Firestar Diamonds, one of fraudster Nirav Modi’s former companies, owned the intellectual property and sold its inventory and assets in late September, following its declaration of bankruptcy in February.

ABG Intermediate Holdings, which trades as Authentic Brands Group, purchased the legal rights to the “best friend” phrase which can be used in the US, Canada and European Union.

Court Records stated the company’s IP and assets sale totalled US$5.7 million (AU$8.1 m), with SimplexDiam purchasing US$1.9 million ($2.7 m) in inventory across 28 lots including diamond rings and wedding bands.

It has also been reported that Christie’s will auction Moon of Baroda diamond – worn by Monroe in the movie when she sang the iconic song – on 27 November.

The stone is a 24.04-carat pear-shaped fancy yellow diamond and is said to have a ‘rich history’ dating back hundreds of years.

Emerald ring breaks record 

In other auction news, an emerald ring has fetched more than double its presale estimate and broken records at a Sotheby’s auction in New York.

The piece featured a 10.68-carat lozenge-shaped Colombian emerald shouldered by baguette diamonds which managed to sell for US$1.2 million (AU$1.7 m), far higher than its US$300,000-$500,000 estimate. The sale represented more than US$113,000 (AU$160,000) per-carat.

The emerald contributed to the record-breaking auction, which made the highest value of sales at a in history at a Fine Jewels auction, totalling US$11 million (AU$15.6 m) with 75 per cent of items sold.

Kendall Reed, head of Sotheby’s fine jewels division New York, stated: “We saw outstanding prices for white and fancy-coloured diamonds, especially pear-shaped stones — all of which outperformed their estimates.”

Two private collections at the auction achieved “white glove” status whereby every piece was sold, according to Sotheby’s.

The next jewellery auction will be the Magnificent Jewels and Noble Jewels sale in Geneva where the late Queen Marie Antoinette’s collection will be viewed for the first time.
 

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According to data published in September, Millennials – consumers currently aged 21 to 39 – accounted for almost 60 per cent of jewellery sales in the US last year and 80 per cent in China .

Gen Z – people aged 20 and under – represent 35 per cent of the world’s population and are forecast to become the majority consumer group of diamond jewellery sales in coming decades, already representing 5 per cent of the US consumer market.

De Beers Group CEO Bruce Cleaver stated: “The younger generations present wide-ranging opportunities for the diamond industry with the significant size and purchasing power of today’s Millennials and tomorrow’s Gen Z consumers.”

“While both of these generations desire diamonds just as much as the generations that have come before them, there are undoubtedly new dynamics at play: those diamonds may now be in different product designs, used to symbolise new expressions of love and researched and purchased in different ways to mark different moments in life.”

The report pointed to four major characteristics that can be attributed to both generations’ buying habits: love is meaningful to them, they are digital natives, they value authenticity, individuality and self-expression, and they are engaged with social issues.

Cleaver went on to acknowledge that both generations are influenced by social media and online shopping, utilising both to research the diamond market before investing in a product, noting that 98 per cent of Chinese Millennial and Gen Z consumers research purchases through one or more channels before buying.

“The ‘always on/always connected’ nature of today’s consumers – buying what they want when they want it – is resulting in changes to the typical decision-making and purchasing approach. Retailers across a range of industries are finding they need to rewrite the rule book when it comes to forging and maintaining connections with consumers,” Cleaver said.

Among the changing requirements for diamond marketing targeted to the younger generations, the report noted the use of ‘influencer marketing’ as a key tool for engaging consumers. Digital marketing across Instagram, Snapchat and Youtube were considered top channels for social media engagement in the diamond sector.

The report also recognised differing socio-political attitudes among Millennials and Gen Z to their parents’ generation (Baby Boomers) in relation to sexuality, stating: “The young generations’ liberal attitudes towards sexuality and gender identity require businesses in the diamond industry to move beyond binary approaches to these issues by avoiding gender stereotypes and venturing out of traditional relationship contexts.”

Globally, Millennials represent 29 per cent of the total population equating to 2.1 billion people, while all older generations combined account for 36 per cent. In India, Millennials account for 31 per cent of the population and outnumber all older generations put together.

Millennials represent the “bridal generation” with the average age of marriage between 24-30 in main diamond-consuming countries. Bridal jewellery accounts for more than a quarter of diamond jewellery acquired by women in the US, China and Japan.

According to the report it is crucial that the diamond industry looks to the younger generations who are increasing spending while the Baby Boomers are decreasing their spending in the category. The World Bank forecasts Millennials’ total income will exceed US$4 trillion (AU$5.6 t) by 2030 and will have overtaken Gen X as soon as 2020.

