The Market for Diamond Jewellery 2 an INDEPENDENT SUPPLEMENT from MEDIAPLANET ABOUT DIAMONDS, DISTRIBUTED in the SUNDAY TIMES

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29 JULY 2007 DIAMONDS the market for diamond jewellery 2 AN INDEPENDENT SUPPLEMENT FROM MEDIAPLANET ABOUT DIAMONDS, DISTRIBUTED IN THE SUNDAY TIMES

Diamonds Interview Diamonds, a unique gift from nature CONTENTS

Diamonds have fascinated mankind for more than four Mighty ice 4 thousand years. In centuries past, they were potent symbols of power and wealth. Today, they reflect the most powerful A Diamond Witness 6 human emotions and values of love and commitment. ELI IZHAKOFF, CHAIRMAN AND CEO OF THE WORLD DIAMOND COUNCIL Conflict-free diamonds 6

Diamond dynasties 8

n addition, diamonds back to Venice in the 15th Century. Venice entire industry from mining to retail. This co- Profile of the De Beers Group 11 have provided the basis established an early predominance in the dia- operation eventually led to the creation of a for secure and sustainable mond trade, as stones from India, where the unique and successful initiative to combat livelihoods for millions of first documented discoveries of diamonds are conflict diamonds called the Kimberley Diamonds transform lives 11 people around the world, many of them in to be found, were carried across the southern Process. The World Diamond Council con- Ideveloping economies such as Botswana and trade caravan routes via Arabia to Alexan- tributed significantly to the development of The perfect setting 13 India. For many of us in the international dia- dria, and from there by sea. In 1725, dia- the Kimberley Process Certification Scheme, mond industry it is not only a delight but a monds were found in Brazil and in the latter which ensures that today 99.8 per cent of the privilege to work with this unique and beauti- part of the 19th Century the first significant world’s trade in rough diamonds is conflict- History in the making - the Lesotho Promise 13 ful product. A product that has the ability to deposits were discovered in South Africa. As free. However, one diamond traded for con- deliver so much pleasure and benefit to all a result, diamond trading and polishing flict is one too many and that is why we are Big is beautiful 13 that come into contact with it. moved from Venice to Lisbon and later to continuing to work, together with NGOs, gov- Furthermore, diamonds are valued not Amsterdam, Antwerp, London, New York and ernments and the United Nations, to eradicate only for their beauty and for being the ulti- Tel Aviv. this illegal trade entirely. Diamond engagement rings… 15 mate symbol of love. They have also con- Today, diamonds are still polished in places Diamonds are a unique gift of nature and tributed significantly to scientific and eco- such as New York, Antwerp and Tel Aviv. are, above all, an emotional product. Con- nomic progress, from their use in industrial However, this highly specialised skill is sumer confidence is, therefore, our paramount manufacturing and construction to the increasingly carried out in the developing concern. This is an industry that, more than development of intricate surgical instru- economies from India and China to most, is dependent on safeguarding consumer ments and their role in helping break new Botswana, South Africa and Namibia. In fact, confidence and the Kimberley Process is our frontiers in computer hardware technology. India is currently the biggest producer of pol- primary safeguard. That is why we meet with Diamonds are both the most magical and ished diamonds in the world. The technology governments and NGOs twice each year to versatile of Nature’s creations. deployed and established working practices further refine the measures that have led to No one quite knows exactly how diamonds in India are sophisticated and often exceed diamonds being one of the most audited min- DIAMONDS were formed, but geological evidence sug- expected standards. erals in the world. A TITLE FROM MEDIAPLANET gests that they were created up to 3.3 billion However, in spite of the contribution dia- We face the future with renewed confidence years ago in a unique environment, some 200 monds continue to make to the well being of and a determination to ensure that the con- Publisher/Editor: Kayvan Salmanpour kilometres inside the Earth, subject to intense millions, their high value makes them vulner- sumer can be assured that each diamond they Production Editor: Katherine Woodley pressure and temperatures. They were even- able to theft and abuse. This was highlighted purchase has contributed exclusively to pros- Journalist: Claire Adler tually transported to the Earth’s surface about in the 1990s when rebel organisations in perity and progress amongst the communities Design: Sophie Westerberg 300 million years ago. This was a journey Angola, the Democratic Republic of the Congo from which they came. Prepress: Jez MacBean which only a few would survive. What Nature and Sierra Leone expropriated diamonds and The World Diamond Council invites read- Print: News International has provided us with is a finite treasure and used the revenues to perpetrate civil war and ers to challenge their jeweller to provide Mediaplanet is the leading European publisher in the conditions under which diamonds were carry out atrocities against innocent civilians. assurance that their diamond jewellery has providing high quality and in-depth analysis on formed no longer exist, ensuring that dia- Having been made aware of the urgency to been purchased from reputable sources. If topical industry and market issues, in print, online and monds are both beautiful and rare. For exam- act by two non-governmental organisations they cannot provide this assurance, they broadcast. ple, few might be aware that if you took all (NGOs), Global Witness and Partnership should go to a jeweller who can. For more For more information about supplements in the daily press, the gem diamonds that have been polished Africa Canada, the diamond industry acted information on diamonds and what to ask please contact Kayvan Salmanpour, 020 7563 8884 throughout history, they would not quite fill a swiftly to co-operate with NGOs, governments and look for when purchasing diamond jew- [email protected] London double-decker bus. The ‘modern’ dia- and the United Nations. It established the ellery, please visit the WDC website, mond industry is over 600 years old and dates World Diamond Council, representing the www.diamondfacts.org. www.mediaplanet.com

