A jeweler sets stones in a ring (Israel Diamond Institute) 

An economic crunch can have the oddest effects. Surely it comes as no surprise that in times when people are watching their wallets, sales of new jewelry fall, but it seems that the drop in new jewelry sales can actually benefit another sector – local jewelers!

A report by the KNDO NBC outlet said that the past few years have seen resurgence in the number of jewelry customers looking to repair pieces rather than splash out on new ones, especially with the price of gold at record levels (gold hit an all-time high in September 2011 and has become more expensive than platinum.)

Vincent Rundhaug, who owns Desert Gems, told KNDO that people were “digging through their jewelry boxes” and finding older pieces to bring in for “resurrection.”

Jewelry repair doesn’t just mean fixing a broken clasp. While jewelry trends don’t change quite as quickly as fashions in clothing, some styles can look dated. Customers are bringing in older pieces to have them re-set.

Not only can diamonds and other precious and semi-precious stones be “rejuvenated” by new settings, the rocks themselves can be overhauled. It isn’t unusual for exceptional diamonds to be re-cut to improve their color or clarity, but even the stones in standard consumer-quality jewelry can be improved.

According to the CEO of Sarin Technologies, an Israeli company that develops, markets, and manufactures equipment for the diamond industry, billions of dollars’ worth of polished diamonds are bought back from consumers wishing to upgrade their jewelry every year. So if you have old diamond jewelry lying around, see if your local jeweler can help put a new face on it!

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Shmulik Polnauer examines the pink diamond (Courtesy Leibish & Co)

Last month, the Israel Diamond Portal reported that Leibish & Co participated successfully at this year’s Argyle Pink Diamond Tender, winning six lots of rare pink and red diamonds from the Argyle mine in Western Australia.

One of the most outstanding stones purchased by the colored diamonds company was a 1.71-carat pink diamond.

Once Leibish & Co secured the diamond, Chief Buyer Shmulik Polnauer decided to recut the stone to increase its color intensity. With a loss of only three points, the now 1.68-carat radiant-shaped diamond carries a color grade of Fancy Vivid Purplish Pink.

The Leibish Pink Prosperity Diamond (Leibish & Co)

According to Polnauer, “The exceptional size of the 1.68-carat stone with such pure vivid color saturation is in of and itself a rarity. We haven’t seen a vivid Argyle pink diamond over 1.5 carats for a long time in the market. The reddish color flashes and the exiting strawberry touch are unique markers of a real Australian Argyle Pink diamond. “

Polnauer explains that the number 168, recognized in Asian cultures as signifying a “road to prosperity,” prompted the diamond company to name the stone the Leibish Prosperity Pink Diamond.

The Leibish Pink Prosperity Diamond has a GIA clarity grade of I1. Its polish is rated Very Good and its symmetry is graded Good.

Visit the Leibish & Co website.

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Polished diamonds - now politically correct (IDC)

This past year, the UK-based Responsible Jewellery Council has made impressive strides in its efforts to recruit major players in the jewelry and diamond industries.

Chaumet, Chanel, R. Steinmetz and Sons, Piaget – these well-respected names are just a few of the high-end jewelry and diamond companies who have been certified as complying with the RJC’s social, ethical, and environmental standards. And we’re not only talking about retailers – in recent months a number of major diamond traders and manufacturers have successfully been certified by the RJC.

Last week, two more of the world’s best-known luxury jewelry brands –Boucheron and Van Cleef & Arpels – completed the RJC certification procedure.

Boucheron CEO Pierre Bouissou said that since 1858, Boucheron has adhered to the highest standards, not only in its jewelry and watch design, but also in its ethical code.  “The RJC certification corresponds to the House's continued endeavor to embody excellence and responsible business practices both internally and externally,” he said.

Stanislas de Quercize, CEO and President of Van Cleef & Arpels, said that “trust is the foundation of our craft and [RJC] certification leverages this trust.”

Van Cleef & Arpel operates 89 jewelry boutiques around the world as well as three maisons in Paris, New York, and Hong Kong. Boucheron, founded 150 years ago, has 50 jewelry boutiques worldwide.

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