CONTENTS Issue #451 | MAY/JUNE 2025 10 FOCUS 焦点 10 Resilient demand for rare fancy colour diamonds in China 中国对稀有彩钻的需求呈韌性 24 SPOTLIGHT 市场聚焦 24 Sustaining sustainability 延续可持续发展精神 8DIGEST 市场指标 8 10-carat diamond turns heads at Phillips Hong Kong 一枚钻戒成为富艺斯 香港地区拍卖会的主角 14 The extraordinary sparkle of fancy shaped diamonds 花式切割钻石绽放耀目光芒 19 A world of colourful possibilities beyond the Big Three 超越三大宝石的彩宝宇宙 25 Sustainability Diary 可持续发展日志
On the Cover 封面 ‘Diamond by the Yard’ necklace and ‘Diamond Pave Safety Pin’ necklace with G-H colour diamonds in VS/SI1 clarity grades set in 18-karat white gold worn with diamond hoop earrings and diamond rings by Leviev Leviev的18K白金“Diamond by the Yard”项链和“Diamond Pave Safety Pin”项 链，镶有净度等级为VS/SI1的G-H色钻石，搭配圈形钻石耳环和钻石戒指 (Photo credit 图片来源: Leviev | Dani Diamond) Digital version 电子版： https://news.jewellerynet.com/en/publications 30 RETAIL WATCH 零售观察 30 Chinese jewellers display agility amid adversity 中国珠宝商在逆境中自强 40 Korean jewellery manufacturers eye overseas opportunities 韩国珠宝制造商开拓海外机遇 43 MARKET INTELLIGENCE 市场情报 43 JJF 2025 highlights Japanese design and craftsmanship 2025年日本珠宝展彰显本土设计与工艺 44 Jewellers adapting to the gold trend 金饰热席卷珠宝业 48 Sourcing opportunities abound at JGA 2025 JGA 2025机遇处处 50 Strategic shifts in the trade 珠宝行业的战略转型 26 DESIGN 设计 26 Reimagining fundamentals 重构基本步 36HUB 生产基地 36 Cautious optimism pervades US jewellery manufacturing scene 美国珠宝制造业谨慎乐观
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DIGEST 市场指标 8 | JNA May/June 2025 humphery / Shutterstock.com 印度 10 carats 克拉 This 10-carat diamond ring was the top lot at Phillips' Hong Kong auction in March 2025. 这枚10克拉钻戒是2025年3月富艺斯香港 地区珠宝拍卖会上的领衔拍品。图片来源：富艺斯 亿 US$3,230.50 3,230.50美元 RMB778.8B (around US$106.7B) 7,788亿元人民币 (约1,067亿美元） Weight of a diamond ring, which sold for HK$4.57 million (US$587,959) at Phillips’ Hong Kong Jewels Auction on March 27, 2025. This 10-carat D-colour internally flawless Type IIa diamond ring was the top seller at the auction. The event generated a total of more than HK$50 million (around US$6.4 million), representing a 55 per cent year-on-year increase. Phillips said 77 per cent of the lots were sold while total sold lots fetched 128 per cent of their pre-sale estimates. The sale showcased strong market demand for diamonds, sapphires and emeralds. 于2025年3月27日富艺斯香港地区珠宝拍卖会上，以457万 港元(587,959美元)成交的钻石戒指的重量。这枚重10克拉 的D色内部无瑕IIa型钻石戒指为拍卖会上的领衔拍品。该拍 卖会录得总成交额逾5,000万港元(约640万美元)，同比增长 55%。富艺斯表示，拍品的成交率达77%，总成交价达到了售 前估价的128%。拍卖会反映了市场对钻石、蓝宝石和祖母绿 的强劲需求。 Total sales of jewellery and gemstones in China in 2024, according to the 2024 China Jewellery Industry Development Report by the Gems and Jewelry Trade Association of China (GAC). Gold jewellery accounted for 73 per cent of the China market by end-2024, followed by jade (13 per cent); diamond (6 per cent); and coloured gemstone and pearl (both 3 per cent). 根据中国珠宝玉石首饰行业协会(GAC)发布的《2024年中国 珠宝玉石首饰行业发展报告》，2024年中国珠宝玉石首饰的 销售总额。截止2024年年底，中国黄金、钻石、翡翠、彩色宝 石和珍珠首饰的市场份额分别为73%、6%、13%、3%和3%。 Price of gold per ounce as of April 11, 2025, according to the World Gold Council (WGC). Gold prices surpassed the US$3,000/oz mark in March and continue to reach new highs as global investors are increasingly purchasing gold. WGC noted that while soaring prices could create headwinds for gold jewellery demand, factors such as geopolitical and economic uncertainties, rising inflation, lower rates and a weaker US dollar could further boost investment demand. 根据世界黄金协会(WGC)的数据显示，截至2025年4月11 日的每盎司黄金价格。由于全球投资者购买黄金的热情日 益高涨，金价在3月份突破了3,000美元/盎司关口，并持续 创新高。WGC指出，虽然价格飙升可能会给黄金珠宝需求 带来阻力，但地缘政治和经济不确定性、通胀上升、利率下 降和美元走弱等因素可能会进一步刺激投资需求。
DIGEST 市场指标 JNA May/June 2025 | 9 A 158.02-carat yellow diamond unearthed from the Diavik mine in Canada 产自加拿大戴维克矿的 158.02克拉黄钻 亿美元 Online Trade Updates 新闻快讯 Trade warns against treated gems with unstable colour 业界警告经处 理而颜色不稳定的宝石流入市场 Trump suspends tariffs, excludes China 川普暂缓向中国以外国家征收 高额关税 CIBJO updates definition of ‘recycled gold’ CIBJO重新定义“再生黄金” Three major jewellery and gemstone trade organisations are calling for stronger action against irradiated gems, particularly rubies and fancy sapphires from Sri Lanka, that are being sold in the market. 全球三大权威珠宝和宝石机 构联合呼吁，对经辐照处理导致颜色不稳定的宝 石采取更严厉的处罚。这些涉事宝石多是源自斯 里兰卡的红宝石和彩蓝宝石。 Jewellers weigh in on US tariffs and their impact on the trade, citing hefty costs, increased consumer prices and weaker overall sentiment as threats to growth. 珠宝商担忧美国上调关税 将为贸易带来严重影响，高额关税或导致成本上 涨、消费价格上升和拖累整体消费情绪，对经济增 长构成威胁。 The World Jewellery Confederation (CIBJO) has proposed new definitions of recycled gold in the jewellery and watch trade for greater clarity and consistency. 国际珠宝首饰联合会(CIBJO)已提 出“再生黄金”的新定义，以提高珠宝业对相关材 料的清晰度和一致性。 Our digital platform provides additional content for an even more comprehensive industry perspective. Scan the QR code for the full story and more trade news. 我们的数字平台载有更多更全面的 行业视角报道，请扫瞄二维码查看 全文和更多行业信息。 