Rapaport Magazine - December 2024 Vol. 47 No. 6

Pass the gavel

Contemporary collections find favor at auction

OLD IS GOLD

The market for vintage and antique jewelry is booming. Here’s how to cash in on the rush

Don’t flatter me

The designers taking a stand against copycats

ESTATE JEWELRY

8 Pre-owned jewelry is booming in the US

14 How three dealers keep current with the past

17 The new Rocksbox pop-up in San Francisco

18 Old jewels find new fans online

20 Top appraisers share their wisdom

24 Five tips for estate collectors

26 Secondhand-watch prices are going down

30 A century of Art Deco

34 How to care for a country’s crown jewels

DIAMOND REPORT

36 Guide to price lists

39 Price list

44 Parcel price list

45 RapNet price list

RETAIL

46 A peek at CD Peacock’s supersized flagship

50 The brands killing it in live-stream sales

54 Taking new jewels straight to auction

80 Under 30s: Rising retail star Grace Isley

STYLE

58 How designers are combating copycats

62 Can wood be as precious as gems?

64 Slim baguette diamonds are in vogue

COLORED GEMSTONES

68 A deep dive into the Paraiba market

72 Emmanuel Tarpin heads to Brazil’s mines

76 The AGTA Spectrum Awards

EDITOR IN CHIEF: RACHAEL TAYLOR

SENIOR ANALYST: JOSHUA FREEDMAN

MANAGING EDITOR: LEAH MEIROVICH

NEWS WRITER: MARNI DAVIMES WEINBAUM

SENIOR COPY EDITOR: RACHEL BEITSCH-FELDMAN

COPY EDITOR: NECHAMA VEEDER

ART DIRECTOR: TARDEO AJODHA

SENIOR DESIGNER: DAVID POLAK

DESIGNER: NICOLE BEDNARZ

DATA ANALYST: OREN YANNAI

VICE PRESIDENT OF OPERATIONS: DAVID EHRLICH

PROJECT MANAGER: ANNA SIMAKOVA

SALES AND OPERATIONS COORDINATOR: YANA SHLYAKMAN

PODCAST AND VIDEO PRODUCER: VANINA PIKHOLC

RAPAPORT DIAMOND REPORT Issue No. 6 Vol. 47 December 2024 (ISSN 0746-9829). The Rapaport Diamond Report is published bimonthly for $250 US, $350 International per year by Rapaport USA Inc., 133 East Warm Springs Rd., Suite 100, Las Vegas, NV 89119. Periodical postage paid at Las Vegas, NV, and additional mailing offices. POSTMASTER: Send address changes to Rapaport USA Inc., 133 East Warm Springs Rd., Suite 100, Las Vegas, NV 89119.

PUBLISHER: MARTIN RAPAPORT

ASSOCIATE PUBLISHER: LEA SCHIFF

SALES EXECUTIVE : DIANA STERN

DIANA.STERN@RAPAPORT.COM

BUSINESS DEVELOPMENT MANAGER, INDIA: TANYA JHA

TEL: 91.22.6628.6592 TANYA.JHA@RAPAPORT.COM

TO CONTACT EDITORIAL: EDITOR@RAPAPORT.COM

Model wears a selection of vintage jewelry from the Geneva Jewels Auction: Two sale, which took place in May at Phillips.

Cover shoot by GEM Kreatives, with photography by Julia Flit, and styling and art direction by Liza Urla.

RAPAPORT MAGAZINE AND ONLINE CONTENT ARE PUBLISHED BY RAPAPORT USA INC.

1212 AVENUE OF AMERICAS, SUITE 801 NEW YORK, NY 10036, USA TEL: 212.354.9100 NY@RAPAPORT.COM

133 EAST WARM SPRINGS ROAD, SUITE 100 LAS VEGAS, NEVADA 89119, USA TEL: 702.893.9400 INFO@RAPAPORT.COM

RAPAPORT INTERNATIONAL

RAPAPORT BELGIUM HOVENIERSSTRAAT 53, BOX 13 B-2018 ANTWERP, BELGIUM TEL: 32.3.232.3300 BELGIUM@RAPAPORT.COM

RAPAPORT ISRAEL

TUVAL ST. 21, SUITE 1362 RAMAT GAN 52521, ISRAEL TEL: 972.3.613.3330 ISRAEL@RAPAPORT.COM

RAPAPORT INDIA

101, THE CAPITAL, PLOT NO C-70, BKC, BANDRA EAST MUMBAI 400 051, INDIA TEL: 91.22.6628.6500 INDIA@RAPAPORT.COM

RAPAPORT INDIA – SURAT 501-504 C WING, DIAMOND WORLD BUILDING, MINI BAZAAR, MANGADH CHOWK, VARACHHA ROAD

SURAT 395 006, INDIA TEL: 91.261.672.3300 INDIA@RAPAPORT.COM

RAPAPORT HONG KONG UNIT 404-405, PROSPEROUS BUILDING 48-52 DES VOEUX ROAD CENTRAL, HONG KONG, CHINA TEL: 852.2805.2620 HK@RAPAPORT.COM

RAPAPORT DUBAI DUBAI DIAMOND EXCHANGE LEVEL 2, OFFICE D06 ALMAS TOWER, JUMEIRAH LAKE TOWERS PO BOX 340600, DUBAI, UAE DUBAI@RAPAPORT.COM

Editor’s letter

There is a perfect storm brewing around estate jewelry right now. Consumers are actively seeking out sustainable, distinctive designs that offer elevated craftsmanship — three touchpoints this category can serve well. Meanwhile, the popularity of yellow gold is rising about as fast as the price, and vintage and antique pieces can offer better value for your money.

Worldwide, the estate category is worth $4.4 billion, as our in-depth report will tell you. In the US, as we anticipate the Great Wealth Transfer — in which older generations will pass an estimated $84 trillion of assets on to their heirs in the next two decades — we expect to see not only an influx of disposable income among young people, but also a fresh wave of estate jewels hitting the market as heirlooms are sold.

This is a boon for dealers who can get the right stock, and we are seeing fresh players join the market. Some are operating through traditional retail channels, while others are building followings and sales funnels through social media. We are also seeing innovative selling models pop up on high streets and in department stores. No matter what your retail style or customer profile is, it seems there are possibilities for pre-owned jewels, which is why we have put together this special issue of Rapaport Magazine to help you gain a deeper understanding of the growing estate market.

Rachael Taylor EDITOR IN CHIEF

EDITOR’S DIARY

Jewelry honors

I joined the Responsible Jewellery Council (RJC) at a dinner to celebrate Californian artist Djeneba Aduayom, winner of the inaugural JewelryArts 24 prize. The prize — which the RJC set up with the Gemological Institute of America (GIA) and the Mineralogical & Geological Museum at Harvard University — encourages using creative storytelling to highlight the importance of responsible practices.

Outside the box

Creativity, man-made gems, and sustainable business practices were the main topics of the evening when I interviewed jewelry designer Anabela Chan in front of a live audience as part of the Leaders in Conversation event series from jewelry-box maker Wolf.

Fancy looks

When it comes to contemporary diamond designs, it seems consumers just can’t get enough of fancy cuts, as I was reminded during a meeting with Eva Fehren founder Eva Zuckerman to view her new EXO titanium high-jewelry collection.

Contributors

ANTHONY DEMARCO

“I didn’t know what to expect when I was invited to the ‘Treasures, Royal Gems & Jewellery’ colloquium in Lisbon. What I received was a broad understanding of what it takes to acquire and preserve jewels of immense historical significance, which I share with readers though just as meaningful was my firsthand immersion in Portugal’s culture.”

SARAH JORDAN

“Diamond jewelers have a front-row seat to the changes in consumer dynamics, from caution amid political changes to spirited holiday shopping. I have interviewed some exceptional retailers investing time, energy and funds in pushing boundaries. In this issue, I profile one Chicago store that claims to be the largest of its kind in the US.”

SMITHA SADANANDAN

“Tracking the world of antique and vintage jewelry through trade fairs such as the Las Vegas Antique Jewelry & Watch Show, I’ve asked retailers and appraisers for the tips they’d give new collectors. My feature in this issue also covers how market trends influence a piece’s desirability, and which trade shows should be on your radar.”

Also in this issue: Beth Bernstein, Carol Bessler, Jessica Busiashvili, Francesca Fearon, Jennifer Heebner, Joshua Hendren, Kate Matthams, Ruth Peltason, Sonia Esther Soltani, Kristin Taylor Young

Martin Rapaport PUBLISHER MARTIN@RAPAPORT.COM

Note from the Publisher

DIAMOND SOURCING

The Kimberley Process (KP) is a highly politicized multinational government process that misrepresents itself as a certifier of ethical diamond sourcing while in fact supporting the certification of blood diamonds as legitimate.

The EU is trying to use the KP and Group of Seven (G7) sanctions to illegitimately control the international trade of diamonds through its Belgium trading center by using ineffective exclusionary sanctions processes. This is an attempt to grab power in support of Belgium’s national interests at the expense of diamond producers, manufacturers and consumers.

It should be clear that governments operate in their own self-interests. In this case, they are using the KP and G7 sanctions to promote their national, political, economic and security interests.

Governments cannot and should not be trusted or relied upon to ensure the legitimacy of diamonds. The diamond trade must recognize that governments do what they must to protect their national interests, and these interests are more important to governments then ensuring a responsible and ethical diamond trade.

Witness the KP certification of blood diamonds sourced from the Wagner Group. Witness the US dropping sanctions against Zimbabwe due to concerns about China’s exclusive sourcing of critical Zimbabwe minerals, including uranium.

The diamond industry has its own interests and a responsibility to ensure the legitimacy of the diamonds we buy and sell. We cannot, will not and should not survive if the diamonds we trade support severe human-rights abuses or terrorist funding.

The interests of the diamond trade and governments are not the same, and they are not aligned. The KP is a false flag misrepresenting the legitimacy of the diamonds we trade.

The diamond trade must establish its own independent standards for ethical diamond sourcing. Such standards must be based on honest source certification using diamond tracing and blockchain technology to ensure transparent legitimacy.

The way forward is for the trade to address consumers’ desire to buy diamonds that make the world a better place. We must focus on marketing good diamonds while excluding bad diamonds that support human-rights abuses, terrorism and money laundering.

The diamond trade must add value to diamonds by honestly marketing the level of social responsibility its diamonds provide. Not all diamonds are the same, and social responsibility competition will drive demand and prices. Consumers will get the level of social responsibility they are willing to pay for — no more and no less.

There is a reason G-D gave diamonds to the poorest people in the world and made the richest desire them. Bridging that gap is tikun olam — fixing the world. That is the reason the diamond trade exists.

OLD MARKET, NEW FANS

The fast-growing estate-jewelry category is capturing the hearts of eco-conscious shoppers who want to stand out from the masses. By Kristin Taylor Young

A selection of antique jewelry from Windsor Jewelers.

As Gen Z and Millennial consumers increasingly eschew machine-made, mass-produced pieces in favor of rare and distinctive finds, the vintage and estate category is emerging as a bright spot in the glittering world of fine jewelry. Experts in the field predict the category will experience significant growth in the coming years.

The numbers tell part of the story. In 2023, market research company Kentley Insights pegged estate and antique jewelry retail sales at $4.4 billion worldwide. The global vintagering market — the largest segment within the category — stands at $3.29 billion for 2024, according to consulting firm Global Research Intellect, which projects that rising disposable income and a growing demand for luxury items will propel that total to $5.23 billion by 2031. North America currently leads vintage and estate sales, though analysts forecast a high growth rate in the Asia-Pacific region thanks to a greater acceptance of antique and preowned jewelry.

Overall, there has been a palpable shift in the perception of estate jewelry on a mainstream level as consumers gain greater access to education on

rarity, craftsmanship and inventory. The industry is responding in kind — dedicating more real estate to vintage and estate jewelry on trade show floors, hosting pop-up shops, and forming marketplaces for collectors and enthusiasts.

“I’ve been in the business 35 years, and a lot of people once regarded antique and vintage jewelry as grandma’s jewelry,” says Marianne Fisher, owner of New York-based dealer Paul Fisher. She’s also a founding member of the Jewelers Circle, a business-to-business (B2B) community that began when six well-known vintage and estate jewelers came together to navigate the market during the pandemic. Offering some of the world’s rarest jewelry finds, the alliance has since grown to include dozens

“People are recognizing that you can get a lot more bang for your buck with quality materials and handmade craftsmanship”

of companies and hundreds of experts, and it opened its wares and educational resources to the public 18 months ago. That business-to-consumer model now counts more than 500 subscribers.

“Vintage and estate jewelry is slowly being recognized and has so much further to go,” says Fisher. “Young thirtysomethings are tired of the big brands. They’re recognizing [that machine-made] jewelry is not artistry anymore, it’s branding.”

Konstantinos Leoussis, founder of the NYC Jewelry and Vintage Show (NYCJAVS), has been seeing “this really big shift economically. More and more men are wearing vintage jewelry, and more and more women are buying it for themselves.” He held his first pop-up

“Young thirtysomethings are tired of the big brands”

Marianne Fischer Paul Fischer

event in New York in October, with plans for monthly editions through January 2025.

“The market is hot and has been for a few years now,” agrees Amie Park, owner of Rogue Vintage Jewels and a recent exhibitor at NYCJAVS. “People are recognizing that you can get a lot more bang for your buck with quality materials and handmade craftsmanship versus automated, mass-produced pieces. It’s remarkable to find pieces made before electricity was invented.”

Gold standards

Demand-wise, the overriding trend in the estate world is yellow gold. Even in the face of record gold prices — $2,669 per ounce as of press time — consumers are clamoring for chunky statement jewelry in the yellow metal: chains, collars, charms, cuffs, bangles, gemset cocktail rings, and hoop, drop or oversize-button earrings.

“Everyone wants gold jewelry right now,” Fisher confirms. “I find it shocking because it’s so expensive. It’s contradictory. But it’s fashion-driven. It speaks to the casual nature of what people are wearing.”

There are material reasons for the shift as well, according to Andrea Friedenson, owner of La Plus Charmante in Wellesley, Massachusetts. “This is a very fancy, heavy gold chain,” she says, pointing to an ornate Victorian piece. “It was made at a time when labor was cheap but materials were expensive, so you want to get every scrap of decorative value that you can out of it. Later, in the 1960s through ’80s, you see gold becoming less expensive relative to labor, so you start to see heavy gold pieces with lessdecorative qualities. Now we’re seeing expensive materials and expensive labor, so new pieces are lightweight, machinemade, and they don’t exude quality. So people come to vintage for quality, and the prices are often a lot better.”

Entering the ring

Estate fine jewelers are also making inroads in the engagement-ring market, which may be the segment benefiting most from consumers’ aversion to massproduced, cookie-cutter products.

“As the diamond market has changed and fluctuated, we’re seeing estate jewelry do really well” in this category, reports Hana Goble, cofounder of Wyndstone Antique & Vintage Jewelry in Los Angeles. “We’re seeing a lot of my young customers moving to vintage engagement rings because these diamonds were mined years ago. They like that it’s eco-conscious, but they’re also drawn to unique, one-of-a-kind pieces that express their individuality.”

Vintage and antique engagement rings are also one of the best-selling categories for Paul Lubetsky, founder and CEO of Windsor Jewelers in New York. He specifically cites ones with old mine and old European-cut diamonds.

“Customers are seeking out these cuts with much less faceting,” he says. “They’re special and captivating.”

Rethinking the classics

Across the board, signed brand-name pieces remain sought-after because of their prestige and resale value, say retailers. Buccellati, Cartier, Bulgari, Van Cleef & Arpels, Harry Winston and

“Customers really want to come see things in person. They want to connect”

Lauren DeYoung Lauren DeYoung Jewelry

Tiffany & Co. continue to top collectors’ lists, followed by lesser-known but no less coveted marks like JAR, Mellerio, René Boivin, and Verdura.

