White Gold vs. Platinum: What’s the difference?

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Hi again,

I am often asked what the difference is between white gold and platinum as the choice of metal for an engagement ring or other piece of jewelery. Let me briefly describe the differences between the two metals and the advice I have for you.

Color of the Metal

First of all, both white gold and platinum, in its finished form as a ring or other jewelry item, will look the same to you. Generally, both metals are polished and then “plated” with a rhodium coating. Rhodium is a hard white metal which gives the underlying metal a bright, white, finish. So, if I held out two rings, one in white gold and one in platinum, you would not know the difference.

However, while platinum is a pure white metal, white gold is alloyed and has a grayish tint in its raw form. Since the rhodium plating does wear off after a time (a process which can be redone easily) when the rhodium wears off the platinum ring, the ring will still look white. The white gold ring, however, will look a bit tinted in the area where the rhodium has worn away – usually at the bottom of the ring.

Weight of the Metal
Platinum weighs about 2 times the weight of white gold.

There are two consequences to this.

Differences in Cost
The platinum ring will cost significantly more than the white gold ring. If there are no diamonds in the ring, the difference can be 3 or 4 times the cost. Note that platinum rings are about 95% pure platinum while 14Kt white gold is only about 58.5% pure gold. Both metals are currently about the same price per ounce. When you figure in the weight difference, it is easy to see where the difference in cost comes from. If there are diamonds in the ring, the difference will be less as the metal is only part of the cost of the ring.

Difference in “Feel”
Because the platinum ring weighs more, it may feel “richer” and “finer” on the hand. In an expensive ring, this may be an important intangible which you want to pay for.

What should you do?
My advice is fairly simple. What is your budget?

If your budget is more limited, I recommend white gold. This will allow you to get the “look” you want and still use most of your budget for the center diamond which is the greatest value. If you have a more substantial budget, then go the extra for platinum. You will be happy you did. Relative to your overall budget, the difference for platinum will not be that great but the benefits will be noticeable.

I welcome your comments and questions. Don’t hesitate to get in touch.

Until next time, Mind Your Diamonds!

Josh Fishman
josh@afishman.com
www.afishman.com

Two Identical Diamonds are not always Identical – Part 2

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Hi again,

Last week I shared with you an interesting fact that two diamonds that appear to be the same on paper can be different in reality. You were probably left wondering how that can be. Here’s the answer:

Not all gemological laboratories grade diamonds with the same strictness. They may be using the same methods and they may, theoretically, be using the same criteria, but their application of those criteria and their discretionary judgments are different. The GIA is reputed to be the strictest grading laboratory, but even its graders don’t always get it right.

  • Even within the same laboratory, two gemologists may make different judgments about the same diamond. As a result, two diamonds of different qualities can get the same grade. If a weaker diamond gets the same grade as the stronger diamond, and if the seller prices the diamond based on what it really is rather than just the written grade, the weaker diamond will cost less (as it should), but will appear to be a great deal compared to the more expensive diamond. Of course, in reality, they are not the same quality, and each may be properly priced, in comparison to the other. But you won’t realize that unless you are guided properly.
  • The gemologist may have simply made a mistake in grading a diamond. A seller of a diamond with an inflated grade is not going to ask the laboratory to correct it. He may sell it for a relatively lower price (giving the impression of a great deal), but in reality, the diamond is less desirable (and less valuable) than a properly graded diamond of the same grade.
  • Finally, and perhaps most important, gemological graders do not understand that when you purchase a diamond, you want one that is pretty and desirable. This is more than just a matter of grade; it is a question of value. It is a question of understanding what makes a diamond desirable. Gemological laboratories and their gemologists do not purchase diamonds. They don’t put their money on the line. They don’t evaluate more than the strict “Four Cs” of a diamond. Accordingly, their certificates do not tell you whether the subject diamond is one you should purchase or stay away from.

We, who put our money on the line and buy diamonds, have to understand what makes a diamond desirable to the end user and why, between two diamonds of the same grade, one may be worth purchasing and the other not. We have to decide for ourselves whether the certificate reflects the true color of the diamond or whether it is it influenced by other factors. We need to determine whether the clarity grade is accurate and whether the inclusion is desirable or not.