news.jewellerynet.com/en/jnanews Year-on-year growth in retail sales of clothing and accessories stores in the US in February 2025, data from the National Retail Federation (NRF) showed. Sales in this sector, which includes jewellery shops, also registered a 0.8 per cent dip compared to January 2025. NRF explained that monthly retail spending declined in February amid concerns over tariffs and the severe winter weather but continued to grow year over year on the back of a strong economy. US retail sales are poised to grow between 2.7 per cent and 3.7 per cent to between US$5.42 trillion and US$5.48 trillion in 2025, added NRF. 根据美国零售联合会(NRF)的数据显示，2025年2月份美国服装和配饰店 零售额的同比增长。与2025年1月份比较，包括珠宝店在内的这一类别的 销售额同样下跌了0.8%。NRF解释说，鉴于关税引起市场忧虑，加上冬季 恶劣天气，2月份的环比零售支出有所下降，但在经济强劲的支持下，零 售支出录得同比增长。NRF补充道，2025年美国零售销售额预计将增长 2.7%至3.7%，达到5.42万亿至5.48万亿美元。 3.8% 158.02 carats 克拉 Weight of a gem-quality yellow diamond rough discovered at the Diavik mine in Canada by Australian miner Rio Tinto. According to Rio Tinto, its latest find is one of only five yellow diamonds weighing more than 100 carats ever uncovered at Diavik in its 22-year history. Diavik’s production primarily consists of white gem-quality diamonds, with less than one per cent yielding rare yellow diamonds. 澳大利亚矿商力拓在加拿大戴维克(Diavik)矿场发现的宝石级毛坯黄钻 的重量。力拓表示，22年来在戴维克矿场开采出仅五颗重量超过100克拉 的黄钻，而这颗就是其中之一。该矿场主要出产白色宝石级钻石，稀有黄 钻的产量不足1%。
FOCUS 焦点 10 | JNA May/June 2025 Amid existing uncertainties, China remains a key market for fancy colour diamonds. Affluent Chinese buyers who seek fancy colour diamonds for their exclusivity and investment value are expected to fuel growth in this product category, according to industry players. A rising interest in rare colours could also drive sales, they added. Top-quality stones Eden Rachminov, founder of Rachminov Diamonds 1891, said Chinese buyers are a significant segment of the fancy colour diamond market. In fact, majority of private buyers are Chinese individuals who often purchase fancy colour diamonds in the US, Europe and China. High-quality stones are topping the shopping lists of discerning Chinese buyers. According to Eric Chen, Asia Pacific sales director of AA Rachminov Diamonds, demand for 10- to 20-carat fancy yellow diamonds has remained stable over the last 12 months. Fancy colour diamond jewellery in 18-karat gold and platinum from the Butterfly Collection of LJ West Diamonds Inc's Scott West Jewelry LJ West Diamonds Inc的Scott West Jewelry蝴蝶系列18K金和铂金彩钻首饰 | Sharon Kwok 郭芷雯 | Ultra-rare fancy colour diamonds continue to fascinate affluent buyers in China amid economic challenges, thanks to the diamonds’ exceptional appeal and investment potential. 在面临经济挑战的情况下，超稀有彩钻凭借 其非凡的吸引力和投资潜力，继续成为中国富裕买家梦寐以求的瑰宝。 中国对稀有彩钻的需求呈韌性 IN CHINA Resilient demand for rare fancy colour diamonds
FOCUS 焦点 JNA May/June 2025 | 11 Fancy dark grey-violet and red diamonds from Rainbow Gems (HK) Ltd 永宝宝石的 深灰紫色彩钻及红钻 Three-stone ring in platinum featuring a 1.62-carat radiantcut fancy vivid blue diamond centre stone and two fancy vivid pink trilliant side stones of 0.25 and 0.22 carat by Scott West Jewelry / Scott West Jewelry的铂金三石戒指，镶嵌一颗重1.62 克拉雷迪恩式切割艳彩蓝钻主石，以及两颗分别重0.25克拉和 0.22克拉的艳彩粉红钻三角形侧石 Tony Saade, director of Asia Pacific at Antwerp Cut, echoed this sentiment, noting that Chinese private collectors are particularly drawn to premium and ultrarare fancy colour diamonds in larger sizes and with higher clarity. These buyers are well-educated about fancy colour diamonds, often possessing professional knowledge when examining the stones. “Chinese buyers do not buy fancy colour diamonds just to put them in the safe; they enjoy wearing them,” noted Saade. Eden added that relatively stable fancy colour diamond prices make them an appealing option for those seeking wealth preservation. “Buyers know that the value of the diamond they are purchasing will either remain the same or go further up,” he explained. Rainbow Gems (HK) Ltd Director Rashmin Donda, for his part, observed that while yellow diamonds are currently the most accessible, there is growing interest in rarer colours such as pink, blue, green, orange and brown. The company offers a wide range of white and fancy colour diamonds, from commercial grade to certified stones. Its major customers are jewellery brands and independent jewellers. Pink fantasy Among the most coveted fancy colour diamonds in China are pink diamonds, said William Gant, managing director, Australia of US-based LJ West Diamonds Inc. He explained that pinks are among the rarest of fancy colour diamonds since 90 per cent of the world's pink diamonds were sourced from the now-closed Argyle mine in Western Australia. Currently, there is no other mine that can rival Argyle’s stature, Gant added. Scarcity has made Argyle pink diamonds highly sought after by Chinese buyers who appreciate the diamonds’ rarity and feminine colour as well as the prestige associated with the Argyle brand. “I get a lot of feedback from Chinese clients about their love for pink diamonds. They are mostly from Shanghai and other major cities as well,” said Gant. “The Argyle brand is now on the radar of Chinese buyers. They are fixated with this name and the certificate that comes with the stones.” LJ West’s clients include jewellers and private investors who deal with high-net-worth buyers and collectors. Gant emphasised that there is solid appetite for Argyle pink diamonds in China, despite its troubled economy inevitably impacting buyers’ purchasing power. He also mentioned that prices remained flat for a time in 2024, owing to global uncertainties, particularly in the Asian market. “We are starting to see more enquiries coming in again this year,” said Gant. “Historically, the prices of pink, blue and red diamonds have shown an uptrend, with other colours steadily increasing in value. However, this is no indication of what the future holds." Challenges and opportunities According to trade stakeholders, the luxury industry in China has faced post-Covid challenges, exacerbated by a domestic real estate crisis and reduced consumer spending. The shift in buyer preferences towards gold jewellery also inevitably affected the fancy colour diamond business. “Demand for fancy colour diamonds is not as strong as it once was,” said Kunal Sheth, managing director of House of Gems Ltd. He attributed this decline to China's economic slowdown, which has led to reduced demand for luxury
FOCUS 焦点 12 | JNA May/June 2025 尽管目前环球经济存在不确定性，但中国仍是彩钻 的主要市场。据业内人士称，中国富裕买家看上 了彩钻的独特性和投资价值，有望推动该产品类 别的增长。他们还补充说，买家对罕有颜色的彩钻的兴趣日 益浓厚，也有助带动销售。 顶级彩钻 Rachminov Diamonds 1891的创始人Eden Rachminov 表示，中国买家是彩钻市场的重要客群。事实上，大多数私人 买家都是来自中国，他们经常在美国、欧洲和中国购买彩钻。 在眼光独到的中国买家的购物清单上，高品质的彩钻 占一席位。AA Rachminov Diamonds亚太区销售总监Eric Chen指出，在过去12个月，10至20克拉的黄钻需求保持 平稳。 goods. House of Gems specialises in investment-grade fancy colour diamonds. Sheth added that Chinese buyers accounted for up to 50 per cent of the company’s business two years ago, but the figure has since declined significantly. “We are hoping that the market will realise that these stones are actually becoming even rarer, and they are a good store of value,” said Sheth. Donda of Rainbow Gems observed that prices of commercial-grade fancy yellow diamonds are declining as the stones have become readily available while prices of pink and blue diamonds are stable due to their rarity. “People always want to collect rare items,” Donda explained. “As you can see, ultra-rare pink and blue diamonds are selling at international auctions.” This highlights the resilience of rare fancy colour diamonds, he noted. There is also limited supply of high-quality fancy colour diamonds. As mines get depleted, the rarity of these stones further increases, contributing to their allure. This, however, poses a challenge for suppliers, according to Eden of Rachminov Diamonds 1891 and Saade of Antwerp Cut. To drive business, companies are aiming to innovate their products. LJ West, for instance, is offering fancy colour diamond jewellery through its jewellery brand Scott West. The jewellery line features both high-end unique pieces and relatively affordable collections with smaller fancy colour diamonds such as the Butterfly Collection. Gant of LJ West said the aim is to showcase the versatility of fancy colour diamonds and possible combinations of various colours. Amid these challenges, fancy colour diamond dealers remain optimistic about prospects moving forward. Saade anticipates sales to improve in the second half of the year, citing the stones’ inherent value as well as potential economic recovery in China as growth drivers. Fancy colour diamonds from Rainbow Gems (HK) Ltd 永宝宝石的彩钻 Chinese buyers do not buy fancy colour diamonds just to put them in the safe; they enjoy wearing them. - Tony Saade, director of Asia Pacific, Antwerp Cut
FOCUS 焦点 JNA May/June 2025 | 13 Antwerp Cut亚太区总监Tony Saade也表示赞同，并指中 国私人收藏家尤其锺情於尺寸较大、净度较高的优质和超 稀有彩钻。这些买家对彩钻都有深入的认识，其中有些人甚 至具备专业的彩钻鉴赏能力。 Saade说：“中国买家购买彩钻并非只是为了放在保险箱 里收藏，他们也喜欢佩戴彩钻首饰。” Eden补充道，对那些寻求财富保值的人来说，彩钻价格 相对稳定，使其成为一个具有吸引力的选择。“买家清楚他 们购买的彩钻价值要么保持不变，要么会增值。” 永宝宝石提供从商业级到认证级的各种白色和彩色钻 石，其主要客户包括珠宝品牌和独立珠宝商。该公司总监 Rashmin Donda表示，黄钻在市场上较为常见，买家对粉红 色、蓝色、绿色、橘色和棕色等罕见颜色的钻石日趋感兴趣。 粉色风潮 总部位于美国的LJ West Diamonds的澳大利亚区执行 总监William Gant表示，粉红钻在中国市场最受热捧。 Gant解释说，粉红钻是最稀有的彩钻之一，世界上90% 的粉红钻都来自西澳大利亚现已关闭的阿盖尔矿，目前还 没有其他矿山能与它相当。 正因如此稀缺，阿盖尔粉红钻备受中国买家青睐，他们 不仅欣赏其稀有性和柔美色泽，也看重阿盖尔品牌的卓越 声誉。 Gant说：“我收到很多中国客户的反馈，说他们对粉红钻 情有独钟。他们大多来自上海和其他大城市。现在，中国买 家锁定阿盖尔这个品牌，以及彩钻附带的证书。” LJ West的顾客包括珠宝商，还有服务于高净值人士和 收藏家的私人投资者。 Gant强调中国买家对阿盖尔粉红钻的追求甚殷，唯经济 不景气无可避免地影响了中国买家的购买力。 他也提到，全球的不确定性，尤其是亚洲市场，导致去年 价格有短暂时间略微回落。 “今年我们收到更多客户询价。”Gant说。“从历史上看， 粉红色、蓝色和红色钻石的价格呈现上升趋势，许多其他颜 色的钻石价格也稳步上扬。不过，这并不能确定价格在未来 的走向。” 挑战与机遇 据业内人士称，中国的奢侈品行业面临后疫情的挑战， 国内房地产危机和消费支出减少令形势雪上加霜。买家转 向黄金首饰也对彩钻业造成一定冲击。 House of Gems Ltd专营投资级彩钻，其执行总监Kunal Sheth说：“整体彩钻需求已不如从前强劲。”他认为，中国经 济放缓令奢侈品需求减少，是造成这现象的主要原因。 Sheth表示，两年前，中国买家贡献了公司50%的业绩， 但如今这一比例已大幅下滑。 Sheth说：“我们希望市场能够意识到，这些彩钻只会变 得越来越稀有，是极佳的保值品。” 永宝宝石的Donda观察到，商业级彩黄钻的价格正在下 跌，因为这种宝石相对较易入手，而粉红钻和蓝钻则因其稀 有性，价格保持相对稳定。 “人们总是渴求收藏稀有珍品，”Donda解释说。“正如 超稀有的粉红钻和蓝钻在国际拍卖会上持续热卖。”他指这 凸显了稀有彩钻的市场韧性。 然而，优质彩钻的供应有限。Rachminov Diamonds 1891公司的Eden和Antwerp Cut的Saade认为，随着矿山资 源枯竭，这些高质彩钻愈发稀有，虽然更添其吸引力，但也 为供应商带来了挑战。 为了推动业务发展，各公司积极创新产品。例如，LJ West通过其珠宝品牌Scott West Jewelry推出彩钻珠宝，涵 盖高级独特作品及相对实惠的小颗彩钻首饰，如蝴蝶系列。 LJ West的Gant表示，这些首饰系列旨在展现以彩钻为 主的多样化设计和各种色彩搭配。 纵使挑战重重，彩钻经销商对未来前景依然充满信 心。Saade认为彩钻拥有无与伦比的内在价值，加上中国经 济可能逐步回暖，预计下半年的销售额将有所提升。 A mix of fancy colour diamonds from Rainbow Gems (HK) Ltd 永宝宝石的彩钻
