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Synthetics Dominate Top 10 Stories of the Year
Undisclosed lab-grown diamonds got readers clicking in 2017. So did auctions, the GIA, and a carat-eating dog.
Dec 21, 2017 5:00 AM
By Joshua Freedman
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RAPAPORT... Global news followers will likely remember 2017 as the year of sexual-harassment
claims, the fall of Robert Mugabe, and Donald Trump’s entry into power. But many
in the diamond trade had their minds focused on topics far closer to home,
judging by what they were clicking on this year.
Readers of Diamonds.net were most drawn to articles
that were likely to strike fear into their hearts. And at the moment, few
things keep traders up at night more than the threat of undisclosed synthetics.
Topping the list of most-read stories on Diamonds.net this year were four separate stories about
the Gemological Institute of America (GIA) identifying stones that laboratories
had produced using chemical vapor deposition (CVD) or High Pressure-High
Temperature (HPHT).
Findings from the Hong Kong Jewellery & Gem Fair in March
were a popular read, with Rapaport’s news editor and senior analyst Avi
Krawitz discussing five key trends emerging from the show. Auctions of large
and storied diamonds also caught readers’ attention, as usual — and it was an
especially strong year for that sector.
Finally, the list would not be complete without a mention of poor
Bear, the Labrador that sheepishly ate its owner’s Forevermark diamond. The pooch
made the list by the skin of its teeth.
Here are the top 10 most read stories on Diamonds.net in 2017:
1. GIA Finds
Significant Undisclosed Synthetics
March 7
The unusual thing about this story was the sheer scale. The GIA
often finds small quantities of undisclosed synthetics, but this was a parcel
of 323 melee diamonds, of which 101 stones proved to be from a CVD lab. Someone
had submitted the goods to the GIA’s Melee Analysis Service, a relatively new
offering aimed at ensuring synthetics and treated diamonds don’t get into the
supply chain unmarked.
Give me a quote: “This is the first time we have seen such a significant percentage of
CVD melee mixed with natural melee,” said Wuyi Wang, the GIA’s director of
research and development.
2. GIA Finds Baffling Flaw in CVD Diamond
July 2
Synthetics came up again here, though this item had full disclosure. Gemologists at the GIA’s Carlsbad laboratory, to which the diamond had been submitted for a synthetic colored-diamond grading report, found the stone contained an “H4 defect” usually present in natural diamonds. This was the first time the GIA had identified such a feature in a CVD diamond: The type of nitrogen impurity that results in this phenomenon is very hard to recreate in a lab.
Give me a quote: “H4… is a mature aggregate of
nitrogen that is very difficult to achieve in synthetic diamond growth or even
post-growth treatment,” wrote gemologists at the GIA.
3. GIA Spots Natural
Diamond with CVD Blue Layer
May 4
Imitation is the best form of flattery — but few natural
colored-diamond dealers will enjoy this particular compliment. In this case, a
manufacturer placed a CVD coating onto a 0.33-carat natural diamond to make it
appear blue. Shockingly, the diamond had previously received a fancy-blue grade
from a lab. However, the GIA’s New York team noticed several characteristics
that helped identify it as a natural-synthetic hybrid.
Give me a quote: “Examination of this fancy-colored composite diamond indicated that
similar challenges could exist for colorless and near-colorless diamonds,” the
GIA lab note read.
4. GIA Finds Synthetic Diamond with Forged Inscription
November 13
Fraud, synthetics, grading reports and the GIA — this story had
almost everything diamond traders worry about. In a rare case, fraudsters had
imitated the GIA code on a 1.76-carat HPHT stone’s girdle, making it seem that it was in fact a
1.74-carat diamond that had received a genuine grading report from the
institute in 2015. Gemologists busted the scam, as certain traits betrayed the
stone as synthetic, plus the font used for the inscription was wrong.
Give me a quote: “It is
important for the industry and public to exercise caution, because these types
of misleading practices do occur,” experts at the lab noted.
