Are diamonds still forever? | Classic Chicago Magazine

By Jill Lowe

The question asked is not in the endurance of any particular diamond but rather in the regard of value, scarcity, rarity and luxury of diamonds.

When the timeless slogan “A diamond is forever” was coined in 1947 by Frances Gerety, a young copywriter at the advertising agency covering deBeers, this stroke of marketing genius switched the focus from the price of a diamond to the emotional concept of eternal love. Furthermore it reinforced the idea that the diamond should not be resold or bought for investment, underscoring the “forever.”

The resulting “scarcity” and therefore the availability has been much like OPEC in dealing with oil availability. The complete control of supply of diamonds through the deBeers system DTC (Diamond Trading Company) enabled deBeers to stockpile inventory in a weak market to maintain stable but rising diamond prices. This could only be done by deBeers controlling the rough diamond supply, then mostly from Botswana. But in the last years of the 20th century, new world class mines were found in other countries, which began by-passing deBeers and selling directly to the market, resulting in a “supply and demand” pricing causing the price of diamonds to decrease.

Furthermore, deBeers, (owned by Anglo American Company with Botswana) owns Debswana which produces the bulk of diamonds today. Recent changes in leadership in Botswana, have resulted in Botswana being interested in increasing its stake in Debswana. Today Anglo American is moving closer to spinning off or selling its diamond unit deBeers.

The impact of lab diamonds cannot be forgotten either and this will be discussed below.

Brief history of Diamonds.

Thought to have magic powers of protection and were considered by some to be preserved lightning, they were first mined in India but were not yet polished.

By the 11th century aristocrats and royalty wore diamonds but were still not cut or polished.

In 15th century, the polishing wheel was invented – the scaif -and the rose-cut diamonds with 24 facets were developed which sparkled well in candlelight.

In 1870 diamonds were discovered in the Kimberly region of South Africa and Cecil Rhodes bought a claim in the mine and by 1888 formed deBeers and with it the CSO – the controlling Central Selling Organization, later named the DTC– Diamond Trading Company– referred to above.

During the 1700’s and 1800’s mine-cut diamonds emerged with advances in diamond cutting technology. This brought increasing variations in the number of facets and shape of the bottom of the diamond. Then in 1947 the current brilliant-cut of some 58-66 facets was developed.

When deBeers coined “A diamond is forever,” even countries such as Japan with no custom of engagement rings, adopted the practice, to the benefit of deBeers. Further deBeers offered a guideline of a suggested cost of 2-3 months salary to be proper to spend on an engagement ring.

Classification of diamonds

The 4 C’s

Jewelers speak simply about these qualities and prospective diamond buyers do well to heed and understand the range. So of course price is reflected in the ratings.

The Gemological Institute of America setting the standard of the 4C’s.

So important are these ratings my favourite diamond retailer had her infant daughter clothed in a suitable onesie. I don’t need to tell you that each of the 4C’s has a range of values from flawless to lesser : Color, Cut, Clarity & Carat (the unit of measurement for the physical weight of diamonds, and as a referece point there are some 144 carats in 1ounce.)

Shapes of Diamonds

Most of these shapes are well known but there are some subtle differences in some of the shapes.

A word about industrial diamonds

Any diamond designated for industrial use is principally as a cutting tool or abrasive. In general, industrial diamonds are too badly flawed, irregularly shaped, poorly coloured, or small to be of value as gems, but they are of vital importance in the modern metalworking and mining industries. Their utility stems from the fact that diamond is the hardest natural substance known. Diamonds rate 10 on the Moh’s scale of hardness. They can be natural or synthetic lab diamonds.

Blood Diamonds or Conflict Diamonds

The Gemological Institute of America (G.I.A.) and/ or the International Gemological Institute (I.G.I) certifies each diamond as to size and quality with regard to the 4 C’s. What it does NOT do is to trace diamonds to their origin.

Blood diamonds or conflict diamonds entered public consciousness around 1998. They are diamonds used by rebel movements or their allies to finance conflict aimed at undermining legitimate governments.

In an attempt to deal with the situation, the UN initiated the Kimberley Process (KP-the Kinberley Process Certifiication Scheme), a coalition of governments, civil society and the diamond industry and was launched in 2003 to eliminate the trade in so-called conflict diamonds. Conflict-free diamonds are diamonds sourced from the some 60 countries that are full participants in the Kimberley Process Certification Scheme.