FOCUS 焦点 14 | JNA May/June 2025 Jewellery circles are abuzz with talk of fancy shaped diamonds steadily gaining favour among today’s buyers. And while market demand for go-to shapes such as pears, emeralds and ovals remains stable, less- mainstream cuts are capturing considerable attention. In fact, rarity is directly proportional to desirability when it comes to diamond cuts. According to diamond traders, the more special and exceptional the cut, the more popular it is in the market. Meanwhile, trapezoids, kites and cadillacs, among other more modern shapes, are also catching the fancy of perceptive buyers. While generally conceptualised as side or shoulder stones, there is nothing stopping designers from using these unique stones as innovative centrepieces. Cementing fancy shaped diamonds’ reputation as ultimate design game changers are renowned jewellers who constantly incorporate fancy cuts in their beloved collections. Jewellery designer to the stars Lorraine Schwartz, for instance, has time and again fascinated highprofile clients with her opulent creations, led by a long list of celebrity engagement rings – from Beyoncé’s emerald-cut diamond to Kate Hudson’s elongated cushion-cut diamond and Heidi Klum’s yellow oval diamond. This reinforces the pivotal role that influencer and celebrity marketing plays in setting the next important trend, especially among younger generations. Most recently, the trade witnessed a surge in demand for marquise diamonds. Yoram Dvash, president of the World Federation of Diamond Bourses (WFDB), attributes this to American singer and actress Selena Gomez’s 8-carat marquise diamond engagement ring. “Selena received her engagement ring and there was a sudden spike in demand for marquise diamonds, which have not been as popular in recent years,” he noted. “We need to focus our messaging on what resonates with young buyers and to invest heavily in expanding our market reach.” The extraordinary sparkle of fancy shaped diamonds 花式切割钻石绽放耀目光芒 | Bernardette Sto. Domingo 杜明高 | Fancy shaped diamonds are all the rage in an industry yearning for a breath of fresh air. While round diamonds continue to enjoy steady demand, market appetite for fancy cuts is gaining ground, fuelled by consumer aspirations for divergence and originality. 珠宝行业求新若渴，花式切割钻石因而大放异彩。圆形钻石需求固然稳定，但消费者 对时尚新颖和原创的产品也趋之若鹜，令五花八门的切割方式在市场上渐受重视。
FOCUS 焦点 JNA May/June 2025 | 15 Round diamonds are bread-and-butter goods, but people are looking for new designs and concepts. This is where fancy shapes come into the picture. - Rishi Mundra, director of Hong Kong-based Stellar Group HK Ltd Demand for diversity Buyers are increasingly on the lookout for variety, hence the stronger demand for fancy shaped diamonds, according to Rishi Mundra, director of Hong Kong-based Stellar Group HK Ltd. The company, which has been around for 45 years, specialises in rounds and fancy shapes. Its major markets are Hong Kong, Europe and North America as well as the Middle East, which is a growing market for Stellar Group. “Round diamonds are bread-and-butter goods, but people are looking for new designs and concepts. This is where fancy shapes come into the picture,” explained Mundra. “Pears, marquise and ovals are doing well.” Kanav Birmiwal of Highend Collections Ltd in Thailand agreed, adding that fancy shapes are enjoying steady demand among a more discerning clientele. Fancy shapes afford customers more liberty and flexibility in designing standout collections, he added. Among the fastest-moving shapes are hearts alongside kites and triangles since these are quite distinctive. Highend Collections has clients in the US, the Middle East and Asia. Rajesh Samodia, managing director of Fine Gems Collection GmbH, shared this observation, adding that there is rising interest in even more unusual shapes like moon, hexagon, taper and kite, on top of the perennial favourites. Fine Gems Collection, based in Germany, mainly sells to jewellery manufacturers and designers in the US and Europe as well as Hong Kong. “The increase in demand for fancy shaped diamonds was exponential – about 300 per cent from two years ago,” stated Samodia. “Buyers are favouring fancy shapes both as side and centre stones. You can play around with fancy shapes. That is the beauty of it.” According to Mundra, non-conventional shapes, which are used as shoulder or side stones to accentuate larger centre gems, were not as common about two to three years ago. “Today, more and more clients are looking for these. We started off with tapered baguettes and trapezoids, but with increased demand, we gradually branched out to halfmoons, cadillacs, shields and bullets,” he explained. 228.31 Weight in carats of ‘The Rock,’ a pear-shaped brilliant-cut G-colour diamond of VS1 clarity, which sold for US$21.7 million at Christie’s Geneva in May 2022. The Rock is the largest white diamond ever offered at auction. “The Rock”的重量。