A Perfect Example
As an example, I was recently working with a customer who was interested in a 0.81ct round diamond of ours, with a GIA certificate graded H color, VS2 clarity. At the same time, she was considering a 0.80ct GIA certificated H VS2 diamond from another source who had borrowed the diamond from its owner to try to sell it to her. She showed me a copy of the certificate of the diamond she was being offered and I told her that it looked like a very good diamond on paper but that I couldn’t be sure without seeing the diamond. After telling me that she wanted to purchase her diamond from us, she asked me if I could obtain the other diamond and compare the two diamonds. I was able to obtain the diamond from the owner.

The comparison was truly enlightening, but also frightening at the same time. The other diamond did have a great certificate and paper grade.  However, in looking at the diamond itself, I could clearly see that it was undesirable. It had a brown cast to it with a steely darkness. Compared to my H color, this other diamond was dark and lifeless.  Holding the stones side by side, my customer was able to see the difference immediately.  I told her, in no uncertain terms, “you don’t have to purchase my diamond, but you definitely shouldn’t purchase this other one.” I also told her than any seller who would sell her the other diamond was doing her a great disservice. My diamond was desirable, the other was not. But you could only see that from the diamonds themselves, not from their certificates.

What is the Lesson?
What is the lesson here? You have to purchase your diamond from a source that truly understands diamonds and invests his own money in his inventory. When one spends his own money on something which he has to sell, he’s careful to look beyond the paper and examine the goods. That is the only way that people in my business can give our customers true value for their money.

Until next time, Mind Your Diamonds!

Josh Fishman
josh@afishman.com
www.afishman.com


Two Identical Diamonds are not always Identical – Part 1

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Hi again,

Over the course of my thirty years in the diamond business I’ve been asked countless times, “Aren’t diamonds just a commodity? How could two diamonds with the same shape, size, cut, color, and clarity not cost the same? Shouldn’t I just buy the less expensive diamond, since it’s a better deal?”

These are fair questions, and the less expensive diamond could be a great decision, but it could also be a very big mistake. It could be that both diamonds are truly identical, on paper and in reality. In this case, of course, the less expensive diamond is the better choice. But keep in mind that two diamonds may be identical on paper but still have very different characteristics and desirability. Unless you and your jeweler know how to spot the differences between two diamonds that appear to be the same on paper, you could be led into a costly mistake. That is where the expertise and honesty of your jeweler come into play.

In tomorrow’s post, I will explain how what’s on paper isn’t always the same as what you see in reality

Until next time, Mind Your Diamonds!

Josh Fishman
josh@afishman.com
www.afishman.com

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Ideal Cut Diamonds – What is it all about?

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“The notion that there’s something special about one set of proportions which is not produced by another set, just doesn’t hold up.” Dr. Mary Johnson, Manager of GIA Research and Development in Carlsbad, CA.

Hi again,

The issue of “Ideal Cut” diamonds is a complicated one and one which the average consumer can focus on to the exclusion of other factors in a diamond which are really much more important.To put it simply, the phrase “ideal cut” refers to a set of statistics to which a diamond is cut and implies that this set of statistics produces the best looking diamond. As you read on, you will begin to understand why, instead of focusing on the term “ideal,” you should be letting your EYES speak to you. You should be looking at the diamond itself and not just its statistics. At A. Fishman & Son, we focus on offering our customers “well cut” diamonds that are pretty and reflect full brilliance and fire.

What do we mean by “well-cut” and how do we distinguish our cut from “ideal” cut (or “ultra ideal”) diamonds? While we own and offer many diamonds which have proportions which would be considered “ideal” cut, they are all very fine cut diamonds.However, unlike our diamonds which fall within the “ideal cut” proportions, there are many diamonds which fall within those “numbers” but whose cut is in fact poor and those diamonds are not pretty diamonds. Like the Gemological Institute of America (“GIA”), we do not feel it is appropriate to use the term “ideal,” as it reflects the concept of “perfect.” And we do not believe that all diamonds which fall within the “ideal” cut proportions deserve the connotation that the term implies.

Ideal Cut

An “ideal” cut diamond refers to a round diamond cut to a specific set of cutting guidelines that delineate the proportions that are assumed to give a round diamond the greatest amount of fire and brilliance. There is a tremendous amount of information, some good and some very misleading, regarding what an “ideal” cut diamond should look like and what proportions it should be cut to.