IN ASSOCIATION WITH

The World Diamond Council Eli Izhakoff, Chairman and Claire Adler writes about Kayvan Salmanpour is an (WDC) was established in CEO of the World Diamond jewellery, watches and executive manager at July 2000 to address the Council (WDC). As Chairman design and is the head jour- Mediaplanet and editor of issue of conflict diamonds. of the World Diamond nalist for this Diamonds this Diamonds publication. It developed the Kimberley Council, Mr. Izhakoff leads report. She has written for His vision for the report Process which has reduced the industry delegation of The Times, Financial Times, was to showcase the the illegal export of dia- the Kimberley Process The Guardian, The Business world’s most luxurious diamonds from 4% to less than review, as well as liaising and House & Garden, monds whilst highlighting 1%, but continues to work with government represen- amongst others. the industry’s social to eliminate this trade. The tatives and NGOs through- [email protected] responsibility policies. WDC represents over 50 out the year. industry organisations worldwide. For information telephone (020) 8080 0330 – www.cartier.com 4 AN INDEPENDENT SUPPLEMENT FROM MEDIAPLANET ABOUT DIAMONDS, DISTRIBUTED IN THE SUNDAY TIMES

Diamonds Trends Mighty 5

Demand for diamondice jewellery is soaring, with bigger and bolder pieces very much on the rise. BY CLAIRE ADLER 3 1

4 2 7

Such is the mond jewellery is the most desirable in rose gold and platinum stars, demand for luxury good globally, according to would be snapped up almost dramatic research from Research International immediately. Unsurprisingly, pieces and commissioned by the Diamond he’s now focussing on generous- Trading Company, which asked peo- showpieces with price sized stones, the diamond jewellery ple what they would prefer if money tags in the millions. Smarket could easily be compared with was no object. One of Tiffany’s the currently burgeoning art market, When Boodles created a show- main growth areas is now enjoying a growing audience of stopping necklace, priced at £140,000 in diamonds of two high level buyers. last year to use in its marketing and carats and above, Consumers are armed with more advertising campaigns, managing while at Leviev it’s knowledge than ever about the pre- director Michael Wainwright planned ten carats plus. “There’s ciousness and rarity of what they are to use it to direct attention to the a voracious appetite for buying and where it comes from. New brand’s more accessible, mainstream the extraordinary,” con- pockets of extreme wealth mean the pieces. He certainly didn’t imagine firms Simon Williamson, ing director. “Women is increasingly important. “In my market’s most significant growth area that three of these chains, dripping in Leviev’s UK managing director. are now more adventurous. Cocktail jewellery designs, any shape - and I is at the loftiest of price points. Dia- white and natural pink diamonds set Likewise, Bulgari is seeing increas- rings, like our Cave yellow gold dia- use a huge range of all sized dia- ing clients investing in jewellery fea- mond charm rings, are becoming monds and every shape imaginable - turing large and rare stones like the more playful.” sells well as it comes secondary to the 3.61 carat fancy vivid pink diamond design of the actual piece. The dia- ring in its high jewellery collection. Brilliance mond content is like icing on the cake Diamonds by numbers: One eye-watering necklace in Cushion cuts are on the up, according for the buyer personally,” says 1 Harry Winston cluster earrings Boucheron’s new Fleurs Fatales high to the Diamond Trading Company, McCormack. jewellery collection, comprises a 5.2 which markets diamonds for the De 2 Till Death wedding ring by Stephen Webster, made for music star Pink carat cushion cut diamond, a 1.01 Beers Group. “Inspired by gems worn Interest 3 Van Cleef & Arpels Socrate ring in between fingers carat solitaire, 1365 round diamonds, by the Indian maharajahs in the eigh- Coloured diamonds are garnering lots 4 Asprey Swirl bracelet 515 yellow diamonds, 192 pink dia- teenth century, cushion cut diamonds of interest too. Yellows and pinks are 5 Shaun Leane Captured rings monds coupled with 735 small emer- are selling well,” says Jeremy Morris, the hot favourites at Boodles and 6 Moussaieff white diamond agate necklace alds. That’s 122.64 carats in total on managing director of David Morris. Pragnells, while at Leviev the crème 7 De Grisogono pearl and black diamond white gold Spirit of De Grisogono ring one necklace. Sigh. Earlier this year, Tiffany brought out de la creme are aching for greens, Both Montblanc and Georg Jensen a new patented version of the cushion blues and exceptional chameleons. . 8 From left to right - Pragnell’s oval paraiba tourmaline have taken their jewellery offerings cut called the Novo. But there’s also a definite swing to the and diamond ring in 18 carat white gold, Leviev yel- up a notch or three in the last year to “Cushion shape diamonds are very subtle sophistication of champagnes low diamond ring, Bulgari ruby ring from the high respond to growing demand for high popular at the moment and, as and cognacs found in H Stern’s jewellery collection end diamond pieces. Montblanc always, the elegant and timeless Zephyr collection, the De Beers Ice on 9 Montblanc Star ring introduced its first ever high jewellery emerald cut,” confirms edgy London- Fire and Stephen Webster for De collection, which includes six carat based, New Zealand-born designer Beers collections. Then there is the 10 Georg Jensen Cave Red Carpet diamond ring diamond pendant necklaces in the Jessica McCormack. “But above all, cappuccino brown and signature 11 David Morris hand-made, Victorian inspired brand’s patented star cut, which took and this always seems to be consis- black diamond look at De Grisogono. rose-cut pear diamond necklace eight years to master. tent, the brilliant is a dead set Boodles managing director, 10 “What used to be considered radi- favourite for all diamond buyers.” Michael Wainwright, says he is sell- cal is now the norm,” says Gord Ray, As consumers become ever savvier, ing more fancy coloured diamonds, Georg Jensen’s international market- contemporary, fashion-driven design often in a pavé style to make them AN INDEPENDENT SUPPLEMENT FROM MEDIAPLANET ABOUT DIAMONDS, DISTRIBUTED IN THE SUNDAY TIMES 5

Trends Diamonds

Otherwise engaged 6 Unbound by tradition, couples are increasingly choosing maverick diamond rings to reflect the uniqueness of their relationship, says Claire Adler.