这是一颗净度为VS1的梨形明亮式 切割G色钻石，于2022年5月在佳士得日内瓦拍卖会上以 2,170万美元售出。The Rock是拍卖会史上最大的白钻。 As buyers normally require two matching diamonds, a great deal of effort goes into procuring such stones. Prices are on the premium side, too. In general, fancy shaped diamonds command higher prices compared to their round counterparts. For instance, a GIA-certified 30-pointer SI round diamond could sell for US$850 to US$900 per carat while a similarly sized pear shape can cost a minimum of about US$1,050 to US$1,100 per carat, depending on the make and the fluorescence, noted Mundra. Ultra unique Some companies are upping the ante and going beyond the traditional shapes. In Dayagi Diamonds’ display windows are a sparkling assortment of innovative cuts not normally found in the market. A few examples are teddy bear, cloud, dog, rabbit and bat, among other special shapes. Based in Israel, Dayagi Diamonds has 83 years of experience in diamond manufacturing, with major buyers in the US and, to some extent, Europe and Asia. CEO and third-generation owner Yoran Dayagi said stepping out of the box stemmed from a desire to resonate with younger generations whose constant exposure to social media heavily influences their buying decisions. “As a diamond manufacturing company, we took things one step further,” remarked Yoran. “These fun fancy shapes helped us gain popularity on social media, creating a niche.”
FOCUS 焦点 16 | JNA May/June 2025 Dayagi’s main product line is matching pairs and side stones like trapezoids, trillions, bullets, cadillacs and halfmoons, to name a few. Yoran’s father launched a few samples of the more modern shapes, but these only took off with the advent of social media, Instagram in particular. The company would regularly receive customer feedback and requests, inspiring Yoran and his team to come up with more creative shapes. These currently account for about 10 to 15 per cent of Dayagi’s product portfolio, but it is a growing segment. “We supply these diamonds to the trade, but we also get enquiries from end-consumers. As such, we recently started a jewellery line. We expect the business to expand even further in the coming years,” noted Yoran. Grading Owing to increased demand for fancy cut diamonds, gemmological laboratories are seeing more fancy shaped diamonds being sent to them for testing. Tom Moses, executive vice president and chief laboratory and research officer at Gemological Institute of America (GIA), said fancy shaped diamonds have a significant appeal for a segment of the market. Over the past 10 years, fancy shaped diamonds have accounted for less than one-quarter of the diamonds submitted to GIA for grading, he noted, adding that the percentage increased to nearly one-third in 2022 and remained there through 2024. GIA has recently graded more long-cushion, oval and emerald cuts. Moses noted that advances in computeraided design have made it easier for jewellery designers to incorporate fancy shapes into their creations, leading to heightened consumer interest and demand GIA is also working to develop a cut-grading system for fancy shaped diamonds. Moses explained, “The variety of cuts and facet arrangement for different shapes makes this a very interesting challenge. We are applying advanced mathematics and machine learning to this effort.” In 2022, the International Gemological Institute (IGI) added a cut grade to its reports for loose fancy shaped diamonds to assess the influence of cut quality on light behaviour seen in fancy shapes, in addition to traditional polish and symmetry analysis. Glittering prospects Fancy shaped diamonds will continue to captivate buyers moving forward, thanks to their special character and appeal, according to Cihan Akdere, executive marketing manager of Renée Jewellers of Dubai. “They have more personality, and this is translated to the jewellery piece,” he remarked. “For buyers, this is a huge consideration because they can choose a fancy shaped diamond that strikes a chord with them.” Founded in 1999, the company has a steady customer base in major diamond jewellery markets across the Middle East and India. Pear, marquise, oval and emerald diamonds are highly sought after at Renée Jewellers, shared Akdere. “Jewellery is very personal, especially now that buyers are on the lookout for meaningful purchases. We respond to what our customers want and whether the products make them happy. Emotional resonance has become even more important today,” explained Akdere. Fancy shaped diamonds are here to stay, stated Mundra of Stellar Group. While classic rounds will always have a strong following, a new generation of buyers is increasingly opting for something singular and is setting their sights on fancy shaped diamonds. “Everything is cyclical though. Princess cuts used to move a lot but lately, baguettes are performing strongly for us,” he stated. “Certain shapes would sometimes take a back seat while others would become more prominent. Bottom line is fancy shaped diamonds is a continuously growing market.” Forces of Nature by De Beers ‘Individuality’ diamond drop earrings in 18-karat white gold 戴比尔斯Forces of Nature系列的 Individuality 18K白金钻石耳坠 Marquise diamond ring 马眼形钻石戒指