There are drawbacks however as human rights abuses are not addressed and only batches of diamonds are considered, not individual diamonds.

In 2017 deBeers initiated Tracr to trace origin and provenance of each diamond to the source. Using a blockchain platform it is being used by some other companies now. Suffice it to say the provenance of each diamond is increasingly important, such that the earlier vintage diamonds such as rose-cut and mine-cut diamonds are becoming more popular as there is higher provenance.

Lab Diamonds

In 1954 General Electric created the first lab grown diamonds, but not till advancements in technology in the 2000’s were the diamonds of jewelry quality.

Interestingly deBeers had some foray into lab diamonds which has now been discontinued.

In 2021 Judy Bross for Classic Chicago Magazine interviewed representatives of Clear Origins and elaborated extensively on the aspects of lab diamonds in the article “Sparkling Proposals.”

Today the industry is booming and the same certifications are available from the agencies GIA and IGI. All the same standards of 4C’s (clarity, color, carat and cut), shape and size are available.

Provenance is available, although human rights abuse is not ruled out in some countries.

With the notion that (except for examination by expensive equipment involving photoluminescence) an average jeweler cannot detect a difference in lab diamonds from natural if the clarity quality is higher than F1 and 2. So considering a natural diamond may take some millions of years to develop, versus the month it takes to grow a lab diamond, it is no wonder that the younger generation find the lab diamonds so attractive. Oh did I mention lab diamonds are perhaps 1/4 the price of natural diamonds?

The pros and cons of lab diamonds are quite personal.

Some purveyors of natural diamonds will say lab diamonds have no resale value. The sentiment of knowing your diamond is natural is important to some. Knowing the lab diamond is conflict-free is important to many.

To the naked eye the diamonds of high quality look the same as natural. Some people feel they are not REAL diamonds.

Some lab grown diamond purveyors pose the following question:-

Is an IVF baby a REAL baby?

Jewelers’ Row Chicago

Here in Chicago almost everone has a favourite jeweler on Jewelers’ Row, on Wabash Avenue in the Loop. Ask any friend and the answer is usually “I know someone!” So here is another to add to your list.

Meet Parin Moradiya, the 22 year old founder of Diamond Soiree. Her father had started a diamond manufacturing company in 1995 and was named Parin Gems when she was born in 2003. When Parin was 16 the family business transitioned to Parin Lab Grown with Parin managing the diamond business, enabling her to build the company Diamond Soirée. Having had some years in a small holding on Wabash on Jewelers Row, the lovely new store has just opened.

Parin can give you any lab diamond you can dream up, from colored diamonds to imaginative jewelery or bespoke designs just for you. She can house diamonds in sterling silver, platinum or gold in custom designs.

The provenance and quality are certain and the diamonds will be certified.

Here above is the newly opened Diamond Soiree at 23 N. Wabash Ave, Chicago and some of her jewelry below.

Pink and white diamond necklace at Diamond Soiree.

A word about pink diamonds

Not everyone is aware of such a color in diamonds, mostly because the first pink diamond was discovered in the remote Kimberley region of Australia not till 1979. It was here that the Argyle Pink Diamonds showcased these diamonds which had formed over 1.6 billion years.

Marketed by the Argyle Pink Diamond company as as “beyond rare,” they are exquisite, and with a very wide range of the color pink. With so few mined, they are very scarce.

Argyle pink diamonds

With not a lab diamond in sight – here are a few of the historic and well known diamond stones and jewelery

Maharaja Bhupinder Singh of Patiala commissioned the House of Cartier to transform many gems into a necklace in 1925. It was set with 2930 diamonds with the deBeers golf ball size yellow diamond of 234 carats as its center piece.

It was lost in 1948.

In 1982 the yellow diamond apparently appeared at an auction house in Geneva but today the wherabouts is not known. In 1988 a Cartier associate found the necklace in a second hand shop in London, devoid of most diamonds and it was purchased by Cartier and restored with cubic zirconia and synthetic rubies. Its location today is unknown.

The Patiala Necklace

The Baroda Diamond necklace was commissioned in 1880 by Maharajah Khandero Gaekwad and incorporates the 128 carat “Star of the South” diamond with the 78 carat “English Dresden” diamond below it.

The below photo shows Sita Devi, Maharani of Baroda in 1948 wearing a modified version of the necklace, where more diamonds have been added.