At a time when commitment is one of the less fashionable words in our culture, it is perhaps surprising that the concept of the commitment ring has entered the vernacular. In fact, call them what you like, there are a whole host of rings on the market today which seem to hint at commitment yet just don’t quite commit. Hip Notting Hill jewellers Wint & Kidd have introduced a delectable collection of six coloured diamond commitment rings. De Beers goes a step further and refers to its not-quite-ready-to-commit Secrets of the Rose diamond collection as pre-bridal. Tiffany offers an assort- ment of Celebration Rings, hinting at a multitude of unde- fined milestones. But designer Shaun Leane is a rare man who means business, having recently introduced his Captured collection which consists of three rings which interlock to represent three pledges – engagement, wedding and eternity ring all rolled into one. While the market for diamond solitaire engagement rings remains robust, coloured gemstones and unusual cuts and 11 settings are an increasingly popular choice. “What is clear is that people are increasingly looking for diamond jewellery with new levels of meaning,” says David Lamb, worldwide marketing director of the Diamond Trading Compa- ny. The DTC’s campaigning for three-stone rings symbolising the past, present and future of relationships, has resulted in 8 sales of this category now representing $7 billion globally. In the US market, diamond engagement rings account for over 15 per cent of total value of diamond jewellery sales, more affordable. Vivid yellows are jewellery specialist. Many pieces are carat, setting a world record price for while in Japan, that figure is 11 per cent and dropping thanks doing particularly well, he says, since fetching twice or three times auction a blue diamond. to fewer formal engagements, according to the DTC. they are not as prohibitive as pinks. estimates. A pair of Georgian rose-cut “At this level, buyers have to take a “In emerging Eastern markets like China, we are seeing an The De Beers Talisman collection diamond earrings estimated at £8000 deep breath and just go for it, but it is explosion of demand for traditional engagement and wed- plays with rough diamonds, coupling to £12,000 fetched a hammer price of a solid market and a good time to buy ding rings, which were unheard of a decade ago,” says Lamb. them with champagne and cognac £43,200 at Sotheby’s recently. top quality jewellery for investment,” At the top end of the market, jewellers all the way from diamonds. Rough diamonds bring And last month at Christies, a blue says Raymond Sancroft-Baker, jew- Mayfair to Fifth Avenue are reporting a penchant for some- added mystique, since very few peo- diamond ring thought to be worth ellery expert at Christies. thing individualistic and one of a kind. Take Stephen Webster, ple outside the diamond trade have £330,000 a carat fetched £655,000 a the specialist in rocks for the stars. No plain solitaires on gold ever seen them. bands for him. Webster crafted a ‘Til Death diamond ring for For a while now, women have been pop chick Pink and husband Carey Hart. Jewellers including indulging themselves instead of wait- Bulgari, Tiffany and Leviev are all tracking increasing orders ing around for their partners to come for bespoke engagement rings, often up with the goods. With America rep- incorporating rare coloured diamonds resenting just over 50% of the market and unusual settings, as opposed to for diamond jewellery, recent fig- more traditional white solitaires. ures show that 34% of diamond Leviev reports fancy coloured dia- rings sold in America are now monds are especially popular for sec- bought by women treating ond and third marriages. themselves. “The engagement ring is the ulti- “Women are examining mate expression of personal style and diamonds as a new way of women are looking for more choices,” celebrating their own lives, says Melvyn Kirtley, Tiffany & Co.’s David Lamb, DTC not just their relation- chief gemmologist and UK president. marketing director ships,” says David Lamb, worldwide marketing director of the Diamond Trading Company. Perhaps this is why bracelets like Asprey’s Swirl are becoming more popular too, because women can see them 2007 boutique openings when they wear them, suggests Lamb. Other key trends are ultra- GRAFF Tokyo Sep 07, Hong Kong and Geneva, summer 07, New long sautoir necklaces, a style York flagship 08 which has been around since BULGARI Omotesando, Tokyo – Nov 07 Ginza, Tokyo – Dec 07 Napoleonic times, and state- TIFFANY Las Vegas, Aug 07; Masachussets Sep 07; Wall Street New ment earrings, he says. York, Oct 07; Mexico City, Oct 07; Rhode Island, Nov 07; Santa Bar- Elsewhere, at auction bara, California, Nov 07; Red Bank, New Jersey, Nov 07 rooms sales of diamond jew- LEVIEV Madison Avenue, New York, Nov 07 ellery are soaring. “The mar- DAVID MORRIS Saudi Arabia, Sep 07 ket is particularly strong for CARTIER London Selfridges Wonder Room, Aug 07, Red Square, quirky, rare and wearable Moscow, October 07 quality antique jewels, SELFRIDGES Wonder Room opens in London Aug 07: Chanel Fine especially those with his- 9 Jewellery and Watches, Chopard, Bulgari, Theo Fennell, Tiffany & Co torical provenance,” says Justin Roberts, Sotheby’s 6 AN INDEPENDENT SUPPLEMENT FROM MEDIAPLANET ABOUT DIAMONDS, DISTRIBUTED IN THE SUNDAY TIMES

Diamonds A conflict free market

A Diamond Witness

Just moments into the film Blood Diamond, after scenes of car- nage as rebels attack a Sierra Leonean vil- lage, the action moves to the quiet grey suits of an international summit in Europe.

