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The Hope Diamond: legendary for its blue, vibrant beauty and for its curse. According to modern myth, the Hope Diamond brings devastation to all who touch it. Its history involves royalty, loss and rediscovery. Although it is not known for sure that this blue diamond is the same one that was sold to King Louis XIV of France in 1668, it is known that its color alone is enough to make even the non-diamond fanatic weak with desire. In 1673 the stone was first cut and set in a gold necklace that was worn by Louis XIV during important ceremonies. Later, Louis XV had the stone re-set before it was stolen from the French crown jewels in 1792. Until 1812, when a vibrant blue stone was documented as being in the possession of a French diamond merchant, the diamond completely disappeared from sight. While there is no way to verify the stone’s authenticity, strong evidence points toward the re- discovered gem as being the same, yet re-cut, diamond lost twenty years before.
Today, it is undoubted that diamonds are the most prestigious gems the world over. Seemingly everyone owns a diamond, yet the stature a diamond holds is undiminished. What makes them so popular? Is it time we forget about the diamond and move to a new obsession? Of course not. On October 8, 2007, Sotheby’s of Hong Kong proved that our fascination with diamonds is stronger now than ever.
A brilliant blue diamond, weighing 6.04 carats, was sold to Moussaieff Jewellers of London for a monstrous $7.98 million, making this the most expensive diamond per carat ever sold. The diamond, laced with boron, which produces the vivid blue color, cost $1.32 million per carat, topping the sale of the Hancock Red for $926,000 per carat in 1987.
Photo courtesy of the Smithsonian Institute
Diamonds have been around for ages and have been used for everything from crown jewels to ransoms to industrial machinery, but most people find the diamond so alluring for one purpose: the expression and embodiment of love. Though many deeds and gifts have the ability to match the diamond in terms of love, nothing can out-shine this truly romantic symbol. It is for good reason, too, that the diamond has remained such an enduring symbol of love and commitment: they are as rare as they are beautiful. A perfectly cut, magnificently colored diamond is among the most rare finds in the world.
Truly an investor’s dream, big and beautiful diamonds are difficult to find. Size is not the only consideration that matters when determining the value of a great investment, however; four distinct characteristics of the stone can greatly influence its value and desirability: color, cut, clarity and carat weight. These four C’s are crucial to anyone preparing to purchase such a precious item. Each plays an integral part in the value of the diamond, and investors who ignore these guidelines do so at their own peril.
The First C: Color
Possibly the most important determinant of a diamond’s value is its color, or lack thereof. Diamonds are graded on a system set by the Gemological Institute of America, which is the standard for most of the diamond market. The grades range from D to Z: D being the most desirable and Z being the least. According
to the GIA, “The color of the diamond is all about what you can’t see.” Diamonds graded D-F are of the highest quality: these stones are perfect or as near to perfect as you can find. G-I gems are of a lower quality, but the imperfections are invisible to the amateur’s eye. The lower the letter goes, the more imperfection in color is perceived. A diamond classified as Z, for example, will exhibit a very noticeable yellow coloration. To some, this coloration is pleasing, but a diamond with a Z classification will sell for much less than a diamond classified as D. To determine the classification, the jeweler will compare the gem to a set of stones distinguished at each possible interval. If there is a slight variance, the jeweler will always round the grade up, making it more expensive to the investor. When contemplating the purchase of a diamond it is also important to consider the setting in which the diamond will be placed. For example, a diamond with the grade of D would appear much more vibrant in a platinum setting than one with the grade of H. This is because the slight discolorations in the H grade will show more dramatically against a silver polish, while if it were set in gold it would not be as noticeable, if at all.
Although known for their fire and colorless qualities, diamonds do not come only in one hue. Fancies, or diamonds of other colors, have proven to be more and more valuable in the past few decades. In fact, colored diamonds are much more rare than their standard counterparts, with one found in every ten thousand diamonds. The most common hues found in fancies are brown, blue and pink, although diamonds have been recorded as green, yellow, peach, black and other distinctive colors. These diamonds get their rare coloration from carbon atoms mixing with other elements, from natural radiation, and from pressure while the diamonds are forming. Fancies also have their own grading system based on their hue, tone and saturation. The grades are given the names of Fancy Light, Fancy Intense and Fancy Vivid, to differentiate them from standard diamond grades.