5. 5 Lessons from the Hong Kong Show
March 7
Everyone likes lists. That’s why
you’re reading this one. So it’s unsurprising that Rapaport’s five takeaways from
the March Hong Kong exhibition got a lot of attention. Those lessons in brief:
Retailers are owning less inventory; Hong Kong jewelers are seeking
lower-priced diamonds; Chinese buyers have tighter budgets; synthetics
suppliers are getting more prominence; and trade shows are no longer where the
deals happen.
Give me a quote: “The show model has passed its peak in terms of generating new business
and excitement,” commented Jeremy Medding, owner of EMA Diamonds.
6. The GIA’s
Forays into Diamond Tracking
June 29
The GIA is trying to make it easier for traders to manage their
inventory and trace diamonds. To that end, it adopted Radio Frequency Identification technology to help
locate stones. The lab is also working with Alrosa to pilot “digital
fingerprinting,” tracking goods all the way along the supply chain. To turn
this into a story-telling exercise that attracts consumers, the institute also created
a mobile application that provides the user with both the grading report and
the stone’s provenance.
Give me a quote: “Too often, the jeweler forgets to
tell the story,” Matt Crimmin, the GIA’s vice president of lab operations, told
Rapaport
News.
7. Christie’s
to Auction 163ct. D-Flawless Diamond
September 28
There was a distinct story to this massive stone. Lucapa Diamond
Company dug the 404.20-carat rough up in Angola last year. De Grisogono and
Nemesis International formed a partnership to buy and process it into a
163.41-carat polished stone. De Grisogono then unveiled it within a spectacular necklace,
which, it later revealed, is transformable into a bracelet. Spoiler alert: The piece ended up
selling for $33.7 million at Christie’s Geneva auction in November.
Give me a quote: “Over our
251-year history, Christie’s has had the privilege of handling the world’s
rarest and most historic diamonds. The sensational 163.41-carat, perfect diamond
suspended from an elegant emerald and diamond necklace propels De Grisogono
into a class of their own,” said Rahul Kadakia, Christie’s international head
of jewels.
8. Pink
Diamond Smashes Records with $71M Sale
April 4
This diamond was just as remarkable as the 163-carater, with news
of its sale falling only marginally behind in eighth place. The Rapaport
News team had an informal sweepstake on how much the 59.60-carat, fancy
vivid pink, internally flawless Pink Star diamond would sell for, and this
reporter humbly notes he got it spot on. Strangely, the world record of $71.2
million wasn’t the highest price this stone had fetched: A bidder won it for
$83.2 million at Sotheby’s in 2013, but defaulted.
Give me a quote: “The
extraordinary size of this 59.60-carat diamond, paired with its richness of
color, surpasses any known pink diamond recorded in history,” said David
Bennett, chairman of Sotheby’s jewelry division.
9. Flea-Market
Ring Fetches $848K
June 8
This diamond ring had something of a rags-to-riches narrative. The
seller at Sotheby’s had bought it for $13 (GBP 10) at a car-boot sale — the
British equivalent of a flea market — in the 1980s, assuming it was a piece of
costume jewelry. It turned out to be a real 26.29-carat, VVS2-clarity diamond. The stone adopted the name
the “Tenner,” after its original price.
Give me a quote: “It was only in the past few months that the owner decided to see if the ring had any value, and asked Sotheby’s to appraise it. Much to the owner’s surprise, the ring turned out to be a genuine cushion-shaped diamond,” the auctioneer said.
10. Diamond in the Ruff: Dog Eats $16K Ring
July 18
Diamantaires deal with labs a lot, but not usually this type: A
dog named Bear managed to get hold of a GIA-graded,
brilliant-cut, 1.3-carat, G-color, VVS1-clarity Forevermark diamond, and eat it
for dinner. Bear’s British owner noticed his wife’s $16,000 engagement ring was
gone, and took the pet for an x-ray, which showed the outline of an
unmistakable item. It came out naturally, but needed cleaning.
Give me a quote: “They’ve
eaten carpet, socks, but never a diamond,” said the dog’s owner, recalling how stunned the veterinary surgeon had been.
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Tags:
Joshua Freedman
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