One of my biggest issues with the concept of “ideal” cuts is this. If an “ideal” cut diamond reflects a single set of cutting proportions which are “perfect,” how is it that the depth and table percentages can have such a wide range? The traditional proportions often quoted for ideal cut – and “established” by the American Gem Society (“AGS“) is a table percentage of 52.4-57.5% and a depth percentage of 58.4-62.9%. This set of proportions assumes that any two diamonds whose proportions are cut within these ranges is equally pretty and look alike. Is this really possible?  Is it possible that two diamonds which fall within this range, but at the extremes, really look the same?  In our opinion, and the opinion of the GIA, this is patently false. A diamond of 60 depth and 57 table may be a pretty diamond, but, in our opinion, a diamond of 62.9 depth and 53 table is not.  And it is obvious to any one who thinks through the issue that these two diamond will not look the same to the eye. 

GIA Research and Conclusions
Recently, the GIA has undertaken research to determine whether the noted cutting proportions of “ideal” cut stones actually produce the maximum fire and brilliance in a round diamond compared to other cutting proportions.

In the Fall 1998 Issue of the GIA’s Gems and Gemology, the GIA published the first of its articles regarding cut in its landmark Modeling the Appearance of the Round Brilliant Cut Diamond: An Analysis of Brilliance. The synopsis of this article states in relevant part:

  • “The results of this study suggest that there are many combinations of proportions with equal or higher WLR (weighted light return) than the traditional ‘Ideal’ cuts. In addition, they do not support analyzing cut by examining each proportion parameter independently.”

In fact, the research in this case showed that round diamonds with larger tables (64-66%) and with shallower crown and pavilion angles (not the 35.8 degrees on the crown and the 43 degrees on the pavilion often mentioned), delivered MORE light return than traditional “ideal” cut proportions.

In an editorial in the same issue (see Demystifying Diamond Cut) the President of the GIA, William E. Boyajian, made a very important statement regarding the use of the term “ideal cut.”  He stated:

  • “We also know that there are many combinations of proportions that yield equally attractive round-brilliant-cut diamonds. In fact, we know that diamonds can be cut in a fairly wide range of proportions to yield the same high light return, which can lead to better utilization of the rough and a better fit with the myriad tastes that exist in the global marketplace.

Finally, we know from our extensive historical research on cut that there have been numerous claims to a single set of ‘Ideal’ proportions in round-brilliant-cut diamonds. The derivation and use of the term ‘Ideal’ is thus confusing at best, but not unlike that of ‘blue-white’ and ‘perfect’ decades ago. Although it is not GIA’s role to discredit the concept of an ‘Ideal’ cut, on the basis of our research to date we cannot recommend its use in modern times.” (emphasis added)

In the Fall 2001 Issue of the GIA’s Gems and Gemology, the GIA published its second article regarding cut in its article Modeling the Appearance of the Round Brilliant Cut Diamond: An Analysis of Fire, and More About Brilliance.  As Mr. Boyajian states in his editorial summarizing this article:

  • “The authors conclude that there is no easy way to characterize the “best” cut in round brilliants for either brilliance or fire. Rather, it is the complex interaction of multiple proportions, involving all of a diamond’s facets, that must be considered in the assessment of these key appearance aspects. Furthermore, there is now even more evidence to support the conclusion that there is no one “best” cut for a round brilliant diamond.” (emphasis added)

In the Spring 2002 issue of the GIA’s The Loupe, the GIA published an article entitled The Science of Cut. This article, following up on the two previously mentioned articles, confirms that there really is no single best cutting proportions for a round diamond.  This article states in relevant part:

  • “All of a diamond’s quality factors play a part in a polished round brilliant’s overall appearance, but the role proportions play in the quality of diamond cut has historically been the least understood….Early on, researchers at GIA expected their results to corroborate one or more of the existing cut grading systems, but their work to-date indicates the underlying approaches of most existing systems are not substantiated by the data.The industry has for decades embraced the concept that an extremely limited set of round brilliant diamond proportions produce maximum brilliance and fire so, in terms of an evaluation of cut, any deviation from this set of proportions would impact the appearance materially.  It believed that the further the proportions deviated from this limited set of proportions, the greater the impact was on the appearance of the diamond.Preliminary findings of the GIA’s diamond cut research indicate otherwise…They discovered that there are many proportion combinations that can yield equally strong-performing diamonds…The notion that there’s something special about one set of proportions which is not produced by another set, just doesn’t hold up.” (emphasis added)

Finally, in the Fall 2004 Issue of the GIA’s Gems and Gemology, the GIA published its third article regarding cut in its article A Foundation for Grading the Overall Cut Quality of Round Brilliant Cut Diamonds. In this article, the author ties the various elements of the GIA’s studies together. Some of the main findings from the GIA’s research discussed in the new article, as summarized in the GIA’s editorial, Unlocking the Secrets of the Fourth C are:

  • Proportions need to be considered in an interrelated manner.  The combination of proportions is more important than any individual proportion value.  Individual proportions must not be assessed on their own. It is the complex interrelationship of individual proportions that matters most in the face-up cut appearance and overall cut quality of a diamond.
  • There is no one set of proportions that yields the most beautiful diamond. Similarly, the long-held view that expanding deviations from a fixed, arbitrary set of proportion values produces diamonds with increasingly poorer appearances is simply not valid.
  • Attractive diamonds can be manufactured in wider range of proportions than would be suggested by historical practice or traditional trade perception.
  • Viewing environment plays an important role in diamond appearance — to be attractive, a diamond should look good in realistic environments.
  • Personal and international market preferences should be accounted for.  Diamonds with different appearances can be found within each cut grade, so individuals need to look at the diamond itself, not just the grade — to choose the one they like best.

What does all of this mean to you, the consumer?
It means that you need to rely on the expertise of a diamond source that understands what diamonds are all about, that can evaluate the merits of a diamond beyond the mere statistics that appear on a certificate, and that can guide you to the right diamond for you.  That diamond source has to have the experience which only time and generations of buying diamonds can give you. After all, if you never have to put your own money down (like the hundreds of internet sites who simply collect nationally available diamond lists), how can one really understand which diamond is desirable and which one is not!

At A. Fishman & Son, we have over six decades and three generations of experience in buying diamonds and selling them. We have always put our money where our mouth is and invested in “pretty” diamonds which will please our customers. It is that experience which you can count on to assist you in your diamond selection.

Until next time, Mind Your Diamonds!

Josh Fishman
josh@afishman.com
www.afishman.com

How to Build Your Diamond Jewelry “Wardrobe”

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Hi again,

When you go out to buy a new dress or sweater or any article of clothing, you don’t go out and duplicate what you already have (unless you want everything in different colors :-) ). Similarly, when it comes time for you or your partner to purchase a piece of diamond jewelry to add to your collection, it is important to view this purchase as building a diamond jewelry wardrobe.

Jewelry purchases should be well thought out and fill a gap in your current jewelry collection. How many times are you rushing out to dinner, you have the perfect outfit on, but your jewelry may or may not work. Jewelry is the finishing touch to any outfit or look, so it is important to have varied collections for different occasions.

Here are my recommendations for your Diamond Collection

To start, every woman should have her diamond engagement ring.

After the engagement ring, you need a wedding ring. After all, you need to get married, not just engaged! If you can afford a diamond wedding band at the same time, that’s great. But I have worked with many customers who have budgetary constraints and a plain wedding band has to do for the wedding itself. The diamond wedding band just has to wait.

When the time comes for that next piece of jewelry, a diamond wedding band should be next. It doesn’t have to match exactly with the engagement ring and it doesn’t have to fit flush with the engagement ring either. It can be worn on the opposite hand from the engagement ring.  Fine jewelry complements other pieces, they don’t have to match exactly.

After the wedding band, classic diamond studs should be next. They can be worn for any occasion and they are a staple of any jewelry wardrobe. When you decide on the setting, think about the three prong martini setting. It is a great choice over the older classic 4-prong setting because the setting sits much closer to the ear lobe and you see much more “diamond” instead of metal.

E1187 144Speaking about studs, you also have an alternative to the classic stud which can have a larger look but cost less. For example, the following “snowflake” earring accomplishes that purpose.

After diamond studs, a diamond bracelet should come next. It can be a classic tennis bracelet (a straight line of round diamonds) or a modified version of it. In fact, today we are getting away from the classic tennis bracelet and going to something a little more stylish.

Finally, a diamond necklace should be a part of any diamond jewelry wardrobe. What you get will depend of course on your budget but there are always choices in different price ranges.


Diamonds are always classic, timeless, and extremely versatile. Before you turn your attention to colored stones like sapphires, rubies or emeralds, you should have a basic set of diamond jewelry as part of your jewelry wardrobe.

That’s it for now. In the meantime, until next time, Mind Your Diamonds!

Josh Fishman
josh@afishman.com
www.afishman.com

Conflict Diamonds (“Blood Diamonds”)

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Hi again,

We know you are very sensitive to the issue of Conflict Diamonds, otherwise know as “Blood Diamonds.” This issue was highlighted in the movie of that name. Fortunately, by the time the movie came out this issue was well on its way to resolution.