With a storied history since discovered in 1660 and when uncut being some 112 carats, the remarkable deep blue diamond finally came into possession of Henry Philip Hope, and became known as the Hope Diamond. With 67 carats after cutting, and reduced by further cutting to be some 45 carats, eventually the diamond was purchased by Harry Winston and in 1958 he donated it to the Smithsonian. It is thought to have inspired the “Heart of the Ocean” necklace in the movie Titanic.

Koh-i-noor, is one of the world’s most famous diamonds, known for its size. (105.6 carats) As part of the British crown jewels since 1849, it originally weighed 191 carats, but it was recut to enhance its fire and brilliance in 1852 by Garrard of London – the royal jeweler.

The Tiffany Diamond at 128 carats was discovered in 1877 in South Africa and acquired by Tiffany the next year.

Four women have worn the Tiffany Diamond. The piece was first worn in 1957 by Mary Whitehouse to a Tiffany Ball, and then it was most famously worn by actress Audrey Hepburn in 1961 when she did publicity for the film, “Breakfast at Tiffany’s.” For Hepburn, the Tiffany Diamond was re-set in Tiffany jeweler Jean Schlumberger’s Ribbon Rosette necklace.

In 2012, the Tiffany Diamond was re-set in celebration of Tiffany & Co.’s 175th anniversary. The

jewel was placed in a necklace with more than 100 carats of white diamonds. This new style made its red carpet debut seven years late on Lady Gaga at the 2019 Academy Awards.

The same Tiffany Diamond necklace style is worn by Beyoncé in the latest Tiffany & Co. campaign.

In 2019, the estimated value of the Tiffany Diamond was $30 million.

The Cullinan diamond

It was discovered at a mine in the area that was known as the Transvaal in South Africa, in 1905. Weighing 3,106 carats – the largest diamond ever found, at that time.The Cullinan diamond was too big to to put the whole diamond in a crown or any other piece of jewelery. The only solution was to cut it. So King Edward VII sent the diamond to the Royal Asscher Diamond Company in Amsterdam, to be cut.

After cutting, the nine largest stones remain either in the British Crown Jewels or in the personal possession of the Royal Family. These celebrated gems and their current settings are as follows:

The Cullinan I, also known as the Star of Africa, weighs 530.20 carats. It was placed in the Sovereign’s Royal Sceptre as part of the Crown Jewels, in the tower of London.
The Cullinan II is a 317.40-carat cushion-cut stone mounted in the band of the Imperial State Crown, and also in the Tower of London
The Cullinan III is a pear-shaped diamond weighing 94.40 carats and was set into the finial of Queen Mary’s Crown.
The Cullinan IV, a 63.60-carat cushion shape, was originally set in the band of Queen Mary’s crown.
The Cullinan V is a triangular-pear cut weighing 18.80 carats mounted in a brooch for Queen Mary to be worn in the circlet of her crown as a replacement for the Koh i-noor.
The Cullinan VI – an 11.50-carat, marquise-cut stone, was presented by King Edward to his wife Queen Alexandra, and was worn often by Queen Elizabeth II as a drop on a diamond and emerald necklace.
The Cullinan VII is an 8.80-carat marquise-cut stone mounted in a pendant on a small diamond brooch that also contains the 6.80-carat cushion-cut Cullinan VIII.
The Cullinan IX, a 4.39-carat pear shape, was mounted in a ring for Queen Mary.

Queen Elizabeth 11 wearing the brooch containing Cullinan 3 and 4 – known in the Royal family as “Granny’s chips.”

The nine Cullinan diamonds.

As to the future of the diamond industry, It seems there will be a thrust to woo a younger generation to natural diamonds while navigating the increase of popularity of lab diamonds.

The future of deBeers is yet to be determined and possibly if Anglo American spins off or sells deBeers (as this intention was announced in May 2024), it could possibly empower Botswana to take a stronger role in the diamond industry.

some appropriate quotes.

“Wit must be foiled by wit: cut a diamond with a diamond”.

Sir Willian Congreve

(even better known for developing the Congreve rocket giving the “red glare, inspiring Francis Scott Keyes to write the Star Spangled Banner)

“A diamond is a chunk of coal that is made good under pressure.”

Henry Kissinger

“A diamond cannot be polished without friction, nor a person perfected without trials.” Attribution various: mostly a Chinese Proverb.

Let Marilyn & James Bond have the last definitive sentiments: Sean Connery showing us in “Diamonds are FOREVER” and Marilyn Monroe with her lyrics.