However, not everyone is casting their lot with big players. “People want to shop differently and with less intimidation, and that’s why I’ve chosen to focus on unsigned vintage jewelry,” says Randi Molofsky, founder of For Future Reference (FFR). The New York-

and Los Angeles-based consultancy, which specializes in jewelry from the 1940s to ’80s, debuted its vintage collection at New York’s Bergdorf Goodman in August and is now an available partner to other retailers eager to launch an estate business.

“There’s a lot of inventory out there, and it doesn’t have to be produced at today’s sky-high gold prices, offering a tremendous value and more room for margin,” Molofsky adds.

Victorian, Edwardian, Art Nouveau and Art Deco are all popular eras among consumers. However, the less-fussy Retro period and any decade from the ’40s to the ’80s appear to be dominant these days. At Bardy’s Estate Jewelry in Boca Raton, Florida, president Joel Bigelman has seen interest in pieces from the ’40s to the ’90s.

“A lot of customers think that vintage jewelry means Art Deco or Victorian or Edwardian — pieces that are highly detailed, delicate or too expensive to be realistic,” comments Molofsky. “We’re slowly educating clients that ‘vintage’ doesn’t always mean ‘antique’ and that it can feel just as modern as today’s contemporary brands.”

Additionally, the market is red-hot for natural, untreated emeralds and sapphires, and to a lesser extent, rubies. Windsor Jewelers has enjoyed sales

David Webb tiger brooch in 18-karat yellow gold, enamel and emerald, from Lauren DeYoung Jewelry. Opposite: A selection of pieces from Wyndstone Antique & Vintage Jewelry.

of rare Kashmir and Montana blue sapphires.

“Natural, untreated stones of over a carat are a smart thing to collect,” says Fisher. “There’s only a finite amount of them, because the production is just not there right now, and the price is rising.”

However, it’s not just about the stones’ intrinsic value. Semiprecious gems like garnets, aquamarines and opals are gaining traction alongside emeralds, sapphires and rubies. Customers see them as “more affordable than traditional colored stones, but also, they’re drawn to the colors subjectively,” explains Goble.

What moves the customer

While serious collectors may be purchasing for resale potential or for the prestige of owning a signed piece or

“Part of our role is to educate collectors...to help them find the piece of their dreams”

Julie Thompson-Leriche The Jewelers Circle

rare gem, the casual estate consumer’s motives are far less complicated. Sustainability, for instance, is one of vintage and antique jewelry’s biggest selling points.

“There’s nothing more sustainable than estate jewelry,” says Lubetsky. “It lasts forever and recycles back into the market.”

This factor is less important to Bigelman’s clients. “We don’t run into customers looking for the green aspect,” he says. “My customer is more about taste, what they like and what they can wear in today’s world.”

Meanwhile, vintage and estate purveyors are finding new ways to sell in today’s shifting retail landscape. Jewelers Circle is moving to a hybrid model that lets customers browse its inventory online and then purchase through a

salon-like concierge service. The group’s team engages with clients via Instagram, Facebook and Pinterest, but also by phone, Zoom meetings and private appointments.

“Part of our role is to educate both collectors and new entrants to help them find the piece of their dreams,” says chief operating officer Julie ThompsonLeriche. “We’ve seen a shift back to interaction and experience.”

Jewelers Circle has also partnered with the International Antique Jewelers Association (IAJA) to ensure that every piece it sells is carefully vetted by a team of experts. “We’re excelling in showing people what’s special, unique and rare, and teaching them why, and guaranteeing [the quality and provenance of the pieces],” says Fisher.

FFR’s vintage business tailors estate offerings to specific retailers. “For many years, coveted ‘vintage jewelry’ was really

“There’s a lot of inventory out there, and it doesn’t have to be produced at today’s sky-high gold prices”

Randi Molofsky For Future Reference

anything by Cartier, Bulgari, Tiffany or Van Cleef,” explains Molofsky. “But now independents see an opportunity to drill down and reflect their store’s clientele specifically, and that’s what we’re doing with FFR Vintage. When we work with a new [client], we talk about what the needs are: the price points, the silhouettes, the gemstones. This gives us a leg up, because we are able to come into a retailer with inventory that makes sense, but we still do it all from our own point of view, which is statement jewels — gold- and gemstone-heavy — that speak to the brand we created.”

A good story

Of course, one cannot separate estate jewelry from the need for storytelling. Conveying a piece’s history, provenance, craftsmanship and design, as well as its gemstone cuts and the materials its creators used during the given period, can make for a powerful motivator to purchase.

At the recent New York City Jewelry & Watch Show, Lauren Levy, owner and founder of Lauren DeYoung Jewelry, showed this reporter an Edwardian pendant necklace with moonstone and diamonds, remarkable for its warm patina of sterling silver-plated 14-karat gold. It was a common treatment emblematic of the period, she explained.

“Customers really want to come see things in person,” she said. “They want to connect. They’re excited, and they want to learn.”

As categories like the engagement ring undergo a period of upheaval, businesses looking to stand out should consider adding vintage and antique jewelry to their assortments. With new retail models offering customers more ways to access these pieces both online and in person, and consulting firms helping jewelers curate their estate selections, the category’s surging popularity at stores and trade shows is making it a more natural and profitable move than ever.

A crescent moon pendant at La Plus Charmante. Opposite: A promotional shot for the Jewelers Circle featuring a diamond pendant.

PAST PRESENCE

Three retailers share how they’re evolving with their customers’ antique- and vintage-jewelry tastes. By Beth Bernstein

“Recent pre-owned pieces...attract collectors who appreciate both contemporary designs and hardto-find treasures”

NEW STOREFRONT, OLD PIECES

Yamron Jewelers, Naples, Florida

Yamron Jewelers originally sold designer jewelry, high-end watches, and estate pieces under one roof, but it expanded its estate offering in 2020 by opening sister store La Maison Yamron.

“It was primarily driven by space considerations,” relates president and CEO Benji Kendall. “Our collection of estate jewelry is extensive, and we wanted to showcase it properly. By creating a separate store, we could dedicate a venue exclusively to vintage, signed jewelry and secondhand luxury jewels, allowing us to expand the collection and offer a more tailored experience for clients seeking these one-of-a-kind pieces.”

Benji

Giovane Piranesi pearl, emerald and diamond drop necklace in platinum, circa 1980s.

La Maison Yamron’s wares are a mix of Art Deco jewels, signed 1960s pieces from names like Bulgari, Van Cleef & Arpels, and Cartier, and high-end pre-owned items from the ’80s onward by renowned brands like Graff, Harry Winston, and the three aforementioned houses.

“These more recent pre-owned pieces can be part of current collections or [may have been] recently discontinued, making them highly sought-after,” he says. “They attract collectors who appreciate both contemporary designs and hard-to-find treasures from recent years.”

One of the standout pieces he has sold is a custommade Bulgari sapphire suite from the 1960s. “We’ve also been fortunate to handle remarkable pieces from Harry Winston, showcasing the timeless elegance and craftsmanship of this iconic brand,” he adds.

Kendall acquires many of the signed pieces and specific brands directly from the public. “Naples is home to a discerning clientele of collectors and connoisseurs of fine jewelry, providing us with the opportunity to curate exceptional items. Through our exclusive program, customers can sell, trade, or purchase exquisite pieces.”

He also has connections with high-end dealers, whom he trusts to find the right estate goods for his customers’ tastes and his store’s aesthetic.

Kendall;

PIVOTING TO ESTATE-ONLY

Krombholz Jewelers Cincinnati, Ohio

Lee Krombholz previously specialized in designer and custom jewelry alongside a selection of antique and vintage pieces. But this past September, the fourthgeneration owner of Krombholz Jewelers transitioned to carrying only estate jewelry.

“Gold prices continue to soar, and labgrown seems to be where a large portion of the diamond market is going,” he says, adding that he’s “not a fan” of the latter trend. “I have found that I can get better-quality fine jewelry at more reasonable prices when purchasing antique and vintage. Over the past 15 years, our

A FOCUS ON BRIDAL

Tiny Jewel Box, Washington, DC

Jestate department has accounted for a third of our business and has continued to be our best-performing category.”

Additionally, Krombholz’s daughter Izzi, a big fan of jewelry from eras past, is now taking over a portion of the business.

The eras that do best at Krombholz are the sturdier Victorian pieces from the Grand Period, which includes archeologicalrevival and Grand Tour items. The store has also begun buying more bold gold jewelry from the 1970s and ’80s, which the elder Krombholz explains is “easy-maintenance for everyday wear.”

Charms make up a substantial part of his business as well, especially from the ’40s and ’50s. Meanwhile, “Edwardian and Art Deco rings are a draw for engagement rings and always have been,” he says.

Another area of interest is conversion pieces. “My daughter is a bench jeweler and is taking pieces such as stick pins and small brooches, as well as beautiful old stones that aren’t being worn in the original condition, and reworking them into pieces for the contemporary woman.”

Krombholz obtains his merchandise from customer trade-ins, as well as fairs and dealers he has known for years.

im Rosenheim inherited Tiny Jewel Box from his parents, who opened it in 1944 as an antique-jewelry store. Working there as a young boy, Rosenheim learned all about treasures from the past. He took over the shop in 1972, and by 1996, he and his son Matthew were selling international designers as well as high-end watches and every category of modern jewelry.

The Rosenheims’ uncanny ability to foresee their clients’ desires and spot up-and-coming creators helped launch many contemporary designers’ careers while still keeping the shop’s original specialty: antique and vintage jewelry.

The Rosenheims have changed with the times for over 85 years. When the two noticed a shift after the pandemic toward easy-to-wear looks that suited a more relaxed lifestyle, they switched gears, culling their estate offering to emphasize antique and vintage engagement rings. They also played up their own custom line of bridal jewelry, inspired by details and settings from late-Victorian through Art Deco-era rings. In the estate-jewelry department, “[vintage] bridal is

selling better than any other category,” reports the elder Rosenheim.

Design-wise, “we still pepper the store with less-dressy antique pieces that are more in keeping with today’s lifestyle,” he says. “But our main antique and vintage sales are in Edwardian and Art Deco rings — when we can find them in pristine condition — and simplified designs such as three-stone rings, lower-profile solitaires with interesting galleries or shanks, and five-stone rings, all with the character and personality that old-cut diamonds lend.”

Rosenheim acquires these pieces through long-term relationships with dealers and trade fairs. “But there is a challenge finding these antique and vintage styles that check all the boxes of what our clients are looking for when they are getting engaged. This is why we launched our own collection to create exclusive rings with elements of antique and vintage, which we can make to our customer’s specifications as far as diamond cuts, color, clarity and settings.”

Lee Krombholz; Lalaounis earrings in 22-karat gold, circa 1960.

Jim Rosenheim; sapphire and diamond ring in 18-karat white gold, circa 1980.

SPOTLIGHT: Rocksbox

The pre-owned jewelry e-tailer recently debuted a brick-and-mortar store in upscale San Francisco. By Rachael Taylor

If you need any more proof that estate jewelry is a hot topic right now, take a trip to San Francisco’s Pacific Heights neighborhood. This affluent part of the northern California city is famous for its iconic early-20th-century architecture (which has appeared in films such as Mrs. Doubtfire), picturesque views of the bay, and great restaurants. It is also a hub for chic boutiques, including jewelers Catbird, Gorjana, Fiat Lux, and Alexis Bittar.

The latest addition to this fashionable enclave is Rocksbox. Entrepreneur Meaghan Rose launched the company as a jewelry rental service in 2012, and Signet Jewelers acquired it in 2021. This summer, the retail group announced it would be phasing out rental at Rocksbox in favor of selling pre-owned and sustainably sourced new jewelry, a strategy shift it attributed to rising consumer demand.

“The younger generation is extremely interested in purchasing pre-owned jewelry,” says Rocksbox president Allison Vigil. “Our data shows Zillennials and Gen Z consumers are motivated to shop by factors such as responsible sourcing and unique pieces that represent who they are. We’ve seen these values come to life in the rise in popularity of vintage and thrifted styles among Gen Z customers. Pre-owned jewelry is a great way to find a unique piece that tells a story, [and it] gives these beautiful styles a second life and contributes to the circular economy.”

The San Francisco Rocksbox store its first brick-andmortar shop opened on Fillmore Street on November 19. Its interior is an ice-cream-sundae palette of soft pinks and creams, curvaceous boucle furniture, and potted plants. The atmosphere the team had in mind was “inviting, accessible and warm…like you’re in a friend’s house trying on jewelry.”

The price points are similarly accessible. These are not the signed diamond jewels of high-end estate dealers, but pre-

“[ The estate segment] gives these beautiful styles a second life”

owned pieces from Signet’s Kay, Jared and Zales chains, ranging from under $100 to $800. The store will also carry new collections from 13 brands, including Kate Spade, Luv Aj, Kendra Scott, Ana Luisa, and Lele Sadoughi, each chosen for utilizing sustainable manufacturing or materials, having strong philanthropic credentials, or being a female-founded or -operated business.

At present, the San Francisco boutique is very much a test. Signet has taken out a lease for six months and will no doubt be measuring how shoppers interact with its pre-owned jewelry offering during that time. Should the Rocksbox experiment prove successful, Vigil says, “more stores are a possibility,” opening a gateway for younger generations to the wider estate-jewelry market.

Interior and exterior of the Rocksbox store in San Francisco.

RETRO FUTURE

Three reasons the estate-jewelry category is thriving on digital media.

If your Instagram algorithm resembles mine in any way, you will be hard pressed to scroll very far without encountering estate-jewelry content. Just as antiquing and thrifting and crafting have found millions of eager digital devotees, so, too, has pre-owned jewelry. Why does this content perform so well online? Here are a few factors that make the difference.

EDUCATION

Generally, educational content performs well on social media platforms, and this is a strategy that brands and retailers often adopt as a way to soft sell — to provide value through content rather than just giving a straight-up sales pitch. Watch a video featuring a brandnew jewel, and it will likely leave you feeling appreciative of the design or in awe of the gemstones. Watch one with an estate jewel, and

By Rachael Taylor

you might well finish it feeling that you’ve learned something, be it about the jewel’s era of origin or the history of the craft.

Danielle Miele runs the popular Instagram account @GemGossip and sells her estate jewelry finds through the dedicated @ShopGemGossip account. One of her top posts this year was a selection of old-cut antique diamonds that she had sourced for a collaboration with Yearly Company, a jewelry store in Nashville, Tennessee. Shoppers could select one of the loose diamonds Miele had curated and have it set in a bangle.

“Pieces with old-cut diamonds are very popular,” says Miele when asked which types of posts get her followers excited. “Whether it’s an old mine cut or old European cut, I think people are realizing the rarity of these stones, how they were cut by hand — not an easy feat — and how, as time goes on, original old cuts are getting harder to come by.”

A promotional shot for eBay’s luxury jewelry sales.

Below: Seal & Scribe necklace in 18-karat gold with a vintage glass seal that reads “ Apres le trevail il y a repose ” (“After work there is rest”).

STORYTELLING

Another reason social media is proving to be such fertile ground for digital-first estate dealers is storytelling around distinctive pieces. The unusual and the curious stop us in our scrolling, and estate jewelry does this better than almost any other category.

It was a vintage oval-link bracelet in 18-karat gold that ended up being the hottest piece of the year on Olivia Harris’s @BigOhBijoux Instagram account, which she runs out of New York. The quirky design — which had the phrases “Don’t panic” and “This too shall pass” engraved on the chunky links — generated 8,000 likes, 3,900 saves, and over 700 shares.

