“World’s Largest Emerald” Fails to Sell

By Rob Bates, Senior Editor

Posted on January 30, 2012

The so-called “world’s largest emerald” has turned out to lay an equally large egg.

The 57,500 ct. watermelon-size green rock, whose authenticity was increasingly coming under question, failed to attract any bids at its scheduled Jan. 28 auction by Kelowna, Canada–based Western Star Auctions.

The auction house’s hopes for a million-dollar payday were dealt a serious blow on Jan. 30, when word came that Reagan Reaney, the dealer who put the stone up for auction, had been arrested on fraud charges, according to several news sources.

But Western Star owner Mike Odenbach tells JCK that the charges were unrelated to the sale.

“Reaney was not arrested for anything to do with the emerald,” he says. “There is a big gap between what is being reported and the truth.”

He didn’t know if he would the auction house would put the stone up for sale again.

“That’s really not my decision to make,” he says. “There is still a pile of interest in it.”

Controversy has swirled around the stone since shortly after the auction was announced.

On Jan. 26, the gemologist who examined the stone told JCK that he couldn’t vouch that the stone was all emerald. And noting the presence of dyes, Shane McClure, director of GIA’s West Coast Identification Service, said “we would probably would not call it emerald no matter what.”

A local news site, PeachlandNews.com, discovered that the stone had previously been up for sale on eBay with a $10,000 price tag. The listing can be seen here. A site designed to sell the emerald at press time has been taken down.

Jeff Nechka, the Calgary-based gemologist who appraised the stone, says it failed to sell for a variety of reasons.
“Perhaps people were hoping the media hype would die down,” he says. “Some people may have become skittish with the latest news over the owners of the stone. It could be there is no demand for something so big.”

He notes that he has no connection with the stone’s owner, and still stands by his $1.15 million valuation, adding that the high price tag is appropriate given the rock’s enormous size.

By Rob Bates, Senior Editor

Posted on January 26, 2012

Doubts are rising about the so-called “world’s largest emerald,” with the gemologist who examined it saying he can’t guarantee the stone is 100 percent emerald.

The 57,500-carat stone, said to be the size of a watermelon, is scheduled to be auctioned Jan. 28 by Western Star Auctions.

“I’m positive it contains emerald but I’m not sure how much of it is emerald,” says Jeff Nechka, owner of Calvary-based Premier Gems, the gemologist who appraised the stone, adding that he can’t confirm that the stone is in fact the “world’s largest emerald.”

He says the stone has been dyed so it’s possible that at least part of it could be dyed white beryl.

“It has been dyed to some extent but it’s impossible to tell the intensity of the stone prior,” he says. “It’s impossible to know how much of it is emerald.”

Shane McClure, director of GIA’s West Coast Identification Service, who cautions he hasn’t looked at the stone, says that, if there is any white beryl in the stone, GIA would likely term it “beryl with zones of emerald.”

But the presence of dye brings up further doubts.

“We probably would not call it emerald no matter what,” he says. “They seem to think there is indication of natural green coloration but we wouldn’t call it emerald in any case.”

Regardless, Nechka notes that he feels the stone, valued at $1.15 million, has been priced accordingly.

“If it was solid, untreated emerald, you would be looking at 10 or 20 times the value for sure,” he says.

Gemologist Gary Roskin, publisher of the Roskin Gem News Report, agrees that “any enhancement by dye certainly lessens its value when compared to one that is naturally colored by Mother Nature.”

Regan Reaney, the Calgary gem wholesaler who is selling the stone, says that anyone who questions the stone is welcome to examine it.

“This is 100 percent what we say it is,” he says. “We know there is emerald throughout it, we don’t know how much. We know it’s not a total white beryl, but it has some white beryl in it. it’s not gem quality, and we know it’s commercial grade. But the size of it is what makes it special.”

He says if the stone does not sell, he will send it to the GIA lab. 

By Rob Bates, Senior Editor

Posted on January 26, 2012

Doubts are rising about the so-called “world’s largest emerald,” with the gemologist who examined it saying he can’t guarantee the stone is 100 percent emerald.

The 57,500-carat stone, said to be the size of a watermelon, is scheduled to be auctioned Jan. 28 by Western Star Auctions.

“I’m positive it contains emerald but I’m not sure how much of it is emerald,” says Jeff Nechka, owner of Calvary-based Premier Gems, the gemologist who appraised the stone, adding that he can’t confirm that the stone is in fact the “world’s largest emerald.”

He says the stone has been dyed so it’s possible that at least part of it could be dyed white beryl.