Aside from the two younger generations, diamond jewellery demand as a whole increased last year, having reached US$82 billion (AU$115 b), up 2 per cent in 2017. Diamond demand in countries outside of Japan, China, India, US and Gulf (Saudi Arabia) – classed as ‘the rest of the world’ – includes Australia and European nations, which contributed a 2 per cent increase to US $18 billion (AU$25 b) in the sector. This was “due to strengthening macro-economic performance and currency appreciation against the US dollar.”

With growth in both population and interest in consuming diamond jewellery, it is imperative that jewellers across the sector look to Millennials and Gen Z for a brilliant future.

The Hope Will Catch Our Tears Initiative will produce 100 specially created pendant necklaces, which will be sold by Guild members to raise funds for Beyond Blue Australia and advocate for mental health resources and support.

Diamond Guild Australia executive officer Melissa James unveiled the ‘Hope Will Catch the Tears’ pendant designed by Niki Jackson from J Farren-Price; $2,000 from every one sold will go directly to Beyond Blue.

“The pendant features a single pear-shaped diamond ‘tear drop’ below which two curved gold sections represent a pair of hands. This reflects the idea of being supported through depression and anxiety, the idea of acknowledging the difficulty for those who suffer from mental health challenges but also the importance of those around them that are their support network,” James announced at the Gala.

“We will be offering a limited edition of 100 of these pendants through our Guild members stores over the next 12 months and hope to generate a $200,000 donation Beyond Blue to support their much needed work, but also to honour the many individuals and families that have suffered the effects of depression and suicide.”

James Thredgold of James Thredgold Jeweller inspired the campaign through his mental health advocacy efforts. Thredgold lost his wife Holly to depression in 2016 at the age of 42 and said she was “amazing and wanted to be an advocate for mental health.”

“While I was on holidays my amazing kids, Melissa and the team had come up with the idea which almost brought me to tears,” he said.

Thredgold has been a long-time supporter of mental health resources and is a Breakthrough Mental Health Research Foundation ambassador where he gives presentations about destigmatising the conversation surrounding mental health and provides advice for seeking support based in his 15 years with Holly.

“I think if we see people talking about it in all different walks of life and they see that just like cancer or any other disease, it doesn’t choose people according to race colour or wealth, then we can raise funds to find triggers,” Thredgold said.

“One day I hope that we can at least help reduce the number of people who suffer form it. If we can raise awareness for mental health I think people will listen.”

Editor’s note: A full report of the Diamond Guild Australia Jewellery Awards Gala, will appear in the December issue of Jeweller. The special edition will also feature The Great Diamond debate with in-depth discussions around the rise of synthetic diamonds.

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Getting married is a once-in-a-lifetime event and after it comes the time-honored tradition of commemorating the union on anniversaries. On the big day, friends and family gather, and rings and vows are exchanged. The wedding officiant urges the couple to enjoy the moment, but stresses that what matters most is their future. Another key ingredient of weddings is the past and one way of honoring this is using heirloom diamonds in wedding rings.

An heirloom is an object of special value that has belonged to a family for several generations. In addition to the personal value an heirloom has for a bride, some choose a handed-down ring for its considerable cost savings. Heirloom gemstones have another role—they can be reconfigured and added to a new setting that puts a modern-day spin on the past. Refashioning heirloom jewelry isn’t restricted to couples and even single women and men choose to reimagine these keepsakes and make them their own.

Anniversaries

Anniversaries are prime occasions for heirloom stones to be re-introduced into wedding bands or antique diamonds to be refashioned into new rings. “I’ve seen couples who had a solitaire diamond when they got married and now they want to add to it for an anniversary,” says Jewelry Consultant Kathryn Luco. She has helped clients repurpose rings and stack them into new settings with recut and added stones.

The first step is to select the heirloom stones you want to repurpose. If they are coming from an existing relative, be sure to secure that person’s blessing to alter them. After deciding on the heirloom stones you want to repurpose, ensure they’re clean and repair any damage they may have incurred over the years. Meet with a trusted consultant to explore various possibilities and personal touches you want to add to the new setting. Discuss ongoing maintenance of the ring to keep it in good condition and adding protection if the new ring style calls for it.

Carolyn Bozek’s original wedding ring combined a diamond with rubies, but after 30 years of wear and tear it was falling apart. “My husband had the setting altered with diamonds added from a necklace and gave it to me as a surprise gift for our 30th anniversary,” says Carolyn. A little imagination and ingenuity go a long way toward reinventing jewelry into something both stylish and distinguished. “After knowing what it was before, I really love what it was turned into,” she says.