“I believe it was such a hit because it serves as a lovely, wearable talisman to remember to breathe and take things one day at a time, whatever battle may lie ahead,” says Harris, who later replicated the design because it was so popular.

“Another draw is the mystery and sentimentality of antique pieces,” posits Shari Cohen, founder of Seal & Scribe, a San Diego jewelry brand that incorporates antique seals and intaglios into modern designs. “Our clients don’t gravitate toward newly created intaglios. They prefer antique and vintage because they appreciate that these little objects are imbued with sentiments that transcend time and space. Something that was used to convey one

message 300 years ago can still mean the same thing today, or it can be reinterpreted into a new meaning for today’s wearer.”

THE THRILL OF THE HUNT

Online estate-jewelry shopping appeals to a certain type of customer — one who’s looking for a bargain and willing to put in the time to find just what they want. In June, eBay users searched for “vintage jewelry” about 30 times per minute, according to statistics the auction site shared with Rapaport — further proof of the strong demand for pre-owned jewels. In a recent effort to shore up its luxuryjewelry offering, eBay started providing a consignment service for a set number of jewelry and watch brands, including Gucci, David Yurman, Chanel, Hearts on Fire, TAG Heuer, and Hublot. In 2022, it partnered with the Gemological Institute of America (GIA) to launch a fine-jewelry authentication program for pieces on the site that were selling for over $500.

While social media users seem to engage most often with the quirky and unusual, the eBay search history shows a more predictable thirst for brand staples. From January to October this year, the site’s top five mostsearched jewelry-style terms were “Cartier Love Bracelet,” “Cartier Juste Un Clou Bracelet,” “Van Cleef Alhambra Necklace,” “Van Cleef Alhambra Bracelet” and “Tiffany & Co. Engagement Ring.”

Whether it’s the lure of finding that coveted icon at a lower price, a way to discover standout designs, or simply the chance to learn about a piece’s history, shoppers are increasingly going digital to bolster their collections.

From top: Old mine-cut diamonds for Gem Gossip’s collab with Yearly Company; the gold bracelet that was Big Oh Bijoux’s most-liked vintage piece on Instagram this year; Gem Gossip’s Danielle Miele; Seal & Scribe Double Dragon signet ring with a Georgian intaglio seal in 18-karat gold

THE SLEUTHS OF THE JEWELRY WORLD

What does it take to be an appraiser, and why are they so important to the trade? Experts in the field share their thoughts. By Ruth Peltason

Appraisers are the behind-the-scenes enforcers of responsible jewelry stewardship, from the intangible aspects like discretion and reputation, to the quantifiable ones like fair market value and retail replacement value assessments. These cool-headed sleuths of the jewelry world — and there are some 6,400 registered appraisers throughout the US — are respected for both their knowledge and their integrity. They work with efficiency, supporting their assessments with an arsenal of documentation, equipment, and often decades of experience. Accuracy is the coin of their realm.

Retailers, dealers, insurance companies, banks and private clients all rely on appraisers to sort out and offer advice on some of the thorniest and most personal issues surrounding fine jewelry. A new baby in the family, a second marriage, a large consignment for auction, a family disagreement over an important estate — all of these are good reasons to have appraisers on your speed dial. For their clients’ protection and privacy, they fly under the radar, but make no mistake: An appraiser is the best professional friend you could have.

Not only do appraisers have to follow the evidence without bias and be understanding — especially when delivering less-than-desirable news about a valuation — they must have impeccable credentials and references. The latter criteria are increasingly critical; those certifications from the Gemological Institute of America (GIA) and the Uniform Standards of Professional Appraisal Practice (USPAP) signal that an appraiser has attained a trifecta of knowledge, reliability and trustworthiness. That’s metaphorical gold in the competitive, often insular jewelry sector.

While training, experience and contacts are essential qualities in the best appraisers, a number of questions swirl about the industry. How do you know whom to trust? Should you use the in-house appraiser at your local jewelry store? Apart from the GIA’s activities, what is being done on the national level to regulate the trade and provide acrossthe-board standards? And of course, there’s the issue of lab-grown diamonds, a trendy bête noire that has become a significant concern for appraisers.

Here, appraisers from across the country weigh in on the strengths and challenges of their field and speculate on what the future may hold.

A vintage gold ring from Windsor Jewelers.

“It’s the

WILD WEST out

there”

YOSEF CALDARON

Fine Jewelry Acquisition Initiative for the Winston Art Group, New York

Credentials: GG, AJP, GP, Gem-A, FGA, CMA

“ Your gut is

NUMBER O NE”

JENNIFER LEITMAN BAILEY

Jennifer Leitman Bailey Ltd., New York

Credentials: GG, AJP, AAA, USPAP-compliant

One of the many issues Yosef Caldaron can discuss with familiarity is the lack of regulation in the field. Given his numerous degrees, vast experience and solid reputation, his opinion carries weight. Aside from being director of the Fine Jewelry Acquisition Initiative for the Winston Art Group, he is also the only certified master appraiser (CMA) in New York.

It’s no surprise, then, that he thinks regulatory measures have fallen short in the US. “The appraisal world is not regulated nationally, but state by state,” he explains. “This means many people can say they’re an appraiser without having a certification, versus being USPAP-compliant. It’s kind of the wild, wild west — there’s very little regulation.”

That being the case, “it’s on the person seeking the appraisal to look at the qualifications of the appraiser,” he says. “I would only hire an appraiser with membership in an established appraisal society, which also means that person is doing continual education.”

Among his other bona fides is a deep knowledge of diamonds and the global gemstone market; he has worked for the GIA out of Israel as well. Caldaron has seen the diamond market change substantially because of synthetics. He is an advocate of using the Yehuda detector and believes that at minimum, it’s the appraiser’s job to screen for lab-grown. These stones, he says, have brought about “a major shift in the way we do appraisals.”

Value for money, planning for the future, buying the best signed jewelry — these are just some of the core views that make Jennifer Leitman Bailey an appraiser’s appraiser.

“You have to follow the market, to really home in on the market when you’re appraising things,” she says. “Fair market value will always differ from retail replacement value, and the fair market is based on the market today.”

This no-nonsense approach means she sometimes has to deliver disappointing news. “It’s hard, and sometimes you also become a therapist for your client.”

In the Leitman Bailey universe, there’s also room for gut instinct. “I remember everything to a T,” she declares, “which is very important when you’re appraising. Your gut is number one.” However, she adds, “your gut intuition comes from the experience you’ve had. It’s not just made.”

Signed jewelry, often the benchmark for some of the finest collections, is another of her specialties because she is “trained to think resale.”

She advises clients to collect signed pieces, as her market research demonstrates that they hold their value. “I always tell people that jewelry is a place to hold your money. Enjoy it, wear it, but [if] God forbid you need to sell it, natural diamonds, signed pieces, gem-set [pieces containing] colored stones with certifications [are where] you can’t go wrong.”

She also does a fair amount of self-purchasing, all of it signed. “I love my jewelry, but I’m always estate planning, so it’s for my children.” That’s the mark of an appraiser who takes her own advice.

“Reputation is EVERYTHING”

DAPHNE LINGON

Daphne Lingon LLC, Charleston, South Carolina

Credentials: GG, AAA, USPAP-compliant

Being an appraiser isn’t solely a path for the newly minted graduate gemologist or junior cataloguer anxious to fill in their résumé. Sometimes it’s for corporate leaders who have decided they’re ready for a change that can put their experience and contacts to use.

As Daphne Lingon has discovered, it is possible to pivot from the auction world to that of appraisals and advisories. Formerly head of jewelry for the Americas at Christie’s New York, she held

one of the most visible positions in jewelry. After 30 years with the auction house, however, she decided to step away, move to the south, and become an independent quiet force behind the curtain as principal of Daphne Lingon LLC. The changes were neither as drastic nor as different as she had imagined. She still works with clients and looks at a lot of jewelry, though her client relationships have changed. So has the jewelry.

“You never know what you’re going to encounter with a client, and that’s what makes it exciting,” she says. She recalls a time she questioned why a large cubic zirconia ring was in among a client’s fine jewelry. She asked the client to look in her elderly mother’s travel jewelry, where it turned out her mother had inadvertently switched out the rings. “You’re talking about a $400,000 emerald-cut diamond ring versus one that has no value.”

Nowadays, the former camaraderie of being in an office comes from a network of like-minded appraisers across the country. In the wake of the heady years with Christie’s and overseeing major estates — among them Doris Duke’s, Elizabeth Taylor’s, and Anne Eisenhower’s — the intimacy of being an appraiser suits her.

“On the whole, appraisers are a community [of people who] support one another. Being on your own is very different than being part of a large department, and there are times when you need another opinion,” she says. “Or maybe someone reaches out because there’s a need for an appraiser in some other city. It’s collaborative.”

There is, however, one similarity to being with a large auction house: reputation. At the GIA, where Lingon trained in 1993, she was told that “your reputation is everything.” More than three decades later, the message continues to resonate: “It has been at the core of everything I do — at Christie’s and as an appraiser.”

HOW DO YOU QUALIFY?

A quick guide to appraiser credentials

GG: Graduate gemologist

ASA: American Society of Appraisers

AAA: Appraisers Association of America

AJP: Applied Jewelry Professional (GIA)

GP: Graduate Pearls

Gem-A: The Gemmological Association of Great Britain

FGA: Fellow of the Gemmological Association (Gem-A)

CMA: Certified master appraiser

USPAP: Uniform Standards of Professional Appraisal Practice

“ CLIMATE change will bring insurance clients”

LEA KOONCE OGUNDIRAN

Lea Koonce Ogundiran LLC

Chicago, Illinois

Credentials: GG, USPAP-compliant

“Product KNOWLEDGE is key”

EDWARD

LEWAND, Consultant Appraisal Services, New York

Credentials: GG, ASA, AAA

What does the future hold for appraisers? Location is less binding in our post-pandemic world; great collectors aren’t only in major cities, and neither, for that matter, are appraisers.

“People are moving all over the country, so jewelry is moving, and you’re seeing jewelry you’d never expect in certain markets,” says Lea Koonce Ogundiran. “When I was living in Charlotte, North Carolina, for example, I was seeing goods from the Middle East because it’s near a military center. I saw a lot of glass-filled gemstones because soldiers were buying them in Afghanistan, thinking they were getting really nice stones.”

Koonce Ogundiran believes climate change will be another important factor, especially given the recent storms in the US. “You never know what’s going to happen — a forest fire, flooding. My prediction is that retail replacement value will become more important, and I think we’ll be doing more insurance appraisals.”

To meet this demand, the industry needs more appraisers, and for that, it needs to step up its career advancement. Recently the National Association of Jewelry Appraisers (NAJA) and software provider Instappraise began jointly offering scholarships for those going into the field. The GIA continues to bring in young, accredited jewelry professionals, though Koonce Ogundiran thinks it should be “more aggressive” in promoting appraisal as a career path. For instance, she says, “they don’t teach you how to price something” — an important skill for would-be appraisers.

Street smarts, on-the-job training, and looking at a lot of jewelry over many decades has formed the foundation of Edward Lewand’s career. His parents were antique-jewelry dealers, and Lewand went to the GIA straight out of high school. From there, it was a job in New York’s diamond district on 47th Street, with college studies at night. Along the way, he met influential people in the field, including Antiques Roadshow alum Joyce Jonas, gemologist and appraisals authority Anna Miller, and leading certification pioneer Elly Rosen.

The result is that Lewand brings a highly practiced eye to the field, knows just about everyone, and is unequivocal about understanding fine jewelry.

“Product knowledge is key,” he says. To him, this means not just examining the front of a piece, but turning it over, checking it for wear, seeing how the stones were mounted, and distinguishing between, for instance, an Italian-made piece and a French one. “What is the actual value of an object? You have to answer it on evidence and comparables. You have to understand the history.”

For a man who was once a consultant to the Internal Revenue Service (IRS), liability issues are paramount. Being careful and doing evaluations the right way are critical to avoiding any potential liability. At the end of the day, Lewand says, his role is “helping people find the truth about something.”

GETTING YOUR ESTATE STRAIGHT

Store owners and appraisers share their top tips for new collectors of pre-owned jewelry.

By Smitha Sadanandan

1Pay

attention

to the details

“When it comes to estate jewelry, there’s more to consider than meets the eye — provenance, condition and authenticity are all crucial. Each piece requires detailed attention, much like handling an important work of art, with full cataloging and documentation. Estate jewelry is never simple, and the last thing a retailer wants is to lose a valued client by offering something incorrect. That’s why experience — having bought, sold, and encountered many similar works — is so important. Expertise in this field comes from understanding the nuances that aren’t always visible at first glance.”

Lee Siegelson — Owner, Siegelson, New York

jewelry appraised

“You should certainly have the estate jewelry checked out by a qualified appraiser, one who is at minimum a graduate gemologist (GG) or equivalent and someone who has gone through a proper appraisal course and who follows the Uniform Standards of Professional Appraisal Practice (USPAP) guidelines. When appraising, I look at styling, era of production, method of production, quality of the stones and the metalwork, content of the metal, and the aesthetic appeal of the piece, and then search for comparables in the secondary market or auction markets for valuation.”

Sherlene Y. Bradbury Owner, Yantz Bradbury Associates Rockville, Maryland

A 1970s Schlumberger for Tiffany & Co. bracelet from Windsor Jewelers, with gemstones and nature-inspired motifs.

Cartier diamond earrings in 18-karat yellow gold, circa 1940s, from Windsor Jewelers.

3 4 5

Don’t confuse evaluation with appraisal

“Estate items are being evaluated for purchase at a comparable market rate in the wholesale trade, whereas appraisals are official documents for the current retail replacement value, typically used for insurance purposes. Condition of the piece matters, so inspect for signs of alteration, repair or damage, such as chipped stones, bent prongs, and oxidized metal. Check hallmarks on the material or perform tests to identify metal makeup; verify gemstones with in-house gemologists, lab reports, or by sending to labs for confirmation. Look for brand or provenance hallmarks, particularly for signed designer pieces or items made in France, Italy and England. Familiarize yourself with variations of these hallmarks. For antique pieces, having provenance or historical records can significantly affect both value and desirability. Keep track of demand for certain eras, as trends affect market value.”

Paul Lubetsky — Founder/CEO, Windsor Jewelers, New York

Visit lots of shows

“Staying active in the auction world is essential, as auctions often feature unique period pieces. Attending a variety of shows is invaluable for sourcing estate, antique, and vintage pieces. In New York, TEFAF at the Park Avenue Armory is an essential visit, while the New York Jewelry & Watch Show at the Metropolitan Pavilion is also good to visit. Depending on your specialized interests, there are wonderful shows to attend. The Palm Springs Modernism Show [in California] is one such event. It is a treasure trove of mid-century modern art, design, and architecture. If you collect Indigenous Native American jewelry, you must attend the Heard Museum Market [in Phoenix, Arizona,] and the queen of them all, the Santa Fe Indian Market [in New Mexico]. One of the largest fairs is the Original Miami Beach Antique Show, and it is not to be missed.”

Mahnaz Ispahani Bartos Founder/CEO, Mahnaz Collection New York

Beware of counterfeits

“The situation gets trickier with the proliferation of counterfeit jewelry and watches in the market, and one way you can avoid a perilous purchase is to work with an established and reputed retailer or seller. Check how long the dealer-retailer you are keen to buy from has been in the business. Look up their websites, and check their referrals. I also urge new collectors to educate themselves really well: Look at what’s available at fairs, check out the wares at several dealers, and do a price comparison. Allow yourselves a few months to get acquainted with the dealer or store before buying from them. It is also crucial for any buyer to ensure the invoice contains all relevant information, including the condition of the piece, the time period it pertains to, details of the metal and its weight, type of stones (natural or synthetic), caratage of the natural stones, and as much information as the jeweler can provide. You need all of this documented in the invoice for the purposes of insurance, especially if they are significant in price and have provenance.”