“It has been dyed to some extent but it’s impossible to tell the intensity of the stone prior,” he says. “It’s impossible to know how much of it is emerald.”

Shane McClure, director of GIA’s West Coast Identification Service, who cautions he hasn’t looked at the stone, says that, if there is any white beryl in the stone, GIA would likely term it “beryl with zones of emerald.”

But the presence of dye brings up further doubts.

“We probably would not call it emerald no matter what,” he says. “They seem to think there is indication of natural green coloration but we wouldn’t call it emerald in any case.”

Regardless, Nechka notes that he feels the stone, valued at $1.15 million, has been priced accordingly.

“If it was solid, untreated emerald, you would be looking at 10 or 20 times the value for sure,” he says.

Gemologist Gary Roskin, publisher of the Roskin Gem News Report, agrees that “any enhancement by dye certainly lessens its value when compared to one that is naturally colored by Mother Nature.”

Regan Reaney, the Calgary gem wholesaler who is selling the stone, says that anyone who questions the stone is welcome to examine it.

“This is 100 percent what we say it is,” he says. “We know there is emerald throughout it, we don’t know how much. We know it’s not a total white beryl, but it has some white beryl in it. it’s not gem quality, and we know it’s commercial grade. But the size of it is what makes it special.”

He says if the stone does not sell, he will send it to the GIA lab. 

By Rob Bates, Senior Editor JCK

Posted on January 18, 2012

What is being described as the “world’s largest cut emerald” is being auctioned in Canada by Kelowna-based Western Star Auctions on Jan. 25.

The 57,500 ct. oval stone weighs around 25 pounds and is the “size of a watermelon,” Western Star Auctions owner Mike Odenbach tells JCK.

The stone, named Teodora (or “God’s Gift”), has been appraised at $1.15 million, but Odenbach thinks it will sell for far more. The company plans to post a grading report later today, Odenbach says.

Regan Reaney, the Calgary gem wholesaler who brought the gem to the auction house, says it was found in somewhere in Brazil and cut in India. A gemologist, Jeff Nechka, owner of Premier Gems, who examined the “forest green” stone dubbed it natural but “slightly treated.”

“We are sure it is of the beryl family,” Nechka says. “It has definitely been treated but we are not sure how much it has been treated. It’s impressive someone was even able to cut something like that.”

Reaney says the stone has a “stunning” aura.

“I wish it were translucent—then it would be a billion-dollar stone,” he says. “But we took it to a jewelry store and they were just blown away by this. Even the gemologist, when he picked this up, he was like a kid at Christmas. His eyes just lit up. There aren’t enough words in the English language to describe this.”

Reaney says that while there have been bigger rough emeralds, this is thought to be the largest cut stone.  

“It’s a real showpiece,” he says. “Just a wow.”

A 14.44-carat flawless blue Kashmir sapphire, set in a platinum ring and accented by two trapezoid diamonds, each weighing 2.08 carats. The ring is being offered for sale by MS Rau Antiques in New Orleans for $2,250,000.

Gemewizard analysis. Click to enlarge
COLOR ANALYSIS BY GEMEWIZARD
Every month, we examine an image of gemstone or diamond and analyze its color using the GemePro™ Sampler.
On November 29, 2011, a cushion-shaped Kashmir sapphire of 26.41 carats sold for $3,838,508 at Christie’s Hong Kong. The $145,342 per carat price was highest ever recorded for a Kashmir sapphire.
To mark that event, we selected this time to focus on Kashmir sapphires, and for that purpose we selected a magnificent platinum ring, set with a 14.44-carat flawless blue Kashmir sapphire, accented by two trapezoid diamonds, each weighing 2.08 carats. This item is being offered for sale by MS Rau Antiques in New Orleans for $2,250,000.
We took the ring image and marked the gemstone borders. Then, we analyzed the area using the Sampler feature of GemePro™. The Sampler gave us the color components of the image together with its Color DNA. Using a sophisticated algorithm, the Sampler identifies the sapphire color code as GW 23_6_6, also known as ‘medium dark vivid violetish blue’ by GIA® definition.
In order to get better perspective of the color, we placed it in the violetish blue color palette and discovered that this gem is located in the right hand side edge of the hue with very high saturation and medium dark tone. This combination, together with the violetish blue hue, gives the gemstone its deep and rich color.
If you have a magnificent gemstone or colored diamond too and would like Gemewizard® to analyze it in one of its next color reports, please contact us at info@gemewizard.com.

By Jennifer Heebner, Senior Editor

Posted on December 21, 2011

Industry groups have teamed up to issue an urgent message: Glass-filled ruby is out there, and it’s not being disclosed.