According to a ‘devastating report by Global Witness’, went the script, diamonds from conflict zones were making their way into the world’s diamond markets, helping to fuel brutal wars in Africa. It’s not often that a small Conflict-free campaigning NGO gets a mention in a Hollywood film. But in the late 1990s an international campaign led by Global Witness exposed the scourge of conflict diamonds, leading to the development of an international regulatory sys- diamonds tem for rough diamonds- the Kimberley Process (KP). Most of the diamond wars are now thankfully over, and countries such as the Demo- cratic Republic of Congo, Liberia and Sierra Leone are edging towards fragile recon- struction. Last month the United Nations reported that diamonds are still mined and likely being smuggled out of Ivory Coast and into the legit- imate global trade in spite of an embargo on diamond exports because of the conflict Eradicating trade in conflict diamonds is a Her- Today that figure is under there. one per cent. The government-run Kim- culean task. But the diamond industry is tack- In 2000, the diamond berley Process aims to certify ling reputational issues on a scale without par- industry, non-governmental all shipments of rough dia- organisations, the United monds between participating allel in any other industry. Nations General Assembly countries, to ensure that con- and governments gal- BY CLAIRE ADLER. flict diamonds cannot reach vanised into action. the high street. After govern- This was the first time a ments set up the Kimberley thical consumerism has most high profile campaign- global industry had co- Process, the industry initiated never been this glam- ers for conflict-free dia- operated with the United a voluntary system of self- orous. At the Oscars this monds. Nations, governments regulation, the System of February, a bevy of A- Back in 2004, Iman, wife of and civil society to Warranties, but it consists lister celebrities banded singer David Bowie, ended her address an important mainly of a statement on an Etogether to effectively dub diamonds contract with De Beers in protest humanitarian issue. invoice and is meaningless if the new fur. against the eviction of tribes people “There are other not backed up by third-party Red carpet events such as the from their land in Botswana. In 2005, industries which have auditing. Oscars have a long history of being actress Julie Christie joined a demon- had to face reputational Governments must do more awash with sparkling diamonds. But stration outside the Natural History problems, for example, to strengthen the Kimberley this year, many of Hollywood’s Museum in support of the same the issue of dolphin- Process and to increase moni- biggest names asked agents and dia- tribesmen. De Beers denied all allega- friendly tuna,” says toring of the industry, to mond experts to ensure they were tions made against it. Gareth Penny, manag- ensure that diamonds are con- not photographed wearing illegal All of which has served to fuel con- ing director of the De flict-free. diamonds. Leonardo DiCaprio and sumer demand for conflict-free dia- Beers Group. “But the Global Witness works to Jennifer Connelly, the stars of Blood monds, carrying a certificate of con- sheer scale of the break the links between natu- Diamond, the 2006 film set in 1999 firmation that their trade is not con- diamond industry, ral resource exploitation, which highlighted the link between nected with war, civil strife or human the number of environmental abuses, con- civil conflict and diamond smug- rights abuses. countries in which flict and corruption. gling in West Africa, rap artist During the 1980s and 1990s, about it is mined, the www.globalwitness.org Kanye West, Iman, the former face 4 per cent of diamonds traded came millions of people of De Beers jewellery and supermod- from conflict in West Africa, accord- round the world el Erin O’Connor, are among the ing to the World Diamond Council. who depend on AN INDEPENDENT SUPPLEMENT FROM MEDIAPLANET ABOUT DIAMONDS, DISTRIBUTED IN THE SUNDAY TIMES 7

A conflict free market Diamonds

it, the way the issue has been tackled ley Process had been 99.8 per cent per cent of the world’s diamonds, and jewellery retail outlet in the world.” Signet (including subsidiaries Ernest with the involvement of the Euro- effective. Global Witness, the campaigning Izhakoff reports positive signs from Jones, H Samuel and Leslie Davis) are pean Union, the United Nations, 71 “Even though 99.8 per cent of dia- group that first alerted the world to two problem areas – Zimbabwe and amongst those maintaining a strict countries, 100 NGOs and CIBJO, the monds are flowing through the mar- the issue of conflict diamonds in the Venezuela. In early June, Kimberley zero tolerance policy towards conflict World Jewellery Confederation, is ket in a carefully monitored way, 1990s, all agree that one blood dia- Process representatives and World diamonds. without precedent. When the history there is still much to be done,” says mond is too many. Diamond Council experts visited books are written, I believe this will De Beers Group managing director, “The system is only as strong as its Zimbabwe. “Initial reports indicate be understood as an extraordinary Gareth Penny. “There is a chair of the weakest link,” says Eli Izhakoff, chair that the Zimbabwe government is The fifth C example of public private participa- Kimberley Process at the European of the World Diamond Council. “Our now fully co-operative,” says tion.” By 2002, the Kimberley Process Union and each year procedures are aim is that every diamond sold should Izhakoff. A Venezuelan government Thierry Robert, has been Boucheron’s was created and was followed by the being enhanced. Retailers are obliged be conflict-free and that consumers representative attended a Kimberley gem scout for 37 years and his father System of Warranties to eliminate to provide consumers with assurances should ask about the source of the Process session in Brussels this June was in the position for 55 years conflict diamonds from the market- and we support all their efforts.” diamonds they buy. The educational and indicated that Venezuela plan to before him. “Robert knows and trusts place. The World Diamond Council, the process which we started several comply. The World Diamond Council his sources and they know him,” says De Beers Group, who now control 40 years ago has to reach every single is now waiting for the Venezuelan a Boucheron spokesperson. “He only government to invite them back for a buys from reputable sources. This is Much to be done review visit. imperative to maintain the integrity While the Ivory Coast is not signed of the House.” While the Kimberley Process monitors up to the Kimberley Process, Izhakoff “If customers ask about whether rough diamonds and the areas they points out they are still subject to UN our diamonds are conflict-free – are produced and cut, the System of What is the Kimberley Process? sanctions. Sanctions on Liberia were although surprisingly few do – we Warranties focuses on the point at recently lifted and they have now have a certificate we show stating all which they are polished. It provides The Kimberley Process certifies the origin of stones, exporting them from joined the Kimberley Process, he says. diamonds we sell are conflict free, evidence to all purchasers up to the their country of origin in tamper-resistant packs with a government-issued Jewellers and consumers have their since all our suppliers are signed up sale to consumers that diamonds certificate stating they are not from a conflict zone. Participating countries own role to play in ensuring a con- to the Kimberley Process,” says being sold are from conflict-free that import the stones for cutting and polishing in turn pass on the war- flict-free market place. Global Wit- Michael Wainwright, managing sources. The System of Warranties ranty at each stage. Today, anyone importing or exporting rough diamonds ness believes jewellery retailers need director of Boodles. involves a written statement on all without a Kimberley Process certificate is breaking the law. to introduce more rigorous internal Montblanc call the conflict-free invoices declaring that the diamonds For more information visit www.diamondfacts.org and third-party auditing procedures. issue the fifth C to look out for when are from a conflict-free source. However, jewellers like Tiffany, Bul- buying diamond jewellery, in addi- By 2004, a Canadian government gari, Boodles, Hamilton & Inches, H tion to the more traditional cut, report concluded that the Kimber- Stern, Boucheron, Montblanc and colour, clarity and carat. 8 AN INDEPENDENT SUPPLEMENT FROM MEDIAPLANET ABOUT DIAMONDS, DISTRIBUTED IN THE SUNDAY TIMES

