It was a few years ago when we heard about the infamous Hatton Garden heist where 6 robbers carefully constructed a plan to break into a safe deposit/vault and steal £14million worth of jewellery (only £4.8million worth of jewellery has been discovered so far). I had a friend who worked in Hatton Garden at the time although the value of his jewellery was no where near the same value as the mentioned heist, he did mention the heist was like something from a Mission Impossible movie. Well he spoke to soon because they soon released a movie about the heist a few years ago, you can see the original trailer below.
We understand that are so many ethical considerations involved in the diamond trade, movies like Blood Diamond highlight this (particularly focusing in Sierra Leone). In an article by Diamond Pro it states:
Diamonds are not traceable to their origins like fair trade coffee beans or organic produce. From mining to selling, diamonds pass through many hands, not all of them honest. Unless the diamond you purchase is from a Canadian mine or is lab-created , there is no guarantee is has been ethically sourced".
Diamond Development Iniative helps to combat the above when working with African Miners to help bring awareness of human rights, social, and environmental standards leading to better economic and environmental outcomes. So what makes Diamonds so popular? Why are they so valuable? Why are diamonds a status symbol?
Romans believed that diamonds are particles from falling stars, while the Greeks considered them as tears of Gods. Diamonds originated their name from the Greek word “Adamas”, which means unbeatable. So you can see that its status symbol spans back many years. The diamonds come secure to the Earth surface by means of magma that is moved through volcanic eruptions exemplifying its strength. Diamonds are so fashionable because they are extremely attractive and limited in supply; visually diamonds are stunning making diamonds one of the earths most spectacular gemstone/materials.
Sometimes we may tend to associate diamonds with musicians as they tend to purchase customised signature pieces but they are not always synonymous with just one another. If you remember Ben Affleck's 6.10 carat diamond ring that he gave to Jennifer Lopez was worth $1.2million. Gifts, engagements, fashion and status all play a role in the Diamond industry, Diamonds tend to signify love and not just wealth. It is important to remember the 4 C's - Cut Colour, Clarity & Carat. Each element of the 4Cs determines how much your diamond will cost.
Now you have Lab diamonds and "Real" diamonds, you cannot tell the difference between the two with the naked eye. Natural diamonds have tiny amounts of nitrogen while lab grown diamonds have no nitrogen, this is actually one of the signifiers gemmologists use to identify if a diamond is lab grown or natural. Lab grown diamonds tend to be less expensive than natural diamonds, which means you can purchase a significantly larger diamond and truthfully say it is a diamond. Lab diamonds do not use miners so it is considered to be ethical; natural diamonds will hold its value better than a lab grown diamond because there is a finite supply.
Glamour Magazine explore the ethical considerations of lab produced diamonds in more detail - "Scientists use heat and pressure to grow cultured diamonds in labs to exactly replicate the way in which diamonds form underground". The methods using renewable energy, no digging holes & displacing land and do not exploit labour that compromises basic human rights. With more affordable diamond jewellery designs and more ethical awareness this only further increases a diamonds popularity in the market; if you look at jewellery designers such as Lark and Berry, this is further enhanced as their diamonds are lab produced. Laura Chavez (The founder of Lark and Berry) speaks further on this in the Glamour Magazine article
On a side note I am not sure if you are aware of the term "bust down" watch which is a fully diamond covered wristwatch. I certainly thought it was interesting that this can actually devalue the watch's resale value 'as the watches are taken apart before they are encrusted with diamonds. Rolex for example keep their value on being well preserved & original although the bust down watches might be easier on the eye, once its taken apart by a jeweller who isn't the manufacturer then it devalues. I thought I would mention this just to exemplify that the inclusion of diamonds do not mean increased value. Below is an example of a bust down Rolex.
Now my friend A1 Jewellery learnt his trade by working with an experienced Jeweller before launching his own brand. There are various ways to enter the industry if you may not want to consider learning your trade as a jeweller such as hence the increased interest within the industry:
* Manufacturer - You can purchase rough, uncut gemstones at a lower price and sell them at a
higher price after polishing them up.
* Trader/Reseller - choose the lower-price gemstone market and focus on one concrete area.
Selling retail gemstones, you have a better potential for earning.
* Broker - As long as you know many people interested in purchasing gemstones, you can build
up their trust and your audience, sell gemstones, and gain a profit from the percentage.
If you search through Instagram you would find a plethora of different jewellers promoting their brand by providing their services to athletes, celebrities and musicians. It was through this where I first came across a diamond tester which tests the authenticity of the diamonds. You can click on the image below to have a look at a diamond tester.
Please let me know what you think of diamonds and whether you have made any significant purchase as of late, I would be interested to hear your thoughts on the ever growing diamond industry.
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