FOCUS 焦点 JNA May/June 2025 | 17 Michael Mattes / Shutterstock.com Jennifer Lopez's 8.5-carat radiant-cut green diamond ring 詹妮弗·洛佩兹 - 8.5克拉明亮式切割绿钻戒指 Kathy Hutchins / Shutterstock.com 花式切割钻石正受到现代买家热烈追捧。梨形、祖 母绿式和椭圆形等传统切割需求稳定，但非主流 的样式也相当引人注目。 钻石切割的罕见度与需求绝对成正比。不少钻石商表 示，切工精良的钻石大受市场欢迎。而梯形、风筝形和凯迪 拉克式切割等除了可用作侧石或肩石，也可担当新颖的主 石款式。 此外，花式切割钻石持续受到珠宝商青睐，从根本上改 变珠宝设计趋势。 明星珠宝设计师Lorraine Schwartz的作品备受高端客户 赏识，名人订婚戒指杰作包括碧昂丝(Beyoncé)的祖母绿式 切割钻石戒指，凯特•哈德森(Kate Hudson)的长枕形切割钻 石戒指，以及海蒂•克鲁姆(Heidi Klum)的椭圆形黄钻戒指。 这点证明了影响力营销和名人营销在创造潮流方面发 挥了关键作用，对年轻一代尤其有吸引力。 世界钻石交易所联合会(WFDB)主席Yoram Dvash称，美 国歌手兼演员赛琳娜·戈麦斯(Selena Gomez)的8克拉马眼 形钻石订婚戒指引领潮流，令马眼形钻石的需求飙升。 他指出：“赛琳娜收到了这枚订婚戒指后，马眼形钻石的 需求立即倍增，受欢迎程度在近年前所未见。我们必须引起 年轻买家共鸣，并扩大市场范围。” 追求多样化 Stellar Group HK Ltd总监Rishi Mundra解释道，越来越 多买家追求多样性，对花式切割钻石需求递增。 该公司拥有45年历史，专营圆形和花式切割钻石，主打 中国香港、欧洲、北美和中东市场。 Mundra说：“圆形钻石当然不可缺少，但崭新设计也需 求甚殷。花式切割钻石如梨形、马眼形和椭圆形钻石的销量 都很理想。” 泰国Highend Collections Ltd的负责人Kanav Birmiwal 表示同意，并指出花式切割在设计上提供更高的灵活度，效 果更出众，深得眼光独到的买家喜爱。心形、风筝和三角形 是最畅销的类型。Highend Collections的客户遍及美国、中 东和亚洲。 德国Fine Gems Collection GmbH执行总监Rajesh Samodia也表示，人们对月亮形、六边形、方梯形和风筝形等 奇特形状的兴趣日增。 Fine Gems Collection的主要客户为欧美和中国香港的 珠宝制造商和设计师。 Kathy Hutchins / Shutterstock.com Kathy Hutchins / Shutterstock.com Paris Hilton's 20-carat pear-shaped diamond ring 帕丽斯·希尔顿 - 20克拉梨形钻石戒指 Featureflash Photo Agency /Shutterstock.com Featureflash Photo Agency /Shutterstock.com Jennifer Aniston's 18-carat emerald-cut diamond ring 詹妮弗·安妮斯顿 - 18克拉祖母绿式切割钻石戒指 Everett Collection / Shutterstock.com Everett Collection / Shutterstock.com Mariah Carey's 10.02-carat emerald-cut pink diamond ring 玛丽亚•凯莉 - 10.02克拉祖母绿式切割粉红钻戒指 Celebrity engagement rings are the epitome of opulence. Here are some of the most luxurious engagement rings adorned with the finest fancy shaped diamonds in truly inspired designs. 名人明星的订婚戒指体现无比奢华。以下的顶尖之作镶嵌 最优质的花式切割钻石，设计惊艳绝伦。
FOCUS 焦点 18 | JNA May/June 2025 “与两年前相比，花式切割钻石的需求增长了约300%， 这些钻石可以用作不同的造型，侧石或主石皆可。这就是它 的魅力所在。”Samodia指出。 Mundra则表示，肩石和侧石在两三年前还未大行其 道。“但时至今天，很多客户都对这类钻石趋之若鹜。我们初 期推出长方形和梯形，但随着需求上升，便逐渐将品类扩展 到半月形、凯迪拉克式切割、盾形和子弹形。”他续称。 由于买家通常要求两颗成对的钻石，令采购更具挑战 性，价格也偏高。 一般来说，花式切割钻石比圆形钻石价格稍高。例如，一 颗经GIA认证的30份SI净度圆形钻石的售价为每克拉850至 900美元，而一颗大小相若的梨形钻石的售价至少为每克拉 1,050至1,100美元，Mundra表示视乎造工和熒光反应而定。 独一无二之美 不少公司的产品已经超越了传统的款式。以色列钻石商 Dayagi Diamonds的钻石呈泰迪熊、云朵、狗儿、兔子和蝙蝠 等形状，成功打破传统框架。 Dayagi Diamonds在钻石生产方面拥有83年的丰富经 验，买家主要来自美国，也有一些欧洲和亚洲的客户。 首席执行官兼家族第三代继承人Yoran Dayagi表示，年 轻一代经常接触社交媒体，购买决定从而受到影响，他希望 循此方向引起消费者共鸣。 “我们是一家钻石制造商，向来致力领先同侪。”Yoran 说。“这些饶富趣味的奇特形状，有助我们在社交媒体上蹭 热度，从而创造利基市场。” Dayagi的主要产品是成对的钻石和侧石，形状有梯形、 三角形、子弹形、凯迪拉克式切割和半月形等。Yoran的父 亲推出了一些富现代感的钻石形状，在社交媒体尤其是 Instagram上特别火红。 该公司定期收到客户的回馈，启发Yoran及其团队构思 更多创新的形状，目前约占产品组合的10%至15%，发展潜 力雄厚。 Yoran指出：“我们除了为业者供货，也不时收到消费者 的垂询，因此最近推出了珠宝系列。预计业务在未来几年将 进一步扩展。” 钻石分级 市场对花式切割钻石的需求上升，无疑增加了宝石鉴定 所的相关分级工作。GIA美国宝石研究院执行副总裁兼首席 鉴定和研究官Tom Moses表示，花式切割钻石对部分市场 具有莫大的吸引力。 在过去十年，此类钻石占GIA分级钻石总数量不到四分 之一。他补充道，该比例在2022年上升至近三分之一，并持 续到2024年。 近来GIA为更多长枕形、椭圆形和祖母绿式切割钻石进 行分级。Moses指出，电脑辅助设计发展成熟，令珠宝设计 师更容易将独特的形状融入作品之中，从而提升了买家的 兴趣和需求。 GIA也致力开发花式切割钻石分级系统。Moses解释 道：“不同的形状和刻面设计，令分级工作充满挑战和趣味。 我们正在将进阶数学和机器学习元素应用其中。” 2022年，IGI国际宝石学院在散装花式切割钻石报告中 增加了切割等级栏目，除了对打磨和对称性进行传统分析 外，还评估了切割水平对光行为的影响。 前景璀璨亮丽 迪拜Renée Jewellers的市场营销执行经理Cihan Akdere 表示，花式切割钻石别树一帜，对买家具有持续的吸引力。 他说：“买家往往能够透过独特的花式切割钻石首饰表 现自我个性，是一个重要的考虑因素。” Renée Jewellers成立于1999年，客户遍及中东和印度等 主要钻饰市场。Akdere表示，该公司的梨形、马眼形、椭圆形 和祖母绿形钻石大受欢迎。 “珠宝是个人专属的宝物，现今的买家更希望为其赋 予意义和情感共鸣。因此,我们竭力顾及客人的喜好和满意 度。”Akdere解释道。 Stellar公司的Mundra表示，花式切割将会继续风行市 场。尽管经典的圆形钻石地位稳如泰山，但新一代买家越来 越倾向选购独特的花式切割钻石。 “不过，凡事都有周期。公主方形切割过去销情甚佳，但 长方形钻石正后来居上。”他强调。“花式切割钻石不断推陈 出新，总括而言是一个持续增长的市场。” Fancy shaped diamonds 花式切割钻石
FOCUS 焦点 JNA May/June 2025 | 19 A novel crop of coloured gemstones is gaining prominence in the market as luxury brands, jewellers and designers seek fresh options to inject colour, character and ingenuity in their offerings. While rubies, emeralds and sapphires still dominate luxury jewellery collections, they increasingly share the spotlight with other gems that arguably enable greater creativity and higher margins. Gemstone manufacturers and dealers affirm heightened interest in a wider variety of coloured gems in recent years. Thanamwat Saenfoo, general manager of Thailandbased Fancy Spinel Gems Co Ltd, said, “As markets mature, their knowledge and appreciation of coloured gemstones deepen. They realise that certain stones are even rarer than gem-quality diamonds or the Big Three – rubies, emeralds and sapphires. This rarity heightens their value as luxury gems and makes them even more appealing to jewellers and designers that aim to offer unparalleled propositions to their customers.” Softer demand for natural diamond jewellery is another catalyst, noted Keen Jade Ltd Director Rbhava Kumar Nahata. The Hong Kong-based jewellery manufacturer, which has production facilities in Thailand and India, specialises in coloured gemstone jewellery for retailers, brands and chain stores in the US, the Middle East and Europe. It also produces premium gemstone jewellery for its own brand, Sunita Nahata Fine Designs. Rbhava said, while diamond jewellery still has its rightful place in the trade, buyers believe there is no harm in adding colour to their assortment. ‘Earth Song’ Necklace with 345.68 carats of coloured gemstones including rubellites, amethysts, kunzites and green tourmalines from Bulgari’s Aeterna High Jewellery Collection 宝格丽Aeterna高级珠宝系列Earth Song项链，镶有345.68克拉彩色宝石，包括红碧玺、紫水晶、紫 锂辉石和绿碧玺 | Olivia Quiniquini 程爱莉 | More coloured gemstones are coming into their own as the fine and luxury jewellery markets explore diverse prospects in stones and cuts, amid soaring prices and supply constraints. 