Diamonds Dynasties Diamond Dynasties David Morris Chopard

“I’ve sold multi-million pound necklaces, Anyone borrowing jewellery from Chopard at the Cannes but nothing quite beats designing and Film Festival gets a bodyguard dressed in black tie thrown making a piece of jewellery,” says Jere- in. For a decade, Caroline Gruosi-Scheufele, co-president my Morris, son of David. Jeremy’s father with her brother Karl-Friedrich, has dressed actresses for established his international jewellery busi- the red carpet, with Chopard as official event sponsor. ness in 1966 – shortly after Jeremy, now man- Often creating speculative pieces hoping celebrities will aging director and creative director, was born. don them, nothing is certain till they step out of the After starting out in a Paris atelier, Jeremy limo. Caroline’s father Karl Scheufele, a third-generation joined the family business as a German goldsmith and watchmaker, bought Chopard in designer and jewellery maker in his early twenties. With wife Erin as publi- 1963 when Paul-Andre Chopard sold out after cist and muse, Jeremy sold the Harrods and Selfridges concessions his sons showed no interest in the business. Caro- and opened the Bond Street store in 1997. David Morris film cred- line’s husband is Fawaz Gruosi, founder of another Geneva- its include Diamonds are Forever, The World is Not Enough and based jewellery brand, De Grisogono. Guy Ritchie’s Snatch. Dynastic moment Years ago, after buying an “incredible” Dynastic moment During the making of Snatch, the set of pink diamonds without considering the price, Caro- David Morris workshop became a film set with jewellers line’s father was angry with her for the whole of Christmas. at their benches transformed into movie extras as they But the result was La Vie en Rose, inspired by Edith Piaf - worked. and Chopard’s first colour diamond collection. See-it-and-have-it White and pink diamond marquise See-it-and-have-it Breathtaking high jewellery emerald and heart-shaped floral ring weighing 6.83 carats choker, dripping with diamond brilliants

Jeremy and David Morris Fawaz Gruosi and Caroline Gruosi-Scheufele of Chopard

Graff Adler

Starting out as a Hatton Garden apprentice aged 15 in 1960, Laurence Horse-whispering is an unlikely key to a glittering future Graff couldn’t have imagined he would open over 25 stores and in the world of fine jewellery. When Jacques Adler receive four Queen’s Awards for Enterprise. Graff spent his twen- moved from Austro-Hungary to Turkey in the 1870s, ties selling jewels in remote parts of the globe and opened his first word got out the Sultan’s horse was ill. Jacques store in Knightsbridge in 1974. Today his son François is manag- secured the job of stable chief, later leveraging his ing director. “Diamonds are a portable form of wealth, they’ve royal connections to help his son Edouard establish saved so many lives. If diamonds could talk, imagine the stories,” himself as court jeweller. Edouard regu- says Raymond Graff, production director and Laurence’s brother. larly enticed his eldest grandson Franklin with Dynastic moment In 1987, Laurence Graff bought the 19 carat chocolate cake to visit the shop after school and emerald engagement ring which belonged to Wallis Simpson, Duchess play with gems. Today Geneva-based Franklin is of Windsor. “I have the original founder, his wife Leyla is Adler’s creative brains jeweller’s invoice made out and their Harvard-educated son Allen is CEO. to the King,” he said. Graff Dynastic moment Aged 19, with a gave the ring to his wife bright academic future in sight after for their 25th wedding finishing school two years early, anniversary. Franklin headed to Brighton to begin his See-it-and-have-it Fancy Vivid Yellow higher education. But when his grandfather died, his father 100.09 carat diamond unveiled at Kens- summoned him back to Istanbul to help run the business. ington Palace last year, now a pendant. The See-it-and-have-it Head-turning brown brilliant cut 15.01 faint-hearted need not apply. carat diamond ring set with 230 brilliants on white gold

