Wednesday, May 21, 2008

Diamond Pricing - Are Diamonds A Good Value In Today's Market?

Diamond Pricing - Are Diamonds A Good Value In Today's Market? by James Greene

If your diamond was purchased in 1970, and it was a D color, and flawless, and weighed 1.00 carat, you probably paid around $3500.00 for it. If you purchased that same diamond in 1980, you would have paid $63,000.00 for it.

The same diamond, if purchased today (2008) would be around $23,000.00. These prices are based on the purchase being made in a retail jewelry store and not from the internet.

Looking at the above prices, you can see that there has been a steady increase in prices since 1970 with the exception of 1980. From $3500.00 to $23,000.00 is about a 650% increase. This is about the same increase as gas prices for the same period in the US.

If we look at 1970 to 1980 we see a jump of around 1800%. What happened? From 1979 to 1981 diamonds were being sold as investments. Consumers were being told that top quality diamonds were in short supply and would continue to rise in price. This was not true. However, consumers continued to purchase them at a record pace and a record price.

In 1981 the bottom fell out and the market collapsed. Over the next few years there was an up and down cycle and finally the market settled back to where it would have been had there been no so called investment craze.

Millions of dollars were lost during this crash and many were left holding diamonds that they would never recover their money from. I still do appraisals today on diamonds from that period, and many hope they can recover their $63,000.00 on a stone that is now worth around $23,000.00. And some of them still want to shoot the messenger. (Appraiser)

During this period most of the diamonds were sold with Diamond Grading Reports, or what became known as "Certs". The Gemological Institute of America (GIA) issued most of these. However, other laboratories started to spring up around the world.

The top labs issuing grading reports today are GIA, AGS, EGL, and IGI. In my opinion the two that set the world standard today are the Gemological Institute of America (GIA) and the American Gem Society (AGS).

When you purchase a diamond in today's market, whether it is from a retail jeweler, or an internet seller, it should have one of these Grading Reports. Buying on the internet has its advantages. Let's take the $23,000.00 diamond that we discussed above. This diamond can be found on the internet for around $18,000.00. That's quite a savings.

All you need to do is find the stone that you want, place your order, and in about 2 to 3 days it will be delivered to your front door. If you don't like it, or it is not what you wanted, most companies have a 30 day return policy.

When buying from a retail jeweler you usually have several choices of stores in your local area which allow you to visit them, and talk to a salesperson face to face. The salesperson should be able to show you several diamonds that meet your criteria and thoroughly explain them to you.

I asked at the beginning if diamonds were a good value in today's market. My answer is "yes" as long as you're buying the stone for all the right reasons. The right reasons will be different things to different people. It might be for you to wear yourself, or give as a gift, or the most special of all... to give to that special person as an engagement ring. Just keep in mind that a diamond is bought as an investment in beauty and not as a financial investment.



James Greene is a Graduate Gemologist and Master Gemologist Appraiser. James has been in the jewelry and appraisal business for over 25 years and specializes in Insurance and estate appraisals. http://www.diamondmarketwatch.com

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Friday, March 28, 2008

The Myth and Lore of Opal: October's Birthstone

The Myth and Lore of Opal: October's Birthstone by Marc Choyt

Long, long ago, when the Earth was young and Elements were Divine, the Storm God lolled about, playing amidst the wind and clouds in his luminous sphere. The rain came down in sheets, whipped through the sky, pelting the earth.

Amid the lightning strikes, with black clouds riding the mountains and plains like emboldened dragons, the sunlight broke through the darkness. A rainbow appeared. The storm god grew angry and jealous of the rainbow's power. In a moment, he petrified it. Pieces of rainbow fell to the earth, becoming opals.

Flash forward several tens of million of years into the fifteenth century. Imagine in another lifetime that you were a blonde maiden. You were traveling through Cernowitz, Hungary where a community of about three hundred miners was mining for opals. You purchased one for a necklace. It would not only make you quite the fashionable rage, but give you talismanic power to protect the lovely color of your hair.

The name of October's birthstone comes from the Sanskrit word, upala, which simply translates to "precious gem." From the Sanskrit came the Greek word, opalios, and the Latin, opalus. October's birthstone suggests the turn of leaves, gold, yellow, red, in the autumn months. I believe there is no gem more exquisite than a fine opal, and yet many people are reluctant to own one because they are believed to bring bad luck.
Opals are fragile and brittle. Many an opal has cracked on a jewelers' bench during the setting. Jewelers have helped to perpetuate the myth and discourage opals because, when you crack a valuable gem on the bench, you naturally blame it on bad luck and not your own skill set.

In Arab myth and lore, opals were held to be created when lightening strikes the earth. When lightening strikes sand, glass is formed. Like glass, opals are extremely brittle and fragile.

The second origin of opals being bad luck comes from the notion of the evil eye. Lapidaries in Europe in the Middle Ages called the gem, ophthalmios, "eye stone." The eye of a dragon, or even any malignant god was said to be bad luck. In a Scandinavian story, Volondr, Great Smith to the Gods (Equivalent to the Roman god, Vulcan), described another source of opals. He was said to have created them from the eyes of children.

The notion of the evil eye is widely held. The evil eye can seduce, which is why you should take care when you see the eyes in peacock feathers. I recently traveled through Turkey where glass charms are sold, concentric circles with a dark spot in the center, said to ward off the evil eye. In an ancient cavern with Roman columns under the streets of Istanbul was a column with a Medusa carving.

The origin of this "evil eye," I was told, was the ancient story of this snake headed demon goddess that turned heroes into stone - something many men have experienced with their wives, metaphorically speaking, of course.

In these cultures, to have oneself cursed by the 'evil eye', implies far more than sleeping in separate beds. Eyes, being the "windows of the soul," give access to one's essence.

Perhaps to be given the evil eye implies a kind of stain on one's immortal divinity, which translates to bad luck while in the day to "day slings and arrows of outrageous fortune." Certainly many of us have experienced a sinking feeling in our stomachs after being glanced by someone who had malignant intent.

Yet opals were also held in high esteem. One gem, called the Orphanus, was set in a crown of the Holy Roman Empire. Said to glow with inner fire in the darkness, the opal represented the empire's regal honor. Opals were used as the eyes of deities. The Roman's knew opals as "cupid stone," symbolic of purity and hope.

These stories suggest the true power of opals deals with a kind of visioning. Going back to the original story, the rainbow is metaphor for purity and blessing. At the end of the rainbow is the pot of gold - gold being the final alchemical process, the manifestation of one's own divinity. Rainbows also are about understanding something from many different perspectives.

Opals contain the full color range. The view of orange is different than the view of blue or green. A rainbow is white light broken into various hues. Some esoteric traditions hold that colors represent the various qualities of souls. Ingigenous practitioners in the Americas and Australia have used opals as a type of medicine that helps enable clarity.

Perhaps opals enable you to dream a different vision of your life, one based on the universal perspective of the Rainbow. While this path may not make you popular, it certainly will give you the satisfaction and radiance of fulfilling your inner duty.

References: Most of the historical content, myth and lore referenced in this article came from two books, both of which are in print and available on line:

George Frederick Kunz, The Curious Lore of Precious Stones, New York; Dover Publications, Inc. 1913, 1971 edition.

Bruce Knuth, Gems In Myth, Legends And Lore; Parachute, Colorado, Jewelers Press, 2007.



Marc Choyt is President of Reflective Images, a designer jewelry company, that sells opals and ethically sourced jewelry at www.artisanweddingrings.com. His company produces eco-friendly, conflict free diamond jewelry. Marc also authors www.fairjewelry.org supporting green, fair trade, socially responsible jewelry practices.

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