The Second C: Cut
The second most important consideration when selecting the perfect diamond is the cut, which is critical to the success of the gem’s presentation.
Not all jewelers are equally skilled at the delicate art of diamond cutting; therefore, not all diamonds are of the same quality. The GIA has outlined a grading system that ranges from Excellent to Poor to express the differences.
The cut affects how the light is reflected and refracted within the stone: a properly cut diamond will take in light from the top, reflect it from one pavilion to another and then straight up, creating a scintillating effect. A poorly cut diamond may be too deep or too shallow and will diminish its ability to reflect light properly. A deep cut diamond will reflect the light out the pavilion of the diamond, while a shallow cut will reflect out of the bottom. Both will deter the fire that characterizes a perfectly cut stone.
Different shapes will also produce different light reflecting attributes. The standard shape of a diamond is round, but other shapes exist including pear, heart, oval, emerald, cushion, radiant, marquise, and triangle, to name a few. Proportion, symmetry and polish are also important considerations when investing in a diamond and determining the quality of its cut. These factors establish how the diamond looks as a finished product. Proportion is how the diamond’s size ratio looks from top to bottom. Symmetry is determined by how nearly identical the diamond’s facets are. Finally, polish is defined by the exterior shine of the stone itself.
Jewelers realize the importance of the cut and do not take their job lightly. When the Millennium Star Diamond – found in 1990 – was sold to DeBeers, it took three years to perfect the pear cut. DeBeers’ cutters practiced and modeled fake diamonds before starting on the stone itself.
The Third C: Clarity
Whether the diamond is round or marquise, clear or pink, the clarity the gem possesses plays an important role in its value. Diamonds can have two types of imperfections: inclusions, found on the interior of the stone; and blemishes, found on the exterior. Either can cause the diamond’s value to decrease.
Imperfections are a common occurrence, however, and finding a perfect diamond is nearly impossible. The GIA formed a grading scale to describe and classify the level of imperfection, which ranges from Flawless to Imperfect and includes eleven specific levels: Flawless (FL), Internally Flawless (IF), Very, Very Slightly Included (VVS1 and VVS2), Very Slightly Included (VS1 and VS2), Slightly Included (SI1 and SI2), and Imperfect (I1, I2, and I3). The position, size, color, nature and quantity of the imperfections when magnified ten times determines the diamond’s rating.
Most diamonds retail between the VS and SI range. However, to find a FL, IF, or VVS diamond is not impossible, just expect to pay a higher price for it. In 2003, for example, a 63.93-carat flawless diamond sold for nearly $4.2 million.
The Fourth C: Carat
The final “C” is the carat weight of the stone. Diamonds are rated by their weight, and as the weight of the diamond goes up, the price increases dramatically.
The carob seed was used by traders centuries ago to measure the weight of jewels.
One carat is equal to .2 grams, or one carob seed. Centuries ago traders used the carob seed to measure precious gems. Because this seed was known for its uniform size and weight, it was extremely useful for this purpose. Carats the world over are now measured in exactly the same way.
A precise measurement is important as carats are measured in terms of thousandths but sold in terms of hundredths. For example, a diamond weighing .99 carats will cost appreciably less than a full one- carat diamond simply because of the status and demand a full carat commands. The carat-weight of a diamond can also be described in terms of points. For each carat there are 100 points. Therefore, a half-carat has 50 points and a quarter-carat has 25.
After a history of many changes, the Hope Diamond is now a beautiful 45.52-carat mixture of blue and gray set in a beautiful necklace among countless white diamonds. The diamond’s curse is said to have begun when Henry Philip Hope inherited the stone in 1839, and all those who touch the stone are said to bring bad luck to themselves and their families, including death and debt. Today, the Hope Diamond is kept safely behind glass in the Smithsonian Institution.
Images courtesy of The Diamond Room
