14 Apr 2021
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The closure of the world famous Argyle Mine, and luxury seekers who are in constant search for rare, exceptional gemstones, have made fancy colour diamonds to fetch stratospheric prices despite the pandemic. Pink diamonds especially are witnessing an unusual spike in demand, observes Vijetha Rangabashyam
By: Diamond World News Service
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Nov 28 2020 12:45PM
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Reference: 25288  

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Price wise, yellows have crashed nearly 30-40 per cent in the last 3-4 years. After Covid19 however, all prices have stabilized. There is a price correction in blues as well. Prices for pink are always rising. Argyle is the best -- in any colour, purple or blue there has been an increase in prices – values have nearly doubled Denish Shah, DdiamIn February this year, The Fancy Color Research Foundation (FCRF) reported that in the last decade, fancy colour diamonds demonstrated a stable market price with pink diamonds topping the charts, with an increase in price by 116 per cent, blue by 81 per cent and yellow by 21 per cent. And then came Corona. Like with other industries, the dreadful pandemic brought the fancy colour demand businesses across the world to a grinding halt. So much so that the FCRF for the first time since its inception, did not publish its quarterly price index. Unlike other recessions in the past, the economic crisis driven by Coronavirus is far severe, as it continues to create a logistical nightmare for manufacturers and retailers alike.

But every crisis brings with it opportunities. As the world reels in hardships caused by this pandemic, it has become increasingly evident that people who can afford luxury have become mindful of what they purchase, they want to acquire items that have lasting value, and are incredibly rare. While fancy colour diamonds were always a symbol of aspiration, status and luxury, the pandemic has led people go after these priceless jewels because of the intrinsic qualities that make them ever so exceptional.

the matter of price
Prices for fancy colour in most shades have remained stable, except for yellow. “Price wise, yellows have crashed nearly 30-40 per cent in the last 3-4 years. After Covid19 however, all prices have stabilized. There is a price correction in blues as well. Prices for pink are always rising.” says Denish Shah of Ddiam, an internationally recognized specialist and dealer of natural fancy coloured diamonds. If auctions are anything to go by, demand for rare, exceptional fancy colour diamonds has steadily increased, despite the pandemic. “Well priced fancy coloured diamonds fresh to the market are performing well at auction overall and prices have remained stable throughout the pandemic,” says Graeme Thompson, Worldwide Head of Jewellery, Phillips. Whether people want to invest in colour diamonds or not, they have been curious about their properties and thanks to their rare qualities, these gemstones are recession proof. “Prices of rare coloured diamonds haven’t been affected. They have been insulated in a way. Rare coloured diamonds have held their value through any sort of uncertain economic climate and financial volatility. Covid19 was definitely frightening for everyone globally at first, however, things are looking better, everyone has adjusted or are adjusting to this new normal. In certain categories of colour diamonds, prices have actually appreciated during the pandemic, and the world’s most sophisticated collectors are continuously searching for more.

It has worked as a lifeline to be a stockist of such rare colour diamonds, and possess such sought after gems,” says Harsh Maheshwari of Kunming Trading Co. Kunming acquired Argyle’s Everlastings Collection comprising 64 lots of carefully curated diamonds, weighing 211 carats last November.

In August, Christie’s dedicated a first-ever virtual auction completely dedicated to diamonds, where a plethora of wide variety of rare colours including pinks, grays, oranges, greens, browns and yellows headlined the auction. “Demand for coloured diamonds has always been a significant part of our business and we anticipate that will remain steady for years to come,” says Daphne Lingon, Head of Jewellery for Christie’s Americas.

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