Janet Z. Dunayevich Cofounder, L & Z Jewelry and Gifts Morrisville, Pennsylvania

A TIMELY DECLINE

Secondhand watch prices are steadily dropping, but for many sellers, this is part of a natural cycle. By Carol Besler

Over the past four years, the market for luxury pre-owned watches has been on a down cycle, to put it mildly. Sales exploded during the Covid-19 pandemic, but now they’re tanking — though most stakeholders say it’s less a crisis than it is a return to normal.

The pre-owned market began to heat up in 2020, when shuttered retail stores and locked-down watch factories meant fewer new goods, and consumers reallocated their travel budgets to other, more tangible luxuries. Sales zoomed, speculators moved in, and suddenly prices on blue-chip models from brands like Patek Philippe, Audemars Piguet and Richard Mille were selling for as much as five times their retail value.

Prices on the secondary market peaked in May 2022 and have been dropping ever since, with 2023’s fourth quarter marking the seventh consecutive quarter of decline, according to a mid-January report from Morgan Stanley and analytics company WatchCharts. Prices have continued to drop in the first half

“Our business is booming.... Basically the market has settled into where it should be”

of 2024, as a report from the two companies revealed in July.

“Given reduced market speculation, worsening value retention, depressed absorption rates (inventory turnover), and the historically high age of inventory, it seems unlikely that secondary prices will stabilize in the near future,” said the July document.

Even auction houses, which sell the generally recession-proof top category of luxury watches, saw those sales dip 13% in 2023, according to industry consultancy The Mercury Project’s Hammertrack report.

Rolex’s Certified Pre-Owned scheme officially authenticates Rolexes up for sale on the secondary market.

‘We’re not panicking’ But is this a crisis? Secondhand dealers seem more relieved than stressed about the drop.

“Prices have definitely come down the last few years, but they went up so fast and so high that there’s no way that the market was going to sustain that kind of pricing,” says Joe DeMesy, president of DeMesy Fine Watches & Jewelry in Dallas, Texas, which sells both new and pre-owned watches. “As soon as supply and demand caught up with pricing, the prices definitely dropped back. But the pre-owned market is huge. I mean, for every hundred pre-owned watches we sell, maybe we sell 10 new ones. Our business is booming. We’re not panicking at all. Basically the market has settled into where it should be.”

Some dealers say they’ve escaped the downturn altogether.

“It’s important not to apply a broad-stroke analysis across the entire pre-owned watch market,” says John Shmerler, CEO of The 1916 Company — a merger of online dealer WatchBox and three other US jewelers. “While demand has shifted in certain categories, we are still seeing strong sales across The 1916 Company. In the

specific segments we focus on — highvalue collectibles, independent watchmakers, and the Rolex Certified Pre-Owned (RCPO) program — we’re seeing trends that diverge from what WatchCharts is reporting on a global scale.”

seen a corresponding rise in demand for high-end watches. For example, when Bitcoin surged from $42,000 to $62,000, it fueled strength in the upper tiers of the watch market.”

Resilience at the top

During the nine-quarter slump to date, the pre-owned sector has become a buyer’s market instead of a seller’s market in some ways. However, certain brands and models have remained almost immune to the price declines.

There are several other macro factors influencing “the cyclical nature of the market,” he observes. “During the early days of the pandemic, for instance, the watch industry benefited as consumers shifted their spending to luxury goods in a substitution economy, given fewer opportunities to spend elsewhere. That effect is now tapering off as consumer options have broadened.”

The advent of cryptocurrency also fed the upsurge. “When discussing the impact of the crypto market, it’s similar to other moments in recent history when new forms of wealth were created,” continues Shmerler. “During times of rapid growth in cryptocurrencies, for instance, we’ve

“We’re seeing growing interest in elite independent brands and models in the $50,000-plus category, which remains a bright spot in the market,” says Shmerler. “We continue to observe strong consumer demand for independent brands such as F.P. Journe, De Bethune, H. Moser & Cie., and Greubel Forsey.”

Overall, in fact, he says sales have not gone down at 1916: “We’ve seen year-over-year growth in the high single digits to low double digits so far this year, demonstrating resilience in the segments we specialize in.”

Contributing to that resilience is the pre-owned market’s considerable size. Sales of secondhand timepieces hit $24 billion in 2023, around a third of the retail value for all luxury watch sales, according to EveryWatch, which tracks secondary-market transactions worldwide. And despite dropping in 2023, auction sales were still high at CHF 610 million ($696 million); for comparison, 2021’s auction sales for the category came to CHF 634 million ($646 million). It seems the 1% are, as they say, impervious to the vagaries of the market.

John Shmerler, CEO of The 1916 Company. Left: The company’s Govberg store in Philadelphia.

PRICE WATCH: THE BIGGEST PLAYERS

How well have pre-owned timepieces from the major brands held their resale value? Here’s a look at their recent performance

down 9% in the past year

down 1.9% in the past year

Selling for an average of 29% below new-model retail prices Prices down 3.3% in the past year Prices up 1.2% in the past year Prices down 8.1% in the past year

Selling for an average of 20% above new-model retail prices

Selling for an average of 25% above newmodel retail prices

Selling for an average of 11% above new-model retail prices

Selling for an average of 22% below new-model retail prices

Best-performing model: Datejust — down 0.6% year on year Best-performing model: Panthère — up 8% year on year Best-performing model: Royal Oak — down 9% year on year Best-performing model: Gondolo — down 0.6% year on year

Best-performing model: Dynamic — up 13% year on year

Art Deco everlasting

With its avant-garde vibe and geometric elegance, this period never gets old for jewelry lovers.

By Sonia Esther Soltani

An Art Deco aquamarine and diamond necklace by Cartier, which sold at Bonhams in 2019 for just over GBP 459,000 (about $577,000).

Opposite: Van Cleef & Arpels emerald and diamond Art Deco bracelet that Christie’s listed earlier this year.

In the constant ebb and flow of fashion, Art Deco is the only design style that has remained popular for 100 years and shows no sign of abating. The International Exhibition of Modern Decorative and Industrial Arts, which took place in Paris between April and October 1925, launched a revolutionary aesthetic. Organized by the French government and “open to all manufacturers whose products are artistic in character and show clearly modern tendencies,” the event hosted some 15,000 exhibitors, including Cartier, Van Cleef & Arpels, Boucheron, and Jean Fouquet.

The legacy of this feast of modernity, which showcased groundbreaking architecture, artworks and decorative objects, is unparalleled. The design movement’s timeless nature makes it enduringly appealing, says jewelry historian Vanessa Cron. “Much of this timelessness stems from Art Deco’s mix of abstraction and stylization. Its motifs, shapes, geometry, pure design, and avant-garde spirit feel strikingly relevant in today’s world, embodying an elegance that transcends time.”

A bold beginning

The exhibition, which had been scheduled for 1915 but had to wait another 10 years due to World War I, signaled a completely new design mind-set. “It marked the end of the 19th century and turned its back on nostalgia,” says author and jewelry historian Vivienne Becker. “Throughout the 19th century, jewelry and the decorative arts had looked to the past, with many revivals. At the 1925 expo, jewelry and the decorative arts showed that they could and should capture and reflect the moment in time.”

a resolutely modernist style influenced by the technology of the age — fast cars, planes, and assembly lines. The Egyptian-inspired jewels that followed the 1922 discovery of Tutankhamun’s tomb were iconic as well.

However, Cron says there’s no single piece that fully captures the spirit of the period; “it’s more of a ‘vibe,’ as we might say now. It’s the long sautoirs paired with straight-line ‘I’ silhouette dresses, the stacking of diamond bracelets, the use of clear and frosted rock crystal, the onyx and black-enamel outlines, the bold two-tone color schemes, the popularity of the double-clip brooch, the carved gemstones in the tutti frutti style, the machine-age-inspired creations by Union of Modern Artists (UAM) jewelers.”

“Much of this timelessness stems from [a]mix of abstraction and stylization”

The “modern style,” as the public called it before the term “Art Deco” was coined in the 1960s, was characterized by an “explosion of color,” in clear contrast with the subdued pastels of the Belle Epoque, Becker notes. The use of coral, lapis lazuli, turquoise, jade and onyx in bold combinations reflected the enthusiasm for Orientalism and the vibrant colors of the Ballets Russes, a disruptive dance company touring Europe since 1909.

The movement had different periods, Becker continues. It started with a slightly figurative stage that evolved into

Under the hammer

All these items are usually the highest-selling lots at auction and a popular request among estate dealers’ clients. Professionals concur that Art Deco is the top era for collectors, with two maisons — Cartier and Van Cleef — at the pinnacle of desirability. In recent years, head-turning results at Sotheby’s have included a Cartier tutti frutti bracelet from the 1930s that sold for over $1.3 million in 2020, and a 1929 diamond-tie necklace that bore a VCA signature and tripled its estimate at $3.6 million last year.

Art Deco pieces buck the trend that diamond-heavy jewelry performs best at auction. A Cartier necklace with over 169 carats of aquamarines from circa 1940 sold for $604,000 at Bonhams in 2019, three times its presale estimate. Discerning buyers also favor pieces by Fouquet, whose 1925 necklace featuring an 85-carat aquamarine sold for $1.2 million at Christie’s Paris in 2021. But for all the headline-making pieces, Art Deco jewelry is available at a wide range of prices — from as little as $3,000 for unsigned pieces to $100,000 for those with exceptional stones. What draws collectors to the style is its craftsmanship and emphasis on design.

“It’s the most consistently sought-after period because a lot of people respond to the Art Deco period as the golden age of

jewelry making,” explains Guy Burton, managing director at jeweler Hancocks in London, commenting on the innovative techniques that creators developed in the 1920s and ’30s, such as Van Cleef’s mystery setting.

Style chameleons

The modern allure of Art Deco jewels means they blend harmoniously with other styles. “The sleek, streamlined geometry still feels fresh and modern a century later, and the styles tend to play well with other jewelry eras,” remarks Nicole Corsini, marketing manager at Lang Antique and Estate Jewelry in San Francisco.

Requests for Deco line bracelets are high, she reports, as they stand out on their own and stack nicely with other pieces, while couples often opt for an Art Deco diamond engagement ring because of its “amazing hand-fabrication and engraving.”

There’s another jewelry trend making the era a hit among collectors: “Lately we’re seeing a lot of men interested in Art Deco brooches for evening or special events, because they bring such sparkle and personality to the lapel of a suit or tuxedo,” Corsini says.

“Lately we’re seeing a lot of men interested in Art Deco brooches for evening or special events”

Variety is also part of the period’s appeal. “The Art Deco design has infiltrated all tiers of the jewelry world, from charms and engagement rings to parures and encrusted handbags,” observes specialist Kerri Orlando of Philadelphia-based dealer Wilson’s Estate Jewelry.

Far-reaching impact

Art Deco pieces are plentiful on the market due to the rise in jewelry production from the 1920s to World War II. However, this doesn’t always equal high-quality finds.

“We see more Art Deco jewelry than many other eras of design, but finding truly distinguishable, well-designed pieces can be challenging — even more so for signed pieces,” comments Orlando.

As the 100th anniversary of the historic exhibition approaches, retailers should remind buyers that Art Deco designs have stood the test of time, advises Corsini. A key message is that “many of today’s jewelry trends — long, layered necklaces, stacks of bracelets — were originally popularized in the Art Deco era.”

Cron, for her part, “would love to see the industry celebrate this era without merely reviving it. The Art Deco style is established. It deserves to be celebrated in ways that inspire fresh, groundbreaking designs rather than copying past forms.”

She does wish she could have experienced the original exhibition itself, though. If augmented reality could produce “an immersive experience that allows us to ‘visit’ it…I’d absolutely say yes!” she declares. The 1925 pioneers, with their appreciation for the latest technology, would undoubtedly have approved.

Diamond and platinum Un Cercle brooch by Van Cleef & Arpels, circa 1931, sourced by Hancocks; A guide to the 1925 International Exposition of Modern Industrial and Decorative Arts fair.

ROARING INTO NEW DESIGNS

If there is one style that’s omnipresent, from the mainstream to the highest echelons of jewelry, it’s Art Deco. Kay Jewelers recently released the Neil Lane Artistry Heritage collection, comprising platinum engagement rings and wedding bands with lab-grown diamonds in Art Deco-inspired cuts. Another designer embracing the aesthetic is Istanbulbased Melis Goral, whose collections offer a contemporary take on the Art Deco movement. The geometric jewels star the Big Three gems — emeralds, sapphires and rubies — as well as malachite, lapis lazuli, black onyx and other stones reminiscent of the 1920s. Also taking inspiration from the era is Parisian Amélie Huynh, the founder of Statement. The brand’s signature My Way ring combines Art Deco’s codes and celebration of craftsmanship, the jeweler says. “I admire the style’s refined geometry and luminous sophistication, and I hope it shows in my pieces. Each line and each detail evoke the perfect harmony of shapes, where the brilliance of gold and precious stones celebrates the elegance of a bygone era, the Roaring ’20s.”

Meanwhile, in New York, Art Deco has influenced nearly all of Lindley Gray’s work with its “restraint and sense of geometric proportion,” says the designer. Her latest SoHo capsule collection of studs and charms interprets her favorite Art Deco illustrations, textiles, buildings and objets d’art Fellow New Yorker Kia Schwaninger launched her Kia Schwan high-jewelry brand after working at Harry Winston and Van Cleef & Arpels. Its inaugural Colorhythms collection joyfully blends geometric lines and semi-spherical carved stones such as coral, malachite and turquoise. In the Art Deco spirit, her creations are customizable and transformable. “Collectors are buying the design and the craftsmanship more than the stone,” she says.

Paris earrings by Melis Goral in 18-karat gold with diamonds, aquamarines and green quartz. Right, from top: Kia Schwan Disc necklace with turquoise, malachite, tourmaline cabochons and diamonds in 18karat gold ; My Way ring by Statement with enamel, diamonds and 18-karat rose gold; Melis Goral Guardian ring in 18-karat gold with sapphires, tsavorites and diamonds.

THE ROYAL TREATMENT

What do you do with a country’s crown jewels? Museum curators share the ins and outs of managing this niche category. By

Crown jewels are the ultimate estate jewels. Since they belong to governments or monarchs and hold an important place in a country’s history, they will likely never appear in a public sale. Because of their distinctive status, they receive different treatment and care than pieces that end up on the market.

“They are not products. They are objects with stories that have history,” says gem education consultant Rui Galopim de Carvalho. “They are different than jewelry that appears at auction. Those are products for sale. They are not museum items. Although museums have the same kinds of objects as those we see on the market, they are not jewelry products.”

Galopim de Carvalho was a co-organizer of a two-day colloquium called “Treasures, Royal Gems & Jewellery,” which took place in November at the Royal Treasure Museum in Lisbon, Portugal. Those in attendance included gemologists, historians, museum curators, valuators, mineralogists, auction professionals, and others with an interest in historic jewels and gems.

Crown jewels present particular challenges, such as restoring, organizing and maintaining them, as well as figuring out how best to present them to the public. Three of the speakers at the event were in charge of museums with royal collections, and they discussed some of these issues.

Denmark: Fit for the queen

Anthony DeMarco

Peter Kristiansen is curator of the Royal Danish Collection, which includes the Danish crown jewels. Dowager Queen Sophie Magdalene established the collection in her will in 1746, and it became effective upon her death in 1770, he explained via video feed at the gathering.

“The collection belongs in principle to the monarch, still today,” he told participants. “And the monarch can in principle do what he wants with the collection, but there are some limitations. He can’t sell it. He can’t give it away, and he is obliged to preserve it.”