Laurence, Anne-Marie and François Graff Franklin Adler

A man named Isadore Hennig… It was in the late 1940’s that the country with the oldest diamond tradition of all, India, was re-emerging as a manufacturing centre. By advising the Indian industry on If you ever wander down to the heart of London’s diamond district, Hatton Garden, you improvements to its manufacturing skills and the development of sales outlets, Hennig will probably notice a beautiful, private, Georgian street named Ely Place. Beyond the helped the country become the largest diamond-cutting centre in the world. In fact, 11 imposing wrought-iron gates and the watchful eye of the liveried commissionaire lies out of 12 diamonds are now cut and polished in India. the gentrified world of the diamond broker. Today, according to head of marketing, Mark Poole, Hennig plays a pivotal role in the Behind one of these royal blue doors is the headquarters of I. Hennig & Co. Ltd, the diamond industry, representing the interests of a major share of the world’s leading dia- world’s oldest and largest diamond brokerage. Established in 1890, by Isadore Hennig, mond manufacturers and rough dealers. Beyond this core historical role, Hennig also this brokerage, has over the years, helped procure rough stones from De Beers’ Diamond helps its clients with services such as providing outsourced manufacturing to recruiting Trading Company for some of the most prestigious diamantaires. It has also been instru- designers from the world’s most prestigious jewellery schools. mental in the sale of the world’s most magnificent diamonds, such as the 726-carat With offices in New York, Antwerp, Tel Aviv, Bangkok, Johannesburg, Mumbai and Jonker Diamond in 1935, and the 968.9-carat Star of Sierra Leone in the 1970's. London, it’s certainly a long way to have come for a man named Isadore. Commercial feature +44(0)20 7499 2200 www.davidmorris.com

44.78 CARATS BRIOLETTE DIAMOND EARRINGS

LONDON PALM BEACH MOSCOW DOHA DUBAI DGrosmangin/MCMorazzani

Mémoires de Femmes.Mémoire du Monde

Paris: a dance step, the echo of music, a romance on the Pont des Arts. Titanium brooch set with 701 diamonds 43.17cts and 93 black diamonds 3.40 cts. adler, jewellers since 1886 www.adler.ch

GENEVE . GSTAAD . LONDON 13, New Bond Street +4420 7409 2237 . MOSCOW . HONGKONG . TOKYO AN INDEPENDENT SUPPLEMENT FROM MEDIAPLANET ABOUT DIAMONDS, DISTRIBUTED IN THE SUNDAY TIMES 11

Industry Diamonds

More reason to indulge

As one of Africa’s major natural resources, diamonds are transforming the fortunes of more than just global luxury brands. Claire Adler talks to Gareth Penny, managing director of the De Beers Group.

Diamonds have traditionally signified “I urge you to continue supporting Thanks to revenues generated by wealth and indulgence. But lovers of us by buying more and more dia- diamonds, every child in Botswana luxury will be pleased to know there monds, because for us the joy of your now receives free schooling until age is a more noble reason to justify celebrations with diamonds is also 13. In 1966, there were only three sec- indulging in conflict-free diamonds. our joy,” said president Mogae of ondary schools in Botswana, now Botswana last year. there are over 300. In South Africa, De As one of Africa’s major natural Beers has funded the building of 12 resources, diamonds enable countries schools, directly supporting the educa- like Botswana, Namibia and South tion of approximately 12,000 pupils. Africa to build a more prosperous Botswana’s president announced future for their inhabitants. In late last year: “Revenue from diamonds Botswana, diamonds account for 76 has enabled Government to fund virtu- per cent of export revenue and in ally 100 per cent of basic education, Namibia 40 per cent. Botswana repre- provide virtually free healthcare, build sents 38 per cent of Africa’s entire the infrastructure that has supported diamond production. our economic activity and fund 80% of “While consumer demand for dia- the anti-retroviral drugs that have Debeers Ice on Fire Collection mond jewellery is at an all time high, given hope to our fellow citizens living rising globally at between five and six with HIV/AIDS.” lion annually to Africa’s economy. retroviral medication to employees, per cent annually, consumers can take With control of 40 per cent of the The De Beers Group devotes a further partners and immediate family mem- comfort in the knowledge that dia- world’s rough diamond supply, the De $10 million a year in the form of bers, is at the forefront of the world,” monds are making a significant contri- Beers Group employs 21,000 people, charitable donations to community says Penny. “We are turning diamond bution to the countries from which they 17,000 of whom are in Southern support activity. dreams into lasting and sustainable are mined,” claims Gareth Penny, man- Africa. The diamond trade in total “Our award-winning HIV and AIDS realities for the people of Africa.” Gareth Penny, MD of the De Beers Group aging director of the De Beers Group. contributes approximately $8.4 bil- programme, which distributes anti- Q and A with Diamonds transform lives The scourge of HIV and AIDS has left 12 million orphans across Africa. By providing free drugs and healthcare, the Varda Shine diamond industry is helping to fight back. BY CLAIRE ADLER Varda Shine (left) is man- As an employer of 17,000 people in aging director of the Dia- southern Africa, De Beers was the first mining company in South Africa to mond Trading Company, extend free anti-retroviral treatment the sales and marketing to HIV positive employees, employee life partners and retired or redundant arm of De Beers, which employees as part of a comprehensive now controls around 40 disease management programme. Graff’s cutting and polishing compa- per cent of the world’s rough diamonds. ny, Safdico, provides regular sessions on HIV and prevention to its 300 employees as does Leviev who also than four in the last two years. I hope What is the relationship between De So what do you do? Secondly, we choose the most suit- partners with the Catoca project in to put at least two funeral parlours Beers and the DTC? My work involves three key groups: able diamond dealers to sell our Angola, which contributes millions of out of business a year.” De Beers owns the DTC. De Beers diamond producers, diamond sellers rough diamonds. We currently have dollars in medical treatment and edu- Ishmael Time (above) is an HIV posi- owns diamond mines – some wholly and of course the people who buy 93 companies – we call them cation against HIV/AIDS. tive De Beers mine worker in Botswana. and some together with governments diamond jewellery. sightholders - in 33 countries on “The Botswanan government now He fell ill in 2000 and received free including Botswana, Namibia and We are now working to ensure three year agreements. pays for over 92 per cent of the coun- anti-retroviral medicine, counselling Tanzania. The De Beers boutique on Africa enjoys a bigger share in the pro- Thirdly, we develop communica- try’s anti-retroviral programme. The and medical support from the mine Old Bond Street is part of a joint duction process, so we are increasingly tions campaigns to show that dia- only way we’ve been able to afford clinic. Ishmael’s health has since 50:50 venture between De Beers and encouraging clients to keep cutting monds are the ultimate symbol of this is through diamond revenue,” improved dramatically. He now edu- LVMH, the world’s largest luxury and polishing local. Our clients have love, they are inherently unique and says Dr Ndwapi Ndwapi, Botswana’s cates other employees and their fami- goods group. De Beers also owns Ele- eight factories in Botswana employing that buying them helps to improve National HIV/AIDS Minister. “I used lies about HIV/AIDS. His wife recently ment Six, the world’s leading supplier 1400 people. Eighteen months ago, the lives of Africans who produce to go to an HIV-related funeral two to gave birth to their second child, who of industrial diamonds. that figure was 300 to 400 people. them. three times a week. I’ve been to less was born healthy and free of HIV. Cutting it fine

