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The recent reveal of Taylor Swift’s engagement ring has sparked significant interest in a particular style of diamond – the old-mine cut – and highlighted a shifting landscape within the diamond industry.
A Return to Vintage
Marion Fasel, author of “The History of Diamond Engagement Rings,” described the reaction within the antique jewelry world as akin to a “Super Bowl victory,” even stating, “I think I cried.” Old-mine cuts, historically less common than today’s round-brilliant cuts, are characterized by their larger facets, taller profiles, and a visible “open culet” – a small, dark circle at the center. Swift’s ring was identified as an old-mine cut due to this distinct feature.
Unlike modern diamonds, which are often cut for maximum brilliance, old-mine cuts, crafted by hand with candlelight or gas lamps, possess a warmer, less symmetrical glow reminiscent of old Hollywood films. Swift herself described simply “watching” her ring, as if it were a television.
Industry Response and a Changing Market
The natural diamond industry, currently facing challenges from the rise of lab-grown diamonds, reacted positively to the attention. Al Cook, C.E.O. of De Beers Group, acknowledged the ring’s significance in a LinkedIn post, even including a Swift lyric (“Bejeweled!”). However, De Beers experienced a downturn in 2023, with its majority shareholder announcing plans to divest and the company cutting prices by more than ten percent, according to Bloomberg.
Historically, De Beers heavily influenced consumer preferences, promoting heavy, brilliant, and flawless diamonds. However, lab-grown diamonds now excel in achieving this level of purity. In 2016, a high-quality 1.5-carat lab-grown diamond cost approximately $10,000, seventeen percent less than a natural diamond of similar quality. Today, that price difference can reach ninety percent, with one-carat lab-grown solitaires available at Walmart for around $150.
Despite the price difference, a belief persists that a diamond engagement ring should cost a significant amount – a notion initially promoted by a De Beers advertising campaign. However, Americans are increasingly opting for lab-grown diamonds, with over half of engagement rings purchased in the U.S. in 2023 featuring lab-grown stones, a forty-percent increase since 2019, according to The Knot.
Frequently Asked Questions
What is an old-mine cut diamond?
Old-mine cut diamonds are a vintage style characterized by large, chunky facets, a taller profile, and a visible “open culet” – a small, dark circle at the center of the stone.
How has the diamond industry changed recently?
The diamond industry is facing challenges due to the increasing popularity and affordability of lab-grown diamonds, leading to price cuts by companies like De Beers and a shift in consumer preferences.
What was the reaction to Taylor Swift’s engagement ring?
The reveal of Taylor Swift’s engagement ring sparked excitement in the antique jewelry world and drew attention to the old-mine cut diamond style, while also being viewed positively by the natural diamond industry.
Will this renewed interest in vintage cuts and the ongoing price competition between natural and lab-grown diamonds reshape the future of the engagement ring market?
