The late Houston grand dame Mary Owen Greenwood wore her diamonds anytime, anywhere. When New York gossip columnist Suzy chided her for wearing big sparklers during daylight hours, Greenwood replied, “That’s what I thought, honey, until I had ’em.”
That exchange took place in the 1980s, when Houston’s high-flying society set flaunted designer labels and flashy jewelry. Today’s teetering economy has put the brakes on ostentation, but diamonds remain timeless.
Nowadays, industry experts say jewelers are holding their own by touting diamonds as a good investment. “I wish my 401k was in diamonds,” says Sally Morrison, director of the Diamond Information Center.
In advertisements, Tiffany optimistically promises, “Dreams Can Still Come True,” while a DeBeers ad says, “Across the generations, in a thousand years’ time, a diamond will still be here. Just like love.”
They may be on to something. Such traditional items as diamond stud earrings, jeweled bracelets or a diamond solitaire ring in a distinctive setting can be worn now and passed on to children and grandchildren. A single diamond strand worn alone is understated yet beautiful. Several strands can be layered for a more expensive yet still tasteful look.
“Diamonds are always going to sell well, because they have value and meaning for any occasion,” says Brad Marks, vice president of IW Marks Jewelers.
Industry surveys show that 85 percent of couples plan to buy fewer but better things now. “They want to focus on one great gift. We don’t mind spending a little more on something of enduring value that won’t go out of style,” Morrison says.
And it must be unique.
“People are very interested in craftsmanship, in the way a stone is cut or its proportion. They want special things that don’t necessarily look super showy. They want that quiet luxury,” Morrison says.
She cites last month’s Golden Globe Awards, where many actresses wore eye-catching necklaces or earrings that were not overly ornate.
“It wasn’t that people were wearing small or invisible pieces of jewelry. There was a lot of clean jewelry — classic necklaces or a huge drop with a very simple profile,” she says. “It’s not dressing down.”
To make pieces irresistible, jewelers are adding handcrafted touches — sprinkling diamonds in finely patterned gold settings, sculpting distinctive brooches and earrings into insect shapes and crafting dangling earrings in antique designs.
“The traditional ways are always going to be popular but you’re also going to always have people who want to keep up with fashion trends,” Marks says. “A diamond can be used in pretty much anything.”
So shine on.
