Golconda Anew

In the last six months two of the world’s great historic diamonds, the Beau Sancy and the Arch Duke, have been sold at auction.  The Beau Sancy sold for nearly $10 million, the Arch Duke for almost $22 million; and both originated in the fabled mines of Golconda.  Alas, Golconda is no more.

Diamonds were first discovered in India about two and a half millennia ago; and for the better part of 2,000 years little was known of them outside of India.  Oh, the Romans imported them to use as scribes, but seem to have cared little for their remote origins.  And unlikely though it might seem, the Chinese of antiquity, after having imported diamond scribes from Rome, seem to have thought that diamonds originated in the Roman Empire; but the eager traders of Renaissance Europe laid bare the secret.  In the fifteenth century, only a few years after another Burgundian had invented the diamond polishing wheel, Marie of Burgundy received the first diamond engagement ring.  After that everyone with money (read ‘monarchs and nobles’) wanted them.  Everyone soon knew that diamonds came from India; but there was one problem in India itself.   Virtually all of the diamonds that came from the storied ‘mines’ of Golconda were alluvial.  That is, streams had washed them from their origins, wherever that may have been, into the rivers of historic Golconda (located in modern India’s states of Maharashtra and Andhra Pradesh). As demand grew, the supply of Golconda’s diamonds diminished; and by 1800 few were left to be found.  Interestingly enough, however, the modern states embracing historic Golconda border on the state of Madhya Pradesh, the site of a newly announced major diamond find.  While to my knowledge no one has publicly asked the question, I cannot help but wonder whether some, if not all, of Golconda’s diamonds had been washed down from the hills of Madhya Pradesh.

The existence of a contemporary diamond mine in Madhya Pradesh, albeit a small and marginally profitable one, and the lure of finding the source of Golconda’s diamonds must have inspired the search for the new mine.  It is just so rational; and so it must have seemed to the geologists working for  Rio Tinto Diamonds who surveyed the hills and valleys of Madhya Pradesh looking for the ‘mother lode’ for more than two years.  So rational that, when they found it, Rio Tinto wanted to make sure that it didn’t lose the fruits of their research before the company was sure the diamonds were really there.  So they kept it as secret as possible, a very real challenge since everyone prospecting for diamonds had their eyes on the firm.   To this end the company named their work ‘The Bunder Project’, both a name and a subterfuge. Monkeys, ‘bunder‘ in the local language, abound in the area, and it worked as a subterfuge because it diverted competitors‘ attention to a search for the remote, and completely fictional, hamlet of Bunder. 

Rio Tinto’s geologists quietly continued their work.  Now, two years after that initial discovery, Rio Tinto has gone public with the announcement of a new mine.

With mines, now, on three continents, the company is unique in the world of diamond mining in its insistence on identifying the origin of all of its significant gems.  Completely in character, therefore, the firm has made the announcement with a piece of jewelry crafted in diamonds from the new mine.   It is a necklace; and it exuberantly identifies the mine’s geographic location with its map coordinates - engraved on its back.   Symbolically, the company has named the necklace ‘The Courageous Spirit’, this to emphasize its commitment to using the mine not merely for the wealth the mine will produce but for the good the mine will work for the people of Madhya Pradesh.  They need it.

With a population of more than 75 million people, Madhya Pradesh is one of India’s largest and poorest states.  82% of the state’s women are illiterate; thus poverty is abetted by ignorance.  To help combat this, Rio Tinto has developed a three pronged program to use some of its new found wealth.  It has partnered with UNICEF (to help children), embarked on a program of practical education for local women and has committed itself to give preference in hiring to local people.  As the state is also home to some of India’s endangered fauna, the company has already established eco-friendly mining.  That is, it does not despoil the land with structures that will decay, it uses no chemicals, it minimizes water usage (and recycles much of it) and even works to minimize dust and noise.  If it is Golconda Anew, it will benefit the poor as much as it offers diamonds for adornment. 

We’re Hursts’ Berwyn Jewelers.  Our diamonds sparkle in a romantic restaurant because we care about heritage worthy jewelry.  So if you are in the market for the perfect jewelry gift, check us out on line at hurstsberwynjewelers.com; then phone us at 708.788.0880 for an appointment.  Our name’s on the door and we’re proud of it because we care about you.

P.S. If you have diamonds or broken or unworn pieces of jewelry that you would like to sell, come in and we’ll help you establish their market value; and perhaps, we’ll make the best offer to buy them.