The jewels have been in Rosenborg Castle with the Royal Danish Collection since 1915 and on public display there since 1922. Four sets of items have the designation of crown jewels: the Emerald Set, the Pearl-Ruby Set, the Brilliant Set and the Rose-Cut Diamond Set. The jewels also cannot leave the country, Kristiansen explained. Their use is limited to a few state celebrations and royal funerals. In the past, they have been part of coronations, but these ceremonies no longer exist. Since they are still in use, the jewels get adjusted to keep up with current fashions and to fit the reigning queen comfortably. In January, Queen Margrethe II abdicated her throne after 52 years, citing health reasons. Her eldest son, Frederik X, became king of Denmark, and the jewels were tweaked for his wife Mary.

France: Out of the vault Eloïse Gaillou is responsible for the approximately 100,000 samples of minerals at the Mines Paris – PSL school’s Mineralogy Museum, where she is director and curator. Among them are some 150 gems from the French crown jewels.

About a century after the French Revolution, the French government decided to sell the collection to rid itself of all symbols of the monarchy, Gaillou related in her presentation. The jewels went up for auction in 1887. “Everything was put on display, and in 10 days, everything had to be sold. It was not sold for [the pieces’] heritage. It was not even sold for the price of the stones, because everything was put into suites of gems and sold to the highest bidder. Only a few sets of jewels were left for the last empresses.”

Some of the experts of the time convinced the government to keep some gems for mineralogical study and historical purposes, she continued. These got divided among The Louvre Museum, the National Museum of Natural History in Paris, and Mines Paris – PSL, which received Colombian emeralds, Siberian amethysts and Brazilian pink topaz.

Apparently, however, no one at Mines Paris knew about the gems until 2016.

“Everything was kept in a vault but not written as the French crown jewels,” Gaillou explained. Once she learned of their historical significance, she immediately decided to display them, dividing them by category — amethyst, pink topaz and emerald — and showcasing them in a tall cabinet.

The institute is now researching which jewels contained the gems, and who owned them.

The next challenge for the three French museums is buying back at least some of the original crown jewels based on what they can afford, according to Gaillou. “The decision was made to try to find and purchase back those pieces that were still set in jewelry. Not loose gemstones, but a few things that have the savoir faire, the craftsmanship, of the jewelers.”

Bavaria: Sharing with the public

Jonas Jückstock is conservator at the Treasury of Munich Residence, a palace that served as the seat of government and home of Bavarian dukes, electors and kings from 1508 to 1918. The Treasury is a collection of about 1,250 jewels, goldsmiths’ works, and objects of enamel, crystal and ivory. In his 1565 will, Duke Albrecht V stipulated that the items in this collection should never go up for sale.

Jückstock is an expert in restoration. He spends much of his time at his workbench restoring jewels and other artifacts that date back to the 14th century. He is passionate about finding out as much as possible regarding each item in the museum.

“We work for museums. That means we work for the public,” he told the event attendees. “That comes with the responsibility to give the public not only views of objects, but also the information about it. And I think we like to do that, as well as opening these items to scientific methods to gain additional insights.”

Another challenge he addressed was how museums should plan for the future — whether these institutions that preserve the past should also be anticipating and collecting the types of art and objects that will have historical significance further down the line. “Most of the time, we look back at what has happened, but simultaneously we should think about what we will present in the future, what principles you want to present as a museum [to educate] the public,” he stated.

Clockwise from top left: Eloïse Gaillou of the Mines Paris – PSL school; Jonas Jückstock from the Treasury of the Munich Residence; gem education consultant Rui Galopim de Carvalho. Opposite: The Brilliant Set diamond necklace from the Danish crown jewels.

GUIDE TO THE

PRICE LISTS

The Rapaport Price List is commonly used by dealers as a guideline for evaluating natural diamond prices. Readers should understand the List’s standards for describing diamonds, as well as its limitations and how it can be used to aid buyers and sellers. The Round and Pear Shape Price Lists are published online every month.

HIGH ASKING PRICES

The Price List quotes Rapaport opinion of high cash asking prices for Rapaport Diamond Specification A3 and better natural diamonds. These prices may be substantially higher than actual transaction prices. It is most common for the diamond trade to transact at discounts to the List. However, select quantities that are in short supply or subject to speculative demand may trade at significant premiums to the List.

Detailed information about discounts is provided online in real time via our RapNet® and RapX® diamond trading networks. They are also included in the Trade Sheets published in this magazine.

The level of discount or premium is influenced by many factors, including diamond quality and cut, credit/memo terms, the location and type of market, the liquidity level of particular size-quality combinations, and the associated risk of ownership. The easier it is to sell a diamond, the lower its discount to the List. Hard-to-sell diamonds often trade at large discounts. Very in-demand, scarce diamonds may trade at premiums.

DIAMOND SPECIFICATIONS

The Price List relates to Rapaport Diamond Specification A3 or better natural diamonds that are graded based on Gemological Institute of America (GIA) standards (except for SI-3, an additional intermediate non-GIA grade).

CAUTION: Grading laboratories use subjective methods of analysis. The same diamond may be evaluated differently by different labs or even each time it is submitted to the same lab.

Grading reports and our Price List do not replace the human factor in evaluating diamond quality or price determination. The Rapaport Price List does not provide transaction prices, but price indications that serve only as guidelines — a starting point for negotiations and a basis for estimating value. Buyers and sellers are advised to consult with experts before trading diamonds.

RAPAPORT DIAMOND SPECIFICATION A3

The Rapaport Price List is based on the following specifications:

Grading report GIA

Shape Round brilliant

Cut Excellent

Polish Excellent

Symmetry Excellent

Culet None

Depth % 58.5%-63.5%

Table % 55%-62%

Girdle No extremely thin, extremely thick or very thick

Fluorescence None

Weight No .00 sizes for 1.00 and larger

GIA comments No GIA color comment

GIA comments No knot or cavity

GIA comments For SI1 or lower, no “Clarity based on cloud”

Seller requirement No green tint

Seller requirement No Marange diamonds

© Copyright 2024 by Rapaport USA

CUT SPECIFICATION

The Price List relates to fine-cut Rapaport Specification A3 or better diamonds. Additional Rapaport specifications are available at rapaport.com/rapspec

These specifications are subject to change without prior notice.

RAPAPORT DIAMOND SPECIFICATION A3

PRICE INDICATIONS FOR 6-TO 9-CARAT DIAMONDS

Approximate percentage increases from 5-carat prices for larger sizes*

These indications should only be used as guidelines. Large stones are very thinly traded, and prices may vary significantly from dealer to dealer and stone to stone. Availability of large, better-quality stones may be limited, and buyers may find that asking prices and/or transaction prices may be significantly higher or lower than these price indications. This price information should only be used as a general indication of the current market.

*Asking price indications are based on Rapaport Cut Specification A3 or better.

APPROXIMATE % INCREASE OVER 5-CARAT PRICES

PRICE INDICATIONS FOR BLUE FLUORESCENT DIAMONDS

The impact of fluorescence on price depends on its noticeability. In some cases, fluorescence gives the stone a milky-white appearance, which greatly lowers value. In some instances, the fluorescence is hardly noticeable and has minimal impact on the stone’s brilliance. Blue fluorescence gives lower-color stones a whiter, brighter face-up appearance. Yellow or white fluorescence is problematic and may require an additional 5% to 10% discount. Generally, the higher the quality and price per carat, the more fluorescence lowers value. In the table below, we present our estimation of the price gap between nonfluorescent polished round diamonds, and polished round diamonds that show varying degrees of fluorescence. The percentages represent the average price difference for each of the size, color and clarity categories indicated.

BIG IN THE GOING

WINDY CITY

Longtime Chicago jeweler CD

Peacock’s expansive new flagship pays tribute to its history and its hometown.

As Chicago’s first jeweler and Illinois’s first business with more than 185 years of history, CD Peacock has a certain reputation to uphold. After all, its archives include handwritten letters by former President Abraham Lincoln, whose wife was a client. However, rather than settling in the past, CD Peacock has made bold steps to reinvent the retail experience with a new store: the CD Peacock Mansion, which covers 20,000 square feet at Oakbrook Center, around 30 minutes from downtown Chicago.

This two-story luxury destination formally opened in April, incorporating a Rolex boutique, shop-in-shops for Omega, Cartier and Chanel, and an extensive array of fine diamond jewelry and premium watch brands. Interspersed with these are private and semi-private seating areas, a cocktail bar, onsite workshops, a piercing studio and more. It is certainly a far cry from the company’s previous store at the Oakbrook Center, which was diminutive by comparison at 6,000 square feet.

“In all the things I’ve done, successes or failures, I’ve always committed in a big way,” says vice chairman Steven Holtzman, whose family has owned CD Peacock since 1993. “The opportunity was there to go big, and we decided that we

wanted to do something that hadn’t been done before from an experiential and size perspective. There are plenty of big stores in the country, but nothing at this level.”

‘A place they want to come and stay’

Holtzman and his team spent nearly three years designing, planning and building the CD Peacock Mansion, with some twists and turns along the way. Although they had to set aside their initial ideas for an on-site restaurant in favor of a licensed prep kitchen, the emphasis on hospitality, entertainment and socializing remained throughout the project. The goal wasn’t just to inspire shoppers, but to hold their attention in imaginative ways.

“There are so many little things to discover,” Holtzman says. “In each of the private rooms, there’s an element of surprise, such as a button that can be pressed to reveal something hidden. The goal is to keep it very experiential and take customers on a journey through a place where they want to come and stay.”

One way the store achieves that is its striking circular bar, complete with a gemstone-themed cocktail menu. There’s also a horological library, among other perks. Around every

Clockwise from top left: Cartier and Tudor shop-inshops; exterior shot of CD Peacock’s Chicago store; company vice chairman Steven Holtzman; rings from CD Peacock’s River North (top), Gold Coast (middle) and Lincoln Park collections.

ON YOUR DESKTOP IN YOUR POCKET IN REAL TIME

WhatsApp channel and get industry news delivered instantly wherever you are. confidence. Your details will never be visible to other followers or the Rapaport Group.

corner is a series of private rooms independently decorated to suit different audiences, such as the Bridesmaid Room, the Proposal Room and the Peacock Room. The last is decorated in “Chicago maroon” to match the University of Chicago’s colors and allude to the company’s long history in the city.

The bridal area on the first floor of the CD Peacock flagship evokes the sensation of stepping into the clouds, with pastel-pink and cream tones making for a bright, airy feel. Kristin Milne — the retailer’s business manager for bridal, buys and appraisals — credits the new space and its extensive natural light with an uptick in sales, especially of yellow gold, oval- and marquiseshaped diamonds, and elongated radiant-cut stones.

Local pride

To coincide with the opening in April, CD Peacock leaned into its Chicago heritage with a selection of in-house bridal lines paying tribute to the city. To date, there are three collections: Gold Coast, Lincoln Park, and River North — all inspired by the local architecture in their namesake neighborhoods.

“Some of the details in these rings are prominent focal points of Chicago,” Milne explains. “People might have gotten engaged there or had their wedding photos taken there.”

These new collections have touched the hearts of longstanding customers, too, many of whom see CD Peacock as part of the fabric of Chicago itself. “People come in and say, ‘My grandmother shopped here,’” relates Milne. “The older generations love to bring the younger generations to show them, ‘This is where I got my engagement ring from.’ We will even see older pieces of signed CD Peacock jewelry that we made, perhaps 100 years ago.”

There are subtle nods to the theme of making history throughout the CD Peacock Mansion, including photos, letters, and archival pieces in display cabinets. It’s this blend of ultracontemporary and old-school family values that makes the colossal space feel intimate and welcoming.

“People in Chicago are very loyal, and they’re very geographically protective,” Holtzman says. “I think over the next year or two, as word gets out and we bring in more people to the store, it’s only going to get stronger.”

Thanks to this citywide — as well as statewide — support, the jeweler isn’t afraid to put its business into context beside iconic houses. As Holtzman notes, “1837 is the year that Tiffany & Co. was founded, the year that Hermes was founded, and the year that CD Peacock was founded.”

A view of the CD Peacock Mansion’s gallery level.

Above: Customers at the in-store bar.

LONG LIVE THE LIVE STREAM

Real-time video interaction is the digital-shopping model du jour for US jewelry and accessory companies.

By Joshua Hendren

Luxury brands are shaking up the watch and jewelry sector with new retail strategies catering to a generation of tech-savvy consumers.

Live streaming, which combines live online video with the option of purchasing products in real time, has emerged as one of the more successful models for creating a meaningful digital shopping experience. Merging the familiarity of in-store shopping with the convenience of e-commerce, live streaming is driving growth in the luxury market with informative, engaging and entertaining content, and has become increasingly attractive to companies looking to establish a deeper connection with their audience.

That said, this approach to selling is nothing new. In fact, live streaming has long dominated regions like China. It generated over $150 billion there in 2022, according to Euromonitor, which predicts that this segment will make up 20% of all global e-commerce sales by 2026. While the market has remained rather small in the US, it has recently been achieving success in the watch and jewelry categories thanks to several US companies launching their own live-stream platforms.

Watch the watches

At global watch and jewelry retailer The 1916 Company, live streaming is “paving the way for a new era in luxury retail, enabling clients to connect with experts and access highvalue pieces from anywhere in the world,” according to CEO John Shmerler.

“The luxury watch landscape has evolved, with collectors and buyers seeking more than just access,” he says. “They want depth, expertise, and a meaningful connection to their watches.”

To bridge that gap, the retailer recently debuted its 1916 Live platform. The 1916 Company already has over 20 boutiques worldwide, having formed in 2023 by merging pre-owned timepiece business WatchBox, parent company Govberg Jewelers, and independent retailers Hyde Park Jewelers and Radcliffe Jewelers. It also launched a mobile app earlier this year where collectors could browse thousands of new and preloved watches.

With 1916 Live, viewers can now join a weekly live stream where watch expert Tim Mosso hosts a rotation of specialists

“Collectors and buyers [seek] more than just access. They want depth, expertise, and a meaningful connection”

from across the company. They can also enjoy real-time access to both new and out-of-production timepieces that the company makes exclusively available to the live-stream community before listing them on its website.

An elite audience

The platform’s approach differs from that of traditional home shopping channels like QVC and Jewelry Television by putting an emphasis on exclusivity, in-depth education and personalized interactions.

“When viewers join the live stream, they can chat and pose questions to our hosts — experts like Tim Mosso and Armand Johnston, who bring unmatched knowledge and offer unique anecdotes and insights into the pieces showcased,” explains Shmerler. “This isn’t a passive experience. It’s about fostering community and trust. Traditional TV shopping channels often focus on promotional tactics like ‘exclusive pricing’ to capture interest, but we’re speaking to a different audience — collectors and enthusiasts who value a deeper understanding of each timepiece.”

When it comes to tailoring content, 1916 Live hopes to capture the attention of seasoned collectors and newcomers alike, people who

Watch experts Armand Johnston and Tim Mosso.

Below: The 1916 Company’s digital shopping platforms.

Opposite: Luxury Promise founder Sabrina Sadiq hosts a live stream.

“This isn’t a passive experience. It’s about fostering community”

appreciate both quality and the sense of community that livestream shopping creates.

“The consumers we’re speaking to are passionate, knowledgeable, and curious about both established and esoteric brands,” says the CEO. “They’re looking for more than just a product; they’re seeking a curated, immersive experience that informs and entertains, allowing them to make educated decisions.”

What’s doing well in this channel? The retailer has “seen the highest engagement around segments featuring ultrarare, highly complicated watches, niche models, and modestly priced pieces in the sub-$15,000 range,” Shmerler reports.