There has been a major breakthrough in the campaign to eliminate the traffic in “conflict diamonds.” All of the nations with significant involvement in the diamond trade have agreed on a global certification system aimed at preventing criminals from insinuating contraband diamonds mined in African combat zones into the legitimate supply chain.

To supplement this government effort, industry leaders have created a voluntary self-regulation program. We at A. Fishman & Son welcome this important development and are very actively supporting the new system designed to safeguard our products’ integrity.

The core of that program is a chain of warranties that will follow rough diamonds, polished diamonds, and jewelry containing diamonds through the supply chain. For any product fabricated from rough diamonds imported or purchased by us from January 1, 2003 onward, our memoranda and invoices will state the following:

“The diamonds herein invoiced/memoed have been purchased from legitimate sources not involved in funding conflict and in compliance with United Nations Resolutions. We hereby guarantee that these diamonds are conflict free, based on personal knowledge and/or written guarantees provided by the supplier of these diamonds.”

Product fabricated from diamonds acquired prior to January 1, 2003 is not covered by the industry warranty program. Such product is subject to the “best efforts” assurance that has been in general use since August 2000 concerning the avoidance of conflict diamonds.  With regards to diamonds acquired by us prior to January 1, 2003, A. Fishman & Son can assure you that we will not knowingly sell conflict diamonds and that, to the best of our ability, we will undertake reasonable measures to help prevent the sale of conflict diamonds in this country.

Until next time, Mind Your Diamonds!

Josh Fishman
josh@afishman.com
www.afishman.com

Insuring Your Diamonds and Jewelry

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Hi again,
For many people a diamond ring is one of the biggest purchases of their lifetime, so it is important that you protect your investment. One of the most popular ways to protect your investment is to insure your diamond. Please note that I am NOT an insurance agent so please check with your own insurance agent about all the issues which I am going to describe to you. Also, policies may differ in different states.

You might be surprised to learn that your homeowner’s or renter’s insurance policy probably does not offer full coverage for your engagement ring and other fine jewelry. Your insurance policy probably covers jewelry theft, but not loss that occurs for other reasons.

Typical Insurance Policies

Renter’s and homeowner’s insurance policies set limits for the loss of certain categories of personal property, including jewelry. Homeowner’s policies typically pay a maximum of $1,000 for jewelry theft. A renter’s insurance policy might have a lower limit for jewelry loss–$500 is common.

Does your insurance policy cover jewelry loss for reasons other than theft–such as for lost or damaged items? Read your policy carefully and ask your insurance agent to clarify the types of losses that are covered on your standard policy.

Additional Jewelry Insurance

 You can usually purchase additional insurance for your fine jewelry, otherwise know as “scheduled personal property,” but be sure to ask your agent questions so that you have a good understanding of the coverage:

  • Is there a deductible? If so, how much is it and how does raising or lowering the deductible affect your policy costs?
  • Is an appraisal required prior to obtaining insurance? Are there only certain types of appraisers whose reports are accepted?
  • Are the items covered no matter where the loss takes place? Would the policy cover you for a loss that occurs during domestic or international travel?
  • Are items covered for full replacement cost? Must you replace the item, or can you obtain a cash settlement?
  • Does the policy cover repairs to damaged jewelry?
There are three types of insurance policies typically offered:
  • Actual Cash Value, in which the insurance company will give you the actual market value of the diamond in order to replace it.
  • Agreed Value, which is a very rare type of policy, in which the insurance company and you the owner, will negotiate on the proper value of the diamond ring or stone.
  • Replacement Value, which is the most common of the three. This is where the insurance company will reimburse you up to a specific amount agreed upon by the two parties when the policy was created. For instance, with a replacement value policy, if you spent 10K on a diamond ring, and the appraiser has confirmed the ring is worth 10K, the insurance company will insure you with a replacement value policy of up to 10K. If the ring is lost or stolen in the future, the insurance company will usually pay up to 10K for the ring.

In order to have your ring insured, you will first need to have it appraised and to send a copy of the professional appraisal to your insurance agent. Besides an appraisal, your insurance agent may request photos of the ring and stones and possibly a gem print which is a computer scan of your diamond ring which makes it easily identifiable if it is stolen. If you are planning on buying a diamond ring or own a diamond ring that is extremely valuable, think seriously about getting insurance.

In the meantime, until next time, Mind Your Diamonds!

Josh Fishman
josh@afishman.com
www.afishman.com

 

Diamond and Jewelry Appraisals

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Hi again,

Anyone who has purchased a diamond or a piece of jewelry has probably thought about getting an appraisal before he makes his purchase. Most likely, you want to know that you are not being overcharged for what you are buying and that the quality of what you are buying is as advertised.