Honoring Memories

When family members pass on, creating heirloom rings to honor their memory can add a profoundly personal touch. Recutting diamonds or other stones into something contemporary can be tricky when there are strong memories attached. There are certain pieces that you know a loved one who has passed on would want you to wear. You can also take an aspirational approach and ask yourself if the person had big dreams for a setting that were never realized.

Another occasion that honors the past is when couples renew their wedding vows with a ceremony. Some choose to incorporate heirloom rings into existing ones, while others select entirely new ones to underscore the sense of renewal. In addition to wedding and engagement rings, antique promise rings and stones from necklaces, earrings or bracelets can be reconfigured into new settings.

Practical Occasions

Occasionally, creating a setting using heirloom stones is inspired by more practical needs. “There are people who work with their hands who have an existing prong setting that can get banged up,” says Luco. “Adding a bezel to surround the entire stone protects it and although it doesn’t let as much light in, it’s more practical for their lifestyle.”

The choice to recut and reimagine heirloom stones and add them to updated settings or to leave them largely intact is yours. People with children can choose to rearrange gems to symbolize their family members. Others commemorate achievements like graduations and awards. The only limits on personalizing heirlooms are your own imagination. Your options fairly glitter.

The three-day Symposium hosted a number of panels which discussed industry issues spanning traceability, challenges in the emerald mining sector, ethical supply chain and environmental impacts of mining. More than 200 foreign delegates and 300 local delegates attended the event, including speakers from 25 countries.

Symposium chairman and president of the Colombian Exporters Association, Guillermo Galvis, addressed the audience at the event’s 12 October opening in which he highlighted the importance of government and local communities working in cohesion to achieve sustainable mining practices: “It’s up to us to have a better industry,” he said.

These sentiments were reiterated by International Colored Gemstone Association ambassador to Colombia, Idolfo Romero Rodríguez: “I look forward to all the projects currently underway and those that are upcoming in order to have clear guidance with reporting standards of geological information and to collaborate on this fantastic initiative,” he stated.

“Together, we are taking coloured gemstones—and especially our beloved emeralds—forward,” Rodríguez added.

The Colombian Government used the Symposium as an opportunity to unveil upcoming plans for its five-year ‘Mineral Digital Fingerprint’, which commenced earlier this year. The US$30 million project establishes the origins of minerals by identifying physical-chemical characteristics and has been organised in partnership with the Colombian Geological Service and the National University.

Gloria Prieto, from Colombia’s Ministry of Mines and Energy presented the Fingerprint, which can also be used to trace the different stages of exploitation, refinement and commercialization of the minerals.

Delegates from luxury brands included Van Cleef and Arpels and LVMH, with the latter’s environmental project manager Cathelijne Klomp hosting a presentation which stressed the importance of companies ensuring all elements of their products are ethically sourced.

The CIBJO Congress immediately followed the Symposium from 15 October. Colombia’s vice president Marta Lucia Ramirez attended the conference where she outlined challenges within local industry and stressed the importance of expanding the country’s jewellery sector.

CIBJO President Gaetano Cavalieri unveiled the Federation’s Responsible Sourcing Guidance, which will achieve Blue Book status. He stated: “As industry leaders, our obligation is to ensure that our sector is able to evolve and adapt in accordance with changing business, technological, social and geopolitical conditions.”

“Staying in one place effectively means that you are moving backwards, and that is not acceptable.”

Responsible Sourcing Commission was established, with Philip Olden appointed as its president in order to change and amend the working document in future if need be.
 

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The Duchess wore the New Zealand brand’s Temptation stud earrings, featuring a dyed pearl set in 9-carat gold on two occasions: first on her visit to Bondi Beach, where she and Prince Harry spent time with members of non-profit mental health group OneWave, and again on the second day of her trip to Fiji.

Worth & Douglas has manufactured and supplied Karen Walker for 15 years and director John Worth said consumers have shown “huge interest” in the earrings since their appearance on the Duchess.

“We have experienced increased sales globally. Meghan has made her own mark in fashion, even before becoming engaged to Prince Harry, and has created the effect that anything the Duchess wears increases sales and exposure for that brand,” Worth said.

“Meghan has previously worn Karen Walker clothing at New York Fashion Week.”

Markle has established a penchant for Australian and New Zealand jewellery brands while on her trip Down Under for the Invictus Games; she was also spotted wearing earrings from Sydney designer Natalie Marie’s eponymous brand.

Markle’s stylists also showcased the work of local fashion designers including Karen Gee, which the Duchess wore during her pregnancy announcement on 15 October. According to news reports the designer’s website crashed following the announcement due to immense web traffic.

The Duchess also wore pieces from local fashion designers including Martin Grant, Outland Denim, Dion Lee, Emilia Wickstead and Zimmerman during the tour.

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