On the 3rd June 1937, the Duke of Windsor married American socialite Wallis Simpson at Indre-et-Loire in France. Reflecting the lavish and eccentric style of the age, he slid a coloured diamond on her finger.
Yes, a coloured diamond!
You may be surprised to hear that the tradition of gifting clear stones only became convention in the late 1940s after De Beer’s hit ‘a diamond is forever’ marketing campaign.
But fast forward some eighty years, it seems the market for coloured stones are experiencing a renaissance. Royal blue, jet black and delicate pink diamonds have emerged from the mists of time.
Let’s take a look at the reasons why these diamonds have been unearthed from the rough once more!
The Red Carpet Influence
Since the early days of Hollywood, film stars have been a key part of trendsetting.
Significant sections of the media are dedicated to reporting on celebrities latest frocks, hairstyles and jewellery pieces.
So, when Ben Affleck proposed to Jennifer Lawrence in 2002 with a six-carat pink diamond, this catalysed a new trend of celebrities donning coloured diamonds.
Celebrities and aristocracy have followed suit including Victoria Beckham, Princess Mary, Nicole Kidman and Barbra Streisand.
Inevitably, this has trickled down to the broader market, with many copying what they see in magazine columns and fashion websites.
Pink Pandemic Purchases
Until last month, most of the worlds rare pink diamonds were mined from Western Australia at Argyle. But with the closure of this mine, the value of these stones have soared.
Incredibly, loose stones are on the market for $15,000 to $25,000. This represents a massive price hike of 25%
You may think this would deter those who might have their eyes on a precious pink stone.
However, those who had previously planned expensive overseas vacations only to have them scrapped by travel restrictions have found pleasure in spending money on some of the most desired diamonds on earth instead.
Famously, Marilyn Monroe sang diamonds are a girl’s best friend in Gentleman Prefer Blondes. But perhaps this should be rephrased as diamonds are an investor’s best friend in 2021!
As discussed above, price increases of 25% can be found in the pink stone market.
But this can be observed across the board, with what dealers have dubbed as ‘miracles of nature’ seeing 111% returns.
The scarcity of pink, red and violet diamonds has disrupted the downward trend of coloured diamond prices.
Although many are purchasing coloured diamonds for sentimental or collectable reasons, there is a big market for investors who wish to include it to their portfolio.
Designers and retailers alike are always clamouring for new ways to distinguish their collections from their competitors.
Coloured diamonds add sparkle to collections; a sea of glistening red, green and blue.
Designers have also considered how stones which have previously never been used can provide new offerings to customers.
For example, brown diamonds are currently vogue.
Previously, these were used predominantly for industrial purposes, but have been smartly marketed as chocolate diamonds.
However, lab grown products are getting there popularity nowadays. A lab grown diamond wedding band comes with more glitter and comes with an affiordable price tag. Infact colored diamond demand got affected by lab grown diamond.
Beauty is in the eye of the beholder.
Some may like traditional clear diamonds, while others may prefer coloured pieces.
Regardless, hopefully, this article has shone a light on the reasons for the coloured diamond renaissance!
About the author: Joe Slinn is a PR Specialist at ResumeCats. He enjoys hiking, playing football and watching boxing.