Or, perhaps you are being told that what you are purchasing will “appraise” for X times what you are paying for it. You feel good about that. But is that really the truth?  How do you know?  Is it even the most important question you should be asking? What does the number on the appraisal even mean? Some people have come to me with an appraisal thinking that this is the value and price they should be getting when they sell that diamond or jewelry item, even if they paid much less for it.

Even if you don’t think about getting an appraisal before you make your purchase, you probably will need an appraisal in order to have your jewelry insured in the event of loss or damage.

It’s SO confusing!.

Let’s try to simplify the issues and figure out what the real purpose of an appraisal is.

What are the Purposes of Appraisals?
There are two valid purposes for appraisals in the context of purchasing a diamond or piece of fine jewelry. Neither purpose is to make you “feel good” that you bought a bargain. As in the purchase of anything, there is no free lunch. An educated consumer knows that; one of the purposes of our Education Center is to make you an educated consumer.

A diamond or piece of fine jewelry sells for what it is worth – considering the place in the chain of distribution where one is making the purchase; that is, are you buying from a retail store, a wholesaler or a manufacturer. That doesn’t mean that you can’t get the same item for less. You may be able to. But first you need to know WHAT you are getting so you can compare an “apple” with an “apple.” This is where an appraisal can help you.

Purpose No. 1: Are you getting what is being advertised?
The primary purpose of an appraisal before you make a purchase should be for the purpose of assuring yourself that the quality of what you are purchasing is as advertised. It shouldn’t be to make you feel good that you are buying a “bargain.” Let’s distinguish between loose diamonds and diamond jewelry.

If you are buying a loose diamond, and the diamond is accompanied by a gemological certificate from the Gemological Institute of America (GIA) describing the diamond, then you are already more than half-way home. You need to know that the diamond you are buying is the diamond described in the certificate. You don’t really need a formal “appraisal” for that. Any reputable jeweler can look at the diamond and the certificate and determine that the diamond matches the certificate. If the certificate is from a laboratory other than the GIA, you have different issues. But that is an entirely different discussion for another time. (See Diamond Advice – Two Identical Diamonds – But with Different Prices?) For the purposes of our discussion I will presume that your diamond is certified by the GIA. Note that I am not talking about value and whether the diamond is one that you should actually buy. See What About Value below!

In the case of diamond jewelry, you want to know that the quality of the diamonds contained in the piece is as advertised and that the carat weight is also accurate. While government regulations require a seller to be accurate in the description of diamond weights in jewelry, what are you going to do, take the diamonds out of the piece to weigh them? The price of the piece of jewelry is often directly related to the diamond carat weight contained in the piece. For you to evaluate the price of the item, you need to know that the carat weight of the item is as advertised. If you don’t know the seller and his reputation, you do need an independent evaluation of these factors.

What about price? As far as price is concerned, an independent appraisal can only go so far in assuring you that you are paying a fair price for your purchase. Independent appraisal laboratories (those that don’t sell diamonds and jewelry) usually use a standard formula to evaluate a loose diamond based on its grade. The desirability of the diamond is not factored in and they cannot tell you whether it is a diamond you “should” buy or not. Not being in the business of buying and selling they don’t know the answer to that question and can’t guide you. Only a reputable diamantaire can give you that honest advice. So it is difficult to evaluate price and value just from an appraisal. See What About Value below.

Purpose No. 2:  Appraisals for insurance purposes.
One of the most important issues when it comes to dealing with insurance companies in the event of a loss is your need to assure yourself that the insurance company doesn’t just replace the grade and weight of your diamond. If you have purchased the “right” diamond, a desirable one, you want to replace the diamond, not just the paper grade. Therefore, the appraisal should describe your diamond or piece of jewelry in great detail.

For the appraisal of a loose diamond, the appraisal should reference the certificate with all its statistics and identifying features. Without the details, an insurance company may just want to replace the size and grade of the diamond. But there is much more to your diamond than just the grade. You want to replace the look of the diamond too. The dimensions and other characteristics are all part of that, not just the color and clarity of the diamond.

As far as the value placed on an appraisal for insurance purposes, you should not be concerned if the value to replace the item is not multiple times the purchase price. As I mentioned above, the purpose of the appraisal is not to make you feel good. It is to protect you. Our policy at A. Fishman & Son is to appraise an item for replacement cost (after all, if you purchase at a manufacturer, you don’t have to replace it at retail) plus we factor in an inflation quotient for the future. At this valuation, you won’t be overpaying on your insurance premiums.