“Clients are returning week after week, actively engaging in

the live chat and finding pieces that resonate for their collections.”

Ready to engage

Retailer Luxury Promise has also brought live streaming to the US and Middle East with its live shopping platform, which lets customers purchase its pre-owned luxury jewelry, watches, clothing and other accessories in real time and interact with the company’s specialist authenticators.

“Gen Z and Millennials in the region are looking for thought-provoking content where they can engage with brands digitally,” says founder Sabrina Sadiq, who started the company in 2017.

“We are the first to launch live shopping and have done incredibly well in this region.”

Other jewelry brands like Swarovski use live video to provide one-on-one virtual shopping and consultations. Online customers can connect with a shop assistant and get a real-time virtual tour of a physical store and its products. A similar service is available at Canadian jeweler Jenny Bird, which also provides one-on-one virtual shopping appointments as well as live videos sharing products and styling tips.

Looking to the future, can we expect livestream shopping to become part of all omni-channel jewelry retail strategies in the US?

Brands are increasingly recognizing that it’s not just a trend, but a crucial element of future-proofing their business models, according to Laryssa Wirstiuk, founder and creative director of Los Angeles-based marketing agency Joy Joya. “It enables a blend of entertainment, education, and immediate purchase capability, which enhances the customer journey,” she says.

“This interactive model supports brand storytelling and fosters a deeper connection with consumers, setting a new standard for customer engagement in luxury retail.”

The 1916 Company’s livestream setup. Below: Host Tim Mosso in action.

Opposite:

FROM ATELIER TO AUCTION

Whether as investment pieces or even as art to hang on a wall, contemporary jewelry is finding a lucrative retail channel at the likes of Christie’s and Sotheby’s. By Kate Matthams

The refined world of the jewelry auction calls to mind glittering Cartier panthers, gobstopper Harry Winston rings and Elsa Peretti-era Tiffany & Co., all selling for colossal sums. In years gone by, on the rare occasions when modern jewelry appeared on lot lists, it would be an existing work — a masterpiece by JAR, perhaps, or a jeweled butterfly by Wallace Chan, usually as part of a private collection. More recently, however, auction houses have become a retail channel for contemporary designers selling new work, and they’re reaching a whole new audience in the process.

Unlike the more volatile art market, the global jewelryauction market has a reputation for being relatively stable. It’s also rising, set to reach an $5.44 billion by 2030. Hard luxuries are traditionally seen as solid investments, and in recent years, houses have worked to entice new generations into the saleroom albeit virtually through online auctions. And although big-ticket brands are fail-safe, it’s in houses’ interests to offer a range of styles and designers.

“We are constantly exploring what luxury means; it’s about expanding the boundaries of what we offer our clients,” says Paul Redmayne, senior vice president for luxury sales at Sotheby’s. “Our contemporary jewelry sales have resulted from a desire to bring our expertise and finds to a wider market, and client demand for more novelty.

“The audience wants to see new things, and brands are exposed to a high-quality collecting clientele”

Interestingly, this ask has often come from...contemporary art and design buyers.”

Collectors getting creative

A broader spread of names began appearing at the big houses just after the pandemic, with the Sotheby’s Brilliant & Black sales in New York and London in 2021

From top: Fei Liu earrings in 18-karat gold with yellow sapphires and motherof-pearl petals; Auvere’s 24-karat-gold Mega Apex ring, up for sale at Sotheby’s.

A promotional shot for the Sotheby’s Brilliant & Black sale, featuring Melanie Eddy’s Drop Loquat earclips in 18-karat gold, citrine and diamonds, and the Auvere Mega Apex ring.

and 2022, and the Art as Jewelry as Art auction in New York, spearheading a shift toward a more diverse offering. On the other side of the Atlantic, Christie’s Paris was teaming up with jewelry gallery Second Petale and curator Arina Pouzoullic on the Jewellery Talents of Today sales, which brought designers as diverse as Sarah Ho, Gaelle Khouri, and Dries Criel to the auction house’s salons near the Champs-Elysées.

“It’s a unique opportunity,” says Pouzoullic, who came up with the concept for the sales and approached Christie’s herself. “The audience wants to see new things, and brands are exposed to a highquality collecting clientele.”

Collectors increasingly see jewelry as a part of the art market worth investing in, confirms Vanessa Curry, founder of art advisory business Fine Art Source, which works with US, UK and Asian markets. “There was a realization some years ago that art collectors have an interest in other luxury assets, like jewelry or cars. Interest in jewelry has been supported by a relatively stable secondary market for major names and a growing market for younger designers.”

She cites Dallas-based collector Deedie Rose, who “proudly hangs her contemporary jewelry among her wall-hung artworks and has worked alongside famous collectors Cindy and Howard Rachofsky.” Rose aims “to show younger collectors that any type of art can be fun,” inspiring them to create “a life aesthetic rather than a cold investment-oriented portfolio” that brings jewelry’s emotional value into play, says Curry.

Redmayne foresees further growth and is keen to give “emerging talents a global audience of sophisticated buyers. A number of us on the jewels team have a genuine love for this corner of the market, and I think our clients are responding to the way we work within this category.”

In 2023, innovative London-based designer Fernando Jorge created an exclusive collection for the marquee Modern & Contemporary Art sale at Sotheby’s. Alongside the 16-piece

Sarah Ho earrings with opals, diamonds, sapphires, rubies and emeralds, which sold for EUR 11,250 (about $13,480) as part of the 2021 Christie’s Jewellery Talents of Today sale. Opposite, from left: Stephen Webster x Fuli Gemstones Magnipheasant peridot necklace, which sold for HKD 635,000 ($81,600) at Sotheby's in April; Fei Liu ring with opals, sapphires and diamonds in 18-karat rose gold.

Tinko line, another 70 pieces from Jorge’s main collections were available for purchase online, showing the breadth of his work to a range of potential buyers.

Fresh markets

For Fei Liu, an art jeweler who began selling through Christie’s Hong Kong and has since sold at Doyle’s New York and other locales, the auctions and selling exhibitions represent an opportunity to break into a new market.

“I began selling like this in 2016, to introduce my creations to dedicated jewelry collectors,” he says. “Partnering with auction houses allowed me to establish credibility among astute buyers seeking unique, investment-worthy pieces that stand apart from conventional offerings.”

He saves his one-of-a-kind pieces for the auction houses — like the Poppies in Love brooch, a sculptural, abstract interpretation of two entwined poppies featuring rubies, tsavorites, diamonds and moonstones. In his experience, especially since the pandemic, retailers have been cautious, erring on the side of more conservative designs. “Auction clients, however, often bring a different level of taste, seeking pieces that are particularly rare and exclusive,” he says.

Although designer Stephen Webster has been cautious about working with auction houses in the past, he sold the spectacular Magnipheasant collar with Fuli gemstones at auction in Hong Kong earlier this year.

“We have often thought about placing pieces at auction, but the track record for items without widely recognized provenance or classic intrinsic value is not something that can be relied on,” he says. “Both sides knew it was a risk, but we also saw that the piece would feature well in the catalog and hoped that the striking design and unique material should be enough to compel the right buyer. We are pleased to say it worked.”

Without reserve

“The designers we see now are potentially the grandesmaisons of tomorrow”

Besides offering a new market, auction houses provide high levels of service and transparency so buyers can be confident that they’re purchasing not just a much-loved treasure, but a piece that holds investment value.

Designer Lola Oladunjoye of Lola Fenhirst, an alumnus of the Brilliant & Black exhibition, recently held a Sotheby’s trunk show in Martha’s Vineyard, where she found a more discerning client with more financial freedom. “Collaborating with curator Melanie Grant and the Sotheby’s contemporary-

jewelry team has been a propeller for my business, and being aligned with a house known for art sales is a compelling brand adjacency,” she shares. “I recently had a solo exhibition at the new Sotheby’s space in Dubai, which in turn led to opportunities in the States. Art is borderless.”

Done right, contemporary jewelry designers and auction houses can be a match made in heaven for both parties. Besides the revenue potential that such a union provides, this is one retail trend that has the power to shape jewelry history.

“Let’s not forget that Cartier and Van Cleef & Arpels were once the contemporary jewelers of their day,” Redmayne points out. “The designers we see now are potentially the grandes maisons of tomorrow.”

KEEPING OUT THE COPYCATS

Getting a trademark for your jewelry designs — and enforcing it — is a smart way to prevent knockoffs, says goldsmith Ray Griffiths. By

Jennifer Heebner

Unlike many of his peers in the jewelry world, New York-based goldsmith Ray Griffiths has a track record of swiftly shutting down knockoffs of his designs.

Two years ago, an entrant to a US design competition submitted a literal replica of one of his signet rings, featuring his signature pierced crownwork aesthetic in gold — a move he quickly curtailed with a cease-anddesist letter from his attorney. Four years before that, at a high-end jewelry trade show in Las Vegas, one of his fellow exhibitors unveiled a line of designs that also featured his crownwork in gold.

“My lawyers drew up infringement papers, and I served them to the brand at their booth, as well as the show organizer,” explains Griffiths. “I was polite about it, but I told them that that patternation was an infringement on my product.”

His weapon of choice? A trademark from the US Patent and Trademark Office (USPTO) that he has consistently renewed since the body accepted his application in the mid-’00s. The latest iteration, which he registered in 2017, states that “the mark consists of a repeating pattern design formed by an open grid, with the repeating pattern appearing over all or a substantial portion of the goods.”

Following his stern warning to the show and the brand, the offending pieces

Ray Griffiths.

Opposite: Crownwork cuff bracelet in 18-karat gold; blue-sapphire pavé signet ring with Crownwork shank in 18-karat gold.

were pulled from cases at the trade fair, and the brand changed its crownwork effect to a different pattern.

Layers of protection

Griffiths trained as a goldsmith on crown jewels in his home country of Australia, bringing those skills and design preferences with him to the States in 1998. As he built his brand and executed pieces in his signature look, he realized that look was a distinctive and recognizable one. He consulted an intellectual-property lawyer, who agreed it was worth protecting and encouraged him to file a trademark for use of the pattern in jewelry, along with a descriptive phrase the USPTO would recognize as a further layer of protection: “Look for the Grid.”

His lawyers explained the move to him this way, he recalls: “Vaseline is just petroleum jelly, and at a certain point, Vaseline could no longer be trademarked, because it became a generic expression. Vaseline added ‘For Intensive Care’ so it could be trademarked again, because it argued that intensive care was what it provided for the skin.”

Over time, his trademark has gathered strength and made potential offenders rethink replicating his product. However, enforcing the trademark is key.

“I have a record of going after people who copy my product,” he says. “When the company entered my signet-ring design into the awards competition, they said they had never seen my jewelry, but they didn’t have a record of previous designs with it on their website. I sent this information to my lawyer, who said that the company’s further use of my pattern would get them in trouble. And if they made it again, they would have to pay the bill in court, so it wasn’t a winning proposition for them.”

“You must have a clear visual identity that you can explain to the USPTO, a good lawyer, a little bit of money, and some patience”

What’s the process?

While most designers bemoan the expense and difficulty of securing a trademark for their designs, Griffiths dismisses those excuses.

“It wasn’t that time-consuming or expensive,” he says. “You must have a clear visual identity that you can explain to the USPTO, a good lawyer, a little bit of money, and some patience.”

Still, it took him two or three tries — and about two years — to get his trademark. The USPTO said no on his first go, so he applied again to explain what he felt the body had gotten wrong.

“They sent me back examples of a grid on fabric, but I said my pattern was an open one on metal in jewelry, not a weave that’s closed,” he explains. Ultimately, the USPTO understood.

“People can do the grid in plastic or on chairs, but they can’t make it in jewelry — that’s what my trademark pertains to,” elaborates Griffiths. “We’re discussing visual aesthetics, and that’s part of getting a trademark.”

The total sum for this peace of mind? About the cost of a new economy car.

“Intellectual property needs to be protected, and makers need to be proactive and aware of expiration dates for renewals,” he cautions. “Brand identification has value, but a trademark is only good if you enforce it. If you let everyone copy your work, what’s the point of having one?”

TAKING IT TO COURT: VERRAGIO

By Rachael Taylor

On July 26, jewelry house Verragio filed a lawsuit against online retailer The Art of Jewels and Fine Art LLC for allegedly selling knockoffs of its ring designs — specifically its trademarked Verragio Crest design. The suit in the US District Court for the Northern District of California accused the retailer of copyright infringement, trademark counterfeiting and infringement, and unfair competition. The defendant company did not respond to Rapaport Magazine’s multiple requests for comment. Here, Verragio founder Barry Verragio speaks about his experience.

How did you first come to suspect Verragio’s designs had been copied?

Verragio’s designs are crafted to be instantly recognizable, with distinctive elements that set them apart from anything else in the market, [so] spotting copies is often straightforward; even our customers can easily identify a Verragio design when they see it. Our team regularly monitors both online platforms and physical marketplaces, and while some copies attempt subtle changes, many are blatant enough to stand out to anyone who knows Verragio’s artistry.

What sort of impact do you believe copying designs has on your business?

Being an innovator means being imitated, but it’s an unfortunate cost to our brand, our partners, and our loyal customers. The heart and time invested into bringing a new design to life are incalculable. These aren’t just products; they’re crafted legacies. Copycats

not only diminish our work, but threaten the very essence of what makes Verragio unique.... I started this company specifically because I saw a void in the bridal marketplace. The bridal rings should be as unique as the couple wearing them.

How does it affect you and your employees?

The emotional toll of seeing our work imitated goes beyond business; it strikes at the core of why we create. Designing is a labor of love, driven by a desire to innovate, inspire, and elevate an art form. We put so much care into our designs. For example, we look at the spacing of our signature beading and consider how the jeweler is going to polish our filigree. When others opt for the “copy-paste” route, using cheaper materials to capitalize on our vision, it can feel like a betrayal of the craft itself. But it’s also what drives us forward. To be copied is to lead, and we owe it to our customers, our industry and our legacy to rise above.

Was your July lawsuit the first copyright-related suit you’ve filed?

This is not our first battle, and it likely won’t be our last. Over the years, we’ve faced countless attempts to dilute what makes Verragio unique. But taking swift action isn’t just about protecting our designs. It’s about upholding the very essence of luxury and artistry in the jewelry world.

How big an issue do you feel copying is in the industry?  Copying has regrettably become the primary business model for many in the jewelry industry. Some brands build entire operations around borrowed ideas, producing “almost” versions of authentic designs with lower-quality materials and inferior craftsmanship. These are not creators; they are opportunists, and the market can tell the difference.

From top: Barry Verragio; engagement rings from the Tradition collection showing Verragio’s signature design flourishes.

ORIGINALITY IN PRACTICE

OX cofounder Jessica Busiashvili , whose hourglass-themed designs set the New York-based brand apart, reflects on how she, as a creative, feels about impersonations of her work.

As the designer behind OX, my vision was to create jewelry that moved and would move the wearer. My inspiration is layered; I was inspired by skate culture as much as I was by time itself. I think of OX as a concept brand, one where the hourglass form is both the genesis of all designs and the guardrail delineating what we are not.

It’s sticky, the question of what counts as “inspired by” versus what constitutes a copy. A legal expert, for example, will have a different perspective than a jewelry expert or even a consumer.

How does it feel, though, as a creative, to be copied? I don’t know of any creatives who feel good about it. But it is well-acknowledged and accepted as something that comes with the territory, so for better or for worse, I do myself the service of not paying attention to trends, social media, and other distractions that often cocoon the hotbed of the copycat community. Most importantly, I have learned that despite the dupe, the copy, the impersonation, they will never be me, and me is what lives in my pieces.

