May 28, 2015
CHASING RAINBOWS – COLOR DIAMONDS CONTINUE TO GAIN GROUND
Deborah Yonick of MJSA Journal May 2015 reports on color diamond trends and awareness in the market. Below is her article as seen on http://www.mjsa.org/
Thirty years ago you couldn’t give away a color diamond, especially yellows and browns, diamond dealers quip. Now, color diamonds represent the most exciting part of the diamond business. Not only are they more widely used in fashion jewelry, color diamonds are making inroads in bridal jewelry as well. Members of the Natural Color Diamond Association share their take on what’s happening in this increasingly important niche market.
“High flying auction results and media publicity surrounding celebrities receiving and showing off color diamonds has created a huge increase in the desire for these remarkable stones,” says Jeffrey Post of Gem Platinum in New York City.
Color diamonds were among the biggest sellers in jewelry auctions in 2014. Among the highest-priced jewels auctioned off were vivid blue diamonds, with the 9.75-carat Zoe Diamond selling for more than $32 million, setting a new world auction total price record for a blue diamond. Last year also saw many record-setting rare color sales, including an 8.41-carat flawless fancy vivid pink diamond, which fetched $17.7 million, and a 100.09-carat Graff vivid yellow diamond (the largest yellow cut precious stone in the world) that sold for $16.3 million. From the world’s top auction houses to Hollywood’s major red carpets, fancy color diamonds in dazzling jewels have been everywhere. “Definitely the end consumer has become much more aware and savvy of natural color diamonds,” says Pratima Sethi of Sethi Couture in San Francisco. “This makes it more exciting for designers to create pieces knowing that consumers are not just intrigued by color diamonds, but also are appreciative of them.”
There’s been a shift in the natural color diamond market to appeal to a larger audience. “As the majority of designs incorporating pink and other natural color diamonds have been stylistically more arty, contemporary, or unusual, we’ve found that over the last five years more mainstream/everyday designs are incorporating natural color diamonds,” says Michael Neuman of Mondial Neuman in Sydney, Australia. “This indicates a much wider audience has accepted color diamonds as an option.”
One area many dealers cite as a large source of color diamond growth in 2015 is bridal jewelry. An increase in color diamonds as an alternative to traditional white is appearing not just in engagement and wedding rings, but also in jewelry worn on the wedding day. “With consumers wanting true uniqueness, color diamonds offer that personalization,” says Sethi. “Younger clients especially appreciate the characteristics of color diamonds.”
However, to develop a niche in color diamonds, Sethi notes that it’s critical to offer various price points, and not just focus on larger statement pieces. “It’s important to note that color diamond jewelry can be affordable, which makes it even more interesting to capture a younger, newer buyer to the market, and grow them into more sophisticated color diamond jewelry.”
Dealers also expect to see customers ready to move beyond the regular fancy yellows and pinks, notes Harsh Maheshwari of Kunming Trading Co. in Hong Kong. “Brownish pinks, greenish yellows, yellowish oranges, are all items that will move this year,” he says. However, Post notes, as demand outstrips supply as more retailers enter the market segment and more consumers discover color diamonds, prices for natural color diamonds will continue to rise.
Diamonds exist in nature in almost every color. Natural color diamonds vary from the faintest shades of pastel pink, brown, or yellow to the most deep, vivid shades of blue, green, and orange, with colors such as red, purple, and black extremely rare. This range of available colors allows jewelers to easily personalize pieces for their customers.
“The beauty of color diamonds is that all colors hold a unique and different appeal,” says Sethi. “From a designer’s perspective, I’ve found that someone seeking a more earthy organic style tends to favor the warm tones of champagne, cognac, golden yellow, and burnt orange. Someone seeking a more classic, traditional style and is well versed in white diamonds tends to lean in to color seeking intense yellows or canary diamonds. Someone with a more feminine and romantic aesthetic would favor pink diamonds.”
Color diamonds also lend themselves to individual detailing that has personalized meaning for clients. “We’ve incorporated green diamonds to represent Irish heritage for a client, blue diamonds for the birth of a boy, and pink diamonds for baby girls,” says Rohan Milne of Rohan Jewellery in Leederville, Australia.
And not only can this personalization trend help customers stand out with unique color diamond pieces, it also helps the jewelers who create them stand out. “The vast colors, shapes, and sizes have attracted a whole new clientele to my business and really helped my jewels stand apart from other designers,” says designer Kristin Hanson of New York City. “Natural color diamonds bring fine jewelry to life and add so much possibility for design compared to classic white diamond jewelry.”