What about Value?
What the appraisal of a loose diamond, even one certified by the GIA cannot tell you, is whether you are purchasing the “right” diamond – one that is desirable. Just because the diamond is certified by the GIA and the diamond matches up with the certificate, and just because the valuation on the appraisal leads you to think that you got a “great deal,” does not mean that it is a desirable diamond or one you should buy. The best advice I can give you about assuring yourself that you are paying the “right” price for what you are buying is two-fold.

First, you should educate yourself about what it is that you are buying so that you can truly compare apples with apples. If you are looking at the same “grade” of diamond but with certificates from two different laboratories, then you are not comparing the same thing. Even with certificates from the same laboratory and with the same grade, there can be a significant difference in the desirability of the diamond based on what those diamonds actually look like. See Diamond Advice – Two Identical Diamonds – But with Different Prices?

Second, and perhaps more importantly, know from whom you are buying. There is no substitute for selecting a reputable jeweler, be it a retailer, wholesaler or manufacturer who is known to be honest. And the best way to assure yourself of that is to get references, and a lot of them, with access so that you can contact them directly to find out their experiences. With that kind of background information you can be comfortable that the jeweler you are working with is dealing with you fairly.

Where do I go for these Appraisals?
In the case of both of the purposes described above, especially if the person you are buying from is not familiar to you or recommended, you should turn to an independent gemological laboratory to do the appraisal for you. One that does not sell diamonds or jewelry.If the jeweler from whom you are buying is someone you have trust in, you can rely on that jeweler for your insurance appraisal. In fact, as we do at A. Fishman & Son, there should be no charge for this appraisal. It is simple and easy to do. After all, this jeweler has just sold you your diamond or piece of jewelry and should know all of the details.

Until next time, Mind Your Diamonds!

Josh Fishman
josh@afishman.com
www.afishman.com

Clarity Enhancement of Diamonds – Part 2 – Fracture Filling

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Hi again,

In my previous post about Clarity Enhancement of Diamonds, I discussed the process of Laser Drilling. This time, I am going to cover the much more controversial process know as Clarity Enhanced Diamonds, but more accurately described as Fracture Filling of Diamonds.

Fracture Filling

The fracture-filling of a diamond is a very controversial treatment within the industry and increasingly among the public as well due to its radical and impermanent nature. The process involves filling open fractures in a diamond (e.g., large and multiple feathers) with a glass-like substance which will camouflage the visibility of these large feathers. This results in the diamond having an “apparent” clarity grade which is better than it would actually merit without the treatment. In fact, most diamonds which are suitable for the fracture filling process are so imperfect that they run the danger of breaking under stress due to the significant fractures present in the diamond.

Because the filling glass melts at such a low temperature, it easily “sweats” out of a diamond under the heat of a jeweler’s torch; thus routine jewelry repair can lead to a complete degradation of clarity or in some cases shattering, especially if the jeweler is not aware of the treatment. Similarly, a fracture-filled diamond placed in an ultrasonic cleaner may not survive intact. The glass present in fracture-filled diamonds can usually be detected by a trained gemologist under the microscope: the most obvious signs are air bubbles and flow lines within the glass, which are features never seen in untreated diamond.

More dramatic is the so-called “flash effect”, which refers to the bright flashes of color seen when a fracture-filled diamond is rotated; the color of these flashes ranges from an electric blue or purple to an orange or yellow, depending on lighting conditions. One last but important feature of fracture-filled diamonds is the color of the glass itself: it is often a yellowish to brownish, and along with being highly visible in transmitted light, it can significantly impact the overall color of the diamond. Indeed, it is not unusual for a diamond to fall an entire color grade after fracture-filling. For this reason fracture-filling is normally only applied to stones whose size is large enough to justify the treatment: however, stones as small as 0.02 carats have been fracture-filled. This is an important factor in the very low price of some diamond jewelry products too, for example, tennis bracelets.

It is notable that most major gemological laboratories, including that of the influential GIA Diamond Trading Lab, refuse to issue certificates for fracture-filled diamonds. However, there are other Labs that do certify these diamonds so it is important to know what Lab is issuing the certificate on a particular diamond.

Fracture-filled diamonds with a specific “apparent” clarity grade sell at a very significant discount compared to what I like to describe as a “real” diamond of the same clarity grade will sell at. For a buyer who is uninformed, it may appear to be a bargain. It is not!