高端珠宝市场正积极探索不同的彩色宝石 品类和切割方式，以应对价格飙升和供应限制，塑造一颗又一颗宝石界新星。 超越三大宝石的彩宝宇宙 COLOURFUL POSSIBILITIES A world of beyond the Big Three
FOCUS 焦点 20 | JNA May/June 2025 over the years. “There is a real appreciation for aquamarines of late. It was never really treated as a high-end stone before, but people are now really using aquamarines in this top colour in fine and high jewellery,” he shared. But while more affordable than the coloured gemstone royalties, emerging gem favourites can also command higher prices, especially the good-quality material. Saenfoo said prices for better Paraiba tourmaline from Mozambique can easily double year on year, reaching around US$20,000 per carat and upwards of US$30,000 per carat for unheated stones. Good-quality spinel, meanwhile, can easily fetch US$15,000 to US$25,000 per carat, and prices of cobalt spinel from Mahenge, Tanzania may soon rival those of their Vietnamese counterparts, he continued. Emerging luxury gems Apart from the new trio, several other gemstones – many of which are more competitively priced – are likewise making their way into high jewellery lines. Rubellite has been enjoying a starring role in luxury jewellery brands’ recent releases. Cartier’s Nature Sauvage High Jewellery Collection trains the spotlight on the red gem in several key masterpieces. Its Chryseis Necklace alludes to fluttering butterfly wings through onyx and diamond patterns and round chrysoprase beads anchored by a 63.76carat rubellite. The zebra-themed Koaga Necklace has a 6.25-carat pear-shaped rubellite dangling from onyx and diamond stripes. The gemstone also takes pride of place in the turtleinspired Mochelys Brooch/Necklace that is enhanced by a 71.90-carat rubellite. Bulgari likewise expands the focus on less conventional stones in its Aeterna High Jewellery Collection. Case in point is the Earth Song necklace that includes round, oval and squared rubellites, amethysts, green tourmalines and diamonds in three strands of pink gold. For its part, Boghossian’s Inlay Crush Collection sets morganite, peridot and aquamarine in minimalist styles. Jewellery houses’ support for a wide range of gems is mirrored in the trade. According to Keen Jade’s Rbhava, there is a surge in interest for high-end pieces with tourmaline, “As the market is saturated with diamond jewellery, retailers are looking to include coloured gemstones to their showcases because these provide a different appeal and variety to their offerings. These will always bring customers in since gemstones allow you to experiment with designs, cuts and colours,” he disclosed. And as coloured gemstones gain ground, gem-set jewellery pieces featuring new favourites, ingenious colour combinations and innovative cuts are proving a compelling alternative for consumers. A new trio Paraiba tourmaline, spinel and aquamarine are the current frontrunners in luxury jewellery creations, with their alluring hues and versatility winning over buyers. Shantanu Navlakha, owner of Hong Kong-based Astrella Creations, said Paraiba tourmaline pieces are his brand’s best sellers. Sales have been especially strong in China and in some pockets of the Middle East. Potential for growth is tremendous, given that the Middle East has just recently started to embrace the stone, he revealed. Spinel is having a moment too, thanks to its varied colours and exceptional lustre. Jewellery designer Alexander Laut confesses to a fascination with the gem. “Spinel stones are beautiful, and they are highly collectible in an expansive palette of colours. Aside from red and pink, there are beautiful grey, blue and orange stones, among others,” he said. Saenfoo of Fancy Spinel Gems noted that despite continually rising prices, demand for spinel remains robust. Clients are willing to pay a premium as the stones are not as expensive as rubies and come in a wide range of pink and red shades. He added, “Our selection of cobalt blue spinel from Tanzania is equally engaging, with some buyers mistaking the stones for sapphires.” Aquamarine, particularly in the Santa Maria colour, is another stalwart in luxury jewellery lines. Saenfoo disclosed that his company’s loupe-clean Santa Maria aquamarines have a consistent following among upmarket jewellery designers and brands. Rbhava of Keen Jade, attested to this, noting that Santa Maria aquamarines have been steadily growing in popularity Santa Maria aquamarine earrings and necklace with a 14.62-carat pear-shaped centre stone adorned with alexandrite, diamonds and pearls by Keen Jade Ltd 金才有限公司的圣玛利亚海蓝宝石耳环及 项链镶嵌一颗 14.62 克拉梨形圣玛利亚海 蓝宝石，配以亚力山大石、钻石和珍珠 ‘Koaga’ Necklace with onyx, diamonds and a 6.25-carat rubellite, with matching earrings from the Nature Sauvage High Jewellery Collection of Cartier 卡地亚Nature Sauvage高级 珠宝系列Koaga项链，镶嵌黑 玛瑙、钻石和一颗6.25克拉 红碧玺，搭配同款耳环
