Eric Gaskins Vol 17: Fancy Color Diamonds
I learned something the other day very unexpectedly. On my way to meet friends for dinner, I found myself at the Strand bookstore. There are few places in the city that offer more treats and real treasures than the Strand. I went in to look for the new book, which accompanies the ultimate exhibition of Yves Saint Laurent’s couture collections. The exhibition is currently running in Paris until next month. I knew I would miss seeing it, so I did the next best thing: I bought the book. It’s black with only the company’s logo on the cover, like a luxe textbook, which it most definitely is. For those of you, like me, who find yourselves stuck stateside and not touring the Continent, it’s the next best thing!
That’s not the point of my story, though. The unexpected treat lay one table away among many titles relating to jewelers and gems. I know you all think I’m a closet jewel freak wishing I were the illegitimate son of Liberace. I do have an issue or two regarding Jewels but I assure you I’m a functioning Gemaholic in a 12-step program. I confine my “interest” to window shopping and uncontrolled, binge book buying. I steer clear of jewel cases and smart little boutiques that come with their own armed security force. The book that caught my eye, “The Fancy Colored Diamond Book” ( Assouline ) by Eden Rachminov is the last word on the facts and secrets of trading in Rarities, and that’s precisely what is so intoxicating about these extraordinarily colored diamonds. The first lesson before we go anywhere on the subject is the proper terminology. These diamonds are referred to by the Gemological Institute of America, the governing body, which sets the standards by which all diamonds and precious gems are graded for quality and ultimately their value, as Fancy Color Diamonds. Not “Fancy Diamonds”, an incorrect, abbreviation that is more redundant than anything else. Diamonds by their nature are inherently “fancy”. Now that we’re clear on that we can proceed.
The rules that govern the value of these incredibly hued gems are in direct opposition to the valuation of white, or clear diamonds. On a scale of D-Z, the most valued white diamond has the least variation of color and consequently, the most intense clarity. The greater the clarity the greater the value. All diamonds have hints of colors when magnified to 100 times, but the greater the absence, the more arresting the brilliance and thus it’s enormous value. A diamond with a D grade at 1 carat will cost infinitely more than a 6-carat Z grade. Z implies color shading and no longer pure, brilliant white.
Once the grading goes beyond Z, we have arrived in the world of the Fancy Color Diamonds: Greens, yellows, blues, pinks, purples, oranges, reds and yes, even greys and black. Contrary to what many might think, Size no longer matters in this realm of the senses. Sure, if the stone is a very clear, perfectly cut large deep Blue, it will cost seven figures per carat. The point of the stones value is no longer value equals absence of color. It’s now the exact opposite. The deeper the color, no matter the size, the more precious and valuable the stone.
Supply plays a huge part in the equation as well. Natural red diamonds are unlike rubies or garnets in that they have a sweetness to their coloring. As they are the most rare of Rarities, they are the most sought after by connoisseurs. They are often mistaken for fancy vivid Pinks or deep, vivid Pinks, which have combinations of colors within the stone, but clear crisp red, are the last word.
Blue diamonds are next in line in preciousness and value. The Hope Diamond is an extraordinary example of the shade. It’s classified as intense blue. Less than one tenth of one percent of all graded colored diamonds are rare blues. Even more rare are diamonds that show blue-grey or grey-violet due to hydrogen contained within the gem. Greens and Oranges come next on the scale and like most diamonds in this category are made of a vast range of shades from light and pale to deep and intensely dark.
The same can be said for the most popular of colors; Yellows or Canary-yellow diamonds. This coloration really put Fancy color Diamonds on the map, stimulating the market for these rare and immensely expensive gems. Personally, I find their popularity a bit tedious. So many yellows are on the market and adorning fingers, ears and throats, but the only ones that elicit real attention are the truly deep, intense yellows that border on the yellow-orange. The pale, watery yellow we too often see in 5-10 carats are just vulgar displays of questionable taste and little value. Give me a deep orange yellow with a touch of bronze any day of the week.
This is not a game for the meek. The market in these rare and expensive gems is for discerning collectors and connoisseurs of the most beautiful minerals the earth has to offer. They surprisingly NEVER lose value no matter where the economy moves. They always appreciate and become more rare by the day. Whether they are incorporated in fine jewelry or are the main focus of a piece, they are the most intriguing gems on the planet.
Eric Gaskins ….. The Emperors Old Clothes
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