A new generation of diamond cuts has flooded the world diamond market in the last two decades. According to a piece dedicated to the subject in The Financial Times, this trend stems from the need of manufacturers to create new avenues for profit.
According to Willie Hamilton, chief executive of the Company of Master Jewellers in the UK, who is quoted in the piece, the new millennium has “brought in a flurry of signature diamond cuts. According to Hamilton, the average spend on a diamond engagement ring in the UK is below £1,500, “which means manufacturers are constantly complaining about falling margins”. When this happens, he claims, “manufacturers have to start looking at added value rather than simply trying to cut back on costs [ …] by introducing special cuts and branded diamonds”.
De Beers Diamond Jewellers, the retail arm of De Beers, provides an excellent example of such endeavor when they introduced a patented cut in 2001 – an eight-sided square diamond which failed to catch on. According to Andrew Coxon, President of the De Beers Institute of Diamonds, “In our experience, shoppers may enjoy looking at novelty cuts, but they usually buy beautifully aligned classic cuts that sparkle strongly from every angle and in all light conditions”.
Other millennial cuts, however, have endured: Tiffany’s trademarked Lucida square cut was launched in 1999 and has proved successful since, as is Garrard’s Eternal cut – an 81-facet cut devised that can be applied to a variety of cuts such as marquise and hearts as well as rounds.
Nirav Modi, which opened a store on London’s Bond Street earlier thisy year, has developed four patented cuts that he says “capture the imagination […] when you have something new, something different to offer, clients are interested.”
The Avi Paz Group, established in Israel in 1971 and considered one of the world’s leading manufacturers and suppliers of straight-edge and large round diamonds, has also developed a unique cut. Dubbed the PrinceCut, the patented design took three years to develop and perfect. It is a reinterpretation of the classic emerald cut for the 21st century. According to the company, Not only does the Avi Paz PrinceCut offer more brilliance and fire than the emerald cut, it also provides more and better light capture and play than other traditional straight-edged cuts. In addition, the PrinceCut® also helps hide inclusions, making the design an ideal solution for straight-edged stones of lower clarity. The company began to market the new cut in the US in2003.