July 2012 Diamond News
Pink Jubilee Debuts
Melbourne Museum was buzzing with excitement as it unveiled the 8-carat Argyle Pink Jubilee diamond discovered in Rio Tinto’s Argyle mine last August. The very rare and large stone was originally destined for sale until close inspection revealed some internal flaws.
Managing director of the Argyle mine, David Peever stated, “This diamond is an incredible legacy…one we want to be on display for the public” and although he did not care to speculate on the total worth of the diamond he did state that it was “priceless”.
The Pink Jubilee Diamond donated to the Melbourn Museum by Tinto, will be featured as the rarest of their over 3000 stones in the museums ‘Dynamic Earth’ collection.
Diamond Jubilee Stars
Intro: Continuing a long history as Jeweler to the English Throne Royal Asscher once again creates a colored diamond collection fit for a queen.
“Diamond Jubilee Stars”
A colored diamond collection of royal proportions by Royal Asscher had its July début in honor of her Majesty Queen Elizabeth of England’s Diamond Jubilee. The collection, which consists of six pieces including ring, pendant, cufflinks, necklace and earrings are set with blue and pink colored diamonds to represent the British National flag.
The crowning glory of the collection is the 18 K rose gold ring with a sapphire crystal half sphere in which floats 2.12-ct of pink, blue and white diamonds.
This tribute to the English royals is only the most recent in a long history Asscher has with the British Monarchy.
It was the Asscher brothers, who cut:
• The 531-c Cullinan I diamond which sat in the royal scepter of the British Crown Jewels
• The 317-c Cullinan II that was set in St. Edwards’s crown. (the crown used for official coronations)
The collection titled “Diamond Jubilee Stars” is exclusive to Harrods London.
World’s most expensive dress
This might make you wonder what could possibly be worn over such a creation, perhaps a $5.5 million black diamond dress containing over 50 2-ct black diamonds. The gown, touted as the most expensive dress in the world, is the creation of English celebrity fashion designer Debbie Wingham. Rumor has it that Wingham is currently working on a diamonds jeans collection.
Young Investors show interest in colored diamonds
Investing in colored diamonds is becoming more popular among young professionals says a report in The Malaysia Chronicle. The report dated July 13, 2012 states that, “young professionals in their 20s and 30s are investing in gems.”
One story contained in the report focused on a 26-year-old collector who already has a diamond investment portfolio worth over $200,000.
Commentary from jewelers who recently attended the Singapore International Jewelry Show would seem to confirm this trend. General Manager of DeGem Singapore, Ivy Choa stated, “While gemstones such as spinels and tourmalines are in among young customers, their first preference is still for diamonds”.
Diamond Market News
With Rapaport’s diamond index showing a decline in polish prices and recent comments from knowledgeable individuals such as Diamond Dealers Club president Reuven Kaufman, it leaves little doubt that there is a definite softening of the diamond market.
In a statement to Rappaport, Kaufman says, “Business is definitely quiet. Asia is definitely not buying as much as they did,” adding, “I think people are waiting it out to see what happens.”
Country by Country
India is in the midst of growing inflation and a weakened Rupee continues to cause trouble for those involved in the diamond trade. Overall, China is seeing a reduced interest in diamonds, while New York diamond companies remain stable.
Even as global economic conditions are, having an effect on investor confidence not all is doom and gloom with the US consumer market remaining stable.
So what new trends can we look for in this uncertain market?
• Demand is for either high or low end goods
• Fancy Colored Diamonds remain popular with the average consumer
• Affordability is key
Still, in spite of current conditions, Kaufman’s remarks that “people are not panicking or dumping goods. They seem to be going with the flow of the market, hoping that it is just cyclical.”