applied to a variety of diamond colors. Today, most colored diamonds are manufactured in the various styles that maximize their face-up color.

Experimentation in diamond cutting continued worldwide, and many of these innovations were applied to colored diamonds. For example, Gabi Tolkowsky's "Flower Cuts" (the Marigold, Dahlia, Zinnia, Sunflower, and Fire Rose) from the late '80s were designed to increase yield and brilliance in shallow rough unsuitable for traditional proportions. They were also found to help lighten dark brown diamonds and intensify the color appearance in lighter ones.


The Argyle Mine and Its Marketing Efforts

The discovery of the Argyle mine in Western Australia during the late 1970s marked another turning point in the availability of colored diamonds. Within a few years of coming on line in 1982, the mine became the largest volume producer of diamonds in the world. A very high percentage of Argyle's production was in brown diamonds, which had never received much recognition in the marketplace. As the mine's production soared, however, Argyle set out to change that.

From the early '90s on, Argyle aimed its advertising at the large customer bases in the United States and Japan, created an alluring image for brown diamonds by connecting them with festive and sophisticated tastes. A key aspect of this campaign was associating the diamonds' broad range of brown colors with "champagne" and "cognac." Jewelry design contests featuring brown Argyle diamonds raised further awareness, and high-profile designers such as Michael Bondanza and Cornelis Hollander began using them in their creations. Prior to this, such extensive marketing efforts were typically limited to diamonds in the near-colorless range. Creating such positive associations for a product long ignored was a significant innovation, and its impact continues to be felt.

Additionally, Argyle acquired a certain cachet as the only mine that consistently produced small quantities of fine pink diamonds. Previously, the production of pinks had been sporadic at best, so these diamonds immediately seized the industry's attention. Like the browns, the Argyle pinks were marketed in innovative ways. Special annual "tenders" of the few top-quality pinks garnered considerable coverage in the trade press. Initially these auctions were held at a luxury hotel in Geneva, but in recent years they have traveled worldwide to accommodate the many potential buyers who want to view these diamonds prior to bidding on them. In addition to the pinks offered at tender, Argyle sold smaller ones directly to jewelry manufacturers and designers, who pave set them for maximum impact. This eventually stimulated a trend toward colored diamond pave work in general.


The Impact of Auction Sales, Exhibitions, and the Media

Yet another watershed event for colored diamonds came with the 1987 auction of the Hancock Red at Christie's New York. This 0.95 ct purplish red diamond sold for over $926,000 per carat, still the record price per carat for any gem ever sold at auction. Virtually overnight, colored diamonds became part of every diamantaire's conversation. Auction houses also began to offer more colored diamonds at the pinnacle of their respective colors. Diamonds in the "end grades" of Fancy Deep, Fancy Intense, or Fancy Vivid became regular highlights. While the record of the Hancock Red has yet to be topped, colored diamonds continue to command the highest per-carat prices of any gems. At two major auctions in 1995, a 7.37 ct Fancy Intense purplish pink diamond sold for $818,863 per carat and a 4.37 ct Fancy Deep blue fetched $569,000 per carat. More recently, a 0.90 ct Fancy Vivid green brought $736,111 per carat in 1999, while a 3.95 ct Fancy Deep blue sold for $420,557 per carat in 2001. These steep prices continued to hold their ground up to the time of this writing. A 3.10 ct Fancy Vivid purplish pink diamond sold for $592,129 per carat in June 2005; four months later, a 4.24 ct Fancy Vivid blue brought $426,415 per carat.

Even with the occasional exhibition of colored diamonds from royal and state collections, historically there were few opportunities for the public to see significant numbers of colored diamonds in a wide range of colors. Fortunately, over the course of the last century, a handful of passionate individuals have managed to bring them to the attention of broader audiences. Atanik Eknayan exhibited his collection of colored diamonds at the St. Louis Exposition in 1904, where it was said that more than 70 different colors were on display. Long-term loans to museums also provided opportunities for viewing colored diamonds, such as Andre Gumuchian's 40-plus-diamond Spectrum Collection, which was on view at the American Museum of Natural History in New York from 1976 to 1986. Between 1981 and 1984, Eddie Elzas' Rainbow Collection of approximately 300 diamonds toured a number of venues, including the American Museum of Natural History and the Los Angeles County Museum of Natural History. Alan Bronstein and Harry Rodman's Aurora Collection, which now consists of 296 colored diamonds, was exhibited at the American Museum of Natural History from 1989 to 2005. Their Butterfly of Peace Collection, developed over a 12-year period, was on display at the Houston Museum of Science from 1994 to 1996 and the Smithsonian Institution from November 2004 to July 2005.

Other temporary museum exhibitions have brought colored diamonds to a much larger audience. Notable examples were "The Nature of Diamonds," which premiered in New York and traveled to San Diego in 1999, and "Diamants," which opened in Paris in 2001. Blue diamonds were chosen by De Beers to express the feeling of uniqueness in witnessing the start of a new millennium in 2000. Centered on the 27 ct Fancy Vivid blue Heart of Eternity, a group of 11 blue diamonds were featured as part of the De Beers Millennium Collection. This collection was unveiled at the Millennium Dome in London on New Year's Eve 2000. Together with the 203 ct D-color, Flawless De Beers Millennium Star, these blue diamonds sent a strong message to the public about diamonds and their timeless beauty.

The Smithsonian's summer 2003 "Splendor of Diamonds" exhibit reportedly received between 10,000 and 15,000 visitors a day. In addition to the impressive attendance figures, the seven diamonds that made up the "Splendor" exhibit drew much press and television coverage and were regularly discussed as embodying the idea of rarity. Two years later, the Natural History Museum in London premiered "Diamonds" in the summer of 2005. The exhibit highlighted a group of unique diamonds (including some from the "Splendor" exhibit) and featured historic and modern jewelry as well as mining displays.

With this increased exposure has come trade backing for colored diamonds in ways that had not existed before. In 2003, the Natural Color Diamond Association (NCDIA) was established. To date, the association has sponsored fashion shows in conjunction with trade and media events, and has launched a website to help consumers and diamond professionals alike better understand colored diamonds.

Of particular importance to the growth in consumer awareness of colored diamonds is the greater coverage by the mainstream media of colored diamond purchases and adornment by celebrities. For example, in 2002 and 2003 considerable attention surrounded the 6 ct pink diamond in the engagement ring given to singer/actress Jennifer Lopez by her then-fiancé, actor Ben Affleck. Other large colored diamonds have adorned celebrities at media events, such as Halle Berry wearing the 5.54 ct Pumpkin diamond (part of the "Splendor of Diamonds" exhibit) when she accepted her Best Actress Oscar in 2002. She followed this at the 2003 Golden Globe awards by wearing a blue diamond pendant and ring. While the presence of colored diamonds at such events isn't a new phenomenon, the attention that now surrounds these gems is unprecedented.


As published on

http://www.gia.edu/gemsandgemology/33978/colored_diamonds_preface.cfm

© 2008 Rare Colored Diamonds.
www.rarecoloreddiamonds.com

Preface: The Allure of Colored Diamonds
posted by Rare Colored Diamonds on Wednesday, June 18, 2008

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