On Dec. 20, a coalition of six industry associations published a consumer advisory noting the increased amount of lead-glass-filled rubies in the marketplace, warning they are often sold without disclosure, “with no information on the required special care to maintain the appearance of the product.” The release notes that certain actions, including common exposure to heats, acids, and polishing, can drastically alter and even ruin the appearance of these products.  

The six groups behind the statement are the American Gemological Laboratories, American Gem Trade Association, Gem Research Swisslab, Jewelers Vigilance Committee, Manufacturing Jewelers and Suppliers of America, and the New York Gemstone Association.

The statement called on ruby sellers to disclose any and all treatments, noting that nondisclosure is a violation of Federal Trade Commission guidelines. “There is, and always has been, a legal responsibility to disclose not only the treatment but also the special care required with this product,” Douglas K. Hucker, CEO of the AGTA, tells JCK.

In fact, depending on the level of treatment and lead glass filling to which this material has been subject, it may be improper to use the name ruby alone to describe these products, the statement notes.

Nondisclosure can also cause financial loss to retailers and consumers who think they are buying rubies at bargain prices, and damage overall consumer confidence in the industry, according to the statement.

Undisclosed treated ruby has been a problem for a long time, according to Bear Williams, director of Stone Group Lab in Jefferson City, Mo. Williams says the material started showing up in the trade seven years ago. He worked with industry leaders to help strengthen disclosure language when he saw that much of it was not being revealed for what it was.

“If you know what you’re buying, it’s okay and the product should not be demonized,” he explains. “But if people are buying what they think are natural rubies, then we’ve got some serious issues.” 

Gemologist and author Antoinette Matlins, who aided Good Morning America in a nationwide investigation of undisclosed ruby composite products in 2009, notes that even lemon juice can damage a lead-glass-treated ruby.

“Clearly in the gemological community, there is growing concern about communicating that these are not like any other ruby,” she tells JCK. “If a product no longer behaves like a ruby, then it can’t be called a ruby. Ask any bench jeweler about how lead-glass-treated rubies behave. Their chemical composition is no longer essentially that of a corundum.”

The groups behind the statement noted that while FTC regulations do not mandate exact wording to identify the products or disclose treatments, a compilation of descriptions and classifications used by some gemological laboratories and trade associations are outlined here:

American Gem Trade Association: “Glass filled composite ruby, special care required.” See Gemstone Information Manual.

American Gemological Laboratories: Composite ruby represents a composite of natural corundum and glass, also known as hybrid ruby, and is heavily treated … vastly improving the apparent clarity and adding weight.

Gemological Institute of America: For a vast majority of this material (LMHC Info Sheet 3 Levels 2 & 3), GIA will not issue ruby reports but will issue identification reports and the description “a manufactured product consisting of glass and ruby” and that “this product is known to be unstable” and requires special care. 

Gemological Research Swisslab: “Synthetic Glass/Treated Ruby” (GRS–type “Hybrid Ruby”) with comments heat-treated and filled with a colored foreign solid substance (including lead). Special care required when handling, also known as composite ruby.

Jewelers’ Circular Keystone (JCK) is the jewelry industry’s leading trade publication and industry authority. The first, most, and best-read book for independent jewelry retailers, JCK provides the highest level of editorial excellence and integrity in the jewelry industry. With more than 135 years of experience, they’ve helped define industry trends while supplying subscribers the information and innovation they need to run their stores more efficiently.

Elizabeth Taylor Jewelry Auction Earns $115 Million, Sets 7 World Records

By Victoria Gomelsky, Editor in Chief

Posted on December 14, 2011

Photos courtesy of Christie’s

Like disciples gathering at the altar of their high priestess, the jewelry faithful packed the showroom at Christie’s New York Dec. 13 for an evening sale of Elizabeth Taylor’s “Legendary Jewels,” an epic assortment of 80 lots that earned $115,932,000, setting a world record for the most valuable private collection of jewels sold at auction.

“We knew it would do well, but no one dared dream of $115 million,” said François Curiel, Christie’s international head of jewels. “Probably we will not see another sale like this for many years.”

Nearly every lot sold well above its high estimate, “a testament to the affection for Elizabeth Taylor worldwide as well as to her collecting ability,” said Marc Porter, chairman and president of Christie’s Americas.

The top lot, the legendary La Peregrina, a 16th-century natural pearl suspended from a diamond, ruby, and cultured pearl necklace by Cartier, sold for $11,842,500 (including the buyer’s premium), setting a world auction record for a pearl jewel. Purchased by Richard Burton in 1969 for $37,000, the historic piece carried a high estimate of $3 million.