Gem experts traditionally CUT CLARITY COLOUR CARAT While a diamond owes its beauty The higher the clarity of the dia- The whiter the diamond, the better. A diamond’s size is measured in use four criteria to define a largely to nature, the shape and monnd, the rarer and more valu- Diamonds are graded from D carat weight. One carat is 0.2 gram. diamond’s quality. accuracy of the cut determine the able it is. Specks or dark marks (colourless) to Z (tinted). Asprey A two carat stone is worth more sparkle factor. affect a stone’s price. sells diamonds between D and H. than twice a one carat stone.

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Diamond makers Diamonds

Big is The perfect setting beautiful

London has long been a world-class destination Specialists in large, for a limitless array of diamonds and diamond coloured stones and jewellery. And now, the choice is greater than ever. super-exclusive jew- BY CLAIRE ADLER els, Steinmetz are

For a year now, London has been ing a privileged world where staff are also experts in head- buzzing with boutiques opening and thrilled to be making you feel nothing line-grabbing public- expanding, with one treasure trove less than regal. more enticing than the other. Over the road at Adler, the interiors ity stunts. Last summer, London welcomed convey a different kind of warmth. BY CLAIRE ADLER three diamond titans onto Bond Their Turkish charm with tapestry Street within weeks of each other – carpets against wooden floors, What do a pair of $2 million 20 Leviev, Moussaief and Harry Win- antique glass bottles and Middle East- carat diamond jeans, an ice car, a ston. All three are diamond jewellers ern art, sculptures and masks, hint at diamond encrusted steering at the top end of their game, bringing exoticism. wheel, Bangkok’s Temple of Dawn with them strong brand followings, Interest in jewellery is such that Leviev’s store on Bond Street, London and Washington’s Smithsonian not to mention stashes of breathtak- Cartier opened its second store on Institute of Natural History all ing gems. Bond Street last year. Tiffany & Co gari, Theo Fennell, Chrome Hearts expert knowledge passed down have in common? Steinmetz has For sheer Hollywood glamour, has also upped the ante, refitting its and Tiffany & Co. through families who have been used all of these to draw attention Harry Winston diamonds have graced Bond Street store and increasing it in Parisian jewellers Chaumet opened there for generations, Hatton Gar- to the glamour of its diamonds. the necks of stars from Liz Taylor to size by almost 50%. Even the stain- their own Bond Street store last den has long been known as the Steinmetz is probably best Julia Roberts and Scarlett Johansson. less steel chandeliers with bevelled month. And Bond Street’s other new place to go to bag a diamond bar- known for creating the 203.04 Experts on the rarest and largest of polished edges are designed to look kid on the block is the British family- gain. All the top jewellery design- carat internally flawless De Beers the rare stones, Leviev is worth a visit like cut gemstones. owned Boodles, whose amusing, car- ers buy their stones there so you Millenium Star, the world’s if only to witness the reactions of Meanwhile, the Van Cleef & Arpels toon-filled Look before you Leap benefit from competitive prices largest top colour D flawless, passers-by to the gargantuan stones store on Bond Street has reported a engagement ring information booklet and service from specialists. Many pear-shaped diamond. Unveiled in the shop front’s windows, while dramatic rise in demand for bespoke is the perfect antidote for anxiety- diamond dealers selling primarily in 1999 at the Millennium Dome, Moussaief simply brims with extrava- items and the brand has now dedicat- ridden fiancés everywhere. to the trade routinely take on pri- it became the target of a foiled gance. ed a whole team in Paris to respond. A Even Hatton Garden, the historical vate commissions, sometimes on robbery attempt in 2000. At Leviev, the highlight is the ulti- diamond necklace for your cat, any- heart of the UK diamond industry, has the quiet, making the neighbour- Less well known is that Stein- mate in sweet trolleys. Simply name one? Other fascinating commissions been enjoying a makeover in recent hood the perfect destination for metz also attracts private jewellery what you’re after, be it rings or pen- at Van Cleef & Arpels include the years. more affordable engagement clients by means of staggeringly dants over five carats, and a personal bespoke wedding jewellery collection The opening of new branded dia- rings. glamorous invitee-only social shopper will zip round the store and for the Iranian Shah incorporating mond jewellery shops like Nicholas Progressive jewellery designers events. Word has it locations have its underground James Bond-like 200 family gems. Since the stones James, Futuro and Raphael, the intro- based in the area include Shaun included Bangkok’s Temple of vault, selecting delights to be brought were not allowed to leave the country, duction of 24 hour security and the Leane, 2006 luxury jewellery of Dawn and yachts in Monaco. up on a specially created trolley boy Van Cleef & Arpels designers and opening of an indoor jewellery mar- the year, who regularly collabo- To celebrate McLaren’s 40th and wheeled