At A. Fishman & Son, we do not sell or otherwise deal in fracture-filled diamonds. We do not consider it worthy of any investment of our money and we recommend that our customers do the same.

What Should You Do?

The World Federation of Diamond Bourses and government agencies such as the United States Federal Trade Commission explicitly require the disclosure of most diamond treatments at the time of sale. Some treatments, particularly those applied to clarity, remain highly controversial within the industry — this arises from the traditional notion that diamond holds a unique or “sacred” place among the gemstones, and should not be treated too radically.

While, as noted in my post on laser-drilled diamonds, there is a distinct difference between laser-drilled diamonds and fracture-filled diamonds, our recommendation is to stay away from diamonds with either type of treatment. I say this with regard to laser-drilled diamonds not because I place them in the same category as fracture-filled diamonds. I don’t. But because in today’s market a laser-drilled diamond is a very difficult diamond to sell or trade-up for a better diamond and you are better off buying a better quality, smaller diamond, than a larger one which has been laser-drilled. In no uncertain terms should you ever purchase a fracture-filled diamond!

In the meantime, until next time, Mind Your Diamonds!

Josh Fishman
josh@afishman.com
www.afishman.com

Clarity Enhancement of Diamonds – Part 1 – Laser Drilling

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Hi Again,
I am going to discuss the important subject of Clarity Enhancement of Diamonds. It is a long but important discussion and well worth your time to educate yourself on this issue.

The clarity, or purity, of a diamond — the relative or apparent severity of flaws within the stone — has, like the other “4 Cs”, a strong bearing on the evaluation of a diamond’s worth. The most common flaws, or inclusions, seen in diamonds are fractures (commonly called feathers, due to their feathery whitish appearance), and solid foreign crystals within the diamond; such as garnet, diopside, carbon or even other diamonds. The size, color, and position of inclusions can reduce the value of a diamond, especially when other gemological characteristics are good. Those who prepare diamonds for sale sometimes choose to reduce the visual impact of inclusions through one or more of a variety of treatments. This discussion will focus on the two major forms of “enhancements:” Laser Drilling and Fracture Filling. There is a big difference between these two methods of improving the look of a diamond as will be described.

Laser Drilling
The development of laser drilling techniques on a microscopic scale, has enabled diamond manufacturers and cutters to selectively target and either remove or significantly reduce the visibility of crystal or iron oxide-stained fracture inclusions. Diamonds have been laser-drilled since at least the mid-1980s. Most often it is used to whiten a black carbon crystal which is prominently visible in the diamond to the naked eye. Since the development of the laser drilling technique, and until more recently, laser drilling was an accepted part of the diamond manufacturing process. It is still used today on diamonds which have a significant presence of black carbon crystals imbedded in the diamond.

The drilling process involves the use of an infrared laser to bore very fine holes, or tubes, into a diamond to create a route of access to an inclusion. Once the included crystal has been reached by the drill, the diamond is immersed in sulfuric acid and the acid travels down the tube to dissolve the carbon crystal or iron oxide staining.

Several inclusions can be thus removed from the same diamond, and under microscopic inspection the fine bore holes are readily detectable, usually when the diamond is viewed from the side or bottom of the diamond.

Unlike fracture-filling described below, a laser drill hole is considered by the Gemological Institute of America’s Diamond Trade Laboratory (GIA) to be an internal inclusion which is marked on their certificates just like other inclusions such as feathers, clouds and crystals.  This is because the process of laser-drilling is a permanent process. In contrast to fracture-filled diamonds, the GIA does issue their certificates (called “Diamond Grading Reports”) for diamonds which have laser drill holes in them. The following is a direct quotation from GIA’s website concerning the range of diamonds for which the GIA Laboratory will and will not issue certificates.

“GIA Diamond Grading Reports are not issued for synthetics, simulants, mounted diamonds or those that have undergone unstable treatments, such as fracture filling or coating. And while reports may be issued for diamonds that have been laser drilled or HPHT* processed, these stable treatments are prominently disclosed on the report.” [Emphasis added] *HPHT is a synthetic process designed to artificially improve the color of a diamond.

A diamond which is certified but which has a laser drill hole as one of its inclusions is not as valuable as another diamond of the same grade which does not have a laser drill hole.  At A. Fishman & Son, we do not sell diamonds with laser drill holes.

Next time I will discuss the more severe issue of “fracture filled diamonds.”

Until then, Mind Your Diamonds!

Josh Fishman
josh@afishman.com
www.afishman.com