La Peregrina on diamond, ruby, and cultured pearl necklace by Cartier

Tied for second place were the Elizabeth Taylor Diamond, a 33.19 ct. D color potentially flawless stone formerly known as the Krupp Diamond, and the Taj Mahal Diamond, a gift from Richard Burton set in a heart-shaped pendant on a ruby and diamond chain by Cartier. Each realized $8.8 million, against high estimates of $3.5 million and $500,000, respectively.

The 33.19 ct. Elizabeth Taylor Diamond

The power of provenance—the circuitous journey of ownership that can render an ordinary, if beautiful, jewel extraordinary—was evident from the start of the sale: The opening lot, a gold and multigem charm bracelet, sold for a hammer price of $270,000—more than 10 times its low estimate of $25,000.

“We valued every item on its intrinsic value—what would it bring without Elizabeth Taylor?” Curiel explained. “We wanted to let the market decide what premium it would pay for the value of the jewels plus the provenance.”

Lot 45, another gold and multigem charm bracelet—this one estimated at no more than $6,000—sold for a hammer price of $160,000, offering a compelling example of just how much the market is willing to pay for an illustrious backstory.

Gold and multigem charm bracelet

“We’ve entered a new era,” said Lee Siegelson, the New York City–based estate jeweler, as he left the sale, which concluded just before midnight.

It was impossible not to draw parallels between the Elizabeth Taylor sale—the first in a four-day series of sales featuring the actress’ jewelry, haute couture, decorative arts, and film memorabilia—and the 1987 Sotheby’s sale of the Duchess of Windsor’s jewelry, which brought in some $50 million (about $45 million of which went to the Pasteur Institute).

Many people familiar with the jewelry industry cite that sale as a turning point in the market because it signaled the birth of a new breed of buyer, as private individuals demonstrated they were willing to pay dearly for provenance.

In a 25-year-old video clip shown before the Christie’s sale got underway, Taylor, a notable buyer in the 1987 sale, said it best. The actress could be seen lounging poolside in Los Angeles, bidding via phone on items in the Duchess of Windsor’s jewel box, and chattering enthusiastically about the extraordinary prices they were then fetching.

“It sounds like things that are really desirable are going to go for 10 times what’s expected,” Taylor said.

The Taj Mahal diamond, on a gold and ruby chain by Cartier, fetched $8.8 million—a world auction record for an Indian jewel.

from:

We all know that the Jewish people have taken an active and even dominant role in the diamond sector for hundreds of years. Many wonder how it’s possible that this very small group from a persecuted people successfully managed to dominate the profitable field of diamonds.

The answer to this question is not decisive and mostly taken from a range of answers that, only when combined, can explain the dominance of Jews in the diamond sector. These will be presented in this article.

The first explanation is the most obvious. Jews were simply in the right place at the right time, and managed to create significant power and standing in the diamond sector that lasted for hundreds of years, until today. In the past, diamonds were mined in India only and no diamond mines had yet been discovered anywhere else. Until the 15th century diamonds came into Europe by overland trade routes that passed through central Asia. In this period, Jews were a prominent force in these trade routes and basically controlled them through a complicated network of family ties.

Diamonds would make their way over the continental trade routes and arrive in Venice. In those days, Venice was a major point of entry to Europe and home to a strong, unified, long-standing and prosperous Jewish community that controlled diamond polishing and the diamond trade.

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A Jewish diamond dealer

The 15th century also saw one revolutionary year that changed the diamond sector forever. Until that time the knowledge of diamond polishing was minimal, virtually nonexistent, but in that year diamond polishing techniques made enormous advancements. New and relatively advanced techniques were developed and allowed comparatively fine diamond cutting.

At the same time, the end of the 15th century saw the discovery of sea trade routes to India, which were controlled by Portugal. These new maritime routes significantly cut down the time it took for goods to reach Europe from India. The city that profited from this was, of course, Lisbon, Portugal’s largest port city. As a result of this change, diamonds and Jews arrived in Lisbon and Jews continued to develop diamond polishing techniques.

Life in Lisbon, however, didn’t last long. After expulsion from Portugal, Jews settled in Antwerp and once again developed a prosperous diamond polishing industry. In Antwerp, diamond polishing reached its highest level yet and became an art form.

As the art of diamond cutting advanced, so did the diamond trade. Diamonds’ true qualities of sparkle and fire and clarity were revealed and became particularly attractive and appropriate for setting in jewelry. In this period, diamonds were the purview of only the wealthiest people and the nobility, who set them not only in jewelry but also in their clothes, crowns, swords, and more.