to your side for perusal. craftspeople flew out to Tehran and ketplace, the Heart of Hatton Garden, rates with fashion designer anniversary at last year’s Monaco Both Harry Winston and Leviev are held meetings in The National Jew- modelled on New York’s 47th Street Alexander McQueen. Then there’s Grand Prix, racing star Kimi designed to resemble Mayfair town ellery Treasury housed within Iran’s diamond district, are modernising the New Zealand-born Jessica McCor- Raikönnen (below) drove with a houses. Though their interiors are Central Bank. area and bringing back the sparkle mack, known for her quirky glam- Steinmetz diamond encrusted entirely different – at Leviev you go But it doesn’t stop there. Jewellers factor. Diamondshop.co.uk invites our which includes creating beau- steering wheel. Given his unfailing up to the VIP salon in a lift accompa- still keep making London their home. customers into its Hatton Garden tiful diamond jewellery from coolness under pressure, Raikön- nied by a showcase of spectacular Quintessentially British Mappin & workshop, capitalising on the area’s antique pen nibs. Both Leane and nen has earned himself the nick- diamond jewellery, while at Harry Webb opened its flagship store this unique buying experience. McCormack will participate in name The Iceman. Fittingly, the Winston, there’s an impressive spring on Regent Street. This August Home to hundreds of Britain’s dia- Sothebys London Rocks this Sep- wheel’s dramatic unveiling took swirling staircase reminiscent of a sees Selfridges open its long-awaited mond dealers, retailers, jewellery tember, a selling exhibition show- place in a replica Team McLaren luxury hotel - both communicate a Wonder Room with fine jewellery designers, manufacturers and crafts- casing the work of 18 cutting edge Mercedes car fashioned from two sense of intimacy. It’s all about enter- from Cartier, Chanel, Chopard, Bul- people, many of which harbour British jewellers. tonnes of ice. This year there were diamond encrusted helmets for drivers. Last year’s Steinmetz diamond studded helmets fetched $400,00 at a charity auction. In Monaco in 2004, a Stein- History in the making - the Lesotho Promise metz-sponsored Jaguar with a diamond on its nosecone hit the bidding parties each spent four hours examining the 603 carat rough stone. wall on one of the laps. When When a world record-breaking diamond is Two days later they had presented their sealed offers. the car was craned out, the stone uncovered, there are only a handful of people in At a record-busting $20,500 per carat, Laurence Graff secured the stone for had disappeared. The column more than $12 million. “I am literally holding a piece of history in my hands,” inches the accident generated the world in the market for buying it. Bidding he said. In May, the first cut was made, marking the start of a stressful, time were every publicist’s dream. needs to be swift and accurate, consuming and precise year-long operation to transform this huge rough “Our clients are all high net crystal into magnificent flawless diamonds. Graff has developed cutting edge worth individuals and generally but trying it on for size isn’t an software, tools and cutting machines specially for the Lesotho Promise and it connoisseurs who want to associ- option. has yielded 24 stones so far. ate with excellence,” says a brand There is no try-before-you-buy with rough diamonds. Since no-one has spokesperson. “In the current cli- BY CLAIRE ADLER ever cut a stone of this size and complexity using such advanced technology mate, we have more clients to Laurence Graff has handled more impor- before, Graff’s master cutter Pascal has an exacting mission ahead. “It is a reach out to than ever before.” tant diamonds than any individual this huge and monumental task. But it is a great honour to be responsible for such century. When the 15th largest rough an important and historical stone,” he says. diamond ever discovered came to light A new book, The Most Fabulous Jewels in the World, tells the full Graff in the Maluti Mountains of Lesotho last story in Laurence Graff’s own words. Graff shares how he became one of the September, the president of Lesotho himself world's most famous jewellers, from his early years in London's East End and telephoned Laurence Graff with the news. his travels selling jewels in remote parts of the world in his twenties, to his Within days, diamond experts from newest and most beautiful diamond jewels. Out in late September, it is pub- Safdico, Graff’s manufacturing and trad- lished by Cultureshock Media, distributed by Thames & Hudson and available The Lesotho Promise ing arm, were in Lesotho. In Antwerp, in all good bookshops.

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Engagement rings Diamonds Diamond engagement rings… … don’t have to be traditional. Express yourself, treat yourself or do both. Under £4,000 Under £10 ,000 1 Tiffany Novo Cushion cut inspired by the 128.54 carat Tiffany diamond, from £3,000. (020 7495 3511) 1 2 Boucheron Textured yellow gold, rose gold or platinum rings, 0.75 carat diamond rings from £6,250. (020 7514 9170) 2 3 Roberto Coin Pavé O ring with a central 100 facet Cento diamond, £5,250. (0800 028 4102) 3

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3 4 4

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