FOCUS 焦点 JNA May/June 2025 | 21 from pink and lagoon tourmaline to indicolite and rubellite. “While their prices have increased substantially over the years, tourmalines are still available in larger sizes that hold deep colours. Equivalents in the usual luxury gems would be prohibitive, not to mention challenging to find,” he explained. Laut observes that the Middle East market is interested in rubies, emeralds and sapphires but also nurtures a growing appreciation for tourmalines. “Rubellite is a great alternative to ruby. For starters, few can afford a 50-carat ruby. A 50-carat rubellite would enable one to have that big red statement piece,” said Laut, who specialises in big cocktail rings. Effective alternates Dharmendra Tank, owner of coloured gemstone specialist Heeralal Chhaganlal Tank, likewise points to increased market fascination for exotic, rare and less conventional stones. Aside from the coloured gemstone royalties and the emerging stars, rubellite, morganite, tourmaline and tanzanite have been doing particularly well for his company. “Consumers are veering toward colour in their jewellery, and they all want something different. For this reason, more gemstone varieties are moving well. Given current prices and supply constraints, you need to look beyond the Big Three to offer more substantial designs and striking colour combinations,” Dharmendra said. Again, these fine alternatives are not necessarily inexpensive. A nice rubellite can fetch US$2,000 to US$5,000 per carat, he revealed. “Bigger rubies and sapphires however are not readily available. If you want stones of 5, 10 and 15 carats, you need to explore other options. For instance, some tanzanite stones may seem royal blue in the light, not violet. Rubies are not the only red stones nor are emeralds the only green ones,” Dharmendra continued. “Jewellers that need bigger stones at a smaller budget for their designs have no choice but to consider further possibilities.” Indeed, replacement stones are increasingly proving their worth – and value – in the market. Saenfoo sees tsavorite making headway as an emerald alternate. Given its limited production, it is a rarer stone. Well-informed customers seeking green stones consider tsavorite as a good investment and a new selling point to consumers who want different choices, he said. Forms and shapes Special cuts and colour combinations are further points of differentiation that are serving gemstone dealers well. Heeralal Chhaganlal Tank banks on its capabilities in these areas to stand apart from the competition. Its portfolio includes layouts combining spessartite garnet, amethyst, emerald and morganite for jewellers wishing to produce dramatic sets at reasonable prices. Another ingenious offering is its selection of little tower cubes of gem-quality amethysts with square facets and rounded edges. The stones are offered in matching pairs and sets so clients can readily create their collections. “These cuts are extremely difficult to do and result in a lot of weight loss. But they highlight our cutting prowess and give us an edge in the business,” Dharmendra said. Unusual cuts are highly favoured in Hong Kong, mainland China and Europe. He remarked, “Jewellery manufacturers, designers and brands from around the world increasingly seek different gemstones, colours and cuts to stand out from the rest.” Amethyst also features in one of Keen Jade’s special designs – a pair of earrings with amethyst and guava quartz in a baguette briolette cut where the gemstone is domed at the top, flat at the bottom and has triangular facets. Cabochons are also making the rounds of luxury jewellery collections. The Bulgari Lotus Cabochon Necklace uses rubellite, turquoise, emerald and amethyst cabochons to create a floral shape, while the brand’s Augustus Aeternus Emerald Monete Sautoir combines diamonds and 149 emerald beads weighing a total of 615.04 carats to hold up a rare bronze coin pendant. Navlakha of Astrella Creations is just as enamoured with cabochons, which he describes as having “a nice bold look that is unparalleled.” Among his brand’s masterpieces is a long tanzanite and emerald necklace that intersperses cabochons and faceted stones. Sugarloaf cabochons are a favourite of Laut, who believes they work well with design-led pieces. Green tourmaline earrings and ring by Keen Jade Ltd 绿碧玺耳环和戒指， 金才有限公司出品 Amethyst and guava quartz earrings by Keen Jade Ltd 紫水晶配番石榴石耳环， 金才有限公司出品 Paraiba tourmaline ring by Alexander Laut Alexander Laut的帕拉依巴碧玺戒指
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