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Shechter Diamonds Earrings

Naturally, the Jews’ dominance in the diamond sector expanded and the unchallenged control of diamond polishing led to their prominence in the polished diamond trade. But besides the profitability of the diamond trade, there was another reason why Jews were drawn to the diamond sector.

Jews, who had known persecution and wandering throughout the world, knew well that they were never secure and that any day they could be forced to pack everything and flee. The diamond trade was a good fit for these circumstances since diamonds are very small, easily carried and hidden, and when needed a great deal of property could be sold for a few diamonds before escaping. This was a major motivation for Jews to stay in this field.

The hatred of Jews was expressed in the many limitations placed upon them. In those days, Jews were allowed certain occupations only, mostly related to trade and financing, because at the time, anything related to trade and money was considered contemptible by the people and the church. Nevertheless, they were essential sectors and were given to the hated Jews to run.

With time, the status of Jews in many countries improved and the limitations on the professional fields open to them melted away. At the same time, trade began to be seen as possible and even desirable for Christians, many of whom began trading. This raises an interesting question – why didn’t the Jews’ lose their prominence in the various aspects of the diamond sector and why didn’t other nationalities manage to gain control of these fields?

One of the interesting answers to this question was supplied by Barak Richman, who has researched this subject. Richman attributes Jews’ continued prominence in the diamond sector to the fact that this field is unique and based on trust. Over the years, the purchase of diamonds – an undoubtedly precious commodity – came to be conducted by credit since diamonds change hands a number of times before they reach the final consumer who pays for them. Taking out a bank loan isn’t an accepted practice because it costs too much and the bank doesn’t know whether the applicant is trustworthy or not, as colleagues in the diamond trade know, and is more wary of granting the loan.

Trustworthiness is the key word. The diamond sector is one in which precious diamonds and a great deal of money change many hands with no few opportunities for theft. This is where the importance of community is critical. Respected diamond traders make good money from the diamond sector and hope to pass the reins to their children, so they have a vested interest in protecting their good name.

Likewise, professional diamond polishers belong to the closed Ultra-Orthodox world, which does not easily excuse theft, and the possibility of exclusion from the community is a real and serious threat that keeps many people on the straight path. For these reasons, despite the many opportunities to steal diamonds and money, the incidences of stealing or swindling are minor.

Barak Richman uses members of India’s Jain sect to prove his point. In the past decade, the Indian presence in the global diamond sector has grown. The strongest players in India’s diamond sector are the Jains, a sect that comprises some 5 million people who live in small tight-knit communities based on family ties and under strong spiritual leadership. Just as in the Jewish Ultra-Orthodox community, family and trust are the most important things to that community and being shunned is a tragedy, which is why the necessary trust-based system of the diamond sector works well there, too.

To sum it, we can say that a combination of geographical, religious, historical, political and other factors was and remains the reason for Jews’ prominence in the diamond industry. The Indians’ significant entrance into the field could change this, but only time will tell.

Courtesy of Shechter Diamonds – http://www.shechterdiamonds.com/

Orange gems: mandarine garnet, spessartite, citrine ring with diamonds - cltphoto

There are other ‘oranges” to consider: Mexican Fire Opal, Amber, Carnelian, Sardonyx, Hessonite, Dravite, and Chrysoberyl to name some more.

from the Israel Diamond Industry Portal Newsletter No.100

Dental Diamond Diva

Molten gold

This article from the mainstream press should give us all pause.

By The Associated Press Published: September 07, 2011

Everyone knows of the iconic Fabergé egg. They are synonymous with the name. Now Fabergé has rolled back onto the fashion-scene, returning after more than 90 years. Fabergé, the world’s most iconic jeweller, has unveiled its first new collection of high jewellery egg creations since 1917.
Paying homage to the legendary eggs (both Imperial and otherwise) created by Peter Carl Fabergé, and celebrating the Egg as a timeless universal symbol of life, Fabergé has created a range of special egg jewels.

Each group of egg jewels – wearable objects of desire – has its own story to tell, from the 18th century Rococo style favoured by Peter Carl Fabergé, through the tales of the minerals and magical stone flowers of the fabled Mistress of Copper Mountain, to the many gifts and presents that were an essential part of life at the Imperial Court.

True to their legacy, to the genius of Peter Carl Fabergé, the egg jewels fuse contemporary dynamism with age-old tradition, refined opulence with fable and folklore, old materials with new, all buttressed by superlative contemporary craftsmanship.