The issue with copycats is that most believe success rests on a formula that can be cut and pasted. The truth is, the formula is the creatives themselves and their processes, which are often the “soul” reason — pun intended — that the brand dies with the creative. The resonance changes, and therefore so do the process, the collection, and ultimately the collector.

“It’s sticky, the question of what counts as ‘inspired by’ versus what constitutes a copy”

diamond Ourglass designs in 18-karat gold, which have been a target of copycats.

Above left: Jessica Busiashvili.

COMING OUT OF THE WOODWORK

By Rachael Taylor

The PAD art fair in London has a growing fine-jewelry presence that caters to a high-spending international clientele, and one collection at its latest edition had everyone talking: Fernando Jorge’s Deep Stream.

The bold nine-piece line was remarkable for its use of voluminous cuts of Amazonian Red Louro, which the designer ethically sourced in his native Brazil. The hardwood is prized for its strength, flexibility and lack of knots, and Jorge shaped it in his signature sinuous silhouettes before setting it with pearcut brown diamonds and droplets of 18-karat yellow gold.

“My passion for jewelry is an outcome of my deep appreciation for nature and the opportunity to work with those excellent natural materials,” says Jorge. “An ethically sourced wood from the Amazon is just as precious and exciting to me as a rare gem.”

Fernando Jorge Deep Stream earrings in Red Louro with pearshaped brown diamonds.

SOURCE THE TREND

Boucheron Bois

CCWW

Jade Ruzzo Cymbal pendant in 18-karat yellow gold with old minecut diamond and Brazilian rosewood.

Kinraden Toi et moi ring in 18-karat yellow gold with faceted Mpingo wood.

Fernando Jorge Deep Stream earrings in Red Louro wood with 18-karat gold and brown diamonds.

Diamant brooch in Pallisandre de Santos wood with diamonds.

Matturi Pengusa earrings in 18-karat gold and ebony wood with diamonds.

Designs Carved walnut necklace with 18-karat gold and diamonds.

Marie Lichtenberg Baby Locket in 18-karat gold with rubies, pearls and wood.

PACK YOUR BAGUETTES

This slim, elongated diamond cut is blinging up jewelry collections with its geometric flair. By Francesca Fearon

There are whispers in jewelry circles that the round brilliant diamond is losing its appeal. “It’s very difficult to make any money out of round brilliant cuts,” admits Jeremy Morris of luxury jeweler David Morris. As the brand leans toward using more fancies, one of Morris’s chosen shapes for his high jewelry is the baguette.

The baguette diamond’s long, lean silhouette has been finding favor in modern and architectural design — for instance, in Harry Winston’s New York collection, with its diamond baguette drop earrings and pendants resembling the city’s brownstone buildings. The cut also feeds into the perennial trend of Art Deco.

From accent to main attraction

It was Cartier that introduced the modern baguette cut in 1912, although paintings have featured the shape in jewelry since the mid-16th century. During the Art Deco period, designers used baguettes to emphasize clean lines and geometric shapes, and to cover

larger surface areas. The baguette has traditionally served as an accent for other cuts, and often frames center stones such as watermelon tourmaline in rings, or green and pink diamonds in one necklace from Le Vian’s high-jewelry line. The cut’s geometry can make a strong contrast to the curves of a pear or oval.

Tanaz Shayan, cofounder of Los Angeles-based brand Shay, is one of many jewelers who have fallen under baguettes’ spell. “We gravitate toward geometric cuts like the emerald and baguette because they embody a timeless elegance

and sophistication that resonates with Shay’s aesthetic,” she says. “The clean lines and unique shapes allow for incredible versatility in design.”

She prefers setting baguette and emerald cuts in an east-west position, as this unexpected orientation adds a contemporary zing, and the elongated shapes create a striking visual effect.

Fellow Los Angeles jeweler Grace Lee shares Shayan’s view. “Baguettes, emerald and Asscher cuts, and even carré cuts with linear faceting, are some of our clients’ favorite and most requested cuts,” she says. “The linear faceting gives baguette diamonds a cleaner, almost transparent modern look.”

These stones pair well with brilliants for eternity rings and ring stacks, she adds. “In fact, it pairs well with almost any ring.”

Playing hard to get?

Baguettes’ length-to-width ratio usually ranges from 2:1 to 3:1, which “allows the baguette to maintain its distinct shape while maximizing its sparkle,” says Shayan.

A selection of Suzanne Kalan jewelry starring baguette-cut diamonds.

Opposite: Eva Fehren Imperial ring with a 0.70-carat baguette.

“They embody a timeless elegance and sophistication.... The clean lines and unique shapes allow for incredible versatility”

Lee’s clients tend to favor elongated versions, “but diamond wholesalers don’t always stock baguette diamonds,” she reports — and recently, “as elongated baguettes have become more difficult to source, they have gone up in price.”

Sig Ward, another southern-California jeweler, has found this to be the case as well. “Sometimes supply and demand dictate what you may find,” she says. “Other times, you may have to customcut baguettes to fit in a particular project, and that’s where it gets uber-costly.”

Ward positions baguettes on huggies and her Snake bangle, as well as on her Bia ring to frame a colored octagonal center stone. She mainly uses them “to elevate the look of a design; they are a lot more glamorous and sparkly.” Setting them in a curved profile requires “a special consideration,” she adds, “but it’s possible.”

In New York, Halleh Amiralai sets baguettes in east-west and north-south

orientations for the ear cuffs in her Halleh Fine Jewelry collection. Anita Ko in Los Angeles, meanwhile, makes the most of the cut’s clean lines by placing the stones end-to-end on bracelets, or setting them shoulder-to-shoulder like soldiers on necklaces and huggies.

At fellow Angeleno brand and industry newcomer LÖF Jewellery, founder Morgan Mackintosh features baguette diamonds in triangular step pyramidshaped ear studs and linear designs. Manhattan-based Shahla Karimi makes them a statement stone on gold bangles, cigar-band rings, and pendulum earrings. Both these jewelers use labgrown and ethically sourced natural diamonds.

In praise of Suzanne Kalan

The baguette queen is Suzanne Kalan, who has built a huge fan base nationally and internationally for her signature off-set designs in this cut. Among her fans is retailer Material Good, a New York-based company that has bought strongly into the baguette story. The designs it carries from Kalan, Shay and Anita Ko speak to a breadth of clientele — “whether they are a bit older and looking for something traditional that isn’t too ‘flashy,’ but still want that beautiful diamond tennis necklace that sparkles, or if they are on the other end of the spectrum [and] want something more modern and edgy,” explains Teresa Panico, the retailer’s marketing and finejewelry director.

In Kalan’s pieces, “the modern look created by using these long, linear baguettes is so appealing and flattering,” Panico remarks, and “the ability to keep layering on top of what you already have” keeps customers coming back for more.

From top: Anne Sisteron diamond Toggle bracelet in 14-karat gold; Harry Winston New York earrings with emeralds, sapphires and diamonds; Sig Ward Snake bracelet in 18-karat yellow gold and diamonds.

PARAGONS OF PARAIBA

This rare, strikingly distinctive tourmaline continues to spike in both price and desirability. By

Sonia Esther Soltani

With their vibrant neon-blue to green hues, Paraiba tourmalines are not for wallflowers. They call for red-carpet outings and confident wearers. They’re not for the faint of heart when it comes to pricing, either. This Brazilian gem, which appeared on the market at the end of the 1980s, has grown exponentially in value.

“In the 20 years that I’ve been working with Paraibas, they went from anonymity to one of the most coveted gemstones in the world,” says US-based Graziela Kaufman, who also hails from Brazil. The creative director of jewelry brand Graziela was an early adopter of Paraiba tourmaline and has incorporated it in her jewels, which often adorn celebrities. “Their price range is really wide. They can go from $1,500 per carat to over $100,000 per carat.”

Copper tops

While the stone’s initial discovery was in the Brazilian state of Paraiba, there have been deposits found in Mozambique and Nigeria in the past two decades. These African varieties are known as cuprian tourmalines — a reference to their copper content, which is responsible for the gem’s distinct color.

“It is now accepted that ‘Paraiba tourmaline’ refers to elbaite tourmalines that get their coloration from copper, regardless of their geographic origins,” explains Benoit Repellin, worldwide head of jewelry at auction house Phillips. “Nonetheless, Brazilian Paraiba tourmalines remain the most sought-after ones.

Last October, we sold a 7.04-carat Brazilian Paraiba tourmaline in Hong Kong with no indications of heating and clarity modification for over $26,700 per carat.”

Other recent top auction lots include a 5.44-carat, heated Brazilian Paraiba on a ring that Bonhams New York sold in September for $533,900 — over $98,100 per carat — and a necklace with a 3.39-carat Paraiba that reached $373,000, or $110,029 per carat, at Christie’s Hong Kong in May.

Purview of the rich

Despite good supply from sources other than Brazil, serious collectors and buyers are mainly interested in the most electric version of the stone, says Caroline Morrissey, director and head of jewelry at Bonhams New York.

Demand from the Asian market is the strongest, she adds. “[Asian collectors] are constantly searching for high-quality material and are not shy to bid aggressively on top stones. With that said, the world is becoming ever more global, and the performance of our Paraibas in our recent single-owner sale [in New York] proves that it is not only Asian buyers who are in the market for rare stones.”

Paraiba’s main customer base is the wealthy, observes Antwerp-based jewelry designer and rare-gem collector Jochen Leën. Paraibas “are seen as an attractive investment; they are out of this world to wear, and their unique color makes them desirable for high-end jewelry.”

The stone is still novel for the general public, so the demand is more moderate in that demographic than among luxury consumers, comments Leon Megé, owner of the eponymous retail showroom and workshop in New York.

“Gem-grade Brazilian Paraibas and some notable African gems are bought mainly by collectors and investors in anticipation of the dwindling supply, which is bound to happen,” he says.

Eddie LeVian approves of this approach. “The rise in pricing seems to be supported by high-net-worth individuals taking an investment point of view due to the rarity of the gemstone,”

From left: Jochen Leën brooch with Paraiba tourmalines, meteorites and diamonds; a pair of Paraiba tourmaline and diamond ear clips that sold for $140,200 at Bonhams in September.

“[They] are seen as an attractive investment; they are out of this world to wear, and their unique color makes them desirable for highend jewelry”

says the Le Vian CEO, whose company features Paraibas in its jewelry.

The rise of Africa

Savvy dealers invested early in Brazilian Paraibas and have been the ones supplying the market throughout the years, Kaufman notes.

“It’s very difficult to mine that blue neon color that we all want right now. You mostly find green and purple materials.”

Sourcing is the biggest challenge the industry faces. The Brazilian stones are scarce in all sizes, as the indigenous production is nearly exhausted. The available sizes are most suitable for melee; stones over 2 carats are exceptionally rare, according to experts.

The Brazilian material usually has inclusions and displays the highly sought-after neon blue-green colors, says Raphael Gübelin, CEO at jewelry and gem house Gübelin. “Eye-clean stones are occasionally found, but due to slow production, sourcing them can be timeconsuming, with rarity and quality strongly reflected in their prices.”

Mozambique has become the major supplier of the gem, with production available in a broader range of qualities and sizes. Some stones reach up to 100 carats. Many Mozambican goods “can rival some of the better material coming from Brazil,” says Gübelin. “They vary in quality, from included to eye-clean stones with bright and intense colors. However, the majority of the goods have a lower saturation and are more highly included.”

Prices for Mozambique stones range from $2,000 to $25,000 per carat. When Sotheby’s announced it would sell the 93.94-carat Blue Lagoon Paraiba tourmaline at its Magnificent Jewels and Noble Jewels auction in November 2023, the estimate was between $1.3 million and $2.5 million — some $13,800 to $26,600 per carat — for the Mozambican stone, which came in a diamond necklace by Adler Joailliers. The jewel was ultimately withdrawn from the sale, but the estimate was a good indicator of the sharp price difference between Brazilian and African specimens.

As for the quality of the Nigerian stones, “it’s comparable to that of Mozambique, exhibiting similar variations in color brightness and clarity,” Gübelin says. However, the output is small, he notes, and prices are the lowest in

the market, reflecting a lack of enthusiasm for the provenance.

Treatment warnings

Another serious issue for Paraiba trading is the increased use of treatments, warns Josh Saltzman, logistics and regional manager and head of Asia sales at gemstone company Nomad’s.

“While heat is expected and accepted in the market for Paraibas, now clarity enhancement has become more common,” he elaborates.

“We always have to check at the labs for fissure-filling with oil or resin before buying any Paraiba.”

Buyers should be cautious and ask for certified stones, advises Kevin Ferreira, coauthor of Paraiba: The Legacy of Color (see box). Common imitations for Paraibas include apatite, aquamarine and topaz, but a gold tester such as an XRF machine can detect the presence of copper in the genuine gems.

On the bright side, he notes, labs have not yet synthesized Paraiba tourmaline, which makes it attractive for consumers seeking natural stones — another selling point for a gem whose meteoric rise already appears unstoppable.

GIVING NEW MEANING TO ‘ BLUE BOOK ’

Paraiba: The Legacy of Color is the first publication to take a deep dive into the tourmaline’s history, provenance, distinct features, and jewelry uses. Coauthors Kevin Ferreira — a gemologist and Paraiba specialist — and jewelry influencer Katerina Perez collaborated with gemologist and consultant Carlos Torres to produce an engaging coffee-table book that covers everything about the still-little-known stone.

The glossy tome elaborates on the differences between Brazilian and African material and how the dwindling supply has impacted prices. It showcases

over 100 high-jewelry creations containing the charismatic stone, highlighting its versatility. The book also includes a contribution from gemologist Laurent Massi on evaluating the gem.

During a presentation at the September edition of Italy’s Vicenzaoro show, Ferreira said Paraiba had solid potential to draw jewelry collectors: “Its striking colors stir emotion. How incredible it is to have a stone or a piece of jewelry that sells itself just by how it looks. All you need is to communicate the gem’s value cohesively and accurately to your customers.”

In that vein, Paraiba: The Legacy of Color is the go-to for practical knowledge and colorful storytelling.

Paraiba and diamond earrings by Leon Megé. Opposite, from top: Paraiba and diamond suite by Le Vian; Graziela Paraiba and diamond ring.

Clockwise from left: Emmanuel Tarpin in the Mulungu Mine in Rio Grande do Norte; Emmanuel Tarpin’s Lagoon earrings in titanium and gold with Paraiba tourmalines, sapphires and aquamarines; Tarpin analyzing and sorting

Paraiba tourmaline; Paraiba tourmaline in its host rock.

OPENING THEIR MINES

By taking trips to opal, emerald, and Paraiba tourmaline sources, jeweler Emmanuel Tarpin has gained a new perspective on the gems he uses in his designs.

By Sonia Esther Soltani

French designer Emmanuel Tarpin’s one-liner Instagram bio whimsically reads, “In the vegetable garden.” From acorns and orchids to ladybugs and frogs, nature is a notable inspiration for the 32-year-old wunderkind of high jewelry. But there is life beyond the potager

When Tarpin started exploring the places his gems originated, he says, it enriched his art. His visits to opal mines in Mexico, emerald sources in Colombia, and — more recently — Paraiba tourmaline sites in Brazil are consistent with his desire to experience firsthand the process behind creating jewelry.

“I worked in the Van Cleef & Arpels workshops before starting my brand,

because I wanted to know everything about craftsmanship and how to make jewelry myself,” he shares. “It’s the same with gemstones. I want to know how we extract them and what the human and environmental conditions are. It’s part of my passion and my way of showing respect to all the people working in this industry.”

IMMERSING IN THE STORY

The designer, who appeared on the jewelry scene seven years ago and was instantly hailed as a talent to watch, was able to access the Mexican, Colombian and Brazilian mines thanks to Gem Odyssey. The initiative’s cofounders, gemologists Carlos Torres and Laurent

COLOR’S PREMIER SHOW

DEMAND FOR COLOR IS SOARING, ARE YOU READY TO PROFIT?