The Dilemma

As you math geeks well know, a lemma is a problem; and a dilemma is one with two solutions that are not only possible but offer different merits that must be weighed.  So it is understandable that the average guy approaches the purchase of a significant gift for his significant other in some trepidation.  A purchase involves spending his money (the economic part of the problem); but it is the emotional response of the recipient (pleasing the person) that is his goal.  Emotion/money - there it is; and when it comes to jewelry, particularly diamonds, the problem is exacerbated by the question of fashion (will it please her?) versus extravagant display (how big a diamond do I need to give to say what I want to say?).   In contemporary America, men are increasingly seeking to meet the problem by shopping with the intended recipient.  Thus they escape the dilemma by transferring it  to the one who will receive the gift.  That’s right.  She is thus compelled (within obvious limits) to make the cash versus emotion decision, an obvious moral challenge.  With this in mind, I offer my first piece of advice; and though it may seem odd to you, it is to women and in the fashion arena.  Simply put, don’t settle for something you merely like.  Fine jewelry hangs around for a long time; so if you don’t love it, sooner or later you’ll have the itch to get something else.  Allow me to illustrate.

Ten years ago a young man came into our store and bought one of the finest diamonds in the world, the Hearts On Fire.  It had the twin merits of size and beauty and it satisfied his desire that the ring he purchased have the greatest possible intrinsic value.  He proposed, offering it to her in a simple solitaire ring.  She accepted.  They married; and after a decade of marriage they enjoyed both children and prosperity; but she didn’t like her ring - and never had.  She understood that he had strained himself economically to buy it; but it was far too severe for a very feminine woman.  The classic dilemma asserted itself; and the couple arrived in our store seeking a trade back.  As is our policy, we were happy to comply; but the couple was still divided.  He couldn’t understand why she wanted to spend their money on fashion over what he viewed as substance.  That is, he would have been happy to trade the diamond back for a larger diamond - and that is the original direction taken in the dialogue.  She, however, finally asserted herself to make it clear that she wanted a more opulent finished look, even if it denied her a larger diamond.  For more than a month the drama played out.   He had balked a bit because he knew that much of the additional money in the ring she desired was the cost of labor and small diamonds - both expensive, but lacking in ‘substance’‘ - distressed sale’ value, if you will.  Ultimately, and as you might expect (remember, he just wanted to please her), she got the new ring.  Far from severe, the ring is magnificently opulent - set with more than 60 small, but exquisitely cut, Hearts On Fire diamonds - and almost incidentally, set with a new Hearts On Fire gem nearly identical in size to her original diamond.   Philosophically speaking, it hadn’t really cost them much, a dollar a day for ten years; but it underscores the character of the diamond purchase dilemma; and it brings me to my second piece of advice.

Beauty trumps intrinsic value; and this is an important piece of advice for even the most ‘substantive value’ driven male shopper.  The internet has rendered many of the men I encounter daily self deluded.  After a few hours of research, they are convinced they know everything about diamonds; while I, with close to 60 years experience in looking at them, know that only diamond beauty is important.  Carat weight?  Color?  Clarity?  These are laboratory values; only cut is obvious to even the casual observer.  To belabor the obvious, it is cut that makes a diamond beautiful.   As a corollary to this, it is important to look at the diamond you wish to buy.  ‘Mail order’ shopping won’t do; the diamond you buy should sparkle brilliantly - not merely in the sort of ‘sun lamps’ that illuminate the average jewelry store but most importantly in the romantic light of a dimly lit restaurant.  Beyond that, there is always the question of fashion.  I’d love to say that I have simple, concrete advice here, but I can only offer a stratagem.  If you and your intended do not intend to shop as a couple, interview her (be discreet, please!) about the fashion she sees as important.  It may mean that you spend as much on the ring as you spend on the principal diamond; but remember the purpose of the gift.  You want to tell her you love her; and when you demonstrate that you’ve been listening to her, you’ve said it ‘loud and clear.’

If you are in the market for a diamond come see us here at Hursts’ Berwyn Jewelers.  We think fine jewelry should be a family treasure .  We know diamonds.  We know fine jewelry; and we care about you; so check us out on line at hurstsberwynjewelers.com, then phone us at 708.788.0880 for an appointment.  We’re the uncommon jeweler.  We’ll help solve the dilemma.  We’ll help you select the perfect gift.  

P.S. If you have diamonds or broken or unworn pieces of jewelry that you would like to sell, come in and we’ll help you establish their market value; and perhaps, we’ll make the best offer to buy them.