The AGTA GemFair Tucson brings together hundreds of the most ethical suppliers in the industry together for the Biggest Week of Color! Buy color from trusted sellers committed to the AGTA Code of Ethics, attend inspirational seminars from renowned leaders, and celebrate the industry with thousands of your peers.

GEMHALL

EXPERIENCE A WORLD OF COLOR

Hundreds of booths operated by AGTA members that supply international markets with high-quality colored pieces.

GRAND BALLROOM

EXPERIENCE REFINED LUXURY

Shop unique antique and estate jewelry and vibrant colored diamonds from the most ethical supplier in the industry.

GALLERIA

EXPERIENCE A UNITED INDUSTRY

Associations, media partners, gemological labs from GIA, AGL, Gubelin, and SSEF, and the expert-led AGTA Seminar Series sponsored by the American Gem Society.

Massi, launched it to offer trade members and private collectors immersive experiences via guided expeditions to colored-gemstone mines. Participants learn about the extraction process and can connect with local miners. If they are industry professionals like Tarpin, they can also join in the work.

Seeing the complexities of the mining process makes it easier to explain the stones’ emotional and monetary value, Tarpin remarks. On site, he saw for himself how rare large stones were.

“Miners are desperate to find a large rough that can be cut into a large gem,” he says. “Spending time with [artisanal miners in Brazil] was a beautiful human experience. They explained how much time they spend per day in the sun just to find little roughs. Even I, who know about gemology, was very impressed by how much time it takes to actually find a nice gemstone. You can find some of low quality, but to find a beautiful one takes a lot of effort.”

Tarpin is enthusiastic about the conversations that his trips spark with his clients. For large stones, collectors request a certificate as an assurance of

both provenance and value, Tarpin says, but the stories of how these gems came about capture their imaginations in a way no paperwork could.

His own gemology knowledge has also deepened thanks to the expeditions. He can now identify specific hues as coming from particular mines, citing his trip to Colombia’s Muzo and Chivor mines as pivotal in this learning experience. Linking an Alpine green or greenish-blue color back to the stone’s original spot in the earth makes for a fascinating line to use with clients, too.

DEEP BLUES

opted for Brazilian Paraibas because the stones were originally discovered in the South American country, and their neon glow was the perfect match for his artistic vision. The circular jewels, which feature an enchanting gradient of blue stones, are in an asymmetric pattern to reflect the unpredictable nature of the lagoon palette.

Although he doesn’t buy rough, as that’s risky for a designer who seeks specific shapes and faceting, Tarpin says his trip with Torres to the Brazilian mines was eye-opening. A striking moment was a deep dive into the Mulungu mine in Rio Grande do Norte, 300 meters below ground. Tarpin didn’t remain a spectator for long; he immersed himself in the process, sifting through ore and evaluating rough. He also visited cutting facilities where stones for future creations might originate.

The Gem Odyssey itinerary included the birthplace of Paraiba, the São José da Batalha mine, where Heitor Barbosa unearthed the vibrant tourmaline in 1989. To offer a comprehensive view of the sourcing process, Torres took Tarpin and the other participants to an alluvial deposit as well, where they worked with artisanal miners.

It is not just his exclusive collectors who benefit from his commitment to responsible sourcing. His 60,000plus Instagram followers can join his adventures virtually through on-site videos and ask him questions about gemstone provenance.

For his Lagoon earrings, Tarpin wanted to replicate the hypnotic hues of the French Polynesian waters. He

While Tarpin sourced the tourmalines for the Lagoon earrings independently of the trip, whoever acquires these titanium creations with over 30 carats of Brazilian Paraibas, aquamarines and sapphires will get to hear vivid tales of the mesmerizing stones in their rough state. Learning the challenges of accessing high-quality gems only enhances their desirability and emotional power.

Wash plant at the Paraiba mine in Rio Grande do Norte.

Below: Paraiba tourmaline sorting facility.

A SPECTRUM OF TALENT

The 2024 AGTA awards for jewelry design celebrated 40 years with a slew of colorful triumphs. By Jennifer Heebner

This year marks the 40th anniversary of the American Gem Trade Association (AGTA) Spectrum Awards, and the competition’s significance in the industry is just heating up. Among the submissions AGTA received for the jewelry design contest and its Cutting Edge lapidary segment — a total of 375, nearly as many as last year — trends included tourmalines, pink stones, and fantasy-cut gems.

AGTA CEO John W. Ford, Sr., was pleased with the quality of entrants and the judges’ choices.

“There were some once-in-a-lifetime gemstones and incredible designs in the competition,” he told the media. “And I couldn’t be happier with the number and quality of entries in the new Engagement Ring category.”

The title of Spectrum or Cutting Edge winner is a coveted one that has boosted reputations and careers. Judges this year included Jean Francois Bibet of Cartier in New York, Sherry Bender of Chicago retailer The Goldsmith, Susan Jacques of the Gemological Institute of America (GIA) in Carlsbad, California, and Suzy Landa of New York’s Suzy Landa Fine Jewelry. They convened in Dallas, Texas, in late October to choose the best entries, basing their decisions on the quality of the colored gems, the manufacturing and craftsmanship, and the originality of the designs. Here are six of the competition’s winning pieces.

PARAIBA

TOURMALINE

RING/PENDANT

Beatrix Laura Jessner, B&W Jewels

A convertible piece with a 2.04-carat Brazilian Paraiba tourmaline and 3.99 carats of diamonds.

Winner: First Place: Classical

THE MONTANA SUN

John Dyer, John Dyer Gems

A 33-carat sapphire from Rock Creek, Montana.

Winner: Best of Show: Cutting Edge; First Place: North American Mined Gemstones

SOPHIA D EN TREMBLANT BUTTERFLY BROOCH

Joseph Dardashti and Sophia D. Karmel, Joseph Dardashti

Featuring more than 11 carats of emeralds, rubies, sapphires and diamonds in platinum and 18-karat yellow gold.

Winner: B est of Show: Spectrum; First Place: Evening Wear

BICOLOR

TOURMALINE RING

Niveet Nagpal, Omi Gems

An emerald-cut, 12.42-carat bicolor tourmaline in platinum with 0.70 carats of spinel, 0.68 carats of demantoid garnets and 0.41 carats of diamonds.

Winner: Best Use of Color; Third Place: Business/Day Wear

BLUE ME AWAY RING

Craig Slavens, Luxe Fine Jewelry

A bezel-set cabochon cat’seye blue topaz of 13.59 carats in platinum, along with 2.16 carats of ombré blue sapphires and 1.45 carats of diamonds.

Winner: Best Use of Platinum and Color; First Place: Men’s Wear; Men’s Wear: Platinum Honors

CROMATICA EARRINGS

Adam Neeley, Adam Neeley Fine Art Jewelry

Featuring tanzanites and garnets totaling 20.66 and 23.62 carats respectively, along with 1.26 carats of diamond accents, in titanium and 14-karat white gold.

Winner: Fashion Forward; Editor’s

Choice: Spectrum; Second Place: Evening Wear

DIRECTORY DIAMONDS

3 B.H.C. Diamonds (USA)

B.H.C. Diamonds specializes in top makes and consistent assortments ranging from 0.003 carats to 35-pointers in D to K colors, from flawless to promotional qualities.

Telephone: +1 212 997 9195 bhcdiamonds.com

6 Stuller

Stuller is a manufacturer and distributor of jewelry and jewelry-related items worldwide. Its core product categories are bridal, mountings, jewelry, diamonds, gemstones, findings, metals, tools, supplies and digital solutions.

Telephone: +1 337 262 7700 stuller.com

43 Diamonds for Life

Diamonds for Life specializes in providing premium-quality GIA- and EGL-certified loose diamonds, diamond engagement rings, wedding bands, diamond pendants, and fine jewelry to the public at wholesale prices.

Telephone: +1 213 955 5900 diamondsforlife.com

Back Cover RDI Diamonds

RDI Diamonds is a leading supplier of loose diamonds and has one of the largest inventories in the world. It is also one of the largest memo houses in the US.

Telephone: +1 585 225 3390 rdidiamonds.com

JEWELRY & AUCTIONS

16 Rapaport Auctions

Rapaport Auctions is the leading reseller of diamonds worldwide. Rapaport provides a unique and reliable platform where industry businesses can sell their diamonds and receive the most competitive cash market prices. rapaportauctions.com

SERVICES

38 Delgatto Diamond Finance Fund

Delgatto DFF offers those in the industry an easy, inexpensive, nonrestrictive way to access capital, as well as a no-cost marketing option. Telephone: +1 212 681 9550 delgattodff.com

48 Rapaport Information Services

Rapaport Information Services is the home of Rapaport Magazine and is the industry’s main source for diamond prices, research, analysis and news. rapaport.com

66, Inside Back Cover RapNet

RapNet is the world’s largest and most trusted diamond- and jewelry-trading network, delivering the best available diamonds, fine jewelry, prices, and market intelligence for diamond-industry professionals worldwide. rapnet.com

TRADE ORGANIZATIONS, PUBLICATIONS & SHOWS

Inside Front Cover

Gemological Institute of America (GIA)

Established in 1931, the GIA — a public-benefit nonprofit institute — is the leading source of knowledge, standards and education in gems and jewelry. Telephone: +1 760 603 4000 gia.edu

52 The Art of Jewellery

The Art of Jewellery is India’s number-one business magazine on the jewelry trade and industry. It is a one-stop source for cuttingedge information. Telephone: +91 80 2520 1687 artofjewellery.com

74, 76-77

The American Gem Trade Association (AGTA) AGTA is recognized within the jewelry trade as the authoritative source on natural colored gemstones − “the voice of the natural colored-gemstone, pearl and cultured-pearl industries.”

Telephone: +1 800 972 1162 agta.org

DECEMBER 2024

CALENDAR

6-8 THE INTERNATIONAL GEM & JEWELRY SHOW

White Plains, NY intergem.com

20-23 JAIPUR JEWELLERY SHOW

Jaipur, India jaipurjewelleryshow.org

JANUARY 2025

4-8 IIJS SIGNATURE Mumbai, India gjepc.org

6-7 INTERNATIONAL WATCH & JEWELRY GUILD (IWJG) Miami, FL iwjg.com

9-13 THE ORIGINAL MIAMI BEACH ANTIQUE SHOW

Miami, FL originalmiamibeachantiqueshow.com

15-18 INTERNATIONAL JEWELLERY TOKYO

Tokyo, Japan ijt.jp

17-21 VICENZAORO

Vicenza, Italy vicenzaoro.com

18-20 BIJORHCA

Paris, France whosnext.com

FEBRUARY 2025

1-2 NAJA ACE IT WINTER EDUCATION CONFERENCE Tucson, AZ najaappraisers.com

1-3 MELBOURNE JEWELLERY EXPO

Melbourne, Australia jewelleryfair.com.au

1-3 MELEE THE SHOW

New York, NY meleetheshow.com

3-6 MINING INDABA

Cape Town, South Africa miningindaba.com

3-8 GEM AND JEWELRY EXCHANGE (GJX)

Tucson, AZ gemandmineralmuseum.arizona.edu

3-9 AGTA GEMFAIR

Tucson, AZ agta.org

5-9 JUNWEX ST. PETERSBURG

St. Petersburg, Russia junwex-spb.ru

6-9 MADRIDJOYA

Madrid, Spain ifema.es

10-14 JEWELLERY

SALON – RIYADH

Riyadh, Saudi Arabia jewellerysalon.com

13-16 THE TUCSON GEM AND MINERAL SOCIETY SHOW (TGMS) Tucson, AZ tgms.org

13-18 THE PALM BEACH SHOW

Palm Beach, FL palmbeachshow.com

17-18 INTERNATIONAL WATCH & JEWELRY GUILD (IWJG) Las Vegas, NV iwjg.com

18-21 JEWELLERY

SALON – JEDDAH Jeddah, Saudi Arabia jewellerysalon.com

21-24 ATHENS INTERNATIONAL JEWELLERY SHOW Athens, Greece athens-jewellery-expo.gr

21-24 INHORGENTA MUNICH

Munich, Germany inhorgenta.com

21-24 RJO BUYING SHOW Phoenix, AZ rjomembers.com

27-MAR 2 JAKARTA INTERNATIONAL JEWELLERY FAIR Jakarta, Indonesia indonesiajewelleryfair.com

MARCH 2025

2-6 HONG KONG

INTERNATIONAL DIAMOND, GEM & PEARL SHOW Hong Kong hktdc.com

4-8 HONG KONG INTERNATIONAL JEWELLERY SHOW Hong Kong hktdc.com

7-10 WHO’S NEXT PREMIERE CLASSE

Paris, France whosnext.com

9-11 JIS SPRING

Miami, FL jisshow.com

9-11 AMBERIF INTERNATIONAL AMBER AND JEWELLERY FAIR Gdańsk, Poland amberif.pl

14 JEWELERS OF AMERICA GEM AWARDS New York, NY gemawards.jewelers.org

15-16 ATLANTA JEWELRY SHOW Atlanta, GA atlantajewelryshow.com

15-20 TEFAF MAASTRICHT Maastricht, The Netherlands tefaf.com

16-18 JA NEW YORK SPRING New York, NY ja-newyork.com

UP TO THE TASK

This issue’s rising star is Grace Isley, who went from Louis Vuitton intern to NDC exec thanks to good mentors and a drive to succeed. By Rachael Taylor

The pandemic was a derailing moment for many of us. For Grace Isley, it was a catalyst that set her life on a new trajectory.

“I thought I was going to climb the ladder in corporate retail,” says Isley, who started her career at Michael Kors when she was 18. “And then 2020 happened.”

At that time, she was working at Louis Vuitton as a retail intern, but the challenges of Covid-19 prompted her to pivot to a new career path. As it happened, she was simultaneously interning for consultancy firm The Luxury Institute and switched her focus to that role. Founder Milton Pedraza saw something in the eager young executive and made some introductions. One of those was to Gabrielle Grazi, then-vice president of retail

strategy and partnerships at the Natural Diamond Council (NDC) (she has since moved on to Hearts on Fire, where she is vice president of sales).

“I thought I was going to climb the ladder in corporate retail. And then 2020 happened”

“When I met her, I felt like all the stars aligned,” says Isley. “I had always been interested in luxury, and jewelry specifically, but I never envisioned that it could be a career for me.”

Grazi, meanwhile, saw a rising star. “I found her to be wise beyond her years and ready to excel in any opportunity that would be presented to her,” Grazi recalls. She offered Isley a role as a marketing and operations coordinator at the NDC in 2021. After two years, Isley got promoted to retail-strategy and partnerships manager — a job she relishes.

“Our mission is to inspire and educate on the real, rare, responsible values of natural diamonds,” states Isley. “My dayto-day is very focused on how to support the trade holistically. I work with about 50 retailers across North America, supporting them with co-op marketing, driving the NDC’s global advertising campaigns, and natural diamond education.”

A lot of her work is remote. When she first joined the NDC, she was living in Florida, but she has since moved to North Carolina. She travels regularly to New York and to trade shows across the country.

“Our industry is built on two things: relationships and trust. Having that face-to-face contact is so pivotal,” she says. “In our industry, we’re lucky because there are so many established relationships, but you have to find a way to position yourself and really get yourself out there.”

Perseverance is her top tip to other young people who hope to join the industry. “Beyond that, I’ve always been told to listen, to understand,” she says. “Also, never underestimate yourself” — and find a good mentor or two ready to advocate for you, as Isley was fortunate enough to do.

From top: Grace Isley, retail-strategy and partnerships manager at the Natural Diamond Council (